Restructuring and cost reductionsnegative · 4 filings
“Adjusted Net Income is defined as net income (loss) attributable to Pagaya Technologies Ltd.”10-Q · May 7, 2026 ↗
Pagaya Technologies Ltd.
PGY
Market read
Pagaya Technologies Ltd.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 17 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.
Company-6.0% todayVolume comparison unavailable
Market group0 of 17 activeHealthcare & Credit Tech · unavailable
Disclosed network0 of 6 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- PGY's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if PGY's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 17 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- PGY's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods5
Price observations319
Usable filing statements164
Verified relationships0
Evidence supporting the case
- Latest annual revenue changed +25.6% year over year.
- Operating margin changed +14.3 percentage points in the latest annual period.
- Net margin changed +46.4 percentage points in the latest annual period.
- Operating cash flow covered net income at 2.93x in the latest annual period.
Evidence challenging the case
- Diluted shares increased 17.2% in the latest annual period.
- Restructuring and cost reductions has repeated adverse evidence across 4 filings.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 10, 2026
20.306m+81.4%12m-41.5%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$445.9M—$-8.25—
2022-12-31$685.4M+53.7%$-8.22—
2023-12-31$772.8M+12.8%$-2.14—
2024-12-31$1.0B+30.0%$-5.66+18.1%
2025-12-31$1.3B+25.6%$0.93+17.2%
What management says matters
Persistent and emerging business drivers
Credit and interest ratesmixed · 2 filings
“Financing Activities For the three months ended March 31, 2026, net cash provided by financing activities of $64.2 million was primarily attributable to $114.7 million of proceeds from the revolving credit facility and $49.3 million of proceeds from secured b…”10-Q · May 7, 2026 ↗
Legal and regulatory exposurepositive · 2 filings
“Maturities of the Company’s operating lease liabilities as of December 31, 2025 were as follows (in thousands): 2026 $ 10,085 2027 8,629 2028 5,924 2029 6,022 2030 6,022 Thereafter 5,521 Total 42,203 Less: imputed interest ( 7,991 ) Total operating lease liab…”10-K · Mar 2, 2026 ↗
Demand and volumemixed · 1 filings
“Lastly, in December 2022, the CFPB proposed creation of a registration system for nonbanks subject to agency/court orders involving alleged violations of federal, state or local consumer protection laws.”10-K · Mar 2, 2026 ↗
Valuation discipline
Peer-relative valuation withheld
Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
20.30-6.0% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for PGY. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for PGY. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind PGY
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
PGY is currently a Follower in the organic co-movement group Healthcare & Credit Tech. This group is discovered from market behaviour rather than assigned from an industry taxonomy. No verified filing-linked names are available yet.
This group is retained as the last observed read for PGY; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.