Pagaya Technologies Ltd. (PGY) Key Metrics
PGY valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $1.44B
- Enterprise value
- $1.18B
- P/E (TTM)
- 12.5
- Forward P/E
- 4.4
- PEG ratio
- 0.03
- Price / sales
- 1.0 10-yr median 1.3
- Price / book
- 2.6 10-yr median 2.0
- EV / EBITDA
- 3.9
- Dividend yield
- —
- Beta
- 5.52
PGY key metrics, 2019–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPGY valuation Price multiples at each fiscal year-end price.
PGY returns How much profit the business earns on the capital it uses.
PGY per-share figures Results divided by the shares outstanding at year-end.
PGY financial health Debt, liquidity and how easily interest is covered.
PGY efficiency & capital use Working capital cycle and where the cash goes.
PGY valuation history
PGY returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PGY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PGY cash returned to shareholders
PGY price vs earnings per share
PGY key metrics
2019–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Valuation | |||||||
| Market capitalization | $1.74B | $658.5M | $994.2M | $867.5M | $1.94B | — | — |
| Enterprise value | $1.40B | $1.14B | $1.22B | $769.0M | $1.78B | — | — |
| P/E ratio | 21.3 | — | — | — | — | — | — |
| Price / sales | 1.4 | 0.7 | 1.3 | 1.3 | 4.3 | — | — |
| Price / book | 3.6 | 2.0 | 1.8 | 1.6 | 6.3 | — | — |
| Price / free cash flow | 7.7 | 15.2 | — | — | 44.9 | — | — |
| Price / operating cash flow | 7.3 | 9.9 | 103.8 | — | 38.9 | — | — |
| EV / sales | 1.1 | 1.1 | 1.6 | 1.1 | 4.0 | — | — |
| EV / EBITDA | 17.1 | 16.8 | — | — | — | — | — |
| EV / free cash flow | 6.2 | 26.4 | — | — | 41.1 | — | — |
| Earnings yield | 4.7% | −61.0% | −12.9% | −34.8% | −4.7% | — | — |
| Free cash flow yield | 12.9% | 6.6% | −1.1% | −7.2% | 2.2% | — | — |
| Shareholder yield (dividends + buybacks) | — | — | 0.1% | — | — | — | — |
| Share price at fiscal year-end | $20.90 | $9.29 | $16.56 | $14.88 | $119.16 | — | — |
| Per share | |||||||
| Revenue per share | $15.18 | $14.17 | $12.87 | $11.76 | $27.39 | $4.99 | $2.27 |
| Earnings per share | $0.98 | −$5.66 | −$2.14 | −$5.19 | −$5.60 | $0.79 | −$0.35 |
| Operating cash flow per share | $2.87 | $0.94 | $0.16 | −$0.69 | $3.06 | $0.23 | −$0.50 |
| Free cash flow per share | $2.70 | $0.61 | −$0.18 | −$1.07 | $2.65 | $0.17 | −$0.54 |
| Cash per share | $14.37 | $2.76 | $3.15 | $5.33 | $12.35 | $3.41 | $0.94 |
| Book value per share | $5.78 | $4.61 | $9.32 | $9.49 | $18.94 | $5.94 | $2.02 |
| Tangible book value per share | $5.41 | $4.10 | $9.10 | $9.49 | $17.03 | $5.29 | $2.02 |
| Capex per share | $0.17 | $0.33 | $0.34 | $0.38 | $0.41 | $0.06 | $0.04 |
| Debt per share | $10.33 | $9.61 | $6.87 | $3.64 | $2.33 | $0.13 | — |
| Shares outstanding | 83.1M | 70.9M | 60.0M | 58.3M | 16.3M | 18.4M | 15.9M |
| Change in shares outstanding | +17.2% | +18.1% | +3.0% | +258.2% | −11.4% | +15.4% | — |
| Returns & profitability | |||||||
| Return on equity (ROE) | 20.2% | −90.6% | −23.1% | −70.2% | −43.7% | 20.5% | −17.5% |
| Return on invested capital (ROIC) | 46.8% | 6.6% | −3.1% | −82.9% | −4.7% | 60.3% | −17.8% |
| Return on assets (ROA) | 5.7% | −32.1% | −11.4% | −37.0% | −22.9% | 11.0% | −9.6% |
| Return on tangible assets | 5.4% | −32.0% | −10.7% | −28.9% | −16.3% | 7.5% | −9.6% |
| Free cash flow margin | 17.8% | 4.3% | −1.4% | −9.1% | 9.7% | 3.4% | −23.8% |
| Income quality (OCF / net income) | 2.93 | — | — | — | — | 0.29 | — |
| Financial health | |||||||
| Total debt | $858.5M | $680.8M | $412.6M | $212.3M | $37.9M | $2.5M | — |
| Cash & short-term investments | $1.19B | $195.7M | $189.0M | $310.8M | $200.9M | $62.6M | $14.9M |
| Net debt | −$335.6M | $485.1M | $223.6M | −$98.5M | −$163.0M | −$60.2M | −$14.9M |
| Debt / equity | 1.79 | 2.09 | 0.74 | 0.38 | 0.12 | 0.02 | — |
| Debt / assets | 0.56 | 0.53 | 0.34 | 0.20 | 0.06 | 0.01 | — |
| Net debt / EBITDA | −4.11 | 7.14 | — | — | — | −4.22 | — |
| Current ratio | 11.06 | 1.80 | 4.05 | 3.28 | 8.60 | 18.04 | 12.75 |
| Quick ratio | 11.06 | 1.80 | 4.05 | 3.10 | 8.24 | 17.94 | 12.75 |
| Interest coverage | — | — | — | -5.5 | -0.1 | 10.4 | — |
| Working capital | $1.32B | $156.0M | $228.5M | $291.8M | $217.9M | $72.7M | $19.3M |
| Invested capital | $144.4M | $811.6M | $783.3M | $455.0M | $145.3M | $49.0M | $17.3M |
| Tangible asset value | $524.8M | $405.7M | $652.3M | $765.4M | $453.2M | $182.1M | $57.0M |
| Net current asset value | $464.0M | −$498.0M | −$239.2M | $140.2M | $140.7M | $66.8M | $19.3M |
| Graham number | $11.28 | — | — | — | — | $10.26 | — |
| Graham net-net per share | $4.22 | −$7.88 | −$4.80 | $1.49 | $7.71 | $3.39 | $1.03 |
| Capital allocation | |||||||
| Share buybacks (net) | — | — | $650,000 | — | — | — | — |
| Capex / revenue | 1.1% | 2.3% | 2.6% | 3.3% | 1.5% | 1.2% | 1.8% |
| Capex / operating cash flow | 5.8% | 34.9% | 210.8% | — | 13.3% | 25.8% | — |
| Capex / depreciation | 0.46 | 0.81 | 1.06 | 3.56 | 8.13 | 3.78 | 7.32 |
| Stock-based compensation / revenue | 4.3% | 6.1% | 9.2% | 35.3% | 15.2% | 0.2% | 0.2% |
| R&D / revenue | 6.0% | 7.6% | 9.6% | 22.0% | 14.8% | 13.4% | 15.0% |
| SG&A / revenue | 16.9% | 24.0% | 26.3% | 58.1% | 29.7% | 11.6% | 17.8% |
| Efficiency | |||||||
| Days sales outstanding | 46.8 | 39.0 | 34.6 | 24.7 | 19.0 | 34.0 | 43.1 |
| Days of inventory on hand | — | — | 8.1 | 13.3 | 8.4 | 3.0 | — |
| Days payables outstanding | 2.7 | 2.5 | 1.1 | 5.4 | 9.6 | 2.7 | 2.0 |
| Cash conversion cycle (days) | 44.1 | 36.5 | 41.6 | 32.7 | 17.9 | 34.3 | 41.1 |
| Receivables turnover | 7.81 | 9.35 | 10.54 | 14.75 | 19.17 | 10.74 | 8.47 |
| Payables turnover | 137.17 | 144.40 | 336.49 | 67.74 | 38.21 | 133.56 | 181.62 |
| Inventory turnover | — | — | 45.16 | 27.43 | 43.20 | 119.72 | — |
| Asset turnover | 0.89 | 0.80 | 0.69 | 0.84 | 1.12 | 0.70 | 0.62 |
| Average receivables | $161.6M | $107.4M | $73.3M | $46.5M | $23.3M | $8.5M | $4.3M |
| Average payables | $5.5M | $4.1M | $1.5M | $6.7M | $6.1M | $367,500 | $154,000 |
| Average inventory | — | — | $11.3M | $16.4M | $5.4M | $410,000 | — |
| Intangibles / total assets | 2.0% | 2.8% | 1.1% | 0.0% | 5.3% | 5.9% | 0.0% |
Computed from PGY's annual financial statements (latest annual report filed March 2, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PGY valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Pagaya Technologies traded at 21.3 times earnings. Based on the latest twelve months, the trailing P/E is 12.5 and the forward P/E is 4.4. Pagaya Technologies earned a return on equity of 20.2% and a return on invested capital of 46.8% in fiscal 2025. It ended the year with $858.5 million of debt and $1.2 billion in cash and short-term investments, a net cash position of $335.6 million. The share count rose 421.5% from 15.9M to 83.1M over 6 years.
See the PGY income statement, the PGY chart for price history, or the PGY stock overview for the latest quote and news.
PGY key metrics FAQ
What is Pagaya Technologies's P/E ratio?
Pagaya Technologies's trailing P/E ratio is 12.5 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 4.4. At the end of fiscal 2025 it was 21.3.
What is Pagaya Technologies's EV/EBITDA?
Pagaya Technologies's enterprise value was 17.1 times EBITDA at the end of fiscal 2025 (enterprise value $1.4 billion, EBITDA $81.7 million); the current EV/EBITDA is 3.9.
What is Pagaya Technologies's return on equity?
Pagaya Technologies's return on equity (ROE) was 20.2% in fiscal 2025: net income of $81.4 million on average shareholders' equity of $403.3 million.
What is Pagaya Technologies's ROIC?
Pagaya Technologies's return on invested capital was 46.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Pagaya Technologies have?
Pagaya Technologies had total debt of $858.5 million at the end of fiscal 2025, a debt-to-equity ratio of 1.79 and more cash than debt.
What is Pagaya Technologies's free cash flow yield?
Pagaya Technologies generated $224.7 million of free cash flow in fiscal 2025, a free cash flow yield of 12.9% on its market value at year-end ($1.7 billion).
What is Pagaya Technologies's current ratio?
Pagaya Technologies's current ratio was 11.06 at the end of fiscal 2025: current assets were 11.06 times current liabilities.