PGY · Pagaya Technologies Ltd.

퀀트 등급이 가장 높고 낮은 소형 기술주

파가야 테크놀로지스, 9% 상승…지난주 실적 발표 후 랠리 이어가

파가야 테크놀로지스, 네트워크 거래량 성장에 2분기 실적 예상 대폭 상회하며 주가 급등

파가야 테크놀로지스, 매출·순이익 전망치 상회…3분기 및 연간 전망 제시

파가야 테크놀로지스 2026년 2분기 실적 프리뷰

파가야, 개인대출 ABS 거래 규모 9억 달러로 확대

파가야, 2026년 GAAP 순이익 1억 1천만~1억 6천만 달러 전망… 존 도브레스(Jon Dobres) CFO 선임

파가야, 1분기 실적 서프라이즈·2분기 조정 EBITDA 가이던스·CFO 교체 소식에 주가 급등

파가야 테크놀로지스(Pagaya Technologies) 비GAAP EPS 0.73달러, 예상치 0.17달러 상회, 매출 3억1794만 달러로 590만 달러 하회

파가야, 2026년 매출 가이던스 14억~15.75억 달러 제시... 리스크 관리·파트너 성장에 초점 전환

파가야 테크놀로지스: 주가수익비율 6.6배에 거래되는 고성장 산업 혁신 기업

• Pagaya Technologies Ltd. is my highest conviction GARP holding, rated Strong Buy, now representing 25% of my portfolio.
• PGY has transitioned from high growth but unprofitable to profitable, with six consecutive quarters of profitability and accelerating network volume.
• Q2 2026 results showed a network volume of $3.54B (vs. $2.97B estimate), +19% revenue, +99% adjusted net income, and -6% core operating expenses.
• Despite rapid EPS growth and margin expansion, PGY trades at a depressed 2026E PE of 5.6x, with risk mitigated by a strong balance sheet and aligned insider ownership.

파가야 테크놀로지스: 목표주가는 낮아졌지만 사업은 개선 중

• I'm reiterating Pagaya Technologies as a Strong Buy, with the price target adjusted to $67 due to higher share count and net debt.
• Q2 2026 results validate PGY's AI-driven lending platform, showing 33% network volume growth, 43% adjusted EBITDA growth, and expanding operating leverage.
• Core operating expenses declined 6% while network volume surged, driving adjusted EBITDA margin to 32% and reinforcing confidence in scalable profitability.
• Key risks include retained credit exposure and FRLPC margin compression, but the current 15x FWD EV/EBITDA multiple is maintained given robust operating performance.

파가야: 자동차 대출서 깨어난 수익 창출 엔진, 아직 잠든 월가 - 강력 매수

• Pagaya continues its transformation into a deeply integrated player across the loan approval process, driving partner entrenchment and influence over loan quality.
• Q2 2026 saw a record network volume of $3.5B (+33% YoY), with auto lending accounting for over 75% of growth and auto loan volume up 140% YoY.
• The company's profit and volume growth outpaced revenue, while operating expenses remained nearly flat, underscoring strong operating leverage and scalable technology.
• Despite recent stock appreciation, Pagaya trades at a significant discount to peers on P/E, P/S (1.553x), and EV/EBITDA, supporting a continued strong buy rating.

파가야: AI가 소비자 신용을 인프라로 바꾸고 있다

• Pagaya Technologies is rated Buy due to strong operating leverage, robust growth, and a valuation that over-discounts credit and funding risks.
• PGY’s platform embeds AI-driven underwriting within banks and fintechs, enabling scalable lending expansion with minimal incremental costs and reduced reliance on direct loan origination.
• Q2 results showcased 33% network volume growth, 43% EBITDA growth, nearly doubled GAAP operating income, and flat core operating expenses, highlighting efficiency and scalability.
• Risks include exposure to consumer credit cycles, ABS market disruptions, and FRLPC margin compression, but the platform’s increasing adoption and self-funding capacity support the bullish thesis.

마진 개선과 고객사 증가로 저평가된 파가야 테크놀로지스, 시장의 관심 밖에 놓인 가치주로 부상하다

• Pagaya Technologies leverages proprietary AI for underwriting, driving strong cash flow and margin expansion with minimal incremental CapEx.
• PGY trades at a compelling forward P/E of 5.90, well below sector medians, as GAAP profitability and cash flow accelerate on growing client adoption.
• Free cash flow is used to pay down debt and build cash reserves, positioning PGY for future shareholder returns as leverage declines.
• I rate PGY a buy, but caution that rising AI competition and potential credit cycle risks warrant close monitoring of growth durability.