Upstart Holdings (UPST) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Upstart Holdings

NasdaqGS•Financial Services•Credit Services

$24.85-0.43(-0.02%)Pre-market

Market Cap

$2.41B

P/E

40.0x

P/S

1.9x

P/B

3.0x

Upstart Holdings, Inc., together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. The company operates through three segments: Personal Lending, Auto Lending, and Other. Its platform includes unsecured personal loans, small dollar loans, auto refinance, auto retail loans, and auto secured personal loan, and home equity lines of credit. Upstart Holdings, Inc. was founded in 2012 and is headquartered in San Mateo, California.

How this company scores

AverageMetricSide Score: 50/100

Strongest: Growth (22/25); weakest: Balance Sheet & Red Flags (5/25).

Profitability15/25

Growth22/25

Balance Sheet & Red Flags5/25

Cash & Earnings Quality8/25

Strengths

Growing revenueRising earningsProfit converts from growthConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 40.0x5y range 29.7x – 309.5x

Currently below its 8-quarter median.

P/S · 1.9x5y range 1.3x – 15.2x

Currently below its 19-quarter median.

P/B · 3.0x5y range 1.6x – 35.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $2.41B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.25B
Q. Revenue: $364.71M
TTM EBITDA: $81.66M
TTM Op. Income: $49.71M
Q. Op. Income: $14.64M
TTM Net Income: $60.33M
Q. Net Income: $16.54M
EPS: $0.17
Shares Out.: $96.57M

$1.25B in TTM revenue grew 46.3% YoY, reaching $364.71M last quarter. TTM EBITDA of $81.66M and TTM operating income of $49.71M show growth is flowing through to the bottom line. TTM net income of $60.33M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 6.0%
Op. Margin: 4.0%
Net Margin: 4.5%

Op. margin of 4.0% is up 2.2% YoY — cost efficiency is improving. Net margin at 4.5% Over the past year, operating margin is up 127% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 40.0x
P/S Ratio: 1.9x
P/B Ratio: 3.0x

At 40.0x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 1.9x and P/B of 3.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 4 quarters, P/E has fallen for 3 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $3.17B
Cash: $455.96M
Long-Term Debt: $2.00B
Book Value: $797.49M
D/E Ratio: 2.5
Debt/EBITDA: 92.0

With $3.17B in assets and $2.00B in long-term debt, D/E is 2.5and book value is $797.49M — elevated leverage, meaning significant financial risk in a downturn. Over the past year, debt/equity is up 27% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-136.63M
TTM Free Cash Flow: $-289.05M
FCF Margin: -23.2%
FCF / Net Income: -4.8

TTM FCF of $-289.05M on $-136.63M in operating cash flow. The FCF / Net Income ratio of -4.8x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.