Pagaya Technologies Ltd. Business Model Research Guide
Direct answer: This business model research guide covers how to verify Pagaya Technologies Ltd.'s revenue model, customer economics, cost structure, and competitive advantages from primary SEC filings. Use each section as a research checklist rather than a finished analysis. Every claim must be traced to a current 10-K, 10-Q, or 8-K before reaching a conclusion.
What Do the Reported Numbers Say About the Pagaya Technologies Ltd. Business Model?
Pagaya Technologies Ltd. has not broken its revenue out by segment, product or region in a way Swoopr can read from its filings, so this table shows the economics of the whole business: what it earned, what it kept and what it spent on equipment, for the fiscal years ended December 31, 2022 to December 31, 2025.
| Fiscal year | Revenue | Growth | Operating margin | Net margin | Capital spending share of revenue | Free cash flow margin |
|---|---|---|---|---|---|---|
| FY2022 | $749 million | n/a | -33.6% | -40.4% | 3.0% | -8.3% |
| FY2023 | $812 million | +8.4% | -3.0% | -15.8% | 2.5% | -5.2% |
| FY2024 | $1.0 billion | +27.1% | 6.5% | -38.9% | 1.7% | 2.9% |
| FY2025 | $1.3 billion | +26.1% | 20.3% | 6.3% | 1.1% | 17.3% |
In fiscal 2025, capital spending was 1.1% of revenue. Free cash flow was 276% of net income, which shows how much of reported profit turned into cash.
"Not reported" means the company filed no value under the standard tag, not that the amount was zero. Source: SEC EDGAR: Pagaya Technologies Ltd. Form 10-K filed March 2, 2026.
Revenue model
For Pagaya Technologies Ltd., the revenue model review should cover financial intermediation, payments, brokerage, asset management, insurance or capital-markets services.
Customer economics
For Pagaya Technologies Ltd., the customer economics review should cover who pays, why they pay, contract or transaction structure, concentration and switching behavior.
Cost structure
For Pagaya Technologies Ltd., the cost structure review should cover Financial-company economics are balance-sheet and risk-management intensive. Revenue quality cannot be assessed without considering funding, capital, loss provisioning, reserve adequacy and the amount of risk required to earn each dollar of reported profit..
Scale and competitive advantage
For Pagaya Technologies Ltd., the scale and competitive advantage review should cover distribution, installed base, data, regulation, brand, network effects or cost position where supported.
Capital intensity
For Pagaya Technologies Ltd., the capital intensity review should cover working capital, capex, acquisitions and other reinvestment required to sustain growth.
Research Checklist
- Asset Or Loan Growth: For Pagaya Technologies Ltd. (PGY), determine from current primary sources whether asset or loan growth is a material business model; document the evidence, direction of change, and why it matters to revenue, margins, cash flow or balance-sheet resilience.
- Transaction Volumes: For Pagaya Technologies Ltd. (PGY), determine from current primary sources whether transaction volumes is a material business model; document the evidence, direction of change, and why it matters to revenue, margins, cash flow or balance-sheet resilience.
- Net Interest Spreads: For Pagaya Technologies Ltd. (PGY), determine from current primary sources whether net interest spreads is a material business model; document the evidence, direction of change, and why it matters to revenue, margins, cash flow or balance-sheet resilience.
- Fee-Bearing Balances: For Pagaya Technologies Ltd. (PGY), determine from current primary sources whether fee-bearing balances is a material business model; document the evidence, direction of change, and why it matters to revenue, margins, cash flow or balance-sheet resilience.
- Underwriting And Loss Experience: For Pagaya Technologies Ltd. (PGY), determine from current primary sources whether underwriting and loss experience is a material business model; document the evidence, direction of change, and why it matters to revenue, margins, cash flow or balance-sheet resilience.
- Market Levels And Client Activity: For Pagaya Technologies Ltd. (PGY), determine from current primary sources whether market levels and client activity is a material business model; document the evidence, direction of change, and why it matters to revenue, margins, cash flow or balance-sheet resilience.
- Households: For Pagaya Technologies Ltd. (PGY), determine from current primary sources whether households is a material business model; document the evidence, direction of change, and why it matters to revenue, margins, cash flow or balance-sheet resilience.
- Businesses: For Pagaya Technologies Ltd. (PGY), determine from current primary sources whether businesses is a material business model; document the evidence, direction of change, and why it matters to revenue, margins, cash flow or balance-sheet resilience.
- Institutional Investors: For Pagaya Technologies Ltd. (PGY), determine from current primary sources whether institutional investors is a material business model; document the evidence, direction of change, and why it matters to revenue, margins, cash flow or balance-sheet resilience.
Related Research
Source Standard
The latest annual report, quarterly filings, material 8-Ks and official investor-relations disclosures are the primary sources. Do not infer company-specific figures from the sector framework.
References
Company financial disclosures, SEC filings and investor-relations materials are the authoritative sources for financial figures cited on this page. Individual company SEC filings are available at SEC EDGAR.