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Financial statementsPagaya Technologies Ltd. financial statements
Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Pagaya Technologies Ltd. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2020 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Revenue | 99 | 475 | 749 | 812 | 1,032 | 1,301 |
| Cost of revenue | 49.1 | 232 | 451 | 509 | 598 | 749 |
| Gross profit | 49.9 | 242 | 298 | 303 | 435 | 552 |
| Research and development | 12.3 | 66.2 | 151 | 74.4 | 76.6 | 75.2 |
| Selling and marketing | 5.67 | 49.6 | 104 | 49.8 | 50.4 | 53.6 |
| General and administrative | 10.7 | 132 | 294 | 203 | 241 | 160 |
| Operating income | 21.3 | -5.81 | -252 | -24.4 | 66.8 | 264 |
| Other non-operating income | -0.06 | -55.8 | -24.9 | -25.5 | -83.6 | -80.4 |
| Pre-tax income | 21.2 | -61.6 | -276 | -181 | -421 | 51.6 |
| Income tax | 1.28 | 7.88 | 16.4 | 15.6 | 24.6 | -19.7 |
| Net income to minority interests | 5.45 | 21.6 | 9.55 | -68.3 | -44.3 | -10 |
| Net income | 14.5 | -91.2 | -302 | -128 | -401 | 81.4 |
| EBITDA | 21.5 | -4.99 | -245 | -5.27 | 95.6 | 294 |
| EPS, basic | 0.36 | -8.25 | -8.22 | -2.14 | -5.66 | 0.99 |
| EPS, diluted | 0.24 | -8.25 | -8.22 | -2.14 | -5.66 | 0.93 |
| Shares, basic (weighted) | 16 | 16.3 | 38.3 | 60 | 70.9 | 78.3 |
| Shares, diluted (weighted) | 17.3 | 16.3 | 38.3 | 60 | 70.9 | 83.1 |
Balance sheet
| FY2020 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Cash and equivalents | 5.07 | 191 | 310 | 186 | 188 | 235 |
| Short-term investments | 22.1 | |||||
| Receivables | 32.3 | 59.2 | ||||
| Other current assets | 1.55 | 1.38 | 3.42 | 2.21 | ||
| Total current assets | 247 | 420 | 303 | 351 | ||
| Property, plant and equipment | 7.65 | 31.7 | 41.6 | 38 | 30.2 | |
| Lease right-of-use assets | 61.1 | 55.7 | 36.9 | 30.6 | ||
| Goodwill | 0 | 10.9 | 23.1 | 22.9 | ||
| Intangible assets | 0 | 2.55 | 12.8 | 7.66 | ||
| Long-term investments | 756 | |||||
| Total assets | 590 | 1,045 | 1,208 | 1,291 | 1,546 | |
| Accounts payable | 11.6 | 1.74 | 1.29 | 6.99 | ||
| Accrued liabilities | 17.1 | 49.5 | 28.6 | 45.4 | ||
| Short-term debt | 0 | 61.8 | 37.7 | |||
| Total current liabilities | 28.7 | 128 | 74.9 | 195 | ||
| Lease liabilities | 49.1 | 43.9 | 30.6 | |||
| Total liabilities | 106 | 280 | 468 | 775 | 960 | |
| Total debt | 0 | 61.8 | 37.7 | 321 | ||
| Paid-in capital | 113 | 968 | 1,102 | 1,282 | 1,391 | |
| Retained earnings | -112 | -414 | -543 | -944 | -863 | |
| Other comprehensive income | 0 | -0.71 | 0.44 | -11.5 | -48.3 | |
| Shareholders' equity | 1.29 | 554 | 560 | 326 | 480 | |
| Minority interests | 176 | 212 | 106 | 115 | 75.3 | |
| Total equity | 88.1 | 177 | 765 | 666 | 442 | 555 |
| Total liabilities and equity | 590 | 1,045 | 1,208 | 1,291 | 1,546 |
Cash flow statement
| FY2020 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Net income | 19.9 | -69.5 | -293 | -197 | -446 | 71.4 |
| Depreciation and amortization | 0.29 | 0.82 | 6.29 | 19.1 | 28.8 | 30.1 |
| Stock-based compensation | 0.16 | 67.8 | 242 | 71.1 | 61.5 | 54.1 |
| Deferred income tax | -2.3 | -3.35 | 6.23 | -1.62 | 0.08 | -0.19 |
| Change in receivables | -19.7 | -27.6 | -46.5 | -20.7 | -24 | |
| Change in payables | 0.43 | 11 | -9.84 | -0.45 | 5.68 | 3.42 |
| Cash from operations | 4.26 | 49.8 | -40 | -21.7 | 47.8 | 239 |
| Capital expenditures | -1.1 | -6.62 | -22.4 | -20.2 | -17.7 | -13.9 |
| Acquisitions | -9.09 | 0.16 | ||||
| Purchases of investments | -202 | -356 | -566 | -694 | -632 | |
| Sales and maturities of investments | 28.9 | 113 | 172 | 228 | 273 | |
| Cash from investing | -123 | -141 | -265 | -381 | -480 | -310 |
| Stock issued | 0 | 0.35 | 0 | 0 | 90 | 0 |
| Cash from financing | 120 | 290 | 438 | 289 | 437 | 130 |
| Exchange rate effect | 0 | 0 | -0.52 | -0.59 | 3.32 | |
| Net change in cash | 1 | 199 | 133 | -115 | 3.98 | 61.8 |
| Free cash flow | 3.16 | 43.2 | -62.4 | -41.8 | 30 | 225 |
| Interest paid | 0 | 0 | 4.34 | 17.8 | 80.3 | 91.8 |
| Income taxes paid | 0.32 | 2.61 | 6.94 | 9.17 | 4.91 | 2.5 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 43.4% | Gross profit / revenue. |
| Operating margin | 24.9% | Operating income / revenue. |
| EBITDA margin | 26.5% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 7.1% | Pre-tax income / revenue. |
| Net margin | 9.1% | Net income / revenue. |
| FCF margin | 18.1% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 19.0% | Cash from operations / revenue. |
| Effective tax rate | -20.4% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 21.3% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 7.5% | Net income / average total assets. |
| Return on invested capital (ROIC) | 79.1% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| R&D / revenue | 5.1% | Research and development expense / revenue. |
| Stock-based pay / revenue | 2.8% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.9% | Capital expenditures / revenue. |
| D&A / revenue | 1.6% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 26.1% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 20.2% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 67.4% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 27.1% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 22.8% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 61.7% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | 294.7% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 5y | 65.5% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 207.5% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 5y | 68.6% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 41.3% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 31.2% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 399.7% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 5y | 123.7% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 648.7% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 5y | 134.6% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 47.0% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -4.6% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets growth, 1y | 19.7% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 13.9% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Share count change, 1y | 17.2% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 29.5% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 36.9% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Liabilities / assets | 59.9% | Total liabilities / total assets. |
| Goodwill and intangibles / assets | 1.6% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $566.4M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.82x | Revenue / average total assets. |
| Fixed asset turnover | 42.6x | Revenue / average property, plant and equipment. |
| FCF conversion | 198.6% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 4.9% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $1.30 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $14.29 | Revenue / diluted weighted shares. |
| FCF per share | $2.59 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $2.72 | Cash from operations / diluted weighted shares. |
| Book value per share | $6.11 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $5.82 | Tangible book value / shares outstanding. |
| Cash per share | $2.56 | (Cash + short-term investments) / shares outstanding. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $1.47B | Share price x shares outstanding. |
| Enterprise value | $1.22B | Market cap + total debt - cash - short-term investments. |
| P/E | 11.6x | Market cap / net income. Only when net income is positive. |
| P/S | 1.06x | Market cap / revenue. |
| P/B | 2.47x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 2.60x | Market cap / tangible book value, when positive. |
| P/FCF | 5.84x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 5.55x | Market cap / cash from operations, when positive. |
| EV/Sales | 0.88x | Enterprise value / revenue. |
| EV/EBIT | 3.53x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 3.32x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 4.85x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 17.1% | Free cash flow / market cap. |
| Earnings yield | 8.6% | Net income / market cap (the inverse of P/E). |
What was Pagaya Technologies Ltd.'s revenue in fiscal 2025?
Pagaya Technologies Ltd. reported revenue of $1.30B for fiscal 2025, 26.1% higher than the year before.
Was Pagaya Technologies Ltd. profitable in fiscal 2025?
Yes. Net income was $81.4M, a net margin of 6.3%.
How much free cash flow did Pagaya Technologies Ltd. generate in fiscal 2025?
Cash from operations of $238.6M minus capital expenditures of $13.9M left free cash flow of $224.7M.