PGY
Pagaya Technologies Ltd.
Software - Infrastructure
Market Cap$1.28B
5Y Perf.-86.7%
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Stock Comparison
PGY vs AFRM
Revenue, margins, valuation, and 5-year total return — side by side.
AFRM
Affirm Holdings, Inc.
Software - Infrastructure
Market Cap$22.44B
5Y Perf.-4.5%
PGY vs AFRM — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | PGY | AFRM |
|---|---|---|
| Industry | Software - Infrastructure | Software - Infrastructure |
| Market Cap | $1.28B | $22.44B |
| Revenue (TTM) | $1.30B | $3.20B |
| Net Income (TTM) | $98M | $382M |
| Gross Margin | 30.6% | 62.6% |
| Operating Margin | 21.8% | 10.2% |
| Forward P/E | 12.5x | 62.5x |
| Total Debt | $923M | $7.85B |
| Cash & Equiv. | $288M | $1.35B |
PGY vs AFRM — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
PGY
AFRM
| Stock | Apr 21 | May 26 | Return |
|---|---|---|---|
| Pagaya Technologies… (PGY) | 100 | 13.3 | -86.7% |
| Affirm Holdings, In… (AFRM) | 100 | 95.5 | -4.5% |
Price return only. Dividends and distributions are not included.
Quick Verdict: PGY vs AFRM
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: PGY and AFRM are tied at the top with 3 categories each — the right choice depends on your priorities. Affirm Holdings, Inc. is the stronger pick specifically for growth and revenue expansion and profitability and margin quality. As sector peers, any of these can serve as alternatives in the same allocation.
PGY
Pagaya Technologies Ltd.
The Value Play
PGY has the current edge in this matchup, primarily because of its strength in value and momentum.
- Lower P/E (12.5x vs 62.5x)
- +37.8% vs AFRM's +30.7%
- 6.5% ROA vs AFRM's 3.1%, ROIC 15.8% vs -0.7%
Best for: value and momentum
AFRM
Affirm Holdings, Inc.
The Income Pick
AFRM is the clearest fit if your priority is income & stability and growth exposure.
- beta 2.72
- Rev growth 38.8%, EPS growth 109.0%, 3Y rev CAGR 33.7%
- -30.7% 10Y total return vs PGY's -87.1%
Best for: income & stability and growth exposure
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | AFRM | 38.8% revenue growth vs PGY's 25.6% |
| Value | PGY | Lower P/E (12.5x vs 62.5x) |
| Quality / Margins | AFRM | 11.9% margin vs PGY's 7.6% |
| Stability / Safety | AFRM | Beta 2.72 vs PGY's 3.36 |
| Dividends | Tie | Neither stock pays a meaningful dividend |
| Momentum (1Y) | PGY | +37.8% vs AFRM's +30.7% |
| Efficiency (ROA) | PGY | 6.5% ROA vs AFRM's 3.1%, ROIC 15.8% vs -0.7% |
PGY vs AFRM — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2025
PGY vs AFRM — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLAFRMLAGGINGPGY
PGYPagaya Technologies L…
2leads
AFRMAffirm Holdings, Inc.
3leads
6 Total Categories
CATEGORYLEADERvs PGYMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
AFRM3/5
Valuation MetricsMultiples, price ratios, and targets
PGY6/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
PGY8/8
Total Returns1Y, 3Y, 5Y total returns with dividends
AFRM5/6
Risk & VolatilityBeta, volatility, and downside exposure
AFRM2/2
Analyst OutlookRatings, price targets, and dividends
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Income & Cash Flow (Last 12 Months)
AFRM leads this category, winning 3 of 5 comparable metrics.
Income & Cash Flow (Last 12 Months)
AFRM is the larger business by revenue, generating $3.2B annually — 2.5x PGY's $1.3B. Profitability is closely matched — net margins range from 11.9% (AFRM) to 7.6% (PGY). On growth, PGY holds the edge at +12.5% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | PGYPagaya Technologi… | AFRMAffirm Holdings, … |
|---|---|---|
| RevenueTrailing 12 months | $1.3B | $3.2B |
| EBITDAEarnings before interest/tax | $305M | $533M |
| Net IncomeAfter-tax profit | $98M | $382M |
| Free Cash FlowCash after capex | $234M | $787M |
| Gross MarginGross profit ÷ Revenue | +30.6% | +62.6% |
| Operating MarginEBIT ÷ Revenue | +21.8% | +10.2% |
| Net MarginNet income ÷ Revenue | +7.6% | +11.9% |
| FCF MarginFCF ÷ Revenue | +18.1% | +24.6% |
| Rev. Growth (YoY)Latest quarter vs prior year | +12.5% | -65.8% |
| EPS Growth (YoY)Latest quarter vs prior year | +191.4% | — |
AFRM leads this category, winning 3 of 5 comparable metrics.
Valuation Metrics
PGY leads this category, winning 6 of 6 comparable metrics.
Valuation Metrics
At 16.7x trailing earnings, PGY trades at a 96% valuation discount to AFRM's 449.1x P/E. On an enterprise value basis, PGY's 7.5x EV/EBITDA is more attractive than AFRM's 210.0x.
| Metric | PGYPagaya Technologi… | AFRMAffirm Holdings, … |
|---|---|---|
| Market CapShares × price | $1.3B | $22.4B |
| Enterprise ValueMkt cap + debt − cash | $1.9B | $28.9B |
| Trailing P/EPrice ÷ TTM EPS | 16.67x | 449.07x |
| Forward P/EPrice ÷ next-FY EPS est. | 12.49x | 62.49x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 7.54x | 209.99x |
| Price / SalesMarket cap ÷ Revenue | 1.01x | 6.96x |
| Price / BookPrice ÷ Book value/share | 2.32x | 7.48x |
| Price / FCFMarket cap ÷ FCF | 5.69x | 37.29x |
PGY leads this category, winning 6 of 6 comparable metrics.
Profitability & Efficiency
PGY leads this category, winning 8 of 8 comparable metrics.
Profitability & Efficiency
PGY delivers a 18.2% return on equity — every $100 of shareholder capital generates $18 in annual profit, vs $11 for AFRM. PGY carries lower financial leverage with a 1.66x debt-to-equity ratio, signaling a more conservative balance sheet compared to AFRM's 2.56x. On the Piotroski fundamental quality scale (0–9), PGY scores 7/9 vs AFRM's 6/9, reflecting strong financial health.
| Metric | PGYPagaya Technologi… | AFRMAffirm Holdings, … |
|---|---|---|
| ROE (TTM)Return on equity | +18.2% | +11.2% |
| ROA (TTM)Return on assets | +6.5% | +3.1% |
| ROICReturn on invested capital | +15.8% | -0.7% |
| ROCEReturn on capital employed | +17.5% | -0.9% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 6 |
| Debt / EquityFinancial leverage | 1.66x | 2.56x |
| Net DebtTotal debt minus cash | $634M | $6.5B |
| Cash & Equiv.Liquid assets | $288M | $1.4B |
| Total DebtShort + long-term debt | $923M | $7.9B |
| Interest CoverageEBIT ÷ Interest expense | — | 1.88x |
PGY leads this category, winning 8 of 8 comparable metrics.
Total Returns (Dividends Reinvested)
AFRM leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in AFRM five years ago would be worth $12,474 today (with dividends reinvested), compared to $1,325 for PGY. Over the past 12 months, PGY leads with a +37.8% total return vs AFRM's +30.7%. The 3-year compound annual growth rate (CAGR) favors AFRM at 78.0% vs PGY's 16.0% — a key indicator of consistent wealth creation.
| Metric | PGYPagaya Technologi… | AFRMAffirm Holdings, … |
|---|---|---|
| YTD ReturnYear-to-date | -30.4% | -9.0% |
| 1-Year ReturnPast 12 months | +37.8% | +30.7% |
| 3-Year ReturnCumulative with dividends | +56.2% | +464.2% |
| 5-Year ReturnCumulative with dividends | -86.8% | +24.7% |
| 10-Year ReturnCumulative with dividends | -87.1% | -30.7% |
| CAGR (3Y)Annualised 3-year return | +16.0% | +78.0% |
AFRM leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
AFRM leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
AFRM is the less volatile stock with a 2.72 beta — it tends to amplify market swings less than PGY's 3.36 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. AFRM currently trades 67.4% from its 52-week high vs PGY's 34.5% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | PGYPagaya Technologi… | AFRMAffirm Holdings, … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 3.36x | 2.72x |
| 52-Week HighHighest price in past year | $44.99 | $100.00 |
| 52-Week LowLowest price in past year | $10.40 | $42.09 |
| % of 52W HighCurrent price vs 52-week peak | +34.5% | +67.4% |
| RSI (14)Momentum oscillator 0–100 | 62.4 | 63.1 |
| Avg Volume (50D)Average daily shares traded | 3.2M | 5.3M |
AFRM leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Insufficient data to determine a leader in this category.
Analyst Outlook
Wall Street rates PGY as "Buy" and AFRM as "Buy". Consensus price targets imply 101.6% upside for PGY (target: $31) vs 19.9% for AFRM (target: $81).
| Metric | PGYPagaya Technologi… | AFRMAffirm Holdings, … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $31.25 | $80.77 |
| # AnalystsCovering analysts | 12 | 33 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +1.1% |
Insufficient data to determine a leader in this category.
Key Takeaway
AFRM leads in 3 of 6 categories (Income & Cash Flow, Total Returns). PGY leads in 2 (Valuation Metrics, Profitability & Efficiency).
Best OverallAffirm Holdings, Inc. (AFRM)Leads 3 of 6 categories
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PGY vs AFRM: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is PGY or AFRM a better buy right now?
For growth investors, Affirm Holdings, Inc.
(AFRM) is the stronger pick with 38. 8% revenue growth year-over-year, versus 25. 6% for Pagaya Technologies Ltd. (PGY). Pagaya Technologies Ltd. (PGY) offers the better valuation at 16. 7x trailing P/E (12. 5x forward), making it the more compelling value choice. Analysts rate Pagaya Technologies Ltd. (PGY) a "Buy" — based on 12 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — PGY or AFRM?
On trailing P/E, Pagaya Technologies Ltd.
(PGY) is the cheapest at 16. 7x versus Affirm Holdings, Inc. at 449. 1x. On forward P/E, Pagaya Technologies Ltd. is actually cheaper at 12. 5x.
03Which is the better long-term investment — PGY or AFRM?
Over the past 5 years, Affirm Holdings, Inc.
(AFRM) delivered a total return of +24. 7%, compared to -86. 8% for Pagaya Technologies Ltd. (PGY). Over 10 years, the gap is even starker: AFRM returned -30. 7% versus PGY's -87. 1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — PGY or AFRM?
By beta (market sensitivity over 5 years), Affirm Holdings, Inc.
(AFRM) is the lower-risk stock at 2. 72β versus Pagaya Technologies Ltd. 's 3. 36β — meaning PGY is approximately 23% more volatile than AFRM relative to the S&P 500. On balance sheet safety, Pagaya Technologies Ltd. (PGY) carries a lower debt/equity ratio of 166% versus 3% for Affirm Holdings, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — PGY or AFRM?
By revenue growth (latest reported year), Affirm Holdings, Inc.
(AFRM) is pulling ahead at 38. 8% versus 25. 6% for Pagaya Technologies Ltd. (PGY). On earnings-per-share growth, the picture is similar: Pagaya Technologies Ltd. grew EPS 116. 4% year-over-year, compared to 109. 0% for Affirm Holdings, Inc.. Over a 3-year CAGR, AFRM leads at 33. 7% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — PGY or AFRM?
Pagaya Technologies Ltd.
(PGY) is the more profitable company, earning 6. 5% net margin versus 1. 6% for Affirm Holdings, Inc. — meaning it keeps 6. 5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PGY leads at 17. 7% versus -2. 7% for AFRM. At the gross margin level — before operating expenses — AFRM leads at 67. 5%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is PGY or AFRM more undervalued right now?
On forward earnings alone, Pagaya Technologies Ltd.
(PGY) trades at 12. 5x forward P/E versus 62. 5x for Affirm Holdings, Inc. — 50. 0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for PGY: 101. 6% to $31. 25.
08Which pays a better dividend — PGY or AFRM?
None of the stocks in this comparison currently pay a material dividend.
All are effectively zero-yield and should be held for capital appreciation rather than income.
09Is PGY or AFRM better for a retirement portfolio?
For long-horizon retirement investors, Affirm Holdings, Inc.
(AFRM) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding. Pagaya Technologies Ltd. (PGY) carries a higher beta of 3. 36 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (AFRM: -30. 7%, PGY: -87. 1%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between PGY and AFRM?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(PGY: 12.5% · AFRM: -65.8%)Net Margin>
%
(PGY: 7.6% · AFRM: 11.9%)P/E Ratio<
x
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