What is Pagaya Technologies's net debt?

Pagaya Technologies (PGY) reported net debt of $127.58M in Q1 2026.

How has Pagaya Technologies's net debt changed year-over-year?

Pagaya Technologies's net debt increased by 3.4% year-over-year, from $123.43M to $127.58M.

What is the long-term trend for Pagaya Technologies's net debt?

Over 3 years (2022 to 2025), Pagaya Technologies's net debt has grown at a 17.6% compound annual growth rate (CAGR), from -$139.82M to $227.46M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Pagaya Technologies PGY Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$317.9M+9.6%

Gross profit$140.4M+14.2%

Operating income$80.0M+67.8%

Net income$24.7M+213%

EPS (diluted)$0.28+180%

Balance sheet

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Cash & equivalents$380.0M+65.5%

Total debt$507.6M+43.8%

Total equity$529.3M+57.8%

Total assets$1.6B+29.0%

Cash flow

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Operating cash flow$43.2M+25.4%

CapEx$3.2M-15.9%

Free cash flow$40.0M+30.5%

Valuation

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Market cap$1.26B-9.9%

Enterprise value$1.39B-8.8%

P/E12.8×—

P/S1×-0.4×

Profitability

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Gross margin42.9%+0.4pp

Operating margin22.3%+12.4pp

Net margin7.4%+4.0pp

FCF margin17.6%—

Returns & leverage

See full

Return on equity22.7%+12.8pp

Debt / equity1×-0.1×

Current ratio1.4×-0.1×

Where this comes from

Calculated from Pagaya Technologies’s reported figures.

$507.6Mtotal debt−$380.0Mcash and equivalents=$127.58M

The official record: Pagaya Technologies’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Pagaya Technologies's net debt?: Pagaya Technologies (PGY) reported net debt of $127.58M in Q1 2026.
How has Pagaya Technologies's net debt changed year-over-year?: Pagaya Technologies's net debt increased by 3.4% year-over-year, from $123.43M to $127.58M.
What is the long-term trend for Pagaya Technologies's net debt?: Over 3 years (2022 to 2025), Pagaya Technologies's net debt has grown at a 17.6% compound annual growth rate (CAGR), from -$139.82M to $227.46M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.