Pagaya Technologies Ltd. (PGY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-288.7%

-$34.21

vs $18.13 price

Levered DCF

$1.56

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.58

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	21.11×	-1.64×	-7.74×	-1.8×	-14.44×	387.1×	-222.22×
P/B	3.41×	2.02×	1.78×	1.03×	6.29×	20.2×	57.94×
P/S	1.3×	0.66×	1.29×	0.83×	4.35×	24.04×	51.6×
EV / EBITDA	27.67×	16.96×	-27.41×	-1.53×	-52.99×	154.18×	-487.8×
Gross margin	40.6%	40.5%	34.1%	34.2%	47.9%	46.5%	22.6%
Operating margin	17.7%	6.7%	-3.2%	-46.0%	-1.3%	23.2%	-10.8%
Net margin	6.5%	-40.0%	-16.6%	-44.1%	-20.4%	15.8%	-15.6%
Current ratio	11.06×	1.8×	4.05×	3.28×	8.6×	18.04×	12.75×
Debt / equity	1.79×	2.09×	0.74×	0.38×	0.12×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.0%	-122.9%	-22.9%	-54.6%	-29.6%	13.3%	-17.5%
Return on invested capital	15.4%	5.4%	-2.1%	-31.9%	-1.0%	10.0%	-6.9%
Return on assets	5.3%	-31.1%	-10.6%	-28.9%	-15.4%	7.1%	-9.6%
Free cash flow yield	13.7%	6.6%	-1.1%	-11.0%	2.2%	0.1%	-0.5%
Earnings yield	5.0%	-61.0%	-12.9%	-53.1%	-4.7%	0.7%	-0.3%
Enterprise value	$2.3B	$1.2B	$1.2B	$471.7M	$1.8B	$2.2B	$1.9B
Net debt / EBITDA	7.63×	7.26×	-5.08×	0.32×	4.53×	-0.35×	1.27×
Cash conversion cycle (days)	55	42	40	30	9	47	41