# Pagaya Technologies Ltd. (PGY)

> Source: Nexqual · https://nexqual.com/PGY · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Pagaya Technologies Ltd. (PGY), nexqual.com/PGY" · informational, not investment advice.

**Price:** USD 20.47 (+3.54% on the day) · last close of Oct 28, 2026; US market pre market, not a live price. Prev close 19.77 · day 19.75–20.6 · 52w 10.4–29.75 · market cap $1.71B · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.39B, net income $127M (9.1% margin) (SEC filings).
- Valuation: P/E 13.5x (avg 21.3x at the last 1 fiscal year-ends).
- Earnings quality: non-operating income -$80.0M vs operating income $345M over the last four quarters; P/E excluding non-operating income ≈8.3x (estimate: non-operating income taxed at the company's 0% effective rate).
- Insider open-market sales, last ~7 months: 21 Form 4 filings, $3.2M; 18 not under a Rule 10b5-1 plan ($2.8M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $501K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.82 on a 1–5 scale) (11 analysts), mean target USD 28.82 (range 23–36).
- Next earnings: 2026-10-29, EPS estimate USD 1, revenue estimate $383M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $475M | $749M | $812M | $1.03B | $1.30B | $1.39B |
| Gross profit | $242M | $298M | $303M | $435M | $552M | — |
| Operating income | -$5.8M | -$252M | -$24.4M | $66.8M | $264M | $345M |
| Net income | -$91.2M | -$302M | -$128M | -$401M | $81.4M | $127M |
| EPS (diluted) | -$8.25 | -$8.22 | -$2.14 | -$5.66 | $0.93 | — |
| Free cash flow | $43.2M | -$62.4M | -$41.8M | $30.0M | $225M | $252M |
| Gross margin | 51.0% | 39.8% | 37.3% | 42.1% | 42.4% | — |
| Operating margin | -1.2% | -33.6% | -3.0% | 6.5% | 20.3% | 24.9% |
| Net margin | -19.2% | -40.4% | -15.8% | -38.9% | 6.3% | 9.1% |
| Revenue growth | — | +57.8% | +8.4% | +27.1% | +26.1% | — |
| Cash + short-term investments | $191M | $310M | $186M | $210M | — | — |
| Total debt | — | — | $37.7M | $321M | $149M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 13.5x · P/E ex non-operating (est.) ≈8.3x · P/S 1.2x · P/FCF 6.8x · P/B 2.9x · FCF yield 14.74% · Earnings yield 7.43%
P/E at fiscal year-ends: Dec 2025 21.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 21 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-02 | Rosen Tami | Director | 1,986 | $35K | 12.9% | No | Too little history (no open-market trades in 2023) |
| 2026-09-28 | Vieira Cory | Chief Accounting Officer | 2,170 | $37K | 7.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-28 | Das Sanjiv | President | 14,300 | $244K | 7.6% | No | Too little history (no open-market trades in 2023) |
| 2026-09-28 | Dobres Jonathan | Chief Financial Officer | 590 | $10K | 5.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Rosen Tami | Director | 8,504 | $173K | 35.6% | Yes | Too little history (no open-market trades in 2023) |
| 2026-09-17 | Dobres Jonathan | Chief Financial Officer | 2,183 | $46K | 18.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-12 | Rosen Tami | Director | 7,121 | $144K | 23% | No | Too little history (no open-market trades in 2023) |
| 2026-09-12 | Das Sanjiv | President | 13,301 | $269K | 7.9% | No | Too little history (no open-market trades in 2023) |
| 2026-06-25…2026-09-12 | Dobres Jonathan | Chief Financial Officer | 985 | $18K | 11.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-03 | Rosen Tami | Director | 1,265 | $29K | 7.6% | No | Too little history (no open-market trades in 2023) |
| 2026-09-02 | Vieira Cory | Chief Accounting Officer | 3,075 | $70K | 11.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-03 | Rosen Tami | Director | 28,181 | $619K | 62.8% | No | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Das Sanjiv | President | 21,289 | $468K | 12.9% | No | Too little history (no open-market trades in 2023) |
| 2026-06-25 | Vieira Cory | Chief Accounting Officer | 1,458 | $23K | 6.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-25 | Das Sanjiv | President | 14,000 | $222K | 7.8% | No | Too little history (no open-market trades in 2023) |
| 2026-06-22 | Rosen Tami | Director | 9,944 | $151K | 20.9% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-12 | Perros Evangelos |  | 11,558 | $188K | 8.1% | No | Too little history (no open-market trades in 2023) |
| 2026-06-12 | Das Sanjiv | President | 13,309 | $216K | 7.9% | No | Too little history (no open-market trades in 2023) |
| 2026-06-12 | Rosen Tami | Director | 5,681 | $92K | 10.7% | No | Too little history (no open-market trades in 2023) |
| 2026-06-02 | Vieira Cory | Chief Accounting Officer | 2,140 | $32K | 10.5% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $501K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-24 | Krubiner Gal | Chief Executive Officer | 16,230 | $250K | 15.43 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-02 | Krubiner Gal | Chief Executive Officer | 16,600 | $251K | 15.09 | Too little history (no open-market trades in 2023 or 2025) |

## Analysts
Consensus Buy (mean 1.82 on a 1–5 scale), 11 analysts; mean target USD 28.82 (low 23, high 36).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-06 | TD Cowen | Target lowered | Buy | $26 → $25 |
| 2026-09-29 | StoneX | Reiterated | Buy | $33 |
| 2026-08-18 | Jefferies | Target raised | Buy | $23 → $27 |
| 2026-07-31 | B. Riley Securities | Target raised | Buy | $32 → $36 |
| 2026-07-31 | Citizens | Target raised | Market Outperform | $22 → $25 |
| 2026-07-31 | Canaccord Genuity | Target raised | Buy | $32 → $36 |

## More
Full page: https://nexqual.com/PGY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.00 | $0.82 | +21.6% | $383.1M | 10 |
| Next quarter (ends 2026-12-31) | $0.95 | $0.82 | +16.1% | $376.1M | 8 |
| Current fiscal year (ends 2026-12-31) | $3.70 | $3.06 | +20.7% | $1.46B | 9 |
| Next fiscal year (ends 2027-12-31) | $4.10 | $3.53 | +16.2% | $1.70B | 8 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $1.07 | $0.72 | Beat +48.6% | — |
| — | Quarter ended Mar 31, 2026 | $0.73 | $0.56 | Beat +30.4% | — |
| — | Quarter ended Dec 31, 2025 | $0.80 | $0.77 | Beat +3.9% | — |
| — | Quarter ended Sep 30, 2025 | $1.02 | $0.66 | Beat +54.5% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1883085/000188308526000062/0001883085-26-000062-index.htm |
| 2026-10-05 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1883085/000162828026064763/0001628280-26-064763-index.htm |
| 2026-08-18 | 8-K | Shareholder vote results | https://www.sec.gov/Archives/edgar/data/1883085/000162828026057738/0001628280-26-057738-index.htm |
| 2026-07-30 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1883085/000188308526000058/0001883085-26-000058-index.htm |
| 2026-07-30 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1883085/000188308526000052/0001883085-26-000052-index.htm |
| 2026-07-06 | DEFA14A | Additional proxy material | https://www.sec.gov/Archives/edgar/data/1883085/000188308526000040/0001883085-26-000040-index.htm |
| 2026-07-06 | DEF 14A | Proxy statement (pay, board, votes) · period ended Aug 17, 2026 | https://www.sec.gov/Archives/edgar/data/1883085/000188308526000039/0001883085-26-000039-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.