PGY

MKT CAP:$1B

Pagaya Technologies Ltd.

Market Cap

$1B

Technology·Software - Infrastructure·🇮🇱 Israel·NASDAQ

Technology·Software Infra·🇮🇱·NASDAQ

Stock Price

$13.51-$8.77 (-39.36%)

Apr 23, 2026

Company Details

Pagaya Technologies Ltd. operates as a financial technology company in Israel, the United States, and the Cayman Islands. It develops and implements proprietary artificial intelligence technology and related software solutions to assist par...

CEO

Gal Krubiner

IPO Date

Apr 21, 2021

Website

www.pagaya.com

Key Metrics TTM

Revenue

$1.1B

+65.8% YoY

Net Income

$44M

EPS (Diluted)

$0.43

Free Cash Flow

$175M

Revenue / Share

$11.10

Gross Margin

39.7%

Operating Margin

16.0%

Net Margin

3.9%

FCF Margin

15.5%

P/S

1.0x

P/E

25.3x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Mar 2, 2026

$1.3BEPS $0.93

Q4 2025

Mar 2, 2026

$321MEPS $0.36

Q2 2025

Aug 7, 2025

$318MEPS $0.20

Q1 2025

May 7, 2025

$283MEPS $0.10

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$13M	$6M	$1M
Q2 20	$13M	$6M	$1M
Q3 20	$36M	$19M	$9M
Q4 20	$36M	$19M	$9M
Q1 22	$158M	$66M	-$10M
Q2 22	$163M	$58M	-$151M
Q1 23	$175M	$50M	-$25M
Q2 23	$186M	$65M	-$10M
Q4 23	$210M	$76M	$11M
Q1 25	$283M	$116M	$48M
Q2 25	$318M	$126M	$56M
Q4 25	$321M	$131M	$66M

Valuation

Quarter	P/S	P/E
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	11.4x	77.8x
Q1 22	4.6x	—
Q2 22	2.9x	—
Q1 23	2.1x	—
Q2 23	1.6x	—
Q4 23	1.5x	—
Q1 25	1.3x	—
Q2 25	1.1x	—
Q4 25	1.0x	25.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	-$2M	-$2M
Q2 20	-$2M	-$2M
Q3 20	$4M	$4M
Q4 20	$4M	$4M
Q1 22	-$3M	-$4M
Q2 22	-$23M	-$23M
Q1 23	-$24M	-$29M
Q2 23	-$2M	-$7M
Q4 23	$19M	$14M
Q1 25	$34M	$31M
Q2 25	$57M	$54M
Q4 25	$80M	$77M

Capital Expenditures

Quarter	CapEx
Q1 20	$233.0K
Q2 20	$233.0K
Q3 20	$315.5K
Q4 20	$315.5K
Q1 22	$2M
Q2 22	$144.0K
Q1 23	$6M
Q2 23	$5M
Q4 23	$5M
Q1 25	$4M
Q2 25	$4M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+1106.0%	+1328.5%
Q2 22	+1143.9%	+2564.0%
Q1 23	+381.8%	+639.0%
Q2 23	+410.5%	+623.1%
Q4 23	+32.9%	+18.7%
Q1 25	+73.1%	-25.1%
Q2 25	+81.3%	+30.5%
Q4 25	+72.9%	+30.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$25.0K	0.2%
Q2 20	$25.0K	0.2%
Q3 20	$53.0K	0.1%
Q4 20	$53.0K	0.1%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 20	$3M	$1M	$799.0K	—
Q2 20	$3M	$1M	$799.0K	—
Q3 20	$4M	$4M	$2M	—
Q4 20	$4M	$4M	$2M	—
Q1 22	$24M	$52M	$13M	—
Q2 22	$65M	$111M	$51M	—
Q1 23	$21M	$51M	$14M	—
Q2 23	$18M	$53M	$15M	—
Q4 23	$18M	$46M	$10M	—
Q1 25	$19M	$46M	$10M	—
Q2 25	$18M	$40M	$20M	—
Q4 25	$19M	—	—	$46M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 20	—	10.7%	—
Q2 20	—	10.7%	—
Q3 20	—	25.8%	—
Q4 20	—	25.8%	—
Q1 22	1106.0%	-13.7%	1092.2
Q2 22	1143.9%	-103.0%	1040.9
Q1 23	381.8%	-18.7%	363.0
Q2 23	410.5%	-8.5%	402.0
Q4 23	32.9%	4.3%	37.2
Q1 25	73.1%	17.0%	90.1
Q2 25	81.3%	17.4%	98.7
Q4 25	72.9%	9.1%	82.0

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$150.5K	$0	$150.5K
Q2 22	$415M	$4M	$419M
Q3 22	$328M	$2M	$330M
Q4 22	$310M	$1M	$311M
Q1 23	$289M	$3M	$293M
Q2 23	$304M	$2M	$306M
Q3 23	$253M	$249.0K	$253M
Q4 23	$186M	$2M	$189M
Q1 24	$274M	$1M	$276M
Q2 24	$234M	$2M	$235M
Q3 24	$147M	$11M	$158M
Q4 24	$188M	$8M	$196M
Q1 25	$187M	$20M	$206M
Q2 25	$183M	$22M	$205M
Q3 25	$218M	$0	$218M
Q4 25	$288M	$0	$288M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	18M	—	—
Q2 20	18M	0.0%	—
Q3 20	18M	0.0%	—
Q4 20	18M	0.0%	—
Q1 22	17M	-7.2%	-7.2%
Q2 22	21M	+24.9%	+15.8%
Q1 23	59M	+178.3%	+222.4%
Q2 23	60M	+1.8%	+228.2%
Q4 23	63M	+4.6%	+270.3%
Q1 25	77M	+22.0%	+261.9%
Q2 25	80M	+3.4%	+34.4%
Q4 25	102M	+27.9%	+68.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q1 22	—	—
Q2 22	—	—
Q1 23	$216.6K	809
Q2 23	$229.5K	809
Q4 23	$295.5K	712
Q1 25	$511.2K	553
Q2 25	$574.5K	553
Q4 25	$619.8K	518

Revenue / Employee