Pagaya Technologies Ltd.
- Open
- 21.02
- Day high
- 21.47
- Day low
- 20.89
- Prev close
- 21.74
- Volume
- 366K
- Mkt cap
- $1.8B
- P/E (TTM)
- 14.3
- EPS (TTM)
- $1.50
- P/B
- 3.0
- P/S
- 1.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.8M over the last 3 months (1 open-market buy, 9 sales)
- 🏛Institutions accumulating (13F)
Pagaya Technologies Ltd. (PGY) is a Technology company listed on NASDAQ. The stock is down 40% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 9 sales (SEC Form 4).
Pagaya Technologies Ltd. (PGY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PGY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.32 | $0.49 | +52.1% | $387M | +8.7% |
| May 7, 2026 | $0.32 | $0.28 | -12.5% | $318M | -1.8% |
| Aug 7, 2025 | $0.69 | $0.64 | -7.2% | $318M | -6.3% |
| May 7, 2025 | $0.40 | $0.69 | +72.5% | $283M | -1.2% |
| Feb 13, 2025 | $0.32 | $0.17 | -46.9% | $276M | -1.1% |
| Aug 9, 2024 | $0.20 | $0.10 | -50.0% | $243M | +1.8% |
| May 9, 2024 | $0.16 | $0.20 | +25.0% | $237M | +5.9% |
| Feb 21, 2024 | $0.36 | $0.24 | -33.3% | $210M | -4.4% |
| Nov 2, 2023 | $0.24 | $0.24 | +0.0% | $201M | +2.8% |
| Aug 10, 2023 | $-0.02 | $-0.04 | -63.3% | $186M | -1.7% |
| May 16, 2023 | $0.12 | $-0.24 | -300.0% | $175M | -2.3% |
| Feb 15, 2023 | $-0.36 | $-0.12 | +66.7% | $178M | +9.1% |
PGY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 4, 2026 | DAS SANJIVofficer: President | Sell | 21,289 | $22.00 |
| Aug 4, 2026 | Rosen Tamidirector | Sell | 28,181 | $21.98 |
| Aug 4, 2026 | Rosen Tamidirector | Grant | 7,302 | — |
| Jul 2, 2026 | Dobres Jonathanofficer: Chief Financial Officer | Grant | 34,995 | — |
| Jun 29, 2026 | Vieira Coryofficer: Chief Accounting Officer | Sell | 1,458 | $15.83 |
| Jun 29, 2026 | DAS SANJIVofficer: President | Option | 25,000 | — |
| Jun 29, 2026 | DAS SANJIVofficer: President | Sell | 14,000 | $15.83 |
| Jun 29, 2026 | Vieira Coryofficer: Chief Accounting Officer | Option | 3,572 | — |
| Jun 25, 2026 | Krubiner Galdirector, officer: Chief Executive Officer | Buy | 16,230 | $15.43 |
| Jun 23, 2026 | Rosen Tamidirector | Sell | 9,944 | $15.20 |
| Jun 16, 2026 | Perros Evangelosother: Former Officer | Option | 20,625 | — |
| Jun 16, 2026 | Perros Evangelosother: Former Officer | Sell | 11,558 | $16.23 |
| Jun 16, 2026 | DAS SANJIVofficer: President | Option | 23,750 | — |
| Jun 16, 2026 | DAS SANJIVofficer: President | Sell | 13,309 | $16.23 |
| Jun 16, 2026 | Rosen Tamidirector | Option | 15,625 | — |
Source: PGY SEC Form 4 filings, latest Aug 4, 2026. For informational purposes only — not investment advice.
See the full PGY insider & 13F page →Pagaya Technologies Ltd. company profile
Overview
Pagaya Technologies Ltd. (NASDAQ:PGY) is an Israeli-American financial technology company founded in 2016 and headquartered in Tel Aviv, Israel. The company went public in April 2021 and has established itself as a prominent player in the artificial intelligence-driven lending technology space. Pagaya operates primarily in the United States, Israel, and the Cayman Islands, serving as a technology bridge between traditional financial institutions and modern AI-powered credit decisioning. The company has grown rapidly since its founding, achieving over $1 billion in annual revenue by 2024 and processing more than $2.6 trillion in loan applications through its network.
Business
Pagaya operates in the financial technology sector, specifically focusing on AI-powered lending infrastructure and loan origination technology. The company's core business revolves around its proprietary artificial intelligence platform that helps financial institutions make better lending decisions and originate loans more efficiently. The company's primary offering is its AI-driven lending network, which connects lending partners with funding sources through sophisticated machine learning algorithms. This network processes loan applications in real-time, using over 260 data scientists and advanced AI models to assess creditworthiness and match borrowers with appropriate lenders. The platform essentially acts as a technology layer that sits between borrowers, lenders, and investors, optimizing the entire lending value chain. Pagaya's business operates across several key lending verticals: 1. Personal Loans - This represents approximately 60% of the company's network volume, focusing on unsecured consumer loans. The company partners with various financial institutions to originate personal loans using its AI-powered underwriting technology. 2. Auto Lending - A rapidly growing segment that reached nearly $1 billion in annual run rate by 2024. Pagaya works with auto finance providers and dealers to facilitate vehicle financing through its AI platform. 3. Point-of-Sale (POS) Lending - The fastest-growing category, which reached over $1 billion in annual run rate by 2024. This involves providing instant credit decisions at the point of purchase for consumer goods and services. 4. Single-Family Rental (SFR) - A smaller but emerging segment where Pagaya applies its AI technology to real estate investment and rental property financing. The company's technology platform processes applications from consumers who apply for loans through various channels, then uses AI algorithms to determine creditworthiness and match them with appropriate lending partners. The platform can evaluate millions of applications and make lending decisions in real-time, significantly improving the efficiency of the traditional lending process.
Revenue model
Pagaya generates revenue primarily through a fee-based model, earning fees from both lending partners and funding sources for facilitating loan originations through its AI network. The company's main revenue stream is Fee Revenue Less Production Costs (FRLPC), which represents the net fees earned after accounting for the costs of loan production and servicing. The company earns fees in several ways: transaction fees from lending partners for each loan originated through the platform, management fees from investors who purchase loans through Pagaya's securitization vehicles, and performance-based fees tied to loan performance. The typical fee structure ranges from 3.5% to 6.5% of loan volume, depending on the asset class and partnership structure. Pagaya's customers fall into two main categories. On the lending side, customers include traditional banks, credit unions, fintech companies, auto finance providers, and point-of-sale lenders who use Pagaya's AI platform to improve their underwriting and origination capabilities. Notable partners include OneMain Financial, U.S. Bank's Elavon division, Klarna, and several top-five U.S. banks. On the funding side, customers include institutional investors, asset managers like BlackRock and Blue Owl Capital, and securitization investors who purchase loans originated through the platform. Several factors can significantly impact Pagaya's margins and profitability. Credit performance is crucial, as the company retains some risk in the loans it helps originate - when loan defaults increase, Pagaya faces higher losses on its retained positions. Interest rate environments directly affect funding costs and investor appetite for loan assets, with rising rates generally making it more expensive to fund loans and potentially reducing investor demand. Regulatory changes in consumer lending or financial technology could impact the company's operations and partner relationships. Competition from traditional banks improving their own AI capabilities or from other fintech companies could pressure fee rates. Economic cycles affect consumer credit quality and lending demand, with recessions typically leading to higher default rates and reduced lending volumes. However, economic downturns can also create opportunities as traditional lenders become more risk-averse, potentially driving more volume to Pagaya's platform.
Competitive moat
Pagaya's competitive moat appears moderate but faces significant challenges from well-resourced competitors. The company's primary moat stems from its network effects and data advantage - as more lenders and borrowers use the platform, the AI models become more sophisticated through increased data volume, theoretically improving credit decisioning accuracy. The company has processed over $2.6 trillion in loan applications since inception, creating a substantial dataset for model training. The company also benefits from switching costs among lending partners, as integrating with Pagaya's platform requires technical implementation and operational changes that create some stickiness. Additionally, Pagaya's regulatory relationships and compliance infrastructure in the complex consumer lending space create barriers for new entrants. However, Pagaya's moat faces substantial threats. Large technology companies like Amazon, Google, or Microsoft could leverage their superior AI capabilities and vast resources to enter the lending technology space. Traditional banks are increasingly developing their own AI capabilities and may reduce reliance on third-party platforms like Pagaya's. The company also faces competition from other fintech lenders and AI-powered platforms that could offer similar services. The lending technology space is becoming increasingly commoditized, and Pagaya's AI advantage may not be sustainable long-term as machine learning tools become more accessible. The company's success depends heavily on maintaining technological superiority in a field where many well-funded competitors are investing heavily. While Pagaya has established partnerships with major financial institutions, these relationships are not exclusive and partners could potentially switch to competitors or develop in-house capabilities. Overall, Pagaya operates in a competitive landscape where technological advantages can be temporary, and the company must continuously innovate to maintain its market position.
Risks & safety
Pagaya presents a moderate margin of safety with improving fundamentals but some balance sheet concerns. • Liquidity Position: Strong cash position with $187 million in cash and short-term investments as of Q1 2025, providing adequate runway for operations • Debt and Solvency: High debt-to-equity ratio of 2.02x indicates significant leverage, though much of this relates to securitization structures rather than traditional corporate debt. Current ratio of 1.79x shows reasonable short-term liquidity coverage • Cash Flow: Positive free cash flow of $31 million in Q1 2025 and $49 million for full year 2024, indicating improving cash generation. Operating cash flow positive at $34 million in Q1 2025 • Valuation Metrics: Trading at 25x P/E ratio based on recent profitability, 6.7x EV/EBITDA appears reasonable for a growing fintech company. Price-to-book ratio of 2.37x reflects some premium to book value • Profitability Trend: Achieved first quarter of GAAP net income ($2.5 million) in Q1 2025, with management guiding to $10-45 million full-year GAAP net income for 2025 • Other Considerations: Revenue growth remains strong at 18% year-over-year, but the company operates in a cyclical credit-sensitive business where economic downturns could significantly impact performance
Recent development
Over the past few years, Pagaya has undergone significant strategic evolution, transitioning from a growth-at-all-costs model to a focus on profitability and operational efficiency. The company achieved a major milestone in 2024 by reaching $1 billion in annual revenue, representing 27% year-over-year growth, and successfully turned the corner to GAAP profitability in Q1 2025. Product Portfolio Expansion: Pagaya has diversified beyond its original personal lending focus into high-growth segments. The point-of-sale lending vertical has emerged as the fastest-growing category, reaching over $1 billion in annual run rate with 170% sequential growth in Q4 2024. Auto lending has also expanded significantly, approaching $1 billion in annual run rate. The company launched a new Prescreen product that helps lending partners proactively engage existing customers with pre-qualified offers, targeting a potential market of 60 million customers across partner networks. Partnership Strategy: The company has successfully onboarded major financial institutions, including several top-five U.S. banks, OneMain Financial, U.S. Bank's Elavon division, and Klarna. The network has grown to 31 lending partners, with management expecting over eight relationships to generate more than $500 million in network volume by 2025. Funding Diversification: Pagaya has strategically diversified its funding sources to reduce balance sheet risk and improve capital efficiency. The company secured a $2.4 billion forward flow agreement with Blue Owl Capital and a $1 billion agreement with Castlelake, reducing reliance on asset-backed securities. The funding mix has evolved to approximately 60-70% ABS and 30-40% alternative sources, with a target of 25-50% non-ABS funding. Operational Excellence: The company implemented $25 million in cost savings initiatives and achieved significant improvements in unit economics. Fee Revenue Less Production Costs (FRLPC) margins have improved substantially, reaching above 4% for the first time, while the company maintained disciplined cost management with core operating expenses at 22% of total revenue.
PGY company profile · for informational purposes only — not investment advice.
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