Pagaya Technologies (PGY) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Pagaya Technologies

NasdaqCM•Technology•Software - Infrastructure

$22.98+0.09(<0.01%)Market closed

Market Cap

$1.68B

P/E

13.3x

P/S

1.2x

P/B

2.8x

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.

How this company scores

ExcellentMetricSide Score: 82/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (12/25).

Profitability25/25

Growth21/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality24/25

Strengths

Growing revenueRising free cash flowStrong marginsHigh ROE

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 13.3x5y range 9.2x – 21.4x

P/S · 1.2x5y range 0.5x – 2.0x

Currently near its 8-quarter median.

P/B · 2.8x5y range 1.0x – 5.7x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Leverage Risk

Watch

Debt-to-equity has risen 190.9% recently — increasing financial risk even if the current ratio is manageable.

Share Dilution

Red Flag

Shares outstanding increased 14.4% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $1.68B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.39B
Q. Revenue: $387.04M
TTM EBITDA: $368.02M
TTM Op. Income: $345.48M
Q. Op. Income: $105.80M
TTM Net Income: $126.81M
Q. Net Income: $45.27M
EPS: $0.53
Shares Out.: $83.18M

$1.39B in TTM revenue grew 20.5% YoY, reaching $387.04M last quarter. TTM EBITDA of $368.02M and TTM operating income of $345.48M show growth is flowing through to the bottom line. TTM net income of $126.81M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 6 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 43.5%
EBITDA Margin: 28.3%
Op. Margin: 27.3%
Net Margin: 11.7%

Op. margin of 27.3% is up 10.0% YoY — cost efficiency is improving. Net margin at 11.7% and gross margin of 43.5% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 7 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 13.3x
P/S Ratio: 1.2x
P/B Ratio: 2.8x

At 13.3x P/E, the stock trades below typical market levels. P/S of 1.2x and P/B of 2.8x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is up 0% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.69B
Cash: $249.26M
Long-Term Debt: $471.87M
Book Value: $594.15M
D/E Ratio: 0.8
Debt/EBITDA: 4.3

With $1.69B in assets and $471.87M in long-term debt, D/E is 0.8and book value is $594.15M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 3 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $74.70M
TTM Free Cash Flow: $251.78M
FCF Margin: 18.1%
FCF / Net Income: 2.0

TTM FCF of $251.78M on $74.70M in operating cash flow. The FCF / Net Income ratio of 2.0x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 7 consecutive quarters — an improving trend.