A Business at a Glance
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Table of Contents PART I Upstart is the leading artificial intelligence (“AI”) lending marketplace. We aim to radically reduce the cost and complexity of borrowing for all Americans by using our proprietary AI models to remake the entire lending process. Founded in 2012, Upstart’s marketplace supports unsecured and secured credit products, such as personal loans, auto loans, and home equity lines of credit (“HELOCs”). Long-term, our vision is to become the always-on, everything-store for credit, where we can automatically approve borrowers at the right prices – instantly and effortlessly. We’re dedicated to providing the best rates and the best process to all consumers. Throughout history, affordable credit has been central to unlocking mobility and opportunity. The FICO score was invented in 1989 and remains the standard for determining who is approved for credit and at what interest rate.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.0B | 1.0B | 637M | 514M | 842M | 849M |
| Net Income | 54M | 54M | -129M | -240M | -109M | 135M |
| EPS | $0.45 | $0.45 | $-1.44 | $-2.87 | $-1.31 | $1.43 |
| Free Cash Flow | -148M | -148M | 185M | -113M | -684M | 160M |
| ROIC | 2.1% | 7.5% | -20.3% | -37.8% | -16.2% | 16.8% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 2.29 | 2.29 | 2.21 | 1.64 | 1.47 | 0.86 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 43M | 43M | -173M | -257M | -114M | 141M |
| Operating Margin | 4.1% | 4.1% | -27.2% | -50.0% | -13.5% | 16.6% |
| ROE | 6.7% | 7.5% | -20.3% | -37.8% | -16.2% | 16.8% |
| Shares Outstanding | 119M | 119M | 89M | 84M | 83M | 95M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 164M | 233M | 849M | 842M | 514M | 637M | 1.0B | 1.0B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | 19M | 39M | 134M | 237M | 280M | 254M | 258M | 258M |
| SG&A | 32M | 46M | 123M | 185M | 212M | 231M | 254M | 254M |
| EBIT | -4.6M | 12M | 141M | -114M | -257M | -173M | 43M | 43M |
| Op. Margin | -2.8% | 5.0% | 16.6% | -13.5% | -50.0% | -27.2% | 4.1% | 4.1% |
| Net Income | -466K | 6.0M | 135M | -109M | -240M | -129M | 54M | 54M |
| Net Margin | -0.3% | 2.6% | 16.0% | -12.9% | -46.8% | -20.2% | 5.1% | 5.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | -30.2% | 2.0% | 16.8% | -16.2% | -37.8% | -20.3% | 7.5% | 2.1% |
| ROE | N/A | 2.0% | 16.8% | -16.2% | -37.8% | -20.3% | 7.5% | 6.7% |
| ROA | -3.9% | 1.3% | 7.4% | -5.6% | -11.9% | -5.4% | 2.0% | 1.8% |
| Cash Flow | ||||||||
| Op. Cash Flow | 32M | 16M | 168M | -675M | -112M | 186M | -148M | -148M |
| Free Cash Flow | 28M | 14M | 160M | -684M | -113M | 185M | -148M | -148M |
| Owner Earnings | 27M | 1.9M | 88M | -814M | -312M | 32M | -305M | -305M |
| CapEx | 4.0M | 1.4M | 8.4M | 8.8M | 1.5M | 837K | 347K | 347K |
| Maint. CapEx | 774K | 2.3M | 7.5M | 14M | 25M | 21M | 25M | 25M |
| Growth CapEx | 3.2M | 0 | 886K | 0 | 0 | 0 | 0 | 0 |
| D&A | 774K | 2.3M | 7.5M | 14M | 25M | 21M | 25M | 25M |
| CapEx/OCF | N/A | 8.6% | 5.0% | N/A | N/A | 0.4% | N/A | 0.0% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 178M | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | 17.5% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 3.8M | 12M | 73M | 126M | 175M | 133M | 132M | 132M |
| Debt Repayment | 110M | 148M | 71M | 401M | 576M | 325M | 224M | 224M |
| Balance Sheet | ||||||||
| Net Debt | -40M | -439M | -1.3B | 142M | 304M | -175M | 524M | 1.2B |
| Cash & Equiv. | 80M | 251M | 987M | 422M | 368M | 788M | 652M | 652M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.8B |
| Debt/Equity | -0.65 | 0.21 | 0.86 | 1.47 | 1.64 | 2.21 | 2.29 | 2.29 |
| Interest Coverage | -0.2 | 1.5 | 43.0 | -10.5 | -7.4 | -4.3 | 1.3 | 1.3 |
| Equity | -62M | 300M | 807M | 672M | 635M | 633M | 799M | 799M |
| Total Assets | 12M | 477M | 1.8B | 1.9B | 2.0B | 2.4B | 3.0B | 3.0B |
| Total Liabilities | 74M | 177M | 1.0B | 1.3B | 1.4B | 1.7B | 2.2B | 2.2B |
| Intangibles | N/A | 0 | 20M | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | -69M | 66M | -42M | -283M | -411M | -358M | -358M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||
| EPS | -0.03 | 0.00 | 1.43 | -1.31 | -2.87 | -1.44 | 0.45 | 0.45 |
| Owner EPS | 1.74 | 0.02 | 0.93 | -9.81 | -3.72 | 0.36 | -2.56 | -2.56 |
| Book Value | -3.97 | 3.57 | 8.52 | 8.11 | 7.59 | 7.09 | 6.71 | 6.71 |
| Cash Flow/Share | 2.03 | 0.19 | 1.78 | -8.13 | -1.34 | 2.09 | -1.24 | 0.66 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 15.5M | 84.1M | 94.7M | 83.0M | 83.7M | 89.3M | 119.1M | 119.1M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | 104.2 | N/A | N/A | N/A | 105.5 | 62.4 |
| P/FCF | N/A | 249.8 | 88.2 | N/A | N/A | 32.7 | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 106.0 |
| Price/Book | N/A | 11.9 | 17.5 | 1.5 | 5.8 | 9.6 | 7.1 | 4.2 |
| Price/Sales | N/A | 15.2 | 19.0 | 5.6 | 4.5 | 5.2 | 6.5 | 3.2 |
| FCF Yield | N/A | 0.4% | 1.1% | -67.3% | -3.1% | 3.1% | -2.6% | -4.4% |
| Market Cap | 0 | 3.6B | 14.1B | 1.0B | 3.7B | 6.1B | 5.7B | 3.3B |
| Avg. Price | 0.00 | 41.40 | 161.07 | 56.73 | 27.45 | 37.28 | 57.06 | 28.06 |
| Year-End Price | 0.00 | 42.63 | 148.97 | 12.25 | 44.16 | 67.98 | 47.47 | 28.06 |
Upstart Holdings, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
Upstart Holdings, Inc. trades at 62.4x trailing earnings, compared to its 15-year median P/E of 15.0x, suggesting it is currently Expensive relative to its historical range. At current prices, the estimated annualized return to fair value is +8.9%.
Upstart Holdings, Inc. (UPST) has a current P/E ratio of 62.4, compared to its historical median P/E of 15.0. The stock is currently considered Expensive based on its historical valuation range.
Upstart Holdings, Inc. (UPST) has a 5-year average return on invested capital (ROIC) of -10.0%. This is below average and may indicate limited pricing power.
Upstart Holdings, Inc. (UPST) has a market capitalization of $3.3B. It is classified as a mid-cap stock.
Upstart Holdings, Inc. (UPST) does not currently pay a regular dividend.
Based on historical P/E analysis, Upstart Holdings, Inc. (UPST) appears expensive. The current P/E of 62.4 is 316% above its historical median of 15.0. The estimated fair value CAGR (P/E method) is 26.8%.
Upstart Holdings, Inc. (UPST) operates in the Finance Services industry, within the Financials sector.
Upstart Holdings, Inc. (UPST) reported annual revenue of $1.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Upstart Holdings, Inc. (UPST) has a net profit margin of 5.1%. This is a modest margin.
Upstart Holdings, Inc. (UPST) generated $-148 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Upstart Holdings, Inc. (UPST) has a debt-to-equity ratio of 2.29. This indicates higher leverage, which may increase financial risk.
Upstart Holdings, Inc. (UPST) reported earnings per share (EPS) of $0.45 in its most recent fiscal year.
Upstart Holdings, Inc. (UPST) has a return on equity (ROE) of 7.5%. This indicates moderate shareholder returns.
The Ledger Terminal provides 7 years of financial data for Upstart Holdings, Inc. (UPST), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Upstart Holdings, Inc. (UPST) has a book value per share of $6.71, based on its most recent annual SEC filing.