Pagaya Technologies
PGY on Nasdaq. Pagaya sells lending technology to banks and investors who buy loans. Market value $1.1bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
What to watch out for
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: -23 cents. Above 10 is good.
What you pay for each dollar of net assets: $2.57.
Profit per $100 you pay: $8.29.
Quality score: 8 of 100. Price score: 60 of 100. Our list needs 70 on quality and 60 on price.
$18.40 a share, 77% above its 1-year low
Over the past year the price has ranged from $10.40 to $31.54.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | $749m | $812m | $1.0bn | $1.3bn |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | n/a |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | n/a | n/a |
| Shares outstanding | ||||
| Shares outstanding | 0.04bn | 0.06bn | 0.07bn | 0.08bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 20.2% a year
- Buying back its own sharesNo, 117% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $387 million last quarter, up 19% on a year ago.
- Profit: $45 million, up 172% on a year ago.
- Spare cash over the past 12 months: $252 million, up from $97 million.
- 22% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $257m |
| December 2024 | $279m |
| March 2025 | $290m |
| June 2025 | $326m |
| September 2025 | $350m |
| December 2025 | $335m |
| March 2026 | $318m |
| June 2026 | $387m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$67m |
| December 2024 | -$238m |
| March 2025 | $8m |
| June 2025 | $17m |
| September 2025 | $23m |
| December 2025 | $34m |
| March 2026 | $25m |
| June 2026 | $45m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
None of the long-term investors we follow own it. 221 funds in all.
Largest holders overall
- Frontier Capital Management$42mAdded
- Millennium Management$42mAdded
- American Century Companies$34mAdded
- Aquamarine Financial (Cayman)$32mNew
- Allspring Global Investments Holdings$31mAdded
- Vanguard Portfolio Management$23mCut
- BlackRock$20mCut
- HS Investments IV$20m
- Arrowstreet Capital, Limited Partnership$19mNew
- Morgan Stanley$17mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Ann H. LamontPassive investorat least 6.0%(filed with 8 related holders)Since 18 September 2025
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following paragraph at the end of Item 4: On September 18, 2025, each of the Funds made a pro rata in-kind distribution of Ordinary Shares to its general partner and limited partners for no additional…
Read the filing - FRONTIER CAPITAL MANAGEMENT CO.,LLCPassive investorSold down below 5%Since 30 June 2025
- BlackRock, Inc.Passive investorSold down below 5%Since 31 March 2025
- Avi ZeeviPassive investorSold down below 5%Since 30 September 2025
- GIC Private LtdPassive investorSold down below 5%Since 30 June 2025
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: The response to Item 5(c) of this Amendment No. 3 is incorporated by reference herein.
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Ann H. Lamont Passive investor | at least 6.0% (filed with 8 related holders) | 18 September 2025 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented by adding the following paragraph at the end of Item 4: On September 18, 2025, each of the Funds made a pro rata in-kind distribution of Ordinary Shares to its general partner and limited partners for no additional… Read the filing |
FRONTIER CAPITAL MANAGEMENT CO.,LLC Passive investor | Sold down below 5% | 30 June 2025 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 31 March 2025 | |
Avi Zeevi Passive investor | Sold down below 5% | 30 September 2025 | |
GIC Private Ltd Passive investor | Sold down below 5% | 30 June 2025 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: The response to Item 5(c) of this Amendment No. 3 is incorporated by reference herein. Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $500,923 of shares on the open market. 5 sold $5m, $704,007 of it under preset trading plans.
- Vieira CoryChief Accounting OfficerSold
- Date
- 28 September 2026
- Shares
- 2,170
- Price
- $17.04
- Value
- $36,977
- DAS SANJIVPresidentSold
- Date
- 28 September 2026
- Shares
- 14,300
- Price
- $17.04
- Value
- $243,672
- Dobres JonathanChief Financial OfficerSold
- Date
- 28 September 2026
- Shares
- 590
- Price
- $17.04
- Value
- $10,054
- Rosen TamiDirectorSoldunder a preset trading plan
- Date
- 18 September 2026
- Shares
- 8,504
- Price
- $20.38
- Value
- $173,348
- Dobres JonathanChief Financial OfficerSold
- Date
- 17 September 2026
- Shares
- 2,183
- Price
- $21.04
- Value
- $45,930
- Rosen TamiDirectorSold
- Date
- 12 September 2026
- Shares
- 7,121
- Price
- $20.21
- Value
- $143,915
- DAS SANJIVPresidentSold
- Date
- 12 September 2026
- Shares
- 13,301
- Price
- $20.21
- Value
- $268,813
- Dobres JonathanChief Financial OfficerSold
- Date
- 12 September 2026
- Shares
- 582
- Price
- $20.21
- Value
- $11,762
- Rosen TamiDirectorSold
- Date
- 3 September 2026
- Shares
- 1,265
- Price
- $23.07
- Value
- $29,184
- Vieira CoryChief Accounting OfficerSold
- Date
- 2 September 2026
- Shares
- 3,075
- Price
- $22.71
- Value
- $69,833
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 September 2026 | Vieira Cory Chief Accounting Officer | Sold | 2,170 | $17.04 | $36,977 |
| 28 September 2026 | DAS SANJIV President | Sold | 14,300 | $17.04 | $243,672 |
| 28 September 2026 | Dobres Jonathan Chief Financial Officer | Sold | 590 | $17.04 | $10,054 |
| 18 September 2026 | Rosen Tami Director | Sold under a preset trading plan | 8,504 | $20.38 | $173,348 |
| 17 September 2026 | Dobres Jonathan Chief Financial Officer | Sold | 2,183 | $21.04 | $45,930 |
| 12 September 2026 | Rosen Tami Director | Sold | 7,121 | $20.21 | $143,915 |
| 12 September 2026 | DAS SANJIV President | Sold | 13,301 | $20.21 | $268,813 |
| 12 September 2026 | Dobres Jonathan Chief Financial Officer | Sold | 582 | $20.21 | $11,762 |
| 3 September 2026 | Rosen Tami Director | Sold | 1,265 | $23.07 | $29,184 |
| 2 September 2026 | Vieira Cory Chief Accounting Officer | Sold | 3,075 | $22.71 | $69,833 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 30 Jul 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.