Upstart Holdings, Inc. (UPST) Key Metrics
UPST valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.29B
- Enterprise value
- $3.89B
- P/E (TTM)
- 47.1 10-yr median 105.9
- Forward P/E
- 13.6
- PEG ratio
- —
- Price / sales
- 1.8 10-yr median 5.4
- Price / book
- 3.0 10-yr median 5.6
- EV / EBITDA
- — 10-yr median 74.4
- Dividend yield
- —
- Beta
- 2.43
UPST key metrics, 2017–2025
Fiscal year ended December 31, 2025 · U.S. dollarsUPST valuation Price multiples at each fiscal year-end price.
UPST returns How much profit the business earns on the capital it uses.
UPST per-share figures Results divided by the shares outstanding at year-end.
UPST financial health Debt, liquidity and how easily interest is covered.
UPST efficiency & capital use Working capital cycle and where the cash goes.
UPST valuation history
UPST returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
UPST debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
UPST cash returned to shareholders
UPST price vs earnings per share
UPST key metrics
2017–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||
| Market capitalization | $4.70B | $5.51B | $3.42B | $1.09B | $14.34B | $1.07B | — | — | — |
| Enterprise value | $5.89B | $6.17B | $4.15B | $1.75B | $14.14B | $898.0M | — | — | — |
| P/E ratio | 87.7 | — | — | — | 105.9 | 192.6 | — | — | — |
| Price / sales | 4.4 | 8.1 | 6.2 | 1.3 | 16.9 | 4.6 | — | — | — |
| Price / book | 5.9 | 8.7 | 5.4 | 1.6 | 17.8 | 3.6 | — | — | — |
| Price / free cash flow | — | 31.2 | — | — | 93.6 | 106.5 | — | — | — |
| Price / operating cash flow | — | 29.6 | — | — | 85.2 | 68.5 | — | — | — |
| EV / sales | 5.5 | 9.1 | 7.6 | 2.1 | 16.7 | 3.8 | — | — | — |
| EV / EBITDA | 74.4 | — | — | — | 95.3 | 63.9 | — | — | — |
| EV / free cash flow | — | 35.0 | — | — | 92.3 | 89.0 | — | — | — |
| Earnings yield | 1.1% | −2.3% | −7.0% | −9.9% | 0.9% | 0.5% | — | — | — |
| Free cash flow yield | −3.5% | 3.2% | −3.6% | −62.2% | 1.1% | 0.9% | — | — | — |
| Dividend yield | — | — | 0.2% | 1.1% | 0.0% | — | — | — | — |
| Shareholder yield (dividends + buybacks) | — | 0.0% | 0.2% | 17.4% | 0.0% | 0.1% | — | — | — |
| Share price at fiscal year-end | $43.73 | $61.57 | $40.86 | $13.22 | $151.30 | $40.75 | — | — | — |
| Per share | |||||||||
| Revenue per share | $10.01 | $7.57 | $6.54 | $10.18 | $8.95 | $8.85 | — | — | — |
| Earnings per share | $0.50 | −$1.44 | −$2.87 | −$1.31 | $1.43 | $0.21 | — | — | — |
| Operating cash flow per share | −$1.37 | $2.08 | −$1.33 | −$7.95 | $1.78 | $0.60 | — | — | — |
| Free cash flow per share | −$1.55 | $1.97 | −$1.48 | −$8.22 | $1.62 | $0.38 | — | — | — |
| Cash per share | $6.12 | $8.87 | $4.50 | $5.22 | $10.50 | $9.81 | — | — | — |
| Book value per share | $7.43 | $7.08 | $7.58 | $8.12 | $8.52 | $11.38 | — | — | — |
| Tangible book value per share | $6.73 | $6.22 | $6.65 | $7.12 | $7.60 | $11.16 | — | — | — |
| Dividends per share | — | — | $0.10 | $0.15 | $0.00 | — | — | — | — |
| Capex per share | $0.17 | $0.11 | $0.14 | $0.28 | $0.16 | $0.21 | — | — | — |
| Debt per share | $17.21 | $16.24 | $13.16 | $13.13 | $8.40 | $3.11 | — | — | — |
| Shares outstanding | 107.5M | 89.5M | 83.8M | 82.8M | 94.8M | 26.4M | — | — | — |
| Change in shares outstanding | +20.2% | +6.8% | +1.2% | −12.7% | +259.3% | — | — | — | — |
| Returns & profitability | |||||||||
| Return on equity (ROE) | 7.5% | −20.3% | −36.7% | −14.7% | 24.5% | 4.7% | — | −12.3% | — |
| Return on invested capital (ROIC) | 3.3% | −7.6% | −14.1% | −9.3% | 38.5% | 15.1% | −1.3% | −1.2% | — |
| Return on assets (ROA) | 2.0% | −5.9% | −12.1% | −5.8% | 11.8% | 1.3% | −1.0% | −1.7% | — |
| Return on tangible assets | 1.8% | −5.6% | −12.4% | −5.9% | 7.8% | 1.2% | −1.3% | −1.7% | — |
| Free cash flow margin | −15.4% | 26.0% | −22.6% | −80.8% | 18.1% | 4.3% | 16.0% | 49.6% | 16.7% |
| Income quality (OCF / net income) | −2.76 | — | — | — | 1.24 | 2.81 | — | — | — |
| Financial health | |||||||||
| Total debt | $1.85B | $1.45B | $1.10B | $1.09B | $795.8M | $82.1M | $135.7M | $501.2M | — |
| Cash & short-term investments | $657.4M | $793.6M | $377.3M | $432.4M | $995.0M | $258.8M | $50.8M | $73.0M | — |
| Net debt | $1.19B | $658.8M | $725.4M | $654.8M | −$199.2M | −$176.7M | $84.9M | $428.2M | — |
| Debt / equity | 2.32 | 2.29 | 1.74 | 1.62 | 0.99 | 0.27 | — | 5.49 | — |
| Debt / assets | 0.62 | 0.61 | 0.55 | 0.56 | 0.44 | 0.17 | 0.34 | 0.78 | — |
| Net debt / EBITDA | 15.07 | — | — | — | −1.34 | −12.58 | — | — | — |
| Current ratio | 2.99 | 2.36 | 0.98 | 1.25 | 7.77 | 3.74 | 0.88 | 8.82 | — |
| Quick ratio | 2.99 | 2.36 | 1.10 | 4.20 | 7.83 | 3.98 | 1.18 | 8.82 | — |
| Interest coverage | 1.1 | -2.7 | -6.1 | -10.5 | 43.0 | 1.5 | -0.2 | -0.3 | -0.8 |
| Working capital | $798.1M | $622.8M | −$7.7M | $101.5M | $948.7M | $216.4M | −$13.4M | $561.4M | — |
| Invested capital | $1.99B | $1.29B | $1.36B | $1.33B | $607.9M | $123.5M | $22.1M | $519.4M | — |
| Tangible asset value | $723.5M | $556.7M | $556.9M | $589.7M | $720.1M | $294.3M | −$63.9M | $101.9M | — |
| Net current asset value | −$976.8M | −$653.2M | −$931.2M | −$761.6M | $75.4M | $118.5M | −$356.7M | $90.6M | — |
| Graham number | $9.13 | — | — | — | $16.55 | $7.36 | — | — | — |
| Graham net-net per share | −$13.45 | −$9.92 | −$11.83 | −$16.69 | $0.27 | $3.61 | — | — | — |
| Capital allocation | |||||||||
| Dividends paid | — | — | $8.4M | $12.4M | $236,000 | — | $3.8M | — | — |
| Share buybacks (net) | — | $22,000 | $15,000 | $177.9M | $236,000 | $661,000 | $661,000 | $0 | $0 |
| Dividend payout ratio | — | — | — | — | 0.2% | — | — | — | — |
| Dividends + buybacks / free cash flow | — | 0.0% | — | — | 0.3% | 6.5% | 17.0% | 0.0% | 0.0% |
| Capex / revenue | 1.7% | 1.5% | 2.2% | 2.7% | 1.8% | 2.4% | 3.2% | 1.1% | 1.3% |
| Capex / operating cash flow | — | 5.4% | — | — | 9.0% | 35.7% | 16.7% | 2.1% | 7.5% |
| Capex / depreciation | 0.74 | 0.49 | 0.49 | 1.70 | 2.00 | 2.46 | 6.82 | 3.32 | 8.31 |
| Stock-based compensation / revenue | 12.3% | 19.7% | 32.0% | 14.9% | 8.6% | 4.9% | 2.3% | 2.1% | 2.3% |
| R&D / revenue | 24.0% | 37.5% | 51.1% | 28.2% | 15.8% | 16.6% | 11.4% | 8.5% | 9.3% |
| SG&A / revenue | 41.1% | 57.5% | 66.2% | 85.4% | 67.6% | 78.3% | 91.4% | 99.6% | 103.9% |
| Efficiency | |||||||||
| Days sales outstanding | 28.5 | 33.9 | 36.0 | 25.3 | 20.3 | 57.2 | 52.8 | 18.6 | — |
| Days of inventory on hand | — | — | -5,690.8 | -1,153.1 | -42.5 | -258.3 | -499.2 | — | — |
| Days payables outstanding | 157.1 | 94.8 | 144.4 | 24.5 | 31.6 | 98.7 | 69.4 | 69.2 | — |
| Cash conversion cycle (days) | -128.6 | -60.9 | -5,799.1 | -1,152.3 | -53.7 | -299.8 | -515.7 | -50.6 | — |
| Receivables turnover | 12.83 | 10.78 | 10.13 | 14.45 | 17.95 | 6.38 | 6.91 | 19.65 | — |
| Payables turnover | 2.32 | 3.85 | 2.53 | 14.87 | 11.56 | 3.70 | 5.26 | 5.27 | — |
| Asset turnover | 0.40 | 0.31 | 0.28 | 0.45 | 0.74 | 0.54 | 0.32 | 0.15 | — |
| Average receivables | $83.9M | $62.8M | $54.1M | $58.3M | $47.3M | $36.6M | $23.7M | $5.1M | — |
| Average payables | $22.2M | $12.5M | $15.7M | $12.6M | $10.2M | $10.2M | $4.7M | $2.9M | — |
| Average inventory | — | — | −$617.4M | −$593.9M | −$13.7M | −$26.6M | −$34.1M | — | — |
| Intangibles / total assets | 2.5% | 3.2% | 3.9% | 4.3% | 4.8% | 1.3% | 0.6% | 0.2% | — |
Computed from UPST's annual financial statements (latest annual report filed February 10, 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.
UPST valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Upstart traded at 87.7 times earnings, against a 9-year median of 105.9. Based on the latest twelve months, the trailing P/E is 47.1 and the forward P/E is 13.6. Upstart earned a return on equity of 7.5% and a return on invested capital of 3.3% in fiscal 2025. It ended the year with $1.9 billion of debt and $657.4 million in cash and short-term investments, net debt of $1.2 billion.
See the UPST income statement, the UPST chart for price history, or the UPST stock overview for the latest quote and news.
UPST key metrics FAQ
What is Upstart's P/E ratio?
Upstart's trailing P/E ratio is 47.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 13.6. At the end of fiscal 2025 it was 87.7, compared with a 9-year median of 105.9.
What is Upstart's EV/EBITDA?
Upstart's enterprise value was 74.4 times EBITDA at the end of fiscal 2025 (enterprise value $5.9 billion, EBITDA $79.2 million).
What is Upstart's return on equity?
Upstart's return on equity (ROE) was 7.5% in fiscal 2025: net income of $53.6 million on average shareholders' equity of $716.0 million.
What is Upstart's ROIC?
Upstart's return on invested capital was 3.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Upstart have?
Upstart had total debt of $1.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.32 and $1.2 billion of net debt (15.07 times EBITDA).
What is Upstart's free cash flow yield?
Upstart generated -$166.1 million of free cash flow in fiscal 2025, a free cash flow yield of −3.5% on its market value at year-end ($4.7 billion).
What is Upstart's current ratio?
Upstart's current ratio was 2.99 at the end of fiscal 2025: current assets were 2.99 times current liabilities.