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Sunday 8 November 2026
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Upland Software, Inc.
UPLD Technology Software Application
Upland Software, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $216.9 million, down 21.1% from fiscal 2024.
- Revenue
- −5.94%
- EPS
- +83.0%
- Free cash flow
- −60.3%
- Total debt
- −5.29%
Quarter to September 2026, against a year earlier
3.97
0.04
+1.02%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 75 | 98 | 150 | 223 | 292 | 302 | 317 | 298 | 275 | 217 | 195 | +12.6% | 193 | 189 | — | (6.6%) | |
| Gross margin, % | 63.13 | 65.65 | 67.58 | 68.96 | 66.26 | 67.07 | 67.31 | 67.65 | 70.49 | 74.75 | 76.00 | +11.6 pt | ||||||
| EBT | (12) | (17) | (21) | (52) | (55) | (67) | (70) | (182) | (110) | (39) | (31) | +13.9% | ||||||
| EBT margin, % | (16.03) | (17.79) | (13.78) | (23.44) | (19.01) | (22.04) | (22.11) | (61.23) | (40.06) | (17.83) | (16.03) | (1.8) pt | ||||||
| Net income | (14) | (19) | (11) | (45) | (51) | (58) | (68) | (180) | (113) | (39) | (36) | +12.5% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 45.39 | 53.20 | 75.00 | 96.38 | 109.56 | 99.69 | 100.64 | 92.86 | 98.89 | 75.79 | 65.90 | +5.9% | |||||
| Earnings | (8.20) | (10.20) | (5.00) | (19.60) | (19.20) | (19.20) | (22.30) | (57.70) | (42.60) | (15.60) | (13.68) | +7.4% | ||||||
| Cash flow | 2.35 | 4.19 | 3.68 | 5.23 | 13.37 | 13.78 | 9.51 | 15.57 | 8.72 | 9.02 | 7.13 | +16.1% | ||||||
| Capex | (0.65) | (0.24) | (0.47) | (0.75) | (0.49) | (0.37) | (0.27) | (0.38) | (0.32) | (0.47) | (0.12) | (3.6%) | ||||||
| Free cash flow | 1.70 | 3.95 | 3.21 | 4.48 | 12.88 | 13.41 | 9.23 | 15.19 | 8.41 | 8.54 | 7.00 | +19.7% | ||||||
| Book value | 35.82 | 49.65 | 43.68 | 92.15 | 115.13 | 104.40 | 97.96 | 39.37 | (6.59) | (16.90) | (31.00) | n/m | ||||||
| Shares, m | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | +6.3% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | 1.98 | 4.04 | 3.62 | 3.71 | 4.19 | 1.80 | 0.71 | 0.46 | 0.44 | 0.19 | 0.06 | 2.1 | ||||||
| P/B | 2.51 | 4.33 | 6.22 | 3.88 | 3.99 | 1.72 | 0.73 | 1.07 | 0.00 | 0.00 | 0.00 | 2.4 | ||||||
| EV/Sales | 2.21 | 4.92 | 5.34 | 5.26 | 5.11 | 2.88 | 1.54 | 1.25 | 1.28 | 1.09 | 1.02 | 3.1 | ||||||
| EV/FCF | 59.02 | 66.88 | 126.97 | 113.32 | 43.45 | 21.40 | 16.82 | 7.65 | 15.01 | 9.64 | 9.61 | 48.0 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 4 | 8 | 7 | 12 | 36 | 42 | 30 | 50 | 24 | 26 | 21 | +23.4% | |||||
| Capex | (1) | 0 | (1) | (2) | (1) | (1) | (1) | (1) | (1) | (1) | 0 | +2.5% | ||||||
| Free cash flow | 3 | 7 | 6 | 10 | 34 | 41 | 29 | 49 | 23 | 24 | 21 | +27.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 8 | (23) | (40) | 110 | 196 | 107 | 170 | 170 | (2) | (19) | (8) | n/m | |||||
| Net debt | 17 | 87 | 257 | 347 | 268 | 326 | 263 | 237 | 230 | 195 | 187 | +31.1% | ||||||
| Shareholders’ equity | 59 | 91 | 87 | 213 | 307 | 316 | 309 | 126 | (18) | (48) | (92) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (9.90) | (8.67) | (2.84) | (6.58) | (5.37) | (5.71) | (6.56) | (18.68) | (16.91) | (9.49) | (11.02) | +0.4 pt | |||||
| ROIC | (7.01) | (3.91) | (1.02) | (2.71) | (2.59) | (3.37) | (4.40) | (28.20) | (30.21) | 1.89 | (7.92) | +8.9 pt | ||||||
| ROE | (22.66) | (24.90) | (12.13) | (30.23) | (19.72) | (18.69) | (22.48) | (85.13) | (219.14) | 134.24 | 60.44 | +156.9 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 251 | 375 | 667 | 832 | 810 | 865 | 1,006 | 1,061 | 998 | 760 | — | +13.1% | |||||
| Revenue/emp, $m | 0.30 | 0.26 | 0.22 | 0.27 | 0.36 | 0.35 | 0.32 | 0.28 | 0.28 | 0.29 | — | (0.5%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026
Upland Software, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| RPGL Republic Power Group Limited | $13.8M | — | — | — | — | −1,728.88% (below 0%: shrinking) | — | — | Compare |
| WQEY WISeQey Corp | $13.4M | — (loss-making) | — | +55.93% (above 0%: growing) | n/m | −92.17% (below 0%: shrinking) | 52.94% | 0.00% | Compare |
| IFBD Infobird Co., Ltd. | $13.3M | — (loss-making) | — (loss-making) | −64.75% (below 0%: shrinking) | +85.14% (above 0%: growing) | +80.81% (above 0%: growing) | 36.20% | 0.00% | Compare |
| AHI Advanced Human Imaging Limited Sponsored ADR | $13.2M | — (loss-making) | — (loss-making) | +307.96% (above 0%: growing) | +49.62% (above 0%: growing) | −21.40% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| SMSI Smith Micro Software, Inc. | $12.8M | — (loss-making) | — (loss-making) | −1.79% (below 0%: shrinking) | n/m | +61.05% (above 0%: growing) | 81.32% | (54.57%) | Compare |
| IDAI T Stamp Inc. | $12.4M | — (loss-making) | — (loss-making) | +10.73% (above 0%: growing) | n/m | −205.91% (below 0%: shrinking) | 53.49% | (266.39%) | Compare |
| UPLD Upland Software, Inc. | $11.6M | — (loss-making) | — (loss-making) | −5.94% (below 0%: shrinking) | n/m | −60.31% (below 0%: shrinking) | 75.76% | 11.22% | |
| YAAS Youxin Technology Ltd | $11.5M | — | — | — | — | −95.02% (below 0%: shrinking) | — | — | Compare |
| VIDA VIDA Global Inc. | $11.0M | — (loss-making) | — | — | n/m | — | 48.63% | (453.47%) | Compare |
| Median of peers | $13.0M | — | — | +10.73% | — | −92.17% | 50.79% | (27.28%) |
Pay and ownership Proxy statement filed 20 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 4.77m | 785.55k | 20.06 |
| 2024 | 3.90m | 5.05m | 60.87 |
| 2023 | 2.92m | 1.07m | 59.33 |
Ownership
Directors and executive officers, together
11.60% of the votes
Entities affiliated with HGGC, LLC
21.50% of the votes
Jalak Investments, B.V.
7.00% of the votes
John T. (Jack) McDonald
6.90% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement