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PGYWW

Pagaya Technologies Ltd.

PGYWW

Pagaya Technologies Ltd. • NASDAQ
$0.42 ▲ 12.17% (+0.05)
Market Cap $32.21 M
52w High $0.50
52w Low $0.23
Dividend Yield 0%
P/E 0
Volume 2.70K
Outstanding Shares 76.48M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $339.887M ▲ $59.355M ▼ $22.545M ▲ 6.633% ▲ $0.27 ▲ $15.699M ▼
Q2-2025 $317.714M ▲ $69.78M ▲ $16.655M ▲ 5.242% ▲ $0.2 ▲ $55.378M ▲
Q1-2025 $282.704M ▲ $67.936M ▼ $7.893M ▲ 2.792% ▲ $0.098 ▲ $48.122M ▲
Q4-2024 $275.669M ▲ $85.726M ▲ $-237.922M ▼ -86.307% ▼ $-3.2 ▼ $36.292M ▲
Q3-2024 $249.283M $77.934M $-67.476M -27.068% $-0.93 $21.549M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $218.314M ▲ $1.455B ▲ $889.438M ▼ $468.398M ▲
Q2-2025 $204.505M ▼ $1.399B ▲ $931.064M ▲ $366.752M ▲
Q1-2025 $206.462M ▲ $1.278B ▼ $837.562M ▼ $335.49M ▲
Q4-2024 $195.718M ▲ $1.291B ▼ $849.526M ▲ $326.491M ▼
Q3-2024 $158.35M $1.371B $828M $462.309M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $23.273M ▲ $67.046M ▲ $-57.339M ▲ $12.258M ▼ $22.733M ▲ $63.806M ▲
Q2-2025 $16.655M ▲ $57.35M ▲ $-125.306M ▼ $78.431M ▲ $1.911M ▲ $53.55M ▲
Q1-2025 $7.893M ▲ $34.427M ▲ $-26.886M ▲ $-3.779M ▼ $-1.596M ▼ $30.651M ▲
Q4-2024 $-257.126M ▼ $32.063M ▲ $-35.968M ▲ $48.782M ▲ $45.471M ▲ $22.587M ▲
Q3-2024 $-74.231M $-7.107M $-105.787M $25.472M $-86.879M $-11.343M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Financial Service
Financial Service
 $50.00M ▲$30.00M ▼$30.00M ▲$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Pagaya’s revenue has expanded rapidly from a very small base, showing that its AI lending network is gaining traction with partners. Gross profitability has improved in step, suggesting the core service is economically attractive. Operating results have moved from losses toward modest operating profit, which points to better cost control and scale benefits. However, bottom-line net income remains deeply negative and volatile, likely reflecting financing costs, fair value marks, and SPAC-related and non-cash items, so accounting earnings are still a clear weakness even as the operating engine looks stronger.

Balance Sheet

Balance Sheet The balance sheet has grown alongside the business, with total assets rising as Pagaya scales its platform. Cash levels are steady but not abundant, which provides some flexibility but not a large safety cushion. Debt has increased substantially over time, while equity has shrunk more recently, signaling higher financial leverage and the impact of accumulated losses or past restructuring. Overall, the company now relies more on borrowed money and has a thinner equity buffer, which heightens sensitivity to business setbacks or funding constraints.

Cash Flow

Cash Flow Cash flow paints a somewhat healthier picture than accounting earnings. Operating cash flow has generally hovered around break-even with a tilt toward positive in recent years, indicating that the core operations are close to self-funding. Capital spending is relatively light, so free cash flow has also moved into slightly positive territory at times. That said, the margin for error is still slim, and the company does not yet generate strong, consistent surplus cash that would greatly reduce financial risk.

Competitive Edge

Competitive Edge Pagaya occupies a differentiated niche at the intersection of fintech, AI, and consumer credit. Its strength lies in using advanced data and machine learning to approve borrowers that traditional models reject, without holding the loans itself. This capital-light, network-based model—linking consumer lenders with institutional investors—creates strong data and network effects that can deepen its moat over time. At the same time, the company operates in an intensely competitive and regulated arena, facing rival AI underwriting platforms, banks building their own tools, and the ever-present risk that credit cycles or regulatory changes could challenge its model or growth pace.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Pagaya’s story. Its AI-powered underwriting engine and massive data set form a self-reinforcing “flywheel,” where more loans evaluated lead to smarter models and stronger partner relationships. The company is also pushing beyond its initial loan categories into new areas like credit cards and single-family rental financing, and exploring applications across marketing, origination, and collections. The key watchpoints are execution quality, the real-world performance of loans it helps underwrite, and its ability to maintain model accuracy and regulatory trust as it expands.

Summary

Pagaya is a fast-growing, innovation-driven fintech platform that has turned a novel AI underwriting idea into a sizable, rapidly scaling business. Operational metrics and cash flow have marched in the right direction, but reported net losses, higher leverage, and a relatively thin equity base underscore that this is still a financially fragile, early-stage story. Its competitive strengths—proprietary data, AI models, and a capital-light network model—provide meaningful upside optionality if execution and credit performance remain strong. On the other hand, sensitivity to credit cycles, capital markets, and regulation adds uncertainty. Overall, this is a high-innovation, still-maturing business with improving fundamentals but elevated financial and operating risk.