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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 | 17.0% | 25.6% | -120.3% |
| 2024 | $1.0B | $68M | $-401M | $25M | -122.9% | 30.0% | 212.5% |
| 2023 | $773M | $-45M | $-128M | $-42M | -22.9% | 12.8% | -57.5% |
| 2022 | $685M | $-309M | $-302M | $-62M | -54.6% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 685.41 | 772.81 | 1,004.55 | 1,261.34 |
| Operating 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 |
| Research And Development | - | 150.93 | 74.38 | 76.57 | 75.21 |
| Selling General And Administration | - | 398.42 | 253.12 | 291.18 | 213.15 |
| Total Expenses | - | 1,000.43 | 836.45 | 965.41 | 1,037.53 |
| Operating Income | - | -315.02 | -63.64 | 39.14 | 223.81 |
| Total Operating Income As Reported | - | -251.50 | -24.40 | 66.84 | 263.83 |
| EBITDA | - | -308.73 | -44.51 | 67.90 | 253.88 |
| Normalized EBITDA | - | -314.48 | 86.32 | 476.84 | 394.08 |
| EBIT | - | -315.02 | -63.64 | 39.14 | 223.81 |
| Interest Income | - | 57.76 | 38.75 | 32.29 | 48.43 |
| Net Interest Income | - | 57.76 | 38.75 | 32.29 | 48.43 |
| Other Non Operating Income Expenses | - | -24.87 | -25.45 | -83.61 | -80.42 |
| Other Income Expense | - | -19.11 | -156.28 | -492.56 | -220.62 |
| Interest Income Non Operating | - | 57.76 | 38.75 | 32.29 | 48.43 |
| Net Non Operating Interest Income Expense | - | 57.76 | 38.75 | 32.29 | 48.43 |
| Pretax Income | - | -276.37 | -181.17 | -421.12 | 51.62 |
| Tax Provision | - | 16.40 | 15.57 | 24.58 | -19.74 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 1.21 | -27.47 | -85.88 | -29.44 |
| Net Income Continuous Operations | - | -292.77 | -196.74 | -445.70 | 71.37 |
| Net Income From Continuing And Discontinued Operation | - | -302.32 | -128.44 | -401.41 | 81.39 |
| Net Income From Continuing Operation Net Minority Interest | - | -302.32 | -128.44 | -401.41 | 81.39 |
| Net Income | - | -302.32 | -128.44 | -401.41 | 81.39 |
| Net Income Common Stockholders | - | -314.53 | -128.44 | -401.41 | 77.28 |
| Net Income Including Noncontrolling Interests | - | -292.77 | -196.74 | -445.70 | 71.37 |
| Normalized Income | - | -306.87 | -25.09 | -78.34 | 192.15 |
| Diluted NI Availto Com Stockholders | - | -314.53 | -128.44 | -401.41 | 77.28 |
| Basic Average Shares | - | 38.25 | 60.04 | 70.88 | 78.34 |
| Diluted Average Shares | - | 58.30 | 60.04 | 70.88 | 83.10 |
| Reconciled Depreciation | - | 6.29 | 19.13 | 28.75 | 30.08 |
| Reconciled Cost Of Revenue | - | 451.08 | 508.94 | 597.65 | 749.17 |
| Total Unusual Items | - | 5.76 | -130.83 | -408.94 | -140.20 |
| Total Unusual Items Excluding Goodwill | - | 5.76 | -130.83 | -408.94 | -140.20 |
| Minority Interests | - | -9.55 | 68.30 | 44.29 | 10.02 |
| Special Income Charges | - | - | 0 | -0.20 | -24.76 |
| Other Special Charges | - | - | - | 0.20 | 24.76 |
| Gain On Sale Of Security | - | 5.76 | -130.83 | -408.74 | -115.44 |
| General And Administrative Expense | - | 294.21 | 203.35 | 240.78 | 159.56 |
| Other Gand A | - | 294.21 | 203.35 | 240.78 | 159.56 |
| Selling And Marketing Expense | - | 104.20 | 49.77 | 50.40 | 53.59 |
| Otherunder Preferred Stock Dividend | - | 12.20 | 0 | 0 | 4.11 |
| Average Dilution Earnings | 0 | - | - | - | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Pagaya Technologies Ltd.this co. | PGY | $1.3B | 15.74↑ premium | 2.67 | 17.0% | 7.50 |
| Rackspace Technology, Inc. | RXT | $1.4B | -6.17 | -1.14 | 18.5% | 18.61 |
| CEVA, Inc. | CEVA | $1.4B | -129.84 | 4.11 | -3.2% | -191.72 |
| Progress Software Corporation | PRGS | $1.3B | 18.15 | 2.78 | 15.3% | 8.75 |
| Blackbaud, Inc. | BLKB | $1.3B |
| - |
| - |
| - |
| - |
| - |
| - |
| 11.33 |
| 15.32 |
| 135.2% |
| 8.32 |
| VIA | VIA | $1.3B | -13.50 | 2.07 | -15.4% | -12.17 |
| Sprinklr, Inc. | CXM | $1.3B | 54.96 | 2.12 | 3.9% | 15.02 |
| GigaCloud Technology Inc. | GCT | $1.2B | 8.83 | 2.50 | 28.3% | 7.68 |
| Kopin Corporation | KOPN | $1.2B | 448.43 | 18.23 | 4.1% | -80.28 |
| Peer Median | - | 10.08 | 2.64 | 9.7% | 8.00 | |