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Provides AI-driven credit underwriting technology that helps banks and lenders approve more consumer and auto loans.
Provides AI-driven credit underwriting technology that helps banks and lenders approve more consumer and auto loans.
Earns fees from lenders for loans its models approve and for arranging funding that investors provide, and often co-invests alongside them, so it holds some credit risk. Income depends on loan volume, investor appetite for the loans and how they perform. It is Israeli-founded.
Moat: narrow (data, IP / patents, network effects). Proprietary AI models trained on large alternative-data loan datasets improve approval accuracy over time.
Headquarters: Tel Aviv, Israel · Founded: 2016 · Employees: 518
Size Pagaya Technologies (PGY) is a United States Information Technology company (Packaged Software) with a market value of $1.47B, the 2002nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $17.50 on 6 Nov 2026.
Performance Over six months the shares gained 15.2%, against -23.1% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 10.8% over the last twelve months (peer median +9.2%); the operating margin is 21.7% (peer median 5.7%).
Valuation It trades at 7.8× forward earnings against a peer median of 21.3× (2nd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +69%, so the hurdle is -65 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.2 points above its cost of capital (13.9% WACC).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.35B | $1.26B | $1.00B | $773M | $685M |
| Revenue growth | — | +26% | +30% | +13% | — |
| Gross profit | $535M | $493M | $384M | $264M | $234M |
| EBITDA | $311M | $273M | $82.5M | -$44.5M | -$309M |
| Net income | $154M | $81.4M | -$401M | -$128M | -$302M |
| Free cash flow | $234M | $225M | $30.0M | -$10.6M | -$62.4M |
| Capital expenditure | $32.2M | $29.9M | $23.2M | $20.2M | $22.4M |
| Total debt | $1.02B | $889M | $755M | $487M | $212M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Pagaya Technologies PGY | $1.47B | +15% | +11% | 22% | 7.8× | 4.1% |
| Upstart UPST | $2.17B | -24% | +39% | 5% | 20.4× | n/a |
| Affirm AFRM | $23.1B | +6% | +32% | 22% | 35.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PGY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.2% | +1.4% | 7th lowest of 21 |
| 6-month return | +15.2% | -23.1% | 4th highest of 20 |
| Distance from 52-week high | -41.2% | -44.0% | 10th highest of 21 |
| Revenue growth (TTM) | +10.8% | +9.2% | 10th highest of 21 |
| Operating margin | 21.7% | 5.7% | 3rd highest of 21 |
| Forward P/E | 7.8× | 21.3× | 2nd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 4.1% | 14.1% | 4th least demanding of 15 |
| Growth delivered (Del g) | +68.9% | +12.4% | highest of 15 |
| Hurdle (Req g minus delivered) | -64.8 pp | +2.1 pp | 2nd least demanding of 15 |
| ROIC minus cost of capital | +2.2 pp | -1.4 pp | 5th highest of 19 |
| EV / EBITDA | 7.2× | 12.8× | 2nd cheapest of 10 |
| Net debt / EBITDA | 2.3× | -1.2× | 3rd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pagaya Technologies PGY | United States | $1.47B | +15% | +11% | 22% | 7.8× | 4.1% | +68.9% |
| Exzeo XZO | United States | $1.47B | +21% | +329% | 49% | 14.8× | -8.4% | +59.0% |
| PearlAbyss 263750.KS | South Korea | $1.47B | -44% | +114% | 40% | 7.1× | n/a | n/a |
| Phancy 6682.HK | Hong Kong | $1.48B | -45% | +42% | -5% | 88.0× | n/a | n/a |
| Systex 6214.TW | Taiwan | $1.46B | +54% | +34% | 3% | 16.6× | -12.4% | +13.1% |
| GO Inc. 581A.T | Japan | $1.45B | n/a | +32% | 17% | 21.9× | 34.7% | +31.9% |
| NextNav NN | United States | $1.45B | -56% | -36% | -1,900% | n/a | n/a | n/a |
| EverCommerce EVCM | United States | $1.45B | -31% | -7% | 13% | 11.7× | 11.6% | +11.8% |
| Fractal Analytics FRACTAL.NS | India | $1.49B | -27% | +19% | 12% | 41.5× | 31.4% | +18.5% |
| Wuxi Boton Technology 300031.SZ | China | $1.50B | +8% | +22% | 2% | 32.5× | 30.2% | +5.6% |
| BlackLine BL | United States | $1.50B | -15% | +9% | 7% | 10.0× | 12.1% | +14.8% |
| Alkami Technology ALKT | United States | $1.44B | -25% | +24% | -5% | 13.1× | 12.6% | +31.7% |
| YGsoft 002063.SZ | China | $1.51B | -16% | +5% | 13% | 31.0× | 16.3% | +8.9% |
| Yusys Technologies 300674.SZ | China | $1.53B | -23% | -11% | 8% | 20.8× | 15.6% | +4.0% |
| Shenzhen Kingdom Sci-tech 600446.SS | China | $1.41B | -27% | -22% | -6% | 177.0× | n/a | n/a |
| Digiwin 300378.SZ | China | $1.54B | -2% | +10% | 9% | 32.5× | n/a | n/a |
| CloudWalk Technology 688327.SS | China | $1.54B | -28% | -47% | -165% | n/a | n/a | n/a |
| Paradox Interactive PDX.ST | Sweden | $1.54B | +6% | +13% | 6% | 25.3× | 20.8% | +4.1% |
| Sprinklr CXM | United States | $1.55B | +25% | +6% | 6% | 13.0× | 4.8% | +17.2% |
| Longshine Technology 300682.SZ | China | $1.39B | -35% | +7% | -9% | 25.9× | 49.4% | +6.0% |
| Playtech PTEC.L | United Kingdom | $1.39B | +7% | -54% | 0% | 11.4× | -6.0% | -7.4% |