Pagaya Technologies Ltd. PGY
Pagaya Technologies Ltd. was incorporated on March 20, 2016 and is organized under the laws of the State of Israel. We are registered with the Israeli Registrar of Companies, registration number 51-542127-9. In February 2024, Pagaya relocated its corporate headquarters to its current New York City office. The U.S. is where we conduct our business, generate the majority of our revenue, and where all of our Partners and SFR Partners are domiciled. The mailing address of our principal executive office is 335 Madison Ave, New York, NY 10017, telephone number +1 646-710-7714. Our office in Tel-Aviv, Israel is Azrieli Sarona Bldg, 54th Floor, 121 Derech Menachem Begin, Tel-Aviv, 6701203, Israel, telephone number +972 (3) 715 0920.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.26B | $1.00B | $772.8M | $685.4M | $445.9M | $91.7M | — |
| Cost of revenue | $749.2M | $597.7M | $508.9M | $451.1M | $232.3M | $49.1M | — |
| Gross profit | $512.2M | $406.9M | $263.9M | $234.3M | $213.5M | $42.7M | — |
| R&D | $75.2M | $76.6M | $74.4M | $150.9M | $66.2M | $12.3M | — |
| SG&A | $159.6M | $240.8M | $203.4M | $294.2M | $132.2M | $10.7M | — |
| Total operating expenses | $1.04B | $965.4M | $836.5M | $1.00B | $480.4M | $77.8M | — |
| Operating income | $263.8M | $66.8M | -$24.4M | -$251.5M | -$5.8M | $21.3M | — |
| Pre-tax income | $51.6M | -$421.1M | -$181.2M | -$276.4M | -$61.6M | $21.2M | — |
| Income tax | $19.7M | $24.6M | $15.6M | $16.4M | $7.9M | $1.3M | — |
| Net income | $81.4M | -$401.4M | -$128.4M | -$302.3M | -$91.2M | $14.5M | — |
| EPS, basic | 0.99 | -5.66 | -2.14 | -8.22 | -8.25 | 0.03 | — |
| EPS, diluted | 0.93 | -5.66 | -2.14 | -8.22 | -8.25 | 0.02 | — |
| Shares, diluted (wtd. avg.) | $83.1M | $70.9M | $60.0M | $38.3M | $16.3M | $206.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $235.3M | $187.9M | $186.5M | $337.1M | $204.6M | $5.9M | $4.9M |
| Receivables | — | — | — | $59.2M | $32.3M | — | — |
| Total current assets | — | $351.5M | $303.4M | $419.8M | $246.5M | — | — |
| Property, plant and equipment | $30.2M | $38.0M | $41.6M | $31.7M | $7.6M | — | — |
| Goodwill | $22.9M | $23.1M | $10.9M | $0 | — | — | — |
| Other intangibles | $7.7M | $12.8M | $2.5M | $0 | — | — | — |
| Total assets | $1.55B | $1.29B | $1.21B | $1.05B | $590.3M | — | — |
| Accounts payable | — | $7.0M | $1.3M | $1.7M | $11.6M | — | — |
| Short-term debt | — | — | $37.7M | $61.8M | $0 | — | — |
| Total current liabilities | — | $195.5M | $74.9M | $128.0M | $28.7M | — | — |
| Long-term debt | — | $321.3M | — | — | — | — | — |
| Total liabilities | $960.5M | $775.3M | $468.4M | $279.7M | $105.9M | — | — |
| Retained earnings | -$862.7M | -$944.0M | -$542.6M | -$414.2M | -$111.9M | — | — |
| Total equity | $480.0M | $326.5M | $665.7M | $765.4M | $177.4M | $88.1M | $13.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $238.6M | $47.8M | -$21.7M | -$40.0M | $49.8M | $4.3M | — |
| Depreciation and amortisation | $30.1M | $28.8M | $19.1M | $6.3M | $815.0K | $290.0K | — |
| Stock-based compensation | $54.1M | $61.5M | $71.1M | $241.7M | $67.8M | $156.0K | — |
| Capital expenditure | $13.9M | $17.7M | $20.2M | $22.4M | $6.6M | $1.1M | — |
| Investing cash flow | -$309.7M | -$479.9M | -$381.5M | -$265.4M | -$140.7M | -$122.8M | — |
| Financing cash flow | $129.6M | $436.7M | $289.1M | $437.9M | $289.6M | $119.5M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001883085-26-000039.
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