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Pagaya Technologies vs Upstart Holdings: PGY and UPST compared
Pagaya Technologies is the larger company: $390M of revenue in its latest quarter (Q3 2026) against $371M for Upstart Holdings (Q3 2026). Upstart Holdings is growing faster (+34% against +12% a year earlier). Pagaya Technologies is more profitable, with an operating margin of 28.8% against 9.7%.
Where the money goes: PGY and UPST
Pagaya Technologies (PGY) · Q3 2026
Pagaya Technologies, Q3 2026: revenue $390M (+12% year over year), operating margin 28.8%, net earnings $49.7M, operating cash flow $49.0M. The chart follows the revenue to costs, profit and cash.
Upstart Holdings (UPST) · Q3 2026
Upstart Holdings, Q3 2026: revenue $371M (+34% year over year), operating margin 9.7%, net earnings $36.6M, operating cash flow −$19.8M. The chart follows the revenue to costs, profit and cash.
| Pagaya Technologies (PGY) | Upstart Holdings (UPST) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $390M | $371M |
| Revenue growth, Y/Y | +12% | +34% |
| Operating margin | 28.8% | 9.7% |
| Net earnings | $49.7M | $36.6M |
| Net margin | 12.7% | 9.9% |
| Operating cash flow | $49.0M | −$19.8M |
| Free cash flow | $45.8M | — |
| Market value | $1.7B | $2.7B |
| P/E | 10.4× | 35.3× |
| Analysts’ mean target | $29.45 | $35.94 |
Where the revenue comes from
Pagaya Technologies
- Network AI Fees: $312M (80%)
- Financial Service: $50.1M (13%)
- Other revenues: $28.4M (7%)
Questions
Which is bigger, Pagaya Technologies or Upstart Holdings?
Pagaya Technologies is the larger company: $390M of revenue in its latest quarter (Q3 2026) against $371M for Upstart Holdings (Q3 2026).
Is Pagaya Technologies or Upstart Holdings growing faster?
Upstart Holdings is growing faster (+34% against +12% a year earlier).
Which is more profitable, Pagaya Technologies or Upstart Holdings?
Pagaya Technologies is more profitable, with an operating margin of 28.8% against 9.7%.
More: Pagaya Technologies earnings · how Pagaya Technologies makes money · Upstart Holdings earnings · how Upstart Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 2, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.