Comprehensive Stock Comparison
Compare Upstart Holdings, Inc. (UPST) vs JPMorgan Chase & Co. (JPM) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | UPST | 54.2% revenue growth vs JPM's 14.6% |
| Value | UPST | Lower P/E (12.8x vs 13.9x), PEG 0.89 vs 1.07 |
| Quality / Margins | JPM | 21.6% net margin vs UPST's 5.1% |
| Stability / Safety | JPM | Beta 1.00 vs UPST's 2.55 |
| Dividends | JPM | 1.7% yield; 14-year raise streak; UPST pays no meaningful dividend |
| Momentum (1Y) | JPM | +15.7% vs UPST's -59.2% |
| Efficiency (ROA) | JPM | 1.3% ROA vs UPST's 1.1%, ROIC 5.4% vs 2.2% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Upstart operates an AI-powered lending platform that connects borrowers with bank partners using machine learning to assess credit risk. It generates revenue primarily from referral fees paid by banks for approved loans — roughly 80% of revenue — and smaller amounts from servicing fees and interest income. Its key advantage is its proprietary AI underwriting model, which analyzes thousands of data points beyond traditional credit scores to identify creditworthy borrowers that conventional models might miss.
JPMorgan Chase is a global financial services giant that operates as a universal bank offering consumer banking, investment banking, commercial banking, and asset management services. It generates revenue primarily through net interest income from lending activities (about 50% of total revenue) and non-interest income from investment banking fees, trading, asset management, and card services. The company's key competitive advantage lies in its massive scale, diversified revenue streams, and fortress balance sheet—which together create significant barriers to entry and provide stability through economic cycles.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
JPM leads in 4 of 6 categories — strongest in Valuation Metrics and Profitability & Efficiency. 1 category is tied.
Financial Metrics (TTM)
JPM is the larger business by revenue, generating $270.8B annually — 259.4x UPST's $1.0B. JPM is the more profitable business, keeping 21.6% of every revenue dollar as net income compared to UPST's 5.1%.
| Metric | UPSTUpstart Holdings,… | JPMJPMorgan Chase & … |
|---|---|---|
| RevenueTrailing 12 months | $1.0B | $270.8B |
| EBITDAEarnings before interest/tax | $46M | $81.3B |
| Net IncomeAfter-tax profit | $32M | $58.0B |
| Free Cash FlowCash after capex | -$374M | -$119.7B |
| Gross MarginGross profit ÷ Revenue | — | +58.6% |
| Operating MarginEBIT ÷ Revenue | +4.1% | +27.7% |
| Net MarginNet income ÷ Revenue | +5.1% | +21.6% |
| FCF MarginFCF ÷ Revenue | -14.2% | -15.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +4.1% | +16.0% |
Valuation Metrics
At 15.2x trailing earnings, JPM trades at a 75% valuation discount to UPST's 60.5x P/E. Adjusting for growth (PEG ratio), JPM offers better value at 1.17x vs UPST's 4.21x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | UPSTUpstart Holdings,… | JPMJPMorgan Chase & … |
|---|---|---|
| Market CapShares × price | $2.7B | $809.7B |
| Enterprise ValueMkt cap + debt − cash | $2.0B | $1.09T |
| Trailing P/EPrice ÷ TTM EPS | 60.51x | 15.21x |
| Forward P/EPrice ÷ next-FY EPS est. | 12.81x | 13.93x |
| PEG RatioP/E ÷ EPS growth rate | 4.21x | 1.17x |
| EV / EBITDAEnterprise value multiple | 47.31x | 13.15x |
| Price / SalesMarket cap ÷ Revenue | 2.56x | 2.99x |
| Price / BookPrice ÷ Book value/share | 3.66x | 2.51x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
JPM delivers a 16.1% return on equity — every $100 of shareholder capital generates $16 in annual profit, vs $4 for UPST. On the Piotroski fundamental quality scale (0–9), JPM scores 5/9 vs UPST's 3/9, reflecting solid financial health.
| Metric | UPSTUpstart Holdings,… | JPMJPMorgan Chase & … |
|---|---|---|
| ROE (TTM)Return on equity | +4.3% | +16.1% |
| ROA (TTM)Return on assets | +1.1% | +1.3% |
| ROICReturn on invested capital | +2.2% | +5.4% |
| ROCEReturn on capital employed | +1.6% | +8.2% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 5 |
| Debt / EquityFinancial leverage | — | 2.18x |
| Net DebtTotal debt minus cash | -$652M | $281.8B |
| Cash & Equiv.Liquid assets | $652M | $469.3B |
| Total DebtShort + long-term debt | $0 | $751.1B |
| Interest CoverageEBIT ÷ Interest expense | 0.85x | 0.74x |
Total Returns (with DRIP)
A $10,000 investment in JPM five years ago would be worth $21,449 today (with dividends reinvested), compared to $4,086 for UPST. Over the past 12 months, JPM leads with a +15.7% total return vs UPST's -59.2%. The 3-year compound annual growth rate (CAGR) favors JPM at 30.0% vs UPST's 13.7% — a key indicator of consistent wealth creation.
| Metric | UPSTUpstart Holdings,… | JPMJPMorgan Chase & … |
|---|---|---|
| YTD ReturnYear-to-date | -40.6% | -7.3% |
| 1-Year ReturnPast 12 months | -59.2% | +15.7% |
| 3-Year ReturnCumulative with dividends | +47.1% | +119.7% |
| 5-Year ReturnCumulative with dividends | -59.1% | +114.5% |
| 10-Year ReturnCumulative with dividends | -7.6% | +497.7% |
| CAGR (3Y)Annualised 3-year return | +13.7% | +30.0% |
Risk & Volatility
JPM is the less volatile stock with a 1.00 beta — it tends to amplify market swings less than UPST's 2.55 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. JPM currently trades 89.0% from its 52-week high vs UPST's 31.2% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | UPSTUpstart Holdings,… | JPMJPMorgan Chase & … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.55x | 1.00x |
| 52-Week HighHighest price in past year | $87.30 | $337.25 |
| 52-Week LowLowest price in past year | $26.80 | $202.16 |
| % of 52W HighCurrent price vs 52-week peak | +31.2% | +89.0% |
| RSI (14)Momentum oscillator 0–100 | 33.9 | 48.1 |
| Avg Volume (50D)Average daily shares traded | 4.2M | 9.0M |
Analyst Outlook
Wall Street rates UPST as "Hold" and JPM as "Buy". Consensus price targets imply 65.9% upside for UPST (target: $45) vs 11.9% for JPM (target: $336). JPM is the only dividend payer here at 1.71% yield — a key consideration for income-focused portfolios.
| Metric | UPSTUpstart Holdings,… | JPMJPMorgan Chase & … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $45.17 | $336.10 |
| # AnalystsCovering analysts | 22 | 60 |
| Dividend YieldAnnual dividend ÷ price | — | +1.7% |
| Dividend StreakConsecutive years of raises | — | 14 |
| Dividend / ShareAnnual DPS | — | $5.13 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +3.5% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Dec 20 | Feb 26 | Change |
|---|---|---|---|
| Upstart Holdings, I… (UPST) | 100 | 134.68 | +34.7% |
| JPMorgan Chase & Co. (JPM) | 100 | 244.81 | +144.8% |
JPMorgan Chase & Co. (JPM) returned +114% over 5 years vs Upstart Holdings, I… (UPST)'s -59%. A $10,000 investment in JPM 5 years ago would be worth $21,449 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Upstart Holdings, I… (UPST) | $96M | $1.0B | +992.1% |
| JPMorgan Chase & Co. (JPM) | $106.4B | $270.8B | +154.5% |
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Upstart Holdings, I… (UPST) | -12.9% | 5.1% | +139.8% |
| JPMorgan Chase & Co. (JPM) | 23.2% | 21.6% | -7.1% |
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Upstart Holdings, I… (UPST) | 177.2 | 97.2 | -45.1% |
| JPMorgan Chase & Co. (JPM) | 16.9 | 12.1 | -28.4% |
Upstart Holdings, Inc. has traded in a 97x–177x P/E range over 3 years; current trailing P/E is ~61x. JPMorgan Chase & Co. has traded in a 10x–17x P/E range over 8 years; current trailing P/E is ~15x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Upstart Holdings, I… (UPST) | -0.87 | 0.45 | +151.7% |
| JPMorgan Chase & Co. (JPM) | 6.19 | 19.75 | +219.1% |
Chart 6Free Cash Flow — 5 Years
Upstart Holdings, Inc. generated $-148M FCF in 2025 (-196% vs 2021). JPMorgan Chase & Co. generated $-42B FCF in 2024 (-154% vs 2021).
UPST vs JPM: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is UPST or JPM a better buy right now?
JPMorgan Chase & Co. (JPM) offers the better valuation at 15.2x trailing P/E (13.9x forward), making it the more compelling value choice. Analysts rate JPMorgan Chase & Co. (JPM) a "Buy" — based on 60 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — UPST or JPM?
On trailing P/E, JPMorgan Chase & Co. (JPM) is the cheapest at 15.2x versus Upstart Holdings, Inc. at 60.5x. On forward P/E, Upstart Holdings, Inc. is actually cheaper at 12.8x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Upstart Holdings, Inc. wins at 0.89x versus JPMorgan Chase & Co.'s 1.07x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — UPST or JPM?
Over the past 5 years, JPMorgan Chase & Co. (JPM) delivered a total return of +114.5%, compared to -59.1% for Upstart Holdings, Inc. (UPST). A $10,000 investment in JPM five years ago would be worth approximately $21K today (assuming dividends reinvested). Over 10 years, the gap is even starker: JPM returned +497.7% versus UPST's -7.6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — UPST or JPM?
By beta (market sensitivity over 5 years), JPMorgan Chase & Co. (JPM) is the lower-risk stock at 1.00β versus Upstart Holdings, Inc.'s 2.55β — meaning UPST is approximately 154% more volatile than JPM relative to the S&P 500.
05Which has better profit margins — UPST or JPM?
JPMorgan Chase & Co. (JPM) is the more profitable company, earning 21.6% net margin versus 5.1% for Upstart Holdings, Inc. — meaning it keeps 21.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: JPM leads at 27.7% versus 4.1% for UPST. At the gross margin level — before operating expenses — JPM leads at 58.6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is UPST or JPM more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Upstart Holdings, Inc. (UPST) is the more undervalued stock at a PEG of 0.89x versus JPMorgan Chase & Co.'s 1.07x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Upstart Holdings, Inc. (UPST) trades at 12.8x forward P/E versus 13.9x for JPMorgan Chase & Co. — 1.1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for UPST: 65.9% to $45.17.
07Which pays a better dividend — UPST or JPM?
In this comparison, JPM (1.7% yield) pays a dividend. UPST does not pay a meaningful dividend and should not be held primarily for income.
08Is UPST or JPM better for a retirement portfolio?
For long-horizon retirement investors, JPMorgan Chase & Co. (JPM) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.00), 1.7% yield, +497.7% 10Y return). Upstart Holdings, Inc. (UPST) carries a higher beta of 2.55 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (JPM: +497.7%, UPST: -7.6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between UPST and JPM?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: UPST is a small-cap quality compounder stock; JPM is a large-cap deep-value stock. JPM pays a dividend while UPST does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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