Upstream Bio, Inc. (UPB) Key Metrics
UPB valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $151.2M
- Enterprise value
- $25.0M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 47.9
- Price / book
- 1.1
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 1.39
UPB key metrics, 2022–2025
Fiscal year ended December 31, 2025 · U.S. dollarsUPB valuation Price multiples at each fiscal year-end price.
UPB returns How much profit the business earns on the capital it uses.
UPB per-share figures Results divided by the shares outstanding at year-end.
UPB financial health Debt, liquidity and how easily interest is covered.
UPB efficiency & capital use Working capital cycle and where the cash goes.
UPB valuation history
UPB returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
UPB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
UPB price vs earnings per share
UPB key metrics
2022–2025| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Valuation | ||||
| Market capitalization | $1.46B | $844.1M | — | — |
| Enterprise value | $1.12B | $375.4M | — | — |
| Price / sales | 512.3 | 356.1 | — | — |
| Price / book | 4.3 | 1.8 | — | — |
| EV / sales | 393.1 | 158.4 | — | — |
| Earnings yield | −9.8% | −7.4% | — | — |
| Free cash flow yield | −9.1% | −7.1% | — | — |
| Share price at fiscal year-end | $27.15 | $16.44 | — | — |
| Per share | ||||
| Revenue per share | $0.05 | $0.05 | $0.07 | $0.03 |
| Earnings per share | −$2.66 | −$1.22 | −$0.57 | −$0.66 |
| Operating cash flow per share | −$2.47 | −$1.15 | −$1.04 | −$0.52 |
| Free cash flow per share | −$2.47 | −$1.16 | −$1.05 | −$0.53 |
| Cash per share | $6.34 | $9.16 | $3.02 | $0.47 |
| Book value per share | $6.31 | $9.15 | −$3.39 | −$2.92 |
| Tangible book value per share | $6.31 | $9.15 | −$3.39 | −$2.92 |
| Capex per share | $0.00 | $0.01 | $0.00 | $0.00 |
| Debt per share | $0.02 | $0.04 | $0.00 | $0.00 |
| Shares outstanding | 53.9M | 51.3M | 36.3M | 36.3M |
| Change in shares outstanding | +4.9% | +41.3% | 0.0% | — |
| Returns & profitability | ||||
| Return on equity (ROE) | −35.4% | −36.2% | — | — |
| Return on assets (ROA) | −34.3% | −21.0% | −30.3% | −129.2% |
| Return on tangible assets | −40.5% | −13.0% | −17.5% | −129.2% |
| Financial health | ||||
| Total debt | $1.3M | $1.8M | $45,000 | $94,000 |
| Cash & short-term investments | $341.5M | $470.5M | $109.8M | $17.1M |
| Net debt | −$340.2M | −$468.6M | −$109.8M | −$17.0M |
| Debt / equity | 0.00 | 0.00 | — | — |
| Debt / assets | 0.00 | 0.00 | 0.00 | 0.01 |
| Current ratio | 26.15 | 44.63 | 17.96 | 3.77 |
| Quick ratio | 26.15 | 44.63 | 17.96 | 3.77 |
| Working capital | $338.3M | $468.4M | $110.5M | $13.5M |
| Invested capital | −$469,000 | $1.2M | −$232.9M | −$123.1M |
| Tangible asset value | $339.8M | $469.9M | −$123.1M | −$106.2M |
| Net current asset value | $337.8M | $467.3M | −$123.3M | −$106.3M |
| Graham net-net per share | $6.09 | $8.95 | −$3.59 | −$2.95 |
| Capital allocation | ||||
| Capex / revenue | 5.8% | 21.6% | 6.1% | 6.8% |
| Capex / depreciation | 0.88 | 5.74 | 2.40 | 11.71 |
| Stock-based compensation / revenue | 362.0% | 253.3% | 144.0% | 105.5% |
| R&D / revenue | 4,793.5% | 2,656.8% | 1,336.1% | 1,539.4% |
| SG&A / revenue | 925.3% | 724.4% | 449.4% | 533.3% |
| Efficiency | ||||
| Days sales outstanding | 118.2 | 109.0 | 49.7 | 124.1 |
| Days payables outstanding | 6,569.0 | 12,366.9 | 8,218.6 | 37,125.7 |
| Cash conversion cycle (days) | -6,450.9 | -12,257.9 | -8,168.9 | -37,001.6 |
| Receivables turnover | 3.09 | 3.35 | 7.35 | 2.94 |
| Payables turnover | 0.06 | 0.03 | 0.04 | 0.01 |
| Asset turnover | 0.01 | 0.01 | 0.04 | 0.07 |
| Average receivables | $924,000 | $708,000 | $324,000 | $412,000 |
| Average payables | $3.4M | $3.0M | $1.4M | $712,000 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from UPB's annual financial statements (latest annual report filed March 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
UPB valuation and financial ratios
Upstream Bio earned a return on equity of −35.4% in fiscal 2025. It ended the year with $1.3 million of debt and $341.5 million in cash and short-term investments, a net cash position of $340.2 million.
See the UPB income statement, the UPB chart for price history, or the UPB stock overview for the latest quote and news.
UPB key metrics FAQ
What is Upstream Bio's return on equity?
Upstream Bio's return on equity (ROE) was −35.4% in fiscal 2025: net income of -$143.4 million on average shareholders' equity of $404.8 million.
How much debt does Upstream Bio have?
Upstream Bio had total debt of $1.3 million at the end of fiscal 2025, a debt-to-equity ratio of 0.00 and more cash than debt.
What is Upstream Bio's free cash flow yield?
Upstream Bio generated -$133.3 million of free cash flow in fiscal 2025, a free cash flow yield of −9.1% on its market value at year-end ($1.5 billion).
What is Upstream Bio's current ratio?
Upstream Bio's current ratio was 26.15 at the end of fiscal 2025: current assets were 26.15 times current liabilities.