PGY - Pagaya Technologies Ltd.
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$28.00
DETAILS
HIGH:
$33.00
LOW:
$22.00
MEDIAN:
$28.50
CONSENSUS:
$28.00
UPSIDE:
55.64%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Revenue | 1,261.3 | 1,004.5 | 772.8 | 685.4 | 445.9 | 91.7 | 36.1 |
| Cost of Revenue | 749.2 | 597.7 | 508.9 | 451.1 | 232.3 | 49.1 | 28.0 |
| Gross Profit | 512.2 | 406.9 | 263.9 | 234.3 | 213.5 | 42.7 | 8.2 |
| Operating Expenses | |||||||
| R&D Expenses | 75.2 | 76.6 | 74.4 | 150.9 | 66.2 | 12.3 | 5.4 |
| SG&A Expenses | 213.2 | 291.2 | 253.1 | 398.4 | 181.9 | 16.3 | 6.4 |
| Other Expenses | 0 | (27.7) | (39.2) | (63.5) | (28.7) | (7.3) | 0.2 |
| Operating Expenses | 288.4 | 340.1 | 288.3 | 485.8 | 219.4 | 21.4 | 12.1 |
| Operating Income | |||||||
| Operating Income | 223.8 | 66.8 | (24.4) | (251.5) | (5.8) | 21.3 | (3.9) |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 40.0 | 32.3 | 38.7 | 57.8 | 28.9 | 7.0 | 0 |
| Profitability | |||||||
| EBITDA | 81.7 | 67.9 | (44.5) | (308.7) | (33.7) | 14.3 | (3.8) |
| EBIT | 51.6 | 39.1 | (63.6) | (315.0) | (34.5) | 14.0 | (3.9) |
| Income Before Tax | 51.6 | (421.1) | (181.2) | (276.4) | (61.6) | 21.2 | (4.0) |
| Income Tax Expense | (19.7) | 24.6 | 15.6 | 16.4 | 7.9 | 1.3 | 0.2 |
| Net Income | 81.4 | (401.4) | (128.4) | (302.3) | (91.2) | 14.5 | (5.6) |
| Per Share Data | |||||||
| EPS (Basic) | 1.04 | -5.66 | -2.14 | -7.65 | -4.27 | 1.08 | -0.54 |
| EPS (Diluted) | 0.93 | -5.66 | -2.14 | -7.65 | -4.27 | 1.08 | -0.53 |
| Shares Outstanding | 78.3 | 70.9 | 60.0 | 38.3 | 16.3 | 18.4 | 15.5 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Current Assets | |||||||
| Cash & Cash Equivalents | 235.3 | 187.9 | 186.5 | 309.8 | 190.8 | 5.1 | 4.8 |
| Short-Term Investments | 958.8 | 7.8 | 2.5 | 1.0 | 10.2 | 57.6 | 10.1 |
| Net Receivables | 195.8 | 127.4 | 87.4 | 59.2 | 33.7 | 12.8 | 4.3 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 57.7 | 20.8 | 20.3 | 42.7 | 8.6 | 1.1 | 0.1 |
| Total Current Assets | 1,454.6 | 351.5 | 303.4 | 419.8 | 246.5 | 77.0 | 20.9 |
| Non-Current Assets | |||||||
| Property, Plant & Equipment | 60.8 | 74.8 | 97.3 | 92.7 | 7.6 | 1.5 | 0.7 |
| Goodwill | 22.9 | 23.1 | 10.9 | 0 | 0 | 0 | 0 |
| Intangible Assets | 7.7 | 12.8 | 2.5 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 778.3 | 740.7 | 488.9 | 292.4 | 110.6 | 37.0 |
| Other Non-Current Assets | 0 | 50.6 | 53.5 | 38.0 | 38.0 | 15.2 | (37.7) |
| Total Non-Current Assets | 91.4 | 939.6 | 905.0 | 625.3 | 343.7 | 127.3 | 37.7 |
| Total Assets | 1,545.9 | 1,291.1 | 1,208.4 | 1,045.1 | 590.3 | 204.3 | 58.6 |
| Current Liabilities | |||||||
| Account Payables | 3.9 | 7.0 | 1.3 | 1.7 | 11.6 | 0.6 | 0.2 |
| Short-Term Debt | 0 | 126.8 | 37.7 | 61.8 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 23.7 | 29.0 | 18.2 | 6.4 | 1.9 | 0.9 | 0.6 |
| Total Current Liabilities | 131.5 | 195.5 | 74.9 | 128.0 | 28.7 | 4.3 | 1.6 |
| Non-Current Liabilities | |||||||
| Long-Term Debt | 824.3 | 516.9 | 324.0 | 92.8 | 37.9 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0.1 | 0.6 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 34.8 | 106.5 | 99.6 | 9.2 | 39.3 | 5.9 | 0 |
| Total Non-Current Liabilities | 859.1 | 654.0 | 467.7 | 151.6 | 77.2 | 5.9 | 0 |
| Total Liabilities | 990.6 | 849.5 | 542.6 | 279.7 | 105.9 | 10.1 | 1.6 |
| Stockholders' Equity | |||||||
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0.0 | 0.0 |
| Retained Earnings | (862.7) | (944.0) | (542.6) | (414.2) | (111.9) | 2.9 | (11.6) |
| Accumulated Other Comprehensive Income | (48.3) | (11.5) | 0.4 | (0.7) | 0 | 0 | 0 |
| Total Stockholders' Equity | 480.0 | 326.5 | 559.7 | 553.5 | 308.3 | 109.2 | 32.2 |
| Total Liabilities & Equity | 1,545.9 | 1,291.1 | 1,208.4 | 1,045.1 | 590.3 | 204.3 | 58.6 |
| Debt Metrics | |||||||
| Total Debt | 858.5 | 680.8 | 412.6 | 212.3 | 37.9 | 0 | 0 |
| Net Debt | 623.2 | 492.9 | 226.1 | (97.5) | (152.9) | (5.1) | (4.8) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||
| Net Income | 81.4 | (445.7) | (196.7) | (302.3) | (69.5) | 19.9 | (5.6) |
| Depreciation & Amortization | 30.1 | 28.8 | 19.1 | 6.3 | 0.8 | 0.3 | 0.1 |
| Stock-Based Compensation | 0 | 61.5 | 71.1 | 0 | 67.8 | 0.2 | 0.1 |
| Change in Working Capital | (73.3) | 2.1 | (20.9) | (41.9) | (2.9) | (15.8) | (3.6) |
| Other Non-Cash Items | 200.4 | 419.9 | 137.0 | 298.0 | 53.6 | (0.3) | 1.1 |
| Operating Cash Flow | 238.6 | 66.5 | 9.6 | (40) | 49.8 | 4.3 | (7.9) |
| Investing Activities | |||||||
| Capital Expenditure | (13.9) | (23.2) | (20.2) | (22.4) | (6.6) | (1.1) | (0.7) |
| Acquisitions | (0.2) | (9.2) | 0 | 105.5 | (14.1) | 0.3 | 0 |
| Purchases of Investments | (632.2) | (693.9) | (566.2) | (361.4) | (202.4) | (151.0) | 0 |
| Sales/Maturities of Investments | 352.2 | 227.8 | 172.1 | 118.4 | 82.3 | 29.0 | 0 |
| Other Investing Activities | 0.3 | (5.5) | 1.6 | 0 | 0 | 0 | (35.6) |
| Investing Cash Flow | (309.7) | (498.6) | (412.7) | (159.9) | (140.7) | (122.8) | (36.2) |
| Financing Activities | |||||||
| Net Debt Issuance | 148.4 | 294.1 | 207.1 | 181.5 | 37.9 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (25.8) | 40.8 | (20.1) | (142.6) | 79.1 | 54.7 | 46.5 |
| Financing Cash Flow | 129.6 | 436.7 | 289.1 | 332.5 | 289.6 | 119.5 | 46.5 |
| Cash Position | |||||||
| Net Change in Cash | 81.8 | 4.0 | (114.5) | 134.6 | 198.7 | 1.0 | 4.9 |
| Cash at Beginning | 206.5 | 222.5 | 337.1 | 197.8 | 5.9 | 4.9 | 0 |
| Cash at End | 288.3 | 226.5 | 222.5 | 332.3 | 204.6 | 5.9 | 4.9 |
| Free Cash Flow | 224.7 | 43.3 | (10.6) | (62.4) | 43.2 | 3.2 | (8.6) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 1,261.3 | 1,004.5 | 772.8 | 685.4 | 445.9 | 91.7 | 36.1 |
| Gross Profit | 512.2 | 406.9 | 263.9 | 234.3 | 213.5 | 42.7 | 8.2 |
| Operating Income | 223.8 | 66.8 | (24.4) | (251.5) | (5.8) | 21.3 | (3.9) |
| Net Income | 81.4 | (401.4) | (128.4) | (302.3) | (91.2) | 14.5 | (5.6) |
| EPS (Diluted) | 0.93 | -5.66 | -2.14 | -7.65 | -4.27 | 1.08 | -0.53 |
| Balance Sheet | |||||||
| Cash & Equivalents | 235.3 | 187.9 | 186.5 | 309.8 | 190.8 | 5.1 | 4.8 |
| Total Assets | 1,545.9 | 1,291.1 | 1,208.4 | 1,045.1 | 590.3 | 204.3 | 58.6 |
| Total Debt | 858.5 | 680.8 | 412.6 | 212.3 | 37.9 | 0 | 0 |
| Stockholders' Equity | 480.0 | 326.5 | 559.7 | 553.5 | 308.3 | 109.2 | 32.2 |
| Cash Flow | |||||||
| Operating Cash Flow | 238.6 | 66.5 | 9.6 | (40) | 49.8 | 4.3 | (7.9) |
| Capital Expenditure | (13.9) | (23.2) | (20.2) | (22.4) | (6.6) | (1.1) | (0.7) |
| Free Cash Flow | 224.7 | 43.3 | (10.6) | (62.4) | 43.2 | 3.2 | (8.6) |