Pagaya Technologies Ltd. key statistics and ratios

In fiscal 2025, Pagaya Technologies Ltd. had return on equity of 20.2%, an operating margin of 20.3% and debt equal to 40.4% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Pagaya Technologies Ltd.: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	50.4%	51.0%	39.8%	37.3%	42.1%	42.4%	43.9%
Operating margin	21.5%	−1.2%	−33.6%	−3.0%	6.5%	20.3%	26.4%
Net margin	14.6%	−19.2%	−40.4%	−15.8%	−38.9%	6.3%	10.8%
Free-cash-flow margin	3.2%	9.1%	−8.3%	−5.2%	2.9%	17.3%	16.3%
Return on equity	16.4%	—	−109.0%	−23.1%	−90.6%	20.2%	27.9%
Return on assets	—	−15.4%	−37.0%	−11.4%	−32.1%	5.7%	9.2%
Asset turnover	—	0.80	0.92	0.72	0.83	0.92	0.86
Current ratio	—	8.60	3.28	4.05	1.80	—	—
Debt to equity	0.0%	>999%	25.2%	48.5%	104.4%	40.4%	50.5%
Effective tax rate	6.0%	—	—	—	—	−38.2%	−2.8%
R&D as % of revenue	12.5%	14.0%	20.2%	9.2%	7.4%	5.8%	4.9%
Capital spending as % of revenue	1.1%	1.4%	3.0%	2.5%	1.7%	1.1%	0.9%
Free cash flow ÷ net income	21.8%	—	—	—	—	276.1%	151.8%

US$ thousands unless shown otherwise. Fiscal quarters.

Pagaya Technologies Ltd.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	43.4%	42.4%	41.3%	42.7%	43.2%	44.2%	43.5%	44.8%
Operating margin	11.4%	16.4%	17.3%	22.8%	23.8%	25.2%	27.3%	28.8%
Net margin	−85.2%	2.7%	5.1%	6.4%	10.2%	7.8%	11.7%	12.7%
Free-cash-flow margin	8.5%	10.6%	16.4%	18.2%	22.9%	12.6%	18.4%	11.7%
Current ratio	1.80	1.79	1.42	—	—	—	—	—
Debt to equity	98.4%	94.8%	40.2%	—	—	—	—	—
R&D as % of revenue	6.7%	6.7%	5.7%	5.2%	5.7%	5.0%	4.5%	4.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Pagaya Technologies Ltd.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Pagaya Technologies Ltd.