Pagaya Technologies Ltd.
PGY, PGYWW · Finance Services · 60.0M shares · +92%/yr ↑ dilution · EDGAR filings ↗
Reference price $15.43 · est. market cap ~$927M — last insider purchase, 2026-06-24 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B73Pagaya Technologies — AI-driven credit-network/ABS platform, now profitable.
Strengths
- Operating margin 21% (93rd pct), ROE 17% (85th), ROA (93rd), strong FCF (92nd)
- Asset-light lending-as-a-service network
Risks
- Net income volatility; ABS-funding and credit-cycle sensitivity
- Partner-concentration and regulatory risk
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Chronic dilutionShare count +92%/yr over 2y (dilution, book value/share -77%)
- Strong balance sheetStrong balance sheet — $235M cash & investments
- Insider buyingInsider buying — 2 open-market buy(s) by 1 insider(s) (~$501,018, last 6mo) Form 4 ↗
- Insider sellingInsider selling — 13 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
42.4%
Operating margin
20.3%
Net margin
6.3%
Return on equity
17.0%
Return on assets
5.3%
Revenue growth (QoQ)
-5.0%
Free cash flow
$225M
EBITDA
$294M
Tangible book value
$449M
Cash & investments
$235M
Stock comp / revenue
4.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-24 | Krubiner Gal | Buy | 16K | $15.43 |
| 2026-06-22 | Rosen Tami | Sell | 9.9K | $15.20 |
| 2026-06-12 | Perros Evangelos | Option exercise | 21K | — |
| 2026-06-12 | Perros Evangelos | Sell | 12K | $16.23 |
| 2026-06-12 | DAS SANJIV | Option exercise | 24K | — |
| 2026-06-12 | Rosen Tami | Option exercise | 16K | — |
| 2026-06-12 | DAS SANJIV | Sell | 13K | $16.23 |
| 2026-06-12 | Rosen Tami | Sell | 5.7K | $16.23 |
| 2026-06-02 | Vieira Cory | Option exercise | 5.2K | — |
| 2026-06-02 | Krubiner Gal | Buy | 17K | $15.09 |
| 2026-06-02 | Vieira Cory | Sell | 2.1K | $15.01 |
| 2026-04-17 | Rosen Tami | Sell | 9.7K | $15.14 |
| 2026-04-01 | Perros Evangelos | Sell | 13K | $11.34 |
| 2026-04-01 | Perros Evangelos | Option exercise | 23K | — |
| 2026-03-12 | DAS SANJIV | Sell | 9.7K | $10.99 |
| 2026-03-12 | Rosen Tami | Sell | 5.9K | $10.99 |
| 2026-03-12 | DAS SANJIV | Option exercise | 24K | — |
| 2026-03-12 | Perros Evangelos | Option exercise | 21K | — |
| 2026-03-12 | Perros Evangelos | Sell | 8.4K | $10.99 |
| 2026-03-12 | Rosen Tami | Option exercise | 16K | — |
| 2026-03-02 | Vieira Cory | Sell | 2.5K | $10.92 |
| 2026-03-02 | Vieira Cory | Option exercise | 5.2K | — |
| 2026-01-05 | DAS SANJIV | Sell | 3.9K | $22.99 |
| 2026-01-05 | Perros Evangelos | Sell | 9.8K | $22.99 |
| 2026-01-01 | Perros Evangelos | Option exercise | 23K | — |
| 2026-01-01 | DAS SANJIV | Option exercise | 9 | — |
| 2025-12-19 | Rosen Tami | Sell | 7.6K | $30.73 |
| 2025-12-12 | Rosen Tami | Sell | 8.1K | $22.35 |
| 2025-12-12 | Perros Evangelos | Option exercise | 21K | — |
| 2025-12-12 | Perros Evangelos | Sell | 12K | $22.35 |
| 2025-12-12 | Rosen Tami | Option exercise | 16K | — |
| 2025-12-12 | DAS SANJIV | Option exercise | 24K | — |
| 2025-12-12 | DAS SANJIV | Sell | 568 | $22.35 |
| 2025-12-10 | Zeevi Avi | Grant | 11K | — |
| 2025-12-10 | DAVIS ALISON | Grant | 11K | — |
| 2025-12-10 | Mehta Asheet | Grant | 11K | — |
| 2025-12-10 | Petrozzo Dan | Grant | 11K | — |
| 2025-12-10 | GOLUB HARVEY | Grant | 11K | — |
| 2025-12-02 | Vieira Cory | Option exercise | 21K | — |
| 2025-12-02 | Vieira Cory | Sell | 8.4K | $23.15 |
| 2025-10-16 | DAS SANJIV | Sell | 13K | $27.40 |
| 2025-10-16 | DAS SANJIV | Option exercise | 23K | — |
| 2025-10-13 | Rosen Tami | Option exercise | 9.4K | $10.68 |
| 2025-10-01 | Perros Evangelos | Option exercise | 23K | — |
| 2025-10-01 | Perros Evangelos | Sell | 13K | $30.20 |
| 2025-10-01 | Rosen Tami | Sell | 15K | $30.73 |
| 2025-10-01 | DAS SANJIV | Option exercise | 8.5K | — |
| 2025-10-01 | DAS SANJIV | Sell | 4.8K | $30.20 |
| 2025-09-24 | Zeevi Avi | Other | 76K | — |
| 2025-09-23 | Zeevi Avi | Other | 6.4K | — |
| 2025-09-15 | Rosen Tami | Sell | 5.8K | $42.00 |
| 2025-09-15 | Petrozzo Dan | Sell | 2.8K | $41.43 |
| 2025-09-15 | DAS SANJIV | Sell | 13K | $40.62 |
| 2025-09-15 | Perros Evangelos | Sell | 12K | $40.62 |
| 2025-09-15 | Rosen Tami | Sell | 8.0K | $40.62 |
| 2025-09-15 | Rosen Tami | Option exercise | 5.8K | $10.68 |
| 2025-09-12 | DAS SANJIV | Option exercise | 24K | — |
| 2025-09-12 | Perros Evangelos | Option exercise | 21K | — |
| 2025-09-12 | Rosen Tami | Option exercise | 16K | — |
| 2025-09-09 | Perros Evangelos | Sell | 14K | $37.34 |
| 2025-09-05 | Perros Evangelos | Sell | 9.4K | $38.84 |
| 2025-08-28 | DAS SANJIV | Sell | 12K | $37.00 |
| 2025-08-08 | GOLUB HARVEY | Other | 205K | $30.71 |
| 2025-07-18 | Petrozzo Dan | Sell | 8.5K | $30.15 |
| 2025-07-17 | DAS SANJIV | Sell | 13K | $25.95 |
| 2025-07-16 | DAS SANJIV | Option exercise | 23K | — |
| 2025-07-03 | Rosen Tami | Sell | 14K | $21.85 |
| 2025-07-02 | DAS SANJIV | Sell | 4.8K | $22.57 |
| 2025-07-02 | Perros Evangelos | Sell | 13K | $22.57 |
| 2025-07-01 | Perros Evangelos | Option exercise | 23K | — |
| 2025-07-01 | Rosen Tami | Option exercise | 28K | — |
| 2025-07-01 | DAS SANJIV | Option exercise | 8.5K | — |
| 2025-07-01 | Rosen Tami | Sell | 15K | $22.57 |
| 2025-06-25 | Pardo Avital | Sell | 54K | $20.24 |
| 2025-06-25 | Rosen Tami | Sell | 10K | $20.24 |
| 2025-06-25 | Yulzari Yahav | Sell | 53K | $20.24 |
| 2025-06-24 | Yulzari Yahav | Sell | 241K | $19.65 |
| 2025-06-24 | Pardo Avital | Sell | 240K | $19.65 |
| 2025-06-20 | Pardo Avital | Sell | 8.3K | $19.04 |
| 2025-06-20 | Yulzari Yahav | Sell | 8.3K | $19.04 |
| 2025-06-18 | Yulzari Yahav | Sell | 4.7K | $19.00 |
| 2025-06-18 | Pardo Avital | Sell | 4.8K | $19.00 |
| 2025-06-16 | Yulzari Yahav | Sell | 5.1K | $19.02 |
| 2025-06-16 | Pardo Avital | Sell | 4.9K | $19.01 |
| 2025-06-12 | Rosen Tami | Option exercise | 16K | — |
| 2025-06-12 | Rosen Tami | Sell | 8.2K | $17.90 |
| 2025-06-12 | Perros Evangelos | Option exercise | 21K | — |
| 2025-06-12 | Perros Evangelos | Sell | 12K | $17.90 |
| 2025-06-12 | DAS SANJIV | Option exercise | 24K | — |
| 2025-06-12 | DAS SANJIV | Sell | 14K | $17.90 |
| 2025-06-12 | Yulzari Yahav | Sell | 49K | $19.05 |
| 2025-06-12 | Pardo Avital | Sell | 49K | $19.05 |
| 2025-06-11 | Pardo Avital | Gift | 1.2M | — |
| 2025-06-10 | Rosen Tami | Sell | 14K | $17.68 |
| 2025-06-03 | DAS SANJIV | Sell | 31K | $17.15 |
| 2025-05-14 | Yulzari Yahav | Sell | 21K | $15.14 |
| 2025-05-14 | Pardo Avital | Sell | 21K | $15.13 |
| 2025-05-13 | Pardo Avital | Sell | 118K | $15.08 |
| 2025-05-13 | Yulzari Yahav | Sell | 118K | $15.08 |
| 2025-05-12 | Yulzari Yahav | Sell | 238K | $15.16 |
| 2025-05-12 | Pardo Avital | Sell | 116K | $15.16 |
| 2025-05-12 | Pardo Avital | Sell | 121K | $15.16 |
| 2025-05-08 | Yulzari Yahav | Sell | 90K | $12.20 |
| 2025-05-08 | Yulzari Yahav | Sell | 5.0K | $12.20 |
| 2025-05-08 | Pardo Avital | Sell | 94K | $12.24 |
| 2025-05-07 | Pardo Avital | Sell | 71K | $12.26 |
| 2025-05-07 | Yulzari Yahav | Sell | 71K | $12.26 |
| 2025-05-02 | Yulzari Yahav | Sell | 925 | $12.00 |
| 2025-05-02 | Pardo Avital | Sell | 1.2K | $12.01 |
| 2025-04-17 | DAS SANJIV | Sell | 13K | $9.35 |
| 2025-04-16 | DAS SANJIV | Option exercise | 23K | — |
| 2025-04-02 | DAS SANJIV | Sell | 4.0K | $10.53 |
| 2025-04-02 | Rosen Tami | Sell | 15K | $10.53 |
| 2025-04-02 | Perros Evangelos | Sell | 13K | $10.53 |
| 2025-04-01 | Perros Evangelos | Grant | 23K | — |
| 2025-04-01 | DAS SANJIV | Grant | 8.5K | — |
| 2025-04-01 | Rosen Tami | Grant | 28K | — |
| 2025-02-13 | Rosen Tami | Sell | 35K | $15.00 |
| 2025-02-07 | Rosen Tami | Sell | 9.8K | $12.18 |
| 2025-02-03 | Rosen Tami | Sell | 5.8K | $9.28 |
| 2025-01-31 | Rosen Tami | Grant | 16K | — |
| 2025-01-17 | DAS SANJIV | Sell | 7.3K | $8.85 |
| 2025-01-16 | DAS SANJIV | Grant | 23K | — |
| 2025-01-02 | Rosen Tami | Sell | 22K | $9.97 |
| 2025-01-02 | DAS SANJIV | Sell | 6.3K | $9.97 |
| 2025-01-02 | Perros Evangelos | Sell | 21K | $9.97 |
| 2025-01-01 | Perros Evangelos | Grant | 46K | — |
| 2025-01-01 | Rosen Tami | Grant | 57K | — |
| 2025-01-01 | DAS SANJIV | Grant | 17K | — |
| 2025-01-01 | Perros Evangelos | Grant | 4.2K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-07 | ResultsExec/director changeReg FDExhibits | filing ↗ |
| 2026-02-09 | ResultsReg FDExhibits | filing ↗ |
| 2026-01-13 | Reg FD | filing ↗ |
| 2025-12-05 | OtherExhibits | filing ↗ |
| 2025-11-10 | ResultsReg FDExhibits | filing ↗ |
| 2025-10-02 | Material agreement1.02Debt obligationOther | filing ↗ |
| 2025-08-07 | ResultsReg FDExhibits | filing ↗ |
| 2025-07-28 | Material agreementOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-K/A | 2026-06-01 | 2025-12-31 | 0001883085-26-000036 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001883085-26-000027 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001883085-26-000031 ↗ |
| 10-K/A | 2026-04-30 | 2025-12-31 | 0001628280-26-028608 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0001883085-26-000018 ↗ |
| 8-K | 2026-02-09 | 2026-02-09 | 0001883085-26-000010 ↗ |
| 8-K | 2026-01-13 | 2026-01-13 | 0001883085-26-000004 ↗ |
| 8-K | 2025-12-05 | 2025-12-05 | 0001883085-25-000204 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001883085-25-000191 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001883085-25-000195 ↗ |
| 8-K | 2025-10-02 | 2025-10-01 | 0001883085-25-000187 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0001883085-25-000169 ↗ |