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UPSTART HOLDINGS INC (UPST) Stock Fundamental Analysis

USA - NASDAQ:UPST - US91680M1071 - Common Stock

51.96 USD
-0.92 (-1.74%)
Last: 10/3/2025, 8:09:40 PM
52.02 USD
+0.06 (+0.12%)
After Hours: 10/3/2025, 8:09:40 PM
Fundamental Rating

3

Taking everything into account, UPST scores 3 out of 10 in our fundamental rating. UPST was compared to 55 industry peers in the Consumer Finance industry. Both the profitability and financial health of UPST have multiple concerns. UPST shows excellent growth, but is valued quite expensive already.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

UPST had positive earnings in the past year.
UPST had a negative operating cash flow in the past year.
The reported net income has been mixed in the past 5 years: UPST reported negative net income in multiple years.
In multiple years UPST reported negative operating cash flow during the last 5 years.
UPST Yearly Net Income VS EBIT VS OCF VS FCFUPST Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 0 -200M -400M -600M

1.2 Ratios

UPST has a worse Return On Assets (-0.26%) than 78.18% of its industry peers.
The Return On Equity of UPST (-0.88%) is worse than 76.36% of its industry peers.
Industry RankSector Rank
ROA -0.26%
ROE -0.88%
ROIC N/A
ROA(3y)-7.65%
ROA(5y)-2.85%
ROE(3y)-24.75%
ROE(5y)-11.1%
ROIC(3y)N/A
ROIC(5y)N/A
UPST Yearly ROA, ROE, ROICUPST Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 -20 -30

1.3 Margins

With a decent Gross Margin value of 80.43%, UPST is doing good in the industry, outperforming 74.55% of the companies in the same industry.
UPST's Gross Margin has declined in the last couple of years.
UPST does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 80.43%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-4.44%
GM growth 5Y-2.38%
UPST Yearly Profit, Operating, Gross MarginsUPST Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 40 -40 60 80

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3

2. Health

2.1 Basic Checks

UPST does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for UPST has been increased compared to 1 year ago.
UPST has more shares outstanding than it did 5 years ago.
The debt/assets ratio for UPST is higher compared to a year ago.
UPST Yearly Shares OutstandingUPST Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M
UPST Yearly Total Debt VS Total AssetsUPST Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B

2.2 Solvency

An Altman-Z score of 1.86 indicates that UPST is not a great score, but indicates only limited risk for bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 1.86, UPST is in the better half of the industry, outperforming 69.09% of the companies in the same industry.
A Debt/Equity ratio of 1.98 is on the high side and indicates that UPST has dependencies on debt financing.
The Debt to Equity ratio of UPST (1.98) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 1.98
Debt/FCF N/A
Altman-Z 1.86
ROIC/WACCN/A
WACC10.39%
UPST Yearly LT Debt VS Equity VS FCFUPST Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M 1B

2.3 Liquidity

A Current Ratio of 1.48 indicates that UPST should not have too much problems paying its short term obligations.
UPST has a better Current ratio (1.48) than 67.27% of its industry peers.
A Quick Ratio of 1.48 indicates that UPST should not have too much problems paying its short term obligations.
UPST has a better Quick ratio (1.48) than 67.27% of its industry peers.
Industry RankSector Rank
Current Ratio 1.48
Quick Ratio 1.48
UPST Yearly Current Assets VS Current LiabilitesUPST Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

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8

3. Growth

3.1 Past

UPST shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 234.38%, which is quite impressive.
UPST shows a strong growth in Revenue. In the last year, the Revenue has grown by 60.62%.
Measured over the past years, UPST shows a very strong growth in Revenue. The Revenue has been growing by 31.13% on average per year.
EPS 1Y (TTM)234.38%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%311.76%
Revenue 1Y (TTM)60.62%
Revenue growth 3Y-9.14%
Revenue growth 5Y31.13%
Sales Q2Q%101.59%

3.2 Future

The Earnings Per Share is expected to grow by 80.22% on average over the next years. This is a very strong growth
Based on estimates for the next years, UPST will show a very strong growth in Revenue. The Revenue will grow by 30.29% on average per year.
EPS Next Y702.46%
EPS Next 2Y233.15%
EPS Next 3Y139.45%
EPS Next 5Y80.22%
Revenue Next Year76.57%
Revenue Next 2Y49.95%
Revenue Next 3Y38.97%
Revenue Next 5Y30.29%

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
UPST Yearly Revenue VS EstimatesUPST Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 500M 1B 1.5B 2B
UPST Yearly EPS VS EstimatesUPST Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0 1 2 3 4

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2

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 60.42, UPST can be considered very expensive at the moment.
Compared to the rest of the industry, the Price/Earnings ratio of UPST indicates a rather expensive valuation: UPST more expensive than 81.82% of the companies listed in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 27.86, UPST is valued quite expensively.
A Price/Forward Earnings ratio of 20.40 indicates a rather expensive valuation of UPST.
Based on the Price/Forward Earnings ratio, UPST is valued a bit more expensive than the industry average as 69.09% of the companies are valued more cheaply.
Compared to an average S&P500 Price/Forward Earnings ratio of 23.32, UPST is valued at the same level.
Industry RankSector Rank
PE 60.42
Fwd PE 20.4
UPST Price Earnings VS Forward Price EarningsUPST Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
UPST Per share dataUPST EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 4 6 8

4.3 Compensation for Growth

UPST's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as UPST's earnings are expected to grow with 139.45% in the coming years.
PEG (NY)0.09
PEG (5Y)N/A
EPS Next 2Y233.15%
EPS Next 3Y139.45%

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0

5. Dividend

5.1 Amount

UPST does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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UPSTART HOLDINGS INC

NASDAQ:UPST (10/3/2025, 8:09:40 PM)

After market: 52.02 +0.06 (+0.12%)

51.96

-0.92 (-1.74%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryConsumer Finance
Earnings (Last)08-05 2025-08-05/amc
Earnings (Next)11-05 2025-11-05/amc
Inst Owners65.95%
Inst Owner Change1.75%
Ins Owners12.42%
Ins Owner Change2.06%
Market Cap5.00B
Analysts75
Price Target87.44 (68.28%)
Short Float %26.03%
Short Ratio3
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)53.67%
Min EPS beat(2)37.87%
Max EPS beat(2)69.47%
EPS beat(4)4
Avg EPS beat(4)208.66%
Min EPS beat(4)37.87%
Max EPS beat(4)667.46%
EPS beat(8)7
Avg EPS beat(8)92.05%
EPS beat(12)10
Avg EPS beat(12)69%
EPS beat(16)13
Avg EPS beat(16)56.47%
Revenue beat(2)2
Avg Revenue beat(2)8.39%
Min Revenue beat(2)4.86%
Max Revenue beat(2)11.92%
Revenue beat(4)4
Avg Revenue beat(4)8.36%
Min Revenue beat(4)4.86%
Max Revenue beat(4)11.92%
Revenue beat(8)7
Avg Revenue beat(8)4.93%
Revenue beat(12)8
Avg Revenue beat(12)2.43%
Revenue beat(16)11
Avg Revenue beat(16)2.56%
PT rev (1m)0.11%
PT rev (3m)44.99%
EPS NQ rev (1m)2.2%
EPS NQ rev (3m)3.9%
EPS NY rev (1m)-0.25%
EPS NY rev (3m)13.77%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)4.94%
Revenue NY rev (1m)0.09%
Revenue NY rev (3m)4.86%
Valuation
Industry RankSector Rank
PE 60.42
Fwd PE 20.4
P/S 5.87
P/FCF N/A
P/OCF N/A
P/B 6.92
P/tB 7.74
EV/EBITDA N/A
EPS(TTM)0.86
EY1.66%
EPS(NY)2.55
Fwd EY4.9%
FCF(TTM)-0.85
FCFYN/A
OCF(TTM)-0.68
OCFYN/A
SpS8.85
BVpS7.5
TBVpS6.71
PEG (NY)0.09
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -0.26%
ROE -0.88%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 80.43%
FCFM N/A
ROA(3y)-7.65%
ROA(5y)-2.85%
ROE(3y)-24.75%
ROE(5y)-11.1%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-4.44%
GM growth 5Y-2.38%
F-Score5
Asset Turnover0.34
Health
Industry RankSector Rank
Debt/Equity 1.98
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 73.61%
Cap/Sales 1.93%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 1.48
Quick Ratio 1.48
Altman-Z 1.86
F-Score5
WACC10.39%
ROIC/WACCN/A
Cap/Depr(3y)88.9%
Cap/Depr(5y)142.64%
Cap/Sales(3y)2.21%
Cap/Sales(5y)2.17%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)234.38%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%311.76%
EPS Next Y702.46%
EPS Next 2Y233.15%
EPS Next 3Y139.45%
EPS Next 5Y80.22%
Revenue 1Y (TTM)60.62%
Revenue growth 3Y-9.14%
Revenue growth 5Y31.13%
Sales Q2Q%101.59%
Revenue Next Year76.57%
Revenue Next 2Y49.95%
Revenue Next 3Y38.97%
Revenue Next 5Y30.29%
EBIT growth 1Y76.74%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year218.13%
EBIT Next 3Y61.79%
EBIT Next 5Y39.09%
FCF growth 1Y69.61%
FCF growth 3Y4.79%
FCF growth 5Y46.31%
OCF growth 1Y73.99%
OCF growth 3Y3.44%
OCF growth 5Y42.62%