The company maintains a debt-to-equity ratio of 1.60, with total debt reaching $958.1 million as of 2026Q1 to support its credit-matching infrastructure.
| Total Current Assets | 550.72M | 441.6M | 351.48M | 303.4M | 419.82M | 246.53M | 76.97M | 20.89M |
| Cash & Short-Term Investments | 380.03M | 288.35M | 195.72M | 188.97M | 310.8M | 200.94M | 62.63M | 14.91M |
| Cash Only | 380.03M | 288.35M | 187.92M | 186.48M | 309.79M | 190.78M | 5.07M | 4.83M |
| Short-Term Investments | 0 | 0 | 7.8M | 2.49M | 1.01M | 10.16M | 57.57M | 10.08M |
| Accounts Receivable | 170.69M | 153.25M | 127.4M | 87.42M | 59.22M | 33.7M | 12.81M | 4.26M |
| Days Sales Outstanding | 42.7 | 44.35 | 46.29 | 41.29 | 31.54 | 27.59 | 50.97 | 43.07 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 20.8M | 20.3M | 42.7M | 8.55M | 1.11M | 50K |
| Total Non-Current Assets | 1.1B | 1.1B | 939.59M | 904.97M | 625.26M | 343.72M | 127.3M | 37.74M |
| Property, Plant & Equipment | 60.38M | 60.8M | 74.85M | 97.29M | 92.74M | 7.65M | 1.53M | 727K |
| Fixed Asset Turnover | 20.42x | 20.75x | 13.42x | 7.94x | 7.39x | 58.30x | 59.80x | 49.71x |
| Goodwill | 22.9M | 22.9M | 23.06M | 10.95M | 0 | 0 | 0 | 0 |
| Intangible Assets | 6.23M | 7.66M | 12.82M | 2.55M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 3.69B | 958.79M | 778.25M | 740.69M | 488.86M | 292.42M | 110.61M | 37.01M |
| Other Non-Current Assets | 52.24M | 54.16M | 50.6M | 53.51M | 37.98M | 37.97M | 15.15M | -37.74M |
| Total Assets | 1.65B | 1.55B | 1.29B | 1.21B | 1.05B | 590.26M | 204.27M | 58.63M |
| Asset Turnover | 0.86x | 0.82x | 0.78x | 0.64x | 0.66x | 0.76x | 0.45x | 0.62x |
| Asset Growth % | 51.16% | 19.74% | 6.84% | 15.63% | 77.05% | 188.96% | 248.43% | - |
| Total Current Liabilities | 338.24M | 78.57M | 195.49M | 74.92M | 128.02M | 28.67M | 4.27M | 1.64M |
| Accounts Payable | 3.8M | 3.93M | 6.99M | 1.29M | 1.74M | 11.58M | 581K | 154K |
| Days Payables Outstanding | 2.64 | 1.92 | 4.27 | 0.92 | 1.41 | 18.19 | 4.32 | 2.01 |
| Short-Term Debt | 270.98M | 0 | 126.83M | 37.69M | 61.83M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 8.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 54.97M | 74.64M | 29.04M | 18.21M | 6.42M | 1.9M | 942K | 624K |
| Current Ratio | 1.63x | 5.62x | 1.80x | 4.05x | 3.28x | 8.60x | 18.04x | 12.75x |
| Quick Ratio | 1.63x | 5.62x | 1.80x | 4.05x | 3.28x | 8.60x | 18.04x | 12.75x |
| Cash Conversion Cycle | 40.06 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 711.25M | 912M | 654.03M | 467.7M | 151.64M | 77.19M | 5.88M | 0 |
| Long-Term Debt | 654.51M | 888.59M | 516.92M | 324.03M | 92.8M | 37.91M | 0 | 0 |
| Capital Lease Obligations | 95.98M | 34.21M | 30.61M | 43.94M | 49.1M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 26.25M | 0 | 0 | 107K | 568K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 24.12M | -10.8M | 106.5M | 99.63M | 9.17M | 39.28M | 5.88M | 0 |
| Total Liabilities | 1.05B | 990.56M | 849.53M | 542.63M | 279.66M | 105.86M | 10.15M | 1.64M |
| Total Debt | 958.1M | 922.8M | 680.81M | 412.58M | 212.26M | 37.91M | 0 | 0 |
| Net Debt | 578.07M | 634.45M | 492.89M | 226.11M | -97.53M | -152.87M | -5.07M | -4.83M |
| Debt / Equity | 1.60x | 1.66x | 1.54x | 0.62x | 0.28x | 0.08x | - | - |
| Debt / EBITDA | 3.13x | 3.63x | 7.12x | - | - | - | - | - |
| Net Debt / EBITDA | 1.89x | 2.50x | 5.16x | - | - | - | -0.24x | - |
| Interest Coverage | - | - | - | - | - | - | - | - |
| Total Equity | 599.15M | 555.35M | 441.55M | 665.75M | 765.42M | 484.4M | 194.13M | 56.99M |
| Equity Growth % | 36.44% | 25.77% | -33.68% | -13.02% | 58.02% | 149.53% | 240.64% | - |
| Book Value per Share | 6.20 | 6.68 | 6.23 | 11.09 | 20.01 | 29.76 | 10.56 | 3.58 |
| Total Shareholders' Equity | 529.31M | 480.02M | 326.49M | 559.72M | 553.52M | 308.34M | 109.18M | 32.19M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 3K |
| Retained Earnings | -837.96M | -862.65M | -944.04M | -542.64M | -414.2M | -111.88M | 2.88M | -11.59M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -32.28M | -48.32M | -11.49M | 444K | -713K | 0 | 0 | 0 |
| Minority Interest | 69.84M | 75.33M | 115.06M | 106.03M | 211.9M | 176.06M | 84.94M | 24.8M |
ABS market liquidity sensitivity
According to recent financial statements, Pagaya's total assets have expanded to $1.6 billion as of 2026Q1, yet this growth is accompanied by a persistent accumulation of retained earnings deficits, which totaled $838.0 million, signaling that the company's scale-up phase remains capital-intensive and reliant on external financing.
The expansion of the asset base appears to be driven by the necessity of holding retained interests in securitized assets, which complicates the assessment of long-term business quality. Investors should monitor whether the company can eventually pivot toward a self-sustaining capital structure as the platform matures.
Based on reported figures, Pagaya's total debt has climbed to $958.1 million in 2026Q1, resulting in a debt-to-equity ratio of 1.60, which reflects a strategic, albeit risky, reliance on debt to facilitate the origination-to-distribute model that underpins the company's core revenue generation.
This leverage is not necessarily indicative of operational distress but rather a structural requirement of the firm's role as a liquidity provider in the ABS market. The durability of this debt load depends heavily on the company's ability to maintain institutional appetite for its securitized loan products.
As reported in quarterly filings, Pagaya maintained a cash position of $380.0 million in 2026Q1, providing a current ratio of 1.63, which suggests an adequate liquidity buffer to navigate short-term volatility in the securitization markets and support ongoing R&D and partner acquisition efforts.
While the current ratio appears stable, the liquidity profile is sensitive to the timing of ABS issuances, which can cause lumpy cash inflows. The company's ability to maintain this buffer without further dilutive financing remains a key area for investor scrutiny.
Based on the balance sheet data, Pagaya's equity base of $529.3 million is significantly constrained by a cumulative retained earnings deficit of $838.0 million, indicating that historical losses continue to exert downward pressure on the company's book value despite recent improvements in operational profitability.
The persistent negative retained earnings suggest that the company has historically prioritized aggressive growth and market share acquisition over immediate bottom-line accumulation. Future equity quality will likely depend on the company's ability to generate consistent GAAP net income to offset these historical losses.
As evidenced by the company's financial disclosures, the reliance on fair value accounting for retained interests creates a potential distortion, as these assets represent a significant portion of the $1.6 billion in total assets and are subject to valuation volatility based on underlying credit performance.
This accounting treatment may mask the true economic risk of the loan portfolio, as any deterioration in credit quality could lead to significant write-downs. Investors should be wary that the headline asset value may not reflect the actual cash-realizable value in a stressed market environment.
Quick answers to the most common questions about buying PGY stock.
As of 2025, Pagaya Technologies Ltd. (PGY) had total assets of $1.55B including $441.6M in current assets.
Pagaya Technologies Ltd. (PGY) carries total debt of $922.8M, offset by $288.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pagaya Technologies Ltd. (PGY) has total shareholders' equity (book value) of $480.0M ($6.68 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pagaya Technologies Ltd. (PGY) reported a current ratio of 5.62x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.