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. In the quarter to June 2026, revenue fell 7.95%, EPS fell 145.7%, free cash flow grew 99.0% and total debt fell 13.0%, each against the same quarter a year earlier.
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Upland Software, Inc. (UPLD) Altman Z-score
Upland Software, Inc.'s Altman Z-score for fiscal 2025 is −1.61, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −1.61 | (0.03) |
| FY2024 | −1.58 | (0.86) |
| FY2023 | −0.72 | (0.85) |
| FY2022 | 0.13 | (0.31) |
| FY2021 | 0.44 | (0.80) |
| FY2020 | 1.23 | 0.41 |
| FY2019 | 0.82 | 0.08 |
| FY2018 | 0.75 | (0.23) |
| FY2017 | 0.97 | 0.22 |
| FY2016 | 0.76 | (0.01) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.04) | — | −0.05 | |
| Retained earnings / total assets | (1.55) | — | −2.17 | |
| EBIT / total assets | 0.01 | — | 0.04 | |
| Market value of equity / total liabilities | 0.09 | — | 0.05 | |
| Sales / total assets | 0.52 | — | 0.52 | |
| Altman Z-score | Distress zone | −1.61 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −5.39 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NXTT Next Technology Holding Inc. compare | 1.2× |
| BIYA Baiya International Group Inc. compare | 0.8× |
| UPLD Upland Software, Inc. | −1.6× |
| INUV Inuvo, Inc compare | −6.3× |
| CYN Cyngn Inc. compare | −6.3× |
| MYSE Myseum.AI Inc. compare | −8.8× |
| GETR Getaround, Inc. compare | −9.7× |
| MTBLY Moatable, Inc. Sponsored ADR compare | −12.6× |
| AMOD Alpha Modus Holdings, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets