Comprehensive Stock Comparison
Compare Upstart Holdings, Inc. (UPST) vs KKR Group Finance Co. IX LLC 4. (KKRS) 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 KKRS's 50.9% |
| Value | KKRS | Lower P/E (3.3x vs 12.8x) |
| Quality / Margins | KKRS | 22.4% net margin vs UPST's 5.1% |
| Stability / Safety | KKRS | Beta 0.25 vs UPST's 2.55 |
| Dividends | KKRS | 3.7% yield; UPST pays no meaningful dividend |
| Momentum (1Y) | KKRS | -2.9% vs UPST's -59.2% |
| Efficiency (ROA) | KKRS | 1.5% ROA vs UPST's 1.1%, ROIC 28.7% vs 2.2% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
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.
KKR Group Finance Co. IX LLC is a special purpose financing entity that exists to raise capital for KKR's investment activities. It generates revenue primarily through interest income from loans and debt securities issued to fund KKR's private equity and credit investments. Its key advantage is its structural role within the KKR ecosystem—providing efficient, dedicated financing capacity for one of the world's largest alternative asset managers.
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
KKRS leads in 4 of 6 categories — strongest in Financial Metrics and Valuation Metrics. 1 category is tied.
Financial Metrics (TTM)
KKRS is the larger business by revenue, generating $21.9B annually — 21.0x UPST's $1.0B. KKRS is the more profitable business, keeping 22.4% of every revenue dollar as net income compared to UPST's 5.1%.
| Metric | UPSTUpstart Holdings,… | KKRSKKR Group Finance… |
|---|---|---|
| RevenueTrailing 12 months | $1.0B | $21.9B |
| EBITDAEarnings before interest/tax | $46M | $18.8B |
| Net IncomeAfter-tax profit | $32M | $6.0B |
| Free Cash FlowCash after capex | -$374M | $4.2B |
| Gross MarginGross profit ÷ Revenue | — | +80.2% |
| Operating MarginEBIT ÷ Revenue | +4.1% | +74.2% |
| Net MarginNet income ÷ Revenue | +5.1% | +22.4% |
| FCF MarginFCF ÷ Revenue | -14.2% | +29.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +4.1% | — |
Valuation Metrics
At 3.3x trailing earnings, KKRS trades at a 94% valuation discount to UPST's 60.5x P/E. On an enterprise value basis, KKRS's 1.0x EV/EBITDA is more attractive than UPST's 47.3x.
| Metric | UPSTUpstart Holdings,… | KKRSKKR Group Finance… |
|---|---|---|
| Market CapShares × price | $2.7B | $15.7B |
| Enterprise ValueMkt cap + debt − cash | $2.0B | $15.7B |
| Trailing P/EPrice ÷ TTM EPS | 60.51x | 3.34x |
| Forward P/EPrice ÷ next-FY EPS est. | 12.81x | — |
| PEG RatioP/E ÷ EPS growth rate | 4.21x | — |
| EV / EBITDAEnterprise value multiple | 47.31x | 0.96x |
| Price / SalesMarket cap ÷ Revenue | 2.56x | 0.72x |
| Price / BookPrice ÷ Book value/share | 3.66x | 1030.16x |
| Price / FCFMarket cap ÷ FCF | — | 2.41x |
Profitability & Efficiency
KKRS delivers a 8.0% return on equity — every $100 of shareholder capital generates $8 in annual profit, vs $4 for UPST. On the Piotroski fundamental quality scale (0–9), KKRS scores 6/9 vs UPST's 3/9, reflecting solid financial health.
| Metric | UPSTUpstart Holdings,… | KKRSKKR Group Finance… |
|---|---|---|
| ROE (TTM)Return on equity | +4.3% | +8.0% |
| ROA (TTM)Return on assets | +1.1% | +1.5% |
| ROICReturn on invested capital | +2.2% | +28.7% |
| ROCEReturn on capital employed | +1.6% | +10.2% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 6 |
| Debt / EquityFinancial leverage | — | — |
| Net DebtTotal debt minus cash | -$652M | -$9M |
| Cash & Equiv.Liquid assets | $652M | $9M |
| Total DebtShort + long-term debt | $0 | $0 |
| Interest CoverageEBIT ÷ Interest expense | 0.85x | 59.74x |
Total Returns (with DRIP)
A $10,000 investment in KKRS five years ago would be worth $8,930 today (with dividends reinvested), compared to $4,086 for UPST. Over the past 12 months, KKRS leads with a -2.9% total return vs UPST's -59.2%. The 3-year compound annual growth rate (CAGR) favors UPST at 13.7% vs KKRS's 3.9% — a key indicator of consistent wealth creation.
| Metric | UPSTUpstart Holdings,… | KKRSKKR Group Finance… |
|---|---|---|
| YTD ReturnYear-to-date | -40.6% | -0.7% |
| 1-Year ReturnPast 12 months | -59.2% | -2.9% |
| 3-Year ReturnCumulative with dividends | +47.1% | +12.0% |
| 5-Year ReturnCumulative with dividends | -59.1% | -10.7% |
| 10-Year ReturnCumulative with dividends | -7.6% | -10.7% |
| CAGR (3Y)Annualised 3-year return | +13.7% | +3.9% |
Risk & Volatility
KKRS is the less volatile stock with a 0.25 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. KKRS currently trades 90.5% 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,… | KKRSKKR Group Finance… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.55x | 0.25x |
| 52-Week HighHighest price in past year | $87.30 | $19.44 |
| 52-Week LowLowest price in past year | $26.80 | $16.40 |
| % of 52W HighCurrent price vs 52-week peak | +31.2% | +90.5% |
| RSI (14)Momentum oscillator 0–100 | 33.9 | 49.1 |
| Avg Volume (50D)Average daily shares traded | 4.2M | 40K |
Analyst Outlook
KKRS is the only dividend payer here at 3.73% yield — a key consideration for income-focused portfolios.
| Metric | UPSTUpstart Holdings,… | KKRSKKR Group Finance… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | — |
| Price TargetConsensus 12-month target | $45.17 | — |
| # AnalystsCovering analysts | 22 | — |
| Dividend YieldAnnual dividend ÷ price | — | +3.7% |
| Dividend StreakConsecutive years of raises | — | 0 |
| Dividend / ShareAnnual DPS | — | $0.66 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | May 21 | Feb 26 | Change |
|---|---|---|---|
| Upstart Holdings, I… (UPST) | 100 | 34.75 | -65.2% |
| KKR Group Finance C… (KKRS) | 98.99 | 67.78 | -31.5% |
KKR Group Finance C… (KKRS) returned -11% over 5 years vs Upstart Holdings, I… (UPST)'s -59%.
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Upstart Holdings, I… (UPST) | $96M | $1.0B | +992.1% |
| KKR Group Finance C… (KKRS) | $763M | $21.9B | +2768.9% |
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Upstart Holdings, I… (UPST) | -12.9% | 5.1% | +139.8% |
| KKR Group Finance C… (KKRS) | 40.6% | 22.4% | -44.7% |
Chart 4P/E Ratio History — 5 Years
| Stock | 2020 | 2025 | Change |
|---|---|---|---|
| Upstart Holdings, I… (UPST) | 177.2 | 97.2 | -45.1% |
| KKR Group Finance C… (KKRS) | 1.3 | 3.5 | +169.2% |
Upstart Holdings, Inc. has traded in a 97x–177x P/E range over 3 years; current trailing P/E is ~61x. KKR Group Finance Co. IX LLC 4. has traded in a 1x–5x P/E range over 3 years; current trailing P/E is ~3x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Upstart Holdings, I… (UPST) | -0.87 | 0.45 | +151.7% |
| KKR Group Finance C… (KKRS) | 0.59 | 5.26 | +791.5% |
Chart 6Free Cash Flow — 5 Years
Upstart Holdings, Inc. generated $-148M FCF in 2025 (-196% vs 2021). KKR Group Finance Co. IX LLC 4. generated $7B FCF in 2024 (+189% vs 2021).
UPST vs KKRS: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is UPST or KKRS a better buy right now?
KKR Group Finance Co. IX LLC 4. (KKRS) offers the better valuation at 3.3x trailing P/E, making it the more compelling value choice. Analysts rate Upstart Holdings, Inc. (UPST) a "Hold" — based on 22 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 KKRS?
On trailing P/E, KKR Group Finance Co. IX LLC 4. (KKRS) is the cheapest at 3.3x versus Upstart Holdings, Inc. at 60.5x.
03Which is the better long-term investment — UPST or KKRS?
Over the past 5 years, KKR Group Finance Co. IX LLC 4. (KKRS) delivered a total return of -10.7%, compared to -59.1% for Upstart Holdings, Inc. (UPST). A $10,000 investment in KKRS five years ago would be worth approximately $9K today (assuming dividends reinvested). Over 10 years, the gap is even starker: UPST returned -7.6% versus KKRS's -10.7%. 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 KKRS?
By beta (market sensitivity over 5 years), KKR Group Finance Co. IX LLC 4. (KKRS) is the lower-risk stock at 0.25β versus Upstart Holdings, Inc.'s 2.55β — meaning UPST is approximately 911% more volatile than KKRS relative to the S&P 500.
05Which has better profit margins — UPST or KKRS?
KKR Group Finance Co. IX LLC 4. (KKRS) is the more profitable company, earning 22.4% net margin versus 5.1% for Upstart Holdings, Inc. — meaning it keeps 22.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: KKRS leads at 74.2% versus 4.1% for UPST. At the gross margin level — before operating expenses — KKRS leads at 80.2%, 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.
06Which pays a better dividend — UPST or KKRS?
In this comparison, KKRS (3.7% yield) pays a dividend. UPST does not pay a meaningful dividend and should not be held primarily for income.
07Is UPST or KKRS better for a retirement portfolio?
For long-horizon retirement investors, KKR Group Finance Co. IX LLC 4. (KKRS) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.25), 3.7% yield). 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 (KKRS: -10.7%, 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.
08What are the main differences between UPST and KKRS?
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; KKRS is a mid-cap deep-value stock. KKRS 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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