Upstart Holdings, Inc.

Finance Services

UPSTMixed6 of 10 basics passed

$24.10

-0.37%

Market cap $2.35B

$24.10

-0.37%

Market cap $2.35B

Upstart Holdings Inc provides credit services. The company provides a proprietary, cloud-based, artificial intelligence lending platform.

It is a $2.35B financial services company. Revenue grew 50.2% over the last year, and it keeps 5¢ of every dollar of sales as profit. It trades at 38.9× earnings — in the cheapest third of its own history.

Website: upstart.com
Location: San Mateo, CA
Employees: 1 405
Sector: Financial Services

Share price · 3 years

$29.41 → $24.10-18.1%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.25B
Profit: keeps 5¢ of every $1 sold; $60.3M
Free cash flow: cash left after running the business; -$289M
P/E: years of profit in the price; 38.9
EPS: earnings per share, TTM; $0.56
Shares: up 13% since 2021 — dilution; 107.5M
Volatility: beta vs the market — under 1 swings less; 2.50

Revenue, last 5 years

52-week range

Low $22.81$24.10High $52.74

Today's price is 4% of the way from the year's low to its high.

P/E vs its history5y

38.9×median 91.9×

Higher than 17% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

38.9×

83%

P/S

1.8×

90%

EV/EBITDA

68.2×

91%

P/B

2.9×

86%

FCF yield

3.4%

93%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$3.10Mnet selling

Purchases$1.28M

Sales$4.37M

Insiders trading, last 14d0 buy · 0 sell

Standing in Financial Services

Size$2.35Btop 99%
Revenue growth+7%top 60%
Net margin5%top 84%
Return on equity9%top 74%
P/E38.9×top 90%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Growth, Profitability, Health, Quality and Moat lag behind.

Valuation50

P/E vs own history17th pct · 25/25
FCF yield-12.3% · 0/25
P/S1.9x · 25/25
EV/EBITDA46.2x · 0/25

Growth37

Revenue CAGR5.3% · 12/25
Net income CAGR-20.7% · 0/25
EPS CAGR ~5Y-23.1% · 0/25
Fwd implied growth358.6% · 25/25

Profitability48

ROIC36.6% · 25/25
ROE8.6% · 12/25
Net margin4.8% · 6/25
Operating margin4.6% · 5/25

Health31

Altman Z1.48 · 3/25
Current ratio1.55 · 18/25
Interest coverage3.7x · 10/25
Net cash / debtn/a · 0/25

Quality16

Piotroski F4/9 · 10/25
Beneish M-1.71 · 6/25
FCF conversion-479% · 0/25
Margin stabilityσ 35.1% · 0/25

Moat11

ROIC >12% years1/3 yrs · 6/25
Median gross marginn/a · 0/25
FCF-positive years2/5 yrs · 5/25
Worst-year net marginworst -46.8% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Revenue crossed $1B
$1.04B for the year
FY2021Financial
First recorded profitable year
$135M net income
FY2021Financial
Best year on record
$135M net income
2020IPO
Upstart went public via an initial public offering
2012Product
It was first launched in April 2012 with an Income Share Agreement (ISA) product

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$896 today — price return only

$1.0B revenue in FY2025

Revenue up 50.2% year over year

1 405 employees

ROIC of 36.6%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (82.5%)
Revenue growing 50.2% year over year
High returns on invested capital (ROIC 36.6%)

Watch-outs

Negative free cash flow (-$289.0M)
Altman Z-Score 1.48 — elevated financial-distress risk
Loss-making in 3 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

6 of 10 checks passed

Revenue growing — the company sells more than a year ago+50.2% YoY
Profitable — makes more than it spends$60.3M TTM
Profit growing — earnings are higher than last year+43.7% YoY
Generates cash — cash left after running and investing-$289M TTM
Debt under control — could handle its obligationscurrent ratio 1.55
Established company — not a micro-cap — lower blow-up risk$2.35B market cap
Not printing shares — share count not ballooning — you keep your slice+13.4% shares over ~5y
Proven track record — years of profitability behind it2/5 profitable years
Financially stable — balance sheet not near distressAltman Z 1.5 — distress
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 38.9

Peer comparisonUpstart Holdings, Inc. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
UPST this company	$2.4B	38.9	+50.2%	4.8%	Mixed
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: UPST vs BRK.A · UPST vs BRK.B · UPST vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 9Hold 7Sell 1

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.25B · net income $60.3M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$1.25B

YoY 50.2%

Net income (TTM)

$60.3M

Margin 4.8%

Gross margin

82.5%

Operating margin

4.6%

P/E ratio

38.9

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	0.8	0.8	0.5	0.6	1.0
Gross profit	—	—	—	—	—
Operating income (EBIT)	0.1	-0.1	-0.3	-0.2	0.0
Net income	0.1	-0.1	-0.2	-0.1	0.1
EPS (diluted)	1.43	-1.31	-2.87	-1.44	0.50

Cash flowFree cash flow -$289M · operating cash flow -$284M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$289M

Margin -23.2%

Operating cash flow (TTM)

-$284M

FCF margin

-23.2%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	0.2	-0.7	-0.2	0.2	-0.1
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	0.2	-0.7	-0.2	0.2	-0.1
FCF margin	18.8%	-81.1%	-31.5%	29.1%	-14.2%

Balance sheetAssets $2.97B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $2.97B of assets is financed

73%

27%

Liabilities $2.18B — borrowed moneyEquity $799M — owners' stake

Altman Z-Score

1.48

Distress zone

Interest coverage

3.7x

EBIT ÷ interest expense

ROE

8.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	1.0	0.4	0.4	0.8	0.7
Total assets	1.8	1.9	2.0	2.4	3.0
Total liabilities	1.0	1.3	1.4	1.7	2.2
Total debt	—	—	—	—	—
Equity	0.8	0.7	0.6	0.6	0.8
Net debt	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of UPST on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $24.10 · market cap $2.35B.