UPST Financial Services

Upstart Holdings, Inc.

$21.37+0.28%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Financial Services
Industry: Credit Services
Country: United States
Market cap: 2.1B USD
Full-time employees: 1,405

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 2.17 vs a peer median of 0.70)bigger price swings (beta 2.17 vs peers 0.70)
Drawback: more debt relative to equity (2.51× vs a peer median of 0.57×)more debt vs equity (2.51× vs peers 0.57×)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #159 of 232 financial services companies (bottom 32%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 20% from December 2022 to July 2026.
Upstart had 20% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Upstart had 20% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 13% of revenue in 2025.
Upstart paid employees $132M in stock in 2025, 13% of its $1.0B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
Upstart made a profit per share in its latest year after a loss the year before.
Fast revenue growth. Revenue grew 46% in the 12 months to June 2026 vs the 12 months before, faster than 86% of peers.
Revenue grew 46% in the 12 months to June 2026 vs the 12 months before, faster than 86% of its peers.

StockQuotient Score

45/ 100▼ 1 since Oct 27 close

Oct 5 46 → Nov 4 45 (-1)

Valuation

Is the price right?

12/100

Weak▲ 1 since Oct 27 close

2/2 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 11 → 12

Share price -9.9%+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ EBITDA yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.9%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.76Sector median: 0.0571 · MAD: 0.0371

EBITDA yield2.1%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -1.13Sector median: 0.0689 · MAD: 0.0428

Other data (not scored)

Book yield38.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.8352 · MAD: 0.4517

Free cash flow yield-13.9%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNot scored for lenders: their free cash flow is mostly loan origination and repaymentInformational · 0% composite weightSector median: 0.0613 · MAD: 0.0605

Growth

Is it growing?

90/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 9.4%

Why

Stronger than most peers on:

▲ EPS growth
▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit33% base weight · Z-score 4.22Sector median: 0.0999 · MAD: 0.2773

3-year revenue growth27.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 2.09Sector median: 0.0999 · MAD: 0.0858

Revenue growth46.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.63Sector median: 0.0742 · MAD: 0.1477

Profitability

Does it earn well?

22/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin4.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.34Sector median: 0.2353 · MAD: 0.1462

Return on assets1.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.28Sector median: 0.0256 · MAD: 0.0233

Return on invested capital1.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.89Sector median: 0.0630 · MAD: 0.0518

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.7878 · MAD: 0.2122

Return on equity7.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0939 · MAD: 0.0702

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 59 → 55

Peer companies moved-4

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ Current ratio
▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.17

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -2.99Sector median: 0.7010 · MAD: 0.3115

Current ratio10.46×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score 6.76Sector median: 2.0250 · MAD: 1.2470

Debt / equity2.51×

SEC filings · latest balance sheetReported value33% base weight · Z-score -3.55Sector median: 0.5734 · MAD: 0.5454

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Upstart

Is Upstart getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 45/100, down 1 since Oct 28, 2026.
How is Upstart valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 12/100 against 432 financial services peers. EBITDA yield 2.1% vs a peer median of 6.9% (weaker than 81% of peers).EBITDA yield 2.1% vs peers 6.9% (weaker than 81% of peers).
Is Upstart growing?: Yes, faster than most of its peers. Growth scores 90/100 against 432 financial services peers. 3-year revenue growth 27.9% vs a peer median of 10.0% (stronger than 86% of peers).3-year revenue growth 27.9% vs peers 10.0% (stronger than 86% of peers).
How profitable is Upstart?: Less profitable than most of its peers. Profitability scores 22/100 against 432 financial services peers. Operating margin 4.0% vs a peer median of 23.5% (weaker than 81% of peers).Operating margin 4.0% vs peers 23.5% (weaker than 81% of peers).
How risky is Upstart?: Moderate risk relative to 432 financial services peers, judged on debt, liquidity and share-price swings. Current ratio 10.46× vs a peer median of 2.02× (stronger than 84% of peers).Current ratio 10.46× vs peers 2.02× (stronger than 84% of peers). Beta 2.17 vs a peer median of 0.70 (weaker than 100% of peers).Beta 2.17 vs peers 0.70 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.1B USD	1.2B USD	+9.4%
Net income (12 months)	49.4M USD	60.3M USD	+22.1%
Operating margin	3.5%	4.0%	+0.5 pts
Free cash flow (12 months)	−270.6M USD	−289.0M USD	+6.8%
Debt	1.9B USD	2.0B USD	+4.2%
Cash	472.9M USD	456.0M USD	−3.6%
Shares outstanding	95.7M	97.3M	+1.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Financial Services · 98 companies

Valuations in Financial Services are above their usual range since 2016.

67% of months since 2016 were valued lower than now.
32% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +7% and earnings +21% (medians): prices and earnings moved broadly together.
Median price-to-sales is +30% vs the whole market, against a usual +47%.

2016Shaded: most expensive fifth of its range2026

Shown for Financial Services: too few Credit Services companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	16.6%	-12.6%	-50.0%	-27.2%	4.1%	▲ 31 pts
Net margin	16.0%	-12.0%	-46.8%	-20.2%	5.1%	▲ 25 pts
Return on assets (ROA)	7.4%	-5.6%	-11.9%	-5.4%	1.8%	▲ 7.2 pts
Return on equity (ROE)	16.8%	-16.2%	-37.8%	-20.3%	6.7%	▲ 27 pts
Debt to equity	0.86×	1.47×	1.64×	2.21×	2.29×	▲ 3.4%
Interest coverage	43.03×	-10.50×	-7.35×	-4.28×	1.35×	▲ 131%

UPST price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 2.17 vs a peer median of 0.70)bigger price swings (beta 2.17 vs peers 0.70)

Drawback: more debt relative to equity (2.51× vs a peer median of 0.57×)more debt vs equity (2.51× vs peers 0.57×)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #159 of 232 financial services companies (bottom 32%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 20% from December 2022 to July 2026.

Upstart had 20% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Upstart had 20% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 13% of revenue in 2025.

Upstart paid employees $132M in stock in 2025, 13% of its $1.0B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

Upstart made a profit per share in its latest year after a loss the year before.

Fast revenue growth. Revenue grew 46% in the 12 months to June 2026 vs the 12 months before, faster than 86% of peers.

Revenue grew 46% in the 12 months to June 2026 vs the 12 months before, faster than 86% of its peers.

Questions investors ask about Upstart

Is Upstart getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 45/100, down 1 since Oct 28, 2026.

How is Upstart valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 12/100 against 432 financial services peers. EBITDA yield 2.1% vs a peer median of 6.9% (weaker than 81% of peers).EBITDA yield 2.1% vs peers 6.9% (weaker than 81% of peers).

Is Upstart growing?

Yes, faster than most of its peers. Growth scores 90/100 against 432 financial services peers. 3-year revenue growth 27.9% vs a peer median of 10.0% (stronger than 86% of peers).3-year revenue growth 27.9% vs peers 10.0% (stronger than 86% of peers).

How profitable is Upstart?

Less profitable than most of its peers. Profitability scores 22/100 against 432 financial services peers. Operating margin 4.0% vs a peer median of 23.5% (weaker than 81% of peers).Operating margin 4.0% vs peers 23.5% (weaker than 81% of peers).

How risky is Upstart?

Moderate risk relative to 432 financial services peers, judged on debt, liquidity and share-price swings. Current ratio 10.46× vs a peer median of 2.02× (stronger than 84% of peers).Current ratio 10.46× vs peers 2.02× (stronger than 84% of peers). Beta 2.17 vs a peer median of 0.70 (weaker than 100% of peers).Beta 2.17 vs peers 0.70 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.1B USD

1.2B USD

+9.4%

Net income (12 months)

49.4M USD

60.3M USD

+22.1%

Operating margin

3.5%

4.0%

+0.5 pts

Free cash flow (12 months)

−270.6M USD

−289.0M USD

+6.8%

Debt

1.9B USD

2.0B USD

+4.2%

Cash

472.9M USD

456.0M USD

−3.6%

Shares outstanding

95.7M

97.3M

+1.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

16.6%

-12.6%

-50.0%

-27.2%

4.1%

▲ 31 pts

Net margin

16.0%

-12.0%

-46.8%

-20.2%

5.1%

▲ 25 pts

Return on assets (ROA)

7.4%

-5.6%

-11.9%

-5.4%

1.8%

▲ 7.2 pts

Return on equity (ROE)

16.8%

-16.2%

-37.8%

-20.3%

6.7%

▲ 27 pts

Debt to equity

0.86×

1.47×

1.64×

2.21×

2.29×

▲ 3.4%

Interest coverage

43.03×

-10.50×

-7.35×

-4.28×

1.35×

▲ 131%