UPST — Upstart Holdings, Inc. $35.43

Generated 2026-06-30 21:48
USAIND

Quality Scorecard Growth

D45/100
✅ Pricing power (gross margin) 83% Gross margin 83% — wide margins, likely pricing power
❌ Return on equity 7% ROE 7% — low returns on capital
❌ Leverage (net debt / EBITDA) 15.2x Net debt / EBITDA 15.2x — high leverage
⚪ Interest coverage — data unavailable
🟡 Earnings consistency (revenue) 1/3 down 1 revenue-down year(s) in 3 — one down year
✅ Earnings growth (net income YoY) +142% Net income +142% YoY — earnings growing
❌ Cash conversion (CFO/NI) -276% Operating cash ÷ net income -276% — profit not turning into cash
⚪ Operating margin trend — data unavailable
✅ Revenue growth 45% Revenue +45% — strong demand growth
✅ Growth trajectory accelerating YoY +63% vs -8% prior 2-yr avg — accelerating
❌ Dilution control +4.9%/yr Shares +4.9% YoY — heavy dilution (stock-based comp)
❌ Rule of 40 28 growth 45% + FCF margin -16% = 28 — below 40

Growth-stage checklist (proxy metrics from yfinance). 10 of 12 criteria scored. Not financial advice.

Buy-Now Score

67/100
Quality ×40%45
Trajectory ×30%100
Valuation ×30%63

Comparative rank: 40% Quality + 30% Trajectory + 30% Valuation — higher = better buy now. Not financial advice.

Valuation

$31.89$44.15
Price $35.43Analyst $40.13 (+13%)

Analyst: 15 analysts. MarketGist fair = analyst consensus only (no DCF — financial, or no free-cash-flow data). Not financial advice.

Key Trends (6-yr)

GAAP EPS
▲ +131.2% YoY
Sales
▲ +62.8% YoY
Shares Outstanding
▲ +20.2% YoY

Company Overview

Basic Information

Company Name: Upstart Holdings, Inc.
Symbol: UPST
Exchange: NMS
Sector: Financial Services
Industry: Credit Services

Company Details

Country: United States
City: San Mateo
Employees: 1,405
Market Cap: $3.39B
Website: https://www.upstart.com

Business Description

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.

Key Metrics

Price & Valuation

Current Price
$35.43
Market Cap
$3.39B
P/E Ratio
86.41
Forward P/E
10.32
PEG Ratio
N/A
Price to Book
4.63

Profitability

Profit Margin: 4.21%
Operating Margin: 0.90%
Gross Margin: 82.71%
Return on Equity (ROE): 7.01%
Return on Assets (ROA): 1.77%
Revenue Growth: 44.60%

Financial Health

Current Ratio: 11.65
Quick Ratio: 2.84
Debt to Equity: 269.84
Total Debt: $1.98B
Total Cash: $474.66M
Beta: 2.28

Trading & Analyst Info

52-Week Range

52-Week High: $87.30
52-Week Low: $23.96
50-Day Average: $31.29
200-Day Average: $39.19

Analyst Recommendations

Recommendation: BUY
Target Mean Price: $40.13
Target High: $80.00
Target Low: $20.00

Price graph

Price vs Rates, Inflation & Volume (long-term)

Dotted = market-implied expectation (next ~12 mo), not a prediction.

Quarterly Verdict

🔴 30/100

Avoid for now

Quality grade D; 1 improving / 4 weakening metrics YoY.

➕ Pricing power (gross margin): Gross margin 83% — wide margins, likely pricing power
➖ Return on equity: ROE 7% — low returns on capital
➖ Leverage (net debt / EBITDA): Net debt / EBITDA 15.2x — high leverage
➕ Earnings growth (net income YoY): Net income +142% YoY — earnings growing
➖ Cash conversion (CFO/NI): Operating cash ÷ net income -276% — profit not turning into cash
➕ Revenue growth: Revenue +45% — strong demand growth
➕ Growth trajectory: YoY +63% vs -8% prior 2-yr avg — accelerating
➖ Dilution control: Shares +4.9% YoY — heavy dilution (stock-based comp)
➖ Rule of 40: growth 45% + FCF margin -16% = 28 — below 40
➕ Revenue +44.4% YoY
➖ Net income -171.6% YoY
➖ Free cash flow -614.1% YoY
➖ Cash -21.6% YoY
➖ Debt +40.3% YoY

Heuristic from the Quality Scorecard + quarter-over-quarter trends. Not financial advice.

Financial Statements

Income Statement (Annual)

Item2025-12-312024-12-312023-12-312022-12-312021-12-31
Tax Effect Of Unusual Items$97.10K$6.09M$-3.11M$0.00N/A
Tax Rate For Calcs$0.01$0.21$0.21$0.00N/A
Total Unusual Items$7.25M$28.98M$-14.80M$0.00N/A
Total Unusual Items Excluding Goodwill$7.25M$28.98M$-14.80M$0.00N/A
Net Income From Continuing Operation Net Minority Interest$53.60M$-128.58M$-240.13M$-108.67MN/A
Reconciled Depreciation$24.84M$20.55M$24.90M$13.51MN/A
Net Interest Income$152.69M$138.23M$129.40M$90.05MN/A
Interest Expense$51.54M$48.13M$39.60M$15.53MN/A
Interest Income$204.23M$186.36M$169.00M$105.58MN/A
Normalized Income$46.45M$-151.47M$-228.44M$-108.67MN/A
Net Income From Continuing And Discontinued Operation$53.60M$-128.58M$-240.13M$-108.67MN/A
Diluted Average Shares$107.49M$89.45M$83.77M$82.77MN/A
Basic Average Shares$96.03M$89.45M$83.77M$82.77MN/A
Diluted EPS$0.45$-1.44$-2.87$-1.31N/A
Basic EPS$0.56$-1.44$-2.87$-1.31N/A

Showing 15 of 37 rows

Balance Sheet (Annual)

Item2025-12-312024-12-312023-12-312022-12-312021-12-31
Treasury Shares NumberN/AN/A$0.00N/AN/A
Ordinary Shares Number$98.03M$93.47M$86.33M$81.26MN/A
Share Issued$98.03M$93.47M$86.33M$81.26MN/A
Net Debt$1.17B$608.56M$663.10M$553.98MN/A
Total Debt$1.85B$1.45B$1.10B$1.09BN/A
Tangible Book Value$723.46M$556.73M$556.89M$589.74MN/A
Invested Capital$2.63B$2.04B$1.68B$1.66BN/A
Net Tangible Assets$723.46M$556.73M$556.89M$589.74MN/A
Capital Lease Obligations$21.15M$50.28M$62.32M$100.79MN/A
Common Stock Equity$798.82M$633.22M$635.30M$672.43MN/A
Total Capitalization$2.53B$1.84B$1.29B$1.32BN/A
Total Equity Gross Minority Interest$798.82M$633.22M$635.30M$672.43MN/A
Stockholders Equity$798.82M$633.22M$635.30M$672.43MN/A
Retained Earnings$-357.56M$-411.16M$-282.58M$-42.44MN/A
Additional Paid In Capital$1.16B$1.04B$917.87M$714.87MN/A

Showing 15 of 49 rows

Cash Flow Statement (Annual)

Item2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow$-166.13M$176.34M$-123.80M$-680.77MN/A
Repurchase Of Capital StockN/A$0.00$0.00$-177.88M$0.00
Repayment Of Debt$-581.84M$-738.06M$-599.26M$-400.90MN/A
Issuance Of Debt$972.49M$1.30B$792.23M$688.81MN/A
Issuance Of Capital StockN/AN/A$0.00$0.00$263.93M
Capital Expenditure$-18.41M$-9.99M$-12.09M$-22.91MN/A
Interest Paid Supplemental Data$43.48M$43.12M$36.55M$12.47MN/A
Income Tax Paid Supplemental Data$590.00K$258.00KN/A$328.00K$2.30M
End Cash Position$1.06B$976.26M$467.79M$532.47MN/A
Beginning Cash Position$976.26M$467.79M$532.47M$1.19BN/A
Changes In Cash$80.75M$508.48M$-64.68M$-658.77MN/A
Financing Cash Flow$405.64M$559.87M$165.49M$113.21MN/A
Cash Flow From Continuing Financing Activities$405.64M$559.87M$165.49M$113.21MN/A
Net Other Financing Charges$-10.30M$-31.86M$-48.78M$-16.84MN/A
Proceeds From Stock Option Exercised$25.30M$29.08M$21.30M$20.02MN/A

Showing 15 of 54 rows

Data via yfinance. Prices may be delayed. · Privacy

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