Pagaya Technologies vs Upstart Holdings
Pagaya Technologies is the larger business, with $1.30bn of revenue in fiscal 2025 against $1.04bn for Upstart Holdings (1.2 times as much). Upstart Holdings grew faster (64.0% against 26.1%). Pagaya Technologies kept more of each dollar of sales as profit: a net margin of 6.3% against 5.1%.
| Latest fiscal year | Pagaya TechnologiesPGY, 2025 | Upstart HoldingsUPST, 2025 |
|---|---|---|
| Revenue | $1.30bn | $1.04bn |
| Revenue growth | 26.1% | 64.0% |
| Net income | $81.4m | $53.6m |
| Operating margin | 20.3% | — |
| Net margin | 6.3% | 5.1% |
| Return on equity | 20.2% | 7.5% |
| Free cash flow | $225m | −$148m |
| Cash | $235m | $652m |
| Total debt | $194m | $1.83bn |
| Debt to equity | 40.4% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 518 | 1,405 |
| Market value | $1.75bn | $2.09bn |
| Price vs our value range | — | — |
| Moat score | — | 0 (Weak) |
| Insider trades, 12 months | 2 buys, 34 sales | 6 buys, 38 sales |