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Upstart Holdings, Inc.

UPST Financial Credit Services

Upstart Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 64.0% from fiscal 2024.

Revenue
−25.2%
EPS
−0.30%
Free cash flow
+107.6%
Total debt
−1.43%

Quarter to September 2026, against a year earlier

21.93 0.21 −0.95%
Market cap
$2.2B
P/E
38.2×
Fwd P/E
33.9×
Dividend yield
—
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 7.65
Sold, $m 6.56
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 2 — — — 1 — —
Sell 2 1 4 — — 7 1 — 7 1 — —
Insider Ownership 13.90%

Capital & Financial Ratios $m

Size
Market Cap 2,190.00
Revenue ttm 1,152.70
Net income ttm 42.10
Free cash flow ttm (128.54)
Net debt Q 730.88
Valuation
P/E 38.16 (above 35: high)
Forward P/E 33.90
Price / sales 1.86
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.68
Financial health
Current ratio Q 0.55
Debt / equity Q 2.29
Interest coverage Q —
Growth
Revenue growth Q −25.21% (below 0%: shrinking)
Operating income growth Q −34.26% (below 0%: shrinking)
EPS, this year −73.19% (below 0%: weak)
EPS, next year A +237.29% (at or above 15%: strong)
Revenue, next year A +35.84% (at or above 10%: strong)
EPS, past 5 yrs +7.15%
EPS, next 5 yrs A +15.37% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 13.01%
10-year low 10-year high
P/S against its own 10 years 8.79%
10-year low 10-year high
P/B against its own 10 years 11.30%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 509 1,018 1,098 1,098
Receivables — — — —
Inventory — — — —
Other — — — —
509 1,018 1,098 1,196
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt 1,040 1,402 1,829 1,829
Other — — — —
1,319 1,683 2,155 2,155

Compound Annual Growth %

10y 5y 3y
Sales — 34.93% 7.41%
Cash Flow — 0.00% 0.00%
Earnings — 55.04% 0.00%
Book Value — 21.62% 5.91%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.60 Actual 0.66

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.47 0.46 Miss by 0.01
Q1 FY26 0.39 0.30 Miss by 0.09
Q2 FY26 0.58 0.59 Beat by 0.01
Q3 FY26 0.60 0.66 Beat by 0.06
Q4 FY26 0.77 — Reports 9 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.07) 0.16 0.29 — —
’25 (0.03) 0.05 0.23 0.17 0.45
’24 (0.74) (0.62) (0.07) (0.03) (1.44)
’23 (1.58) (0.34) (0.48) (0.50) (2.87)
’22 0.34 (0.36) (0.69) (0.67) (1.31)
’21 0.11 0.39 0.30 0.61 1.43
’20 0.07 (0.42) 0.36 0.04 0.32
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 308 365 277 — —
’25 213 257 371 203 1,044
’24 128 128 162 219 637
’23 103 136 135 140 514
’22 310 228 157 147 842
’21 121 194 228 305 849
’20 64 17 65 87 233
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (133) (137) 14 — —
’25 (13) (120) (156) 142 (148)
’24 44 74 179 (111) 186
’23 (76) 217 (108) (146) (112)
’22 (267) (54) (101) (236) (658)
’21 43 93 44 (11) 168
’20 (87) 16 18 69 16
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (140) (143) 12 — —
’25 (20) (125) (164) 142 (166)
’24 43 71 177 (114) 176
’23 (81) 215 (111) (147) (124)
’22 (272) (61) (107) (241) (681)
’21 42 89 38 (17) 153
’20 (88) 15 16 67 10
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten 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 — 57 99 164 233 849 842 514 637 1,044 1,153 +43.7% 1,418 1,861 2,341 +30.9%
Gross margin, % — 0.00 84.48 84.81 83.90 86.14 77.68 70.71 75.18 81.95 82.26 +82.0 pt
EBT — (9) (11) (5) 6 134 (109) (240) (128) 54 56 n/m
EBT margin, % — (15.46) (11.30) (3.01) 2.55 15.76 (12.95) (46.74) (20.17) 5.20 4.89 +20.7 pt
Net income — 0 (11) (5) 6 135 (109) (240) (129) 54 42 n/m
Per share, $
Per share, $ Revenue — 0.78 7.03 11.45 13.33 10.86 10.18 6.13 7.12 10.87 11.92 +39.0%
Earnings — (0.11) (0.79) (0.35) 0.32 1.73 (1.31) (2.87) (1.44) 0.56 0.58 n/m
Cash flow — 0.14 3.56 2.20 0.90 2.16 (7.95) (1.33) 2.08 (1.54) (1.18) n/m
Capex — 0.00 (0.07) (0.37) (0.32) (0.19) (0.28) (0.14) (0.11) (0.19) (0.15) n/m
Free cash flow — 0.14 3.49 1.83 0.58 1.96 (8.22) (1.48) 1.97 (1.73) (1.33) n/m
Book value — 0.00 0.00 7.04 17.14 10.33 8.12 7.58 7.08 8.32 8.26 n/m
Shares, m — 73 14 14 18 78 83 84 89 96 97 +3.4%
Valuation, ×
Valuation, × P/E — 95.56 95.56 95.56 117.13 88.48 0.00 0.00 0.00 85.38 38.16 64.2
P/S — 2.21 2.21 2.21 4.54 13.93 1.27 6.33 8.65 4.02 1.86 5.0
P/B — 0.00 0.00 0.00 3.53 14.64 1.59 5.12 8.70 4.73 2.68 4.3
EV/Sales — 2.23 2.23 2.23 3.47 13.29 1.76 7.36 9.26 4.72 — 5.2
EV/FCF — (14.22) (14.22) (14.22) 80.35 73.62 (2.17) (30.55) 33.41 (29.68) — 9.1
Cash, $m
Cash, $m Operating cash flow — 10 50 32 16 168 (658) (112) 186 (148) (114) n/m
Capex — (1) (1) (5) (6) (15) (23) (12) (10) (18) (14) +48.6%
Free cash flow — 10 49 26 10 153 (681) (124) 176 (166) (129) n/m
Balance, $m
Balance, $m Working capital — — (266) (161) 173 318 (589) (810) (666) (1,057) (959) +21.8%
Net debt — — 6 39 (249) (536) 413 531 385 731 731 +98.6%
Shareholders’ equity — — — 101 300 807 672 635 633 799 799 +41.2%
Returns, %
Returns, % ROA — 0.00 0.00 (0.24) 1.37 11.79 (5.79) (12.15) (5.87) 2.01 1.89 +2.0 pt
ROIC — — (83.03) (2.05) 14.27 32.46 (6.56) (13.74) (10.61) 1.74 1.53 +84.8 pt
ROE — 0.00 18.95 0.72 5.02 24.46 (14.69) (36.72) (20.27) 7.49 7.20 +7.5 pt
People
People Employees — — — — 554 1,497 1,875 1,388 1,193 1,405 — +20.5%
Revenue/emp, $m — 0.00 0.00 0.00 0.42 0.57 0.45 0.37 0.53 0.74 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Upstart Holdings, Inc. vs peers in Credit Services (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
BFH Bread Financial Holdings, Inc. $3.9B 8.0× 8.0× +2.96% (above 0%: growing) −1.26% (below 0%: shrinking) +0.17% (above 0%: growing) 100.00% 76.97% Compare
SLM SLM Corporation $3.2B 6.3× 8.9× −21.40% (below 0%: shrinking) n/m −115.63% (below 0%: shrinking) 57.53% 0.00% Compare
ECPG Encore Capital Group Inc $2.7B 7.8× 7.4× +18.29% (above 0%: growing) +80.12% (above 0%: growing) +41.19% (above 0%: growing) 100.00% 0.00% Compare
UPST Upstart Holdings, Inc. $2.2B 38.2× 33.9× −25.21% (below 0%: shrinking) −0.30% (below 0%: shrinking) +107.56% (above 0%: growing) 82.03% 8.54%
WU The Western Union Company $2.2B 6.5× 5.7× −2.26% (below 0%: shrinking) −41.86% (below 0%: shrinking) −69.40% (below 0%: shrinking) 33.98% 12.96% Compare
AGM Federal Agricultural Mortgage Corporation $2.1B 10.8× 9.8× +12.93% (above 0%: growing) +20.67% (above 0%: growing) +188.57% (above 0%: growing) 27.34% 0.00% Compare
EZPW EZCORP, Inc. $1.8B 11.2× 13.8× +34.65% (above 0%: growing) +37.78% (above 0%: growing) +27.86% (above 0%: growing) 58.79% 13.09% Compare
ATLC Atlanticus Holdings Corporation $1.5B 6.8× 9.2× +56.84% (above 0%: growing) +307.33% (above 0%: growing) +135.83% (above 0%: growing) 84.79% 0.00% Compare
JCAP Jefferson Capital, Inc. $1.2B 8.5× 7.0× +16.26% (above 0%: growing) −96.40% (below 0%: shrinking) −45.57% (below 0%: shrinking) 63.06% 45.87% Compare
Median of peers $2.1B 7.9× 8.4× +14.60% +20.67% +14.02% 60.93% 6.48%

All 53 Credit Services stocks →

Pay and ownership Proxy statement filed 16 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 9.67m 855.18k 148.39
2024 7.11m 26.66m 208.92
2023 7.12m 26.08m 138.65
2022 9.61m (36.25m) 44.86
2021 14.96m 70.38m 513.40

Ownership

Directors and executive officers, together 17.29%
Dave Girouard 13.51%
Entities affiliated with The Vanguard Group 7.33%
Entities affiliated with BlackRock, Inc. 5.80%
Jericho Capital Asset Management L.P. 5.24%
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

Upstart Holdings, Inc. (UPST) Latest News

5 Nov

Impact 3 · · Simply Wall St.

4 Nov

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Impact 3 · · StockStory
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2 Nov

Impact 3 · · TIKR

29 Oct

Impact 3 · · TIKR

28 Oct

Impact 4 · · Zacks
Impact 3 · · Zacks

27 Oct

Impact 3 · · Business Wire
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26 Oct

Impact 3 · · Zacks
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Impact 3 · · Exec Edge

22 Oct

Impact 3 · · Insider Monkey

21 Oct

Impact 4 · · TIKR
Impact 3 · · Business Wire

19 Oct

Impact 4 · · StockStory
Impact 3 · · Zacks

15 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

UPST metrics, ten years each

stockrow.com/UPST · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com