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Pagaya Technologies Ltd., a product-focused technology company, deploys data science and proprietary artificial intelligence-powered technology for financial services, their customers, and institutional or sophisticated investors in the United States, Israel, and the Cayman Islands. The company offers Decline Monetization, the flagship product which allows Partners to automatically send rejected loan applications to its network, as well as approve customers they would otherwise decline; Dual Look which allows to assess applications concurrently with its Partners in real time; and First Look that routes designated segments of loan applications to the network for evaluation.It also provides Affiliate Optimizer Engine, a customer acquisition tool which enables Partners to originate loans through third-party affiliate channels; Direct Marketing Engine, that utilizes data network to help Partners target and acquire new customers through direct channels; and FastPass which accelerates the transaction process. Its partners include financial technology companies, incumbent banks and financial institutions, auto finance providers, and residential real estate service providers. The company was founded in 2016 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.3B | $254M | $81M | $225M | 14.7% | 25.6% | - |
| 2024 | $1.0B | $68M | $-401M | $25M | -90.9% | 30.0% | - |
| 2023 | $773M | $-45M | $-128M | $-42M | -19.3% | 12.8% | - |
| 2022 | $685M | $-309M | $-302M | $-62M | -39.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 685.41 | 772.81 | 1,004.55 | 1,261.34 |
| Cost Of Revenue | 451.08 | 508.94 | 597.65 | 749.17 |
| Gross Profit | 234.33 | 263.87 | 406.90 | 512.17 |
| Operating Expense | 549.35 | 327.51 | 367.76 | 288.36 |
| Operating Income | -315.02 | -63.64 | 39.14 | 223.81 |
| EBITDA | -308.73 | -44.51 | 67.89 | 253.88 |
| EBIT | -315.02 | -63.64 | 39.14 | 223.81 |
| Pretax Income | -276.37 | -181.17 | -421.12 | 51.62 |
| Tax Provision | 16.40 | 15.57 | 24.58 | -19.75 |
| Net Income | -302.32 | -128.44 | -401.41 | 81.39 |
| Net Income Common Stockholders | -314.53 | -128.44 | -401.41 | 77.28 |
| Total Expenses | 1,000.43 | 836.45 | 965.41 | 1,037.53 |
| Interest Income | 57.76 | 38.75 | 32.29 | 48.43 |
| Research And Development | 150.93 | 74.38 | 76.57 | 75.21 |
| Selling General And Administration | 398.42 | 253.12 | 291.19 | 213.15 |
| Normalized EBITDA | -314.48 | 86.32 | 476.84 | 394.08 |
| Normalized Income | -306.87 | -25.09 | -78.34 | 192.15 |
| Basic EPS | -8.28 | -2.14 | -5.66 | 0.99 |
| Diluted EPS | -8.28 | -2.14 | -5.66 | 0.93 |
| Tax Effect Of Unusual Items | 1.21 | -27.47 | -85.88 | -29.44 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | 5.76 | -130.83 | -408.94 | -140.20 |
| Total Unusual Items Excluding Goodwill | 5.76 | -130.83 | -408.94 | -140.20 |
| Net Income From Continuing Operation Net Minority Interest | -302.32 | -128.44 | -401.41 | 81.39 |
| Reconciled Depreciation | 6.29 | 19.13 | 28.75 | 30.08 |
| Reconciled Cost Of Revenue | 451.08 | 508.94 | 597.65 | 749.17 |
| Net Interest Income | 57.76 | 38.75 | 32.29 | 48.43 |
| Net Income From Continuing And Discontinued Operation | -302.32 | -128.44 | -401.41 | 81.39 |
| Total Operating Income As Reported | -251.50 | -24.40 | 66.84 | 263.83 |
| Diluted Average Shares | 58.30 | 60.04 | 70.88 | 83.10 |
| Basic Average Shares | 38.25 | 60.04 | 70.88 | 78.34 |
| Diluted NI Availto Com Stockholders | -314.53 | -128.44 | -401.41 | 77.28 |
| Average Dilution Earnings | 0 | 0 | 0 | 0 |
| Otherunder Preferred Stock Dividend | 12.21 | 0 | 0 | 4.11 |
| Minority Interests | -9.55 | 68.30 | 44.29 | 10.02 |
| Net Income Including Noncontrolling Interests | -292.77 | -196.74 | -445.70 | 71.37 |
| Net Income Continuous Operations | -292.77 | -196.74 | -445.70 | 71.37 |
| Other Income Expense | -19.11 | -156.28 | -492.56 | -220.62 |
| Other Non Operating Income Expenses | -24.87 | -25.45 | -83.61 | -80.42 |
| Special Income Charges | 0 | 0 | -0.20 | -24.75 |
| Other Special Charges | 0 | 0 | 0.20 | 24.75 |
| Gain On Sale Of Security | 5.76 | -130.83 | -408.74 | -115.44 |
| Net Non Operating Interest Income Expense | 57.76 | 38.75 | 32.29 | 48.43 |
| Interest Income Non Operating | 57.76 | 38.75 | 32.29 | 48.43 |
| Selling And Marketing Expense | 104.20 | 49.77 | 50.40 | 53.59 |
| General And Administrative Expense | 294.21 | 203.35 | 240.78 | 159.56 |
| Other Gand A | 294.21 | 203.35 | 240.78 | 159.56 |
| Operating Revenue | 685.41 | 772.81 | 1,004.55 | 1,261.34 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Pagaya Technologies Ltd.this co. | PGY | - | - | - | 14.7% | - |
| KULR Technology Group, Inc. | KULR | $111M | - | 0.91 | -50.9% | -2.45 |
| Expensify, Inc. | EXFY | $106M | - | 0.74 | -16.1% | -2.34 |
| SunPower Inc. | SPWR | $105M | - | -1.02 | 50.3% | -16.16 |
| CSP Inc. | CSPI | $103M | - | 2.29 |
| -0.2% |
| -30.63 |
| SoundThinking, Inc. | SSTI | $89M | - | 1.22 | -13.1% | 45.14 |
| Airship AI Holdings, Inc. | AISP | $76M | 2.91 | -10.63 | -410.1% | -9.02 |
| Neonode Inc. | NEON | $26M | 3.27 | 1.07 | 34.4% | -0.11 |
| zSpace, Inc. | ZSPC | $1M | - | -0.34 | 112.8% | -0.78 |
| Peer Median | - | 3.09 | 0.82 | -6.6% | -2.40 | |