Stock fact sheet · data as of
Pagaya Technologies Ltd. (PGY): fair value, margin of safety and Wheel Score
Ticker symbol PGY · Technology · Software - Infrastructure · United States · Class A ordinary shares · Blend
PGY is Pagaya Technologies Ltd.'s Class A ordinary shares. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is PGY undervalued?
PGY has a margin of safety of 71%: the stock closed at 19.12 on 5 Nov 2026 against a GLS average fair value of 65.07. 6 of the 7 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
The 7 models disagree widely: Graham Number gives 17.55 while Payback Time gives 108.31. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for PGY, so the nightly engine files it under Blend (value score 64, growth score 76, out of 100).
Nine valuation models for PGY
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | 17.55 | -8% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 105.27 | +451% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 46.01 | +141% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 105.84 | +454% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 52.07 | +172% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 108.31 | +466% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 20.45 | +7% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 5.56 | -71% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 28.33 | +48% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is weak: PGY passes 4 of the nine Piotroski tests. Our scans drop the stock at the health filter; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is low at 3.0 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.
Returns on capital are moderate - ROIC 6.1%, ROE 17.0%, ROA 5.3% - with debt at 1.79 times equity and a free-cash-flow yield of 14.7%.
Pagaya Technologies Ltd. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Financial Service 100% (quarter Q2 FY2026).
Institutional ownership scores 5/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded insider buy was on 12 Sep 2026.
| Piotroski F-score | 4 / 9 | ROIC | 6.1% |
|---|---|---|---|
| GLS Moat | 3.0 / 10 | ROE | 17.0% |
| Debt / equity | 1.79 | ROA | 5.3% |
| Free-cash-flow yield | 14.7% | Payout ratio | 0% |
| Institutions | 5 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 44: Weak
PGY scores 44 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 4, financially healthy - Piotroski 4/9 (under 6); and filter 5, can repay its debt - 3.5 years to repay its debt (over 3), and the parts are thin too - value strong, premium strong, moat weak, health fair, red flags good, option trading good, stability weak. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 65% on the near-the-money contracts 20-60 days out - above the 60% top of the sweet spot. It still passes the 25-80% filter, but the Wheel Score rewards it less because volatility this high usually comes with a reason. The option chain is deep: 52,447 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 1.6M shares a day on a market cap of $1.6B, with a beta of 5.69 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score rates that weak.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 4/9 (under 6) |
| 5 | Can repay its debt | Fails | 3.5 years to repay its debt (over 3) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 71% below fair value | |
| Premium | Strong | implied volatility 65% | |
| Moat | Weak | moat 3.0/10 | |
| Health | Fair | Piotroski 4/9 | |
| Red Flags | Good | Red Flags score 85/100 | |
| Option trading | Good | 2,944 contracts a day, 52,447 open interest | |
| Stability | Weak | beta 5.69, $1.6B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
Pagaya Technologies Ltd. reports earnings on 9 Nov 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Software - Infrastructure
The 12 companies below are the closest to Pagaya Technologies Ltd. by market cap within the Software - Infrastructure industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| ATEN A10 Networks, Inc. | 23.81 | 11.47 | -108% | 36Weak | $1.7B |
| STNE StoneCo Ltd. | 7.69 | 69.43 | +89% | 49Weak | $1.8B |
| MQ Marqeta, Inc. | 18.60 | 38.46 | +52% | 80Good | $1.8B |
| PRGS Progress Software Corporation | 44.79 | 72.05 | +38% | 52Fair | $1.8B |
| RDWR Radware Ltd. | 33.00 | 14.50 | -128% | 39Weak | $1.4B |
| NYAX Nayax Ltd. | 49.54 | 48.32 | -3% | 16No options | $1.9B |
| BAND Bandwidth Inc. | 43.38 | 15.04 | -188% | 28Weak | $1.3B |
| GCT GigaCloud Technology Inc. | 57.88 | 106.15 | +45% | 80Good | $2.1B |
| NN NextNav Inc. | 8.76 | - | - | 17Weak | $1.2B |
| PAYO Payoneer Global Inc. | 7.16 | 7.97 | +10% | 27Weak | $2.4B |
| RPD Rapid7, Inc. | 15.04 | 19.62 | +23% | 31Weak | $1.0B |
| EEFT Euronet Worldwide, Inc. | 70.65 | 152.70 | +54% | 81Good | $2.6B |
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Start free See the Sunday ScanQuestions about PGY
What kind of share is PGY?
PGY is Pagaya Technologies Ltd.'s Class A ordinary shares. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is PGY undervalued right now?
By the GLS models, yes: at 19.12 the stock is 71% below the average fair value of 65.07 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of PGY and what does it mean?
PGY scores 44 out of 100 (Weak) - it fails Wheel Trade Filters 4, 5. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for PGY?
65.07 per share as of 5 Nov 2026 - the simple average of the 7 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Pagaya Technologies Ltd. report earnings next?
The next earnings report is due on 9 Nov 2026 (before the open), 4 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does PGY have listed options, and how liquid are they?
Yes. The nightly snapshot found 84 listed contracts with 52,447 open interest across all expiries and implied volatility of 65% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.