| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 85 | 14.3x | 17.8x | Top tier | |
Growth | 81 | 3.5% | 7.1% | Top tier | |
Quality | 92 | 27.8% | 4.5% | Top tier | |
Safety | 66 | 1.8x | 2.6x | Around median | |
Capital Return | 19 | — | 2.12% | Bottom tier | |
Momentum | 53 | -42.0% | 2.9% | Around median | |
Sentiment | 72 | 6 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Pagaya Technologies Ltd. is a financial technology platform operating under a B2B2C model, helping lending institutions expand loan origination and reach additional borrower segments through data, underwriting, and distribution technologies. The company generates revenue from fees linked to network volume and financing execution, along with interest and investment income, and operates across personal loans, auto loans, and point-of-sale financing. In Q1 FY2026, personal loans represented 63% of production, while the annualized auto loan volume reached $2.3 billion, double its level a year earlier.
In Q2 FY2026, revenue reached $387.0 million, up 19% according to the August 19, 2026 results, and gross profit reached $168.3 million, with a gross margin of approximately 43.5%. Net income was $45.3 million, equivalent to a net margin of approximately 11.7% and earnings per share of $0.49, while adjusted net income increased 99% and core operating expenses declined 6%. Network volume reached $3.54 billion versus expectations of $2.97 billion, marking Pagaya's sixth consecutive profitable quarter.
On a trailing twelve-month basis in FY2026, Pagaya recorded revenue of $1.4 billion, gross profit of $629.3 million, net income of $126.8 million, and earnings per share of approximately $1.30. These figures compare with FY2025, when the company recorded revenue of $1.3 billion, gross profit of $552.2 million, net income of $81.4 million, and earnings per share of $0.93, reflecting a clear improvement in reported GAAP profitability.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $30 within a range of $27 to $33; the average is approximately 33% below the 52-week range high of $44.99, while the range low is $10.40. The wide 52-week range reflects a significant revaluation of the stock at a time when trailing twelve-month profitability improved to $1.30 per share and net income to $126.8 million, but sensitivity to funding costs and credit quality remain two factors that justify caution within the consensus buying case.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Revenue reached $387.0 million and gross profit reached $168.3 million, equivalent to a gross margin of approximately 43.5%. Net income was $45.3 million and earnings per share were $0.49, while adjusted net income grew 99% and core operating expenses declined 6%. Network volume reached $3.54 billion versus expectations of $2.97 billion, making it the sixth consecutive profitable quarter.
Personal loans remain the main business and represented 63% of Q1 FY2026 production. Affiliate Optimizer Engine supports partners' entry into marketplaces such as Experian Activate and Credit Karma, and increased one partner's volume by 37% year over year after it was added to a new affiliate marketplace. In auto, the annualized volume reached $2.3 billion, double its level a year earlier, while point-of-sale activity expanded through Sezzle and Flex Pay from Upgrade.
Pagaya relies on a mix of public and private ABS transactions, re-securitizations, whole-loan buyers, and a network comprising more than 160 institutional funding partners. In Q1 FY2026, it issued four ABS transactions with a total value of $2.1 billion and also received its first AAA rating from Fitch for a personal loan re-securitization structure. Two securitizations refinanced approximately $800 million of seasoned collateral, while these transactions generated $44 million in net cash flows during the twelve months preceding the May 7, 2026 call.
Earnings are linked to the cost of capital and securitization pricing; the FRLPC-to-network-volume ratio contracted by 19 basis points year over year to 4.6% in Q1 FY2026. Loan and securities investments also recorded a loss of $38 million, and management maintained tight credit standards because of inflation and geopolitical volatility risks. Changing shopping behavior through artificial intelligence platforms adds risk to acquisition channels, as management said on May 7, 2026 that the ultimate form of this shift was not yet clear.
On May 7, 2026, the company projected network volume between $11.45 billion and $13.0 billion after raising the lower end by approximately $200 million. It maintained its revenue and other income range at $1.4–1.575 billion and raised adjusted EBITDA guidance to $420–460 million. It also raised the GAAP net income range to $110–160 million and assumed the FRLPC ratio would remain between 4% and 5% while the cost of capital remained elevated.
The call stated that he would remain a strategic adviser through the end of FY2026, focusing on the long-term funding strategy. The company also announced the appointment of Jon Dobres as Chief Financial Officer; he joined Pagaya in 2021 and worked on corporate strategy and financing initiatives that included the term loan and high-yield bond offering.
