Upstart Holdings, Inc. (UPST) 10-Year Financial Performance & Capital Metrics

UPST • • Banking & Credit

Financial ServicesCredit ServicesFintech Platforms & Digital LendingDigital Lending Marketplaces

AboutUpstart Holdings, Inc., together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. Its platform aggregates consumer demand for loans and connects it to its network of the company's AI-enabled bank partners. The company was founded in 2012 and is headquartered in San Mateo, California.Show more

Net Interest Income $138M +3.1%
Total Revenue $677M +23.6%
Net Income -$129M +46.5%
Return on Equity -20.27% +44.8%
Net Interest Margin 5.84% -12.2%
Efficiency Ratio 111.86% -18.1%
ROA -5.87% +51.7%
Equity / Assets 26.75% -15.1%
Book Value per Share 7.08 -6.7%
Tangible BV/Share 6.22 -6.4%
Debt/Equity 2.29 +32.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 5.8%
✓Well capitalized: 26.8% equity/assets
✓Diversified revenue: 72.5% from non-interest income

✗Weaknesses

✗High debt to equity ratio of 2.3x
✗High cost structure: 111.9% efficiency ratio
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y29.03%

3Y-7.3%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM119.15%

EPS CAGR

10Y-

5Y-

3Y-

TTM111.77%

ROCE

10Y Avg-2.48%

5Y Avg-2.96%

3Y Avg-9.8%

Latest-7.1%

Peer Comparison

Digital Lending Marketplaces

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SOFISoFi Technologies, Inc.	33.41B	26.44	67.79	27.82%	13.46%	7.29%		0.49
ANTAAntalpha Platform Holding Company	228.13M	9.64	50.71	320.96%	9.26%	3.6%		8.84
LCLendingClub Corporation	2.35B	20.36	45.24	2.25%	4.42%	7.1%		0.02
NRDSNerdWallet, Inc.	543.62M	13.25	33.97	14.71%	4.42%	18.22%	13.1%	0.02
UPSTUpstart Holdings, Inc.	4.66B	47.91	-33.27	23.6%	-18.99%	4.33%	3.98%	2.29

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	50.2M	36.83M	18.38M	17.36M	94.74M	134.1M	138.23M
NII Growth %	-	-0.27%	-0.5%	-0.06%	4.46%	0.42%	0.03%
Net Interest Margin %	-	-	-	-	-	-	-
Interest Income	76.68M	63.31M	26.41M	20.63M	105.58M	169M	186.36M
Interest Expense	26.48M	26.48M	8.03M	3.27M	10.84M	34.89M	48.13M
Loan Loss Provision	-26.48M	0	0	0	4.68M	4.71M	0
Non-Interest Income+	18.9M	125.95M	203.67M	829.25M	747.71M	378.72M	490.6M
Non-Interest Income %	-	-	-	-	-	-	-
Total Revenue+	95.58M	189.27M	230.08M	849.89M	853.29M	547.72M	676.96M
Revenue Growth %	-	0.98%	0.22%	2.69%	0%	-0.36%	0.24%
Non-Interest Expense	106.8M	167.73M	216.1M	712.88M	946.83M	748.14M	757.23M
Efficiency Ratio	-	-	-	-	-	-	-
Operating Income+	-7.97M	-4.95M	5.95M	133.73M	-109.07M	-240.03M	-128.4M
Operating Margin %	-	-	-	-	-	-	-
Operating Income Growth %	-	0.38%	2.2%	21.48%	-1.82%	-1.2%	0.47%
Pretax Income+	-11.22M	-4.95M	5.95M	133.73M	-109.07M	-240.03M	-128.4M
Pretax Margin %	-	-	-	-	-	-	-
Income Tax+	0	74K	371K	-1.71M	-409K	107K	185K
Effective Tax Rate %	-	-	-	-	-	-	-
Net Income+	-12.32M	-466K	5.98M	135.44M	-108.67M	-240.13M	-128.58M
Net Margin %	-	-	-	-	-	-	-
Net Income Growth %	-	0.96%	13.84%	21.64%	-1.8%	-1.21%	0.46%
Net Income (Continuing)	-11.22M	-5.02M	5.58M	135.44M	-108.67M	-240.13M	-128.58M
EPS (Diluted)+	-0.87	-0.03	0.23	1.43	-1.31	-2.87	-1.44
EPS Growth %	-	0.96%	8.08%	5.22%	-1.92%	-1.19%	0.5%
EPS (Basic)	-0.87	-0.03	0.27	1.73	-1.31	-2.87	-1.44
Diluted Shares Outstanding	14.13M	14.36M	26.37M	94.77M	82.77M	83.77M	89.45M

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	73.04M	50.82M	258.77M	994.99M	432.41M	377.32M	793.61M
Short Term Investments	0	0	0	0	0	0	0
Total Investments+	0	232.31M	78.46M	292.48M	1.05B	1.2B	849.42M
Investments Growth %	-	-	-0.66%	2.73%	2.6%	0.14%	-0.29%
Long-Term Investments	0	232.31M	78.46M	292.48M	1.05B	1.2B	849.42M
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-
Goodwill	0	0	0	67.06M	67.06M	67.06M	67.06M
Intangible Assets	1.4M	0	0	19.91M	15.63M	11.36M	9.43M
PP&E (Net)	102K	22.22M	28.34M	120.38M	130.5M	97.35M	82.47M
Other Assets	11.18M	40.46M	74.95M	231.83M	169.2M	187.07M	409.58M
Total Current Assets	633.22M	98.48M	295.5M	1.09B	501.99M	450.64M	948.99M
Total Non-Current Assets	12.69M	294.98M	181.75M	731.65M	1.43B	1.57B	1.42B
Total Assets+	645.91M	393.46M	477.25M	1.82B	1.94B	2.02B	2.37B
Asset Growth %	-	-0.39%	0.21%	2.81%	0.06%	0.04%	0.17%
Return on Assets (ROA)	-0.02%	-0%	0.01%	0.12%	-0.06%	-0.12%	-0.06%
Accounts Payable	2.92M	6.56M	13.78M	6.56M	18.71M	12.61M	12.38M
Total Debt+	501.23M	135.67M	82.06M	795.8M	1.09B	1.1B	1.45B
Net Debt	428.19M	84.85M	-176.71M	-199.19M	654.77M	725.42M	658.84M
Long-Term Debt	448.05M	34.01M	22.13M	647.4M	649.94M	653M	1.21B
Short-Term Debt	49.27M	84.6M	40.49M	48.03M	336.45M	387.43M	195.6M
Other Liabilities	22.79M	292.17M	56.36M	125.52M	112.39M	208.17M	166.62M
Total Current Liabilities	71.81M	111.91M	79.08M	140.09M	400.5M	458.3M	310.28M
Total Non-Current Liabilities	470.84M	343.24M	97.93M	873.28M	863.12M	923.5M	1.42B
Total Liabilities	542.65M	455.15M	177M	1.01B	1.26B	1.38B	1.73B
Total Equity+	103.25M	-61.69M	300.25M	807.08M	672.43M	635.3M	633.22M
Equity Growth %	-	-1.6%	5.87%	1.69%	-0.17%	-0.06%	-0%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-
Return on Equity (ROE)	-0.12%	-0.02%	0.05%	0.24%	-0.15%	-0.37%	-0.2%
Book Value per Share	7.31	-4.30	11.38	8.52	8.12	7.58	7.08
Tangible BV per Share	-	-	-	-	-	-	-
Common Stock	1K	2K	7K	8K	8K	9K	9K
Additional Paid-in Capital	8.41M	12.49M	369.47M	740.85M	714.87M	917.87M	1.04B
Retained Earnings	-75.08M	-75.2M	-69.22M	66.22M	-42.44M	-282.58M	-411.16M
Accumulated OCI	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0
Preferred Stock	157.92M	0	0	0	0	0	0

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	50.34M	31.58M	15.7M	168.35M	-674.68M	-160.49M	186.33M
Operating CF Growth %	-	-0.37%	-0.5%	9.73%	-5.01%	0.76%	2.16%
Net Income	-11.22M	-5.02M	5.58M	135.44M	-108.67M	-240.13M	-128.58M
Depreciation & Amortization	314K	774K	2.28M	7.54M	13.51M	24.9M	20.55M
Deferred Taxes	42.28M	0	29.05M	0	0	0	0
Other Non-Cash Items	2.98M	31.99M	-50.98M	-103.06M	-683.61M	395.34M	99.48M
Working Capital Changes	13.93M	33K	18.25M	55.24M	-21.87M	-340.6M	61.48M
Cash from Investing+	-137.24M	45.43M	136.52M	-143.88M	-114.13M	-118.45M	-237.73M
Purchase of Investments	-421.12M	0	-9.65M	-40M	-1.25M	-157.22M	-63.28M
Sale/Maturity of Investments	1000K	1000K	1000K	0	1000K	1000K	0
Net Investment Activity	-	-	-	-	-	-	-
Acquisitions	8.91M	0	-87.69M	-16.76M	-16.76M	-56.89M	0
Other Investing	-137.42M	40.68M	142.12M	-78.69M	-87.49M	4.33M	-173.6M
Cash from Financing+	135.77M	-119.19M	79.05M	855.43M	130.03M	214.27M	559.87M
Dividends Paid	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	-177.88M	0	-22K
Stock Issued	292.7M	0	159.49M	263.93M	0	178.2M	0
Net Stock Activity	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	-1000K	1000K	1000K	1000K	1000K
Other Financing	-2M	-4.48M	1.75M	-55.6M	20.02M	8.42M	-2.76M
Net Change in Cash+	48.87M	-42.17M	231.27M	879.91M	-658.77M	-64.68M	508.48M
Exchange Rate Effect	0	0	0	0	0	0	0
Cash at Beginning	73.38M	122.24M	80.07M	311.33M	1.19B	532.47M	467.79M
Cash at End	122.24M	80.07M	311.33M	1.19B	532.47M	467.79M	976.26M
Interest Paid	0	26.87M	0	3.27M	12.47M	0	43.12M
Income Taxes Paid	0	0	0	2.3M	328K	0	258K
Free Cash Flow+	49.29M	26.3M	10.09M	153.24M	-697.59M	-162.02M	185.49M
FCF Growth %	-	-0.47%	-0.62%	14.18%	-5.55%	0.77%	2.14%

Banking Ratios

Metric	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-11.93%	-2.24%	5.02%	24.46%	-14.69%	-36.72%	-20.27%
Return on Assets (ROA)	-1.91%	-0.09%	1.37%	11.79%	-5.79%	-12.15%	-5.87%
Net Interest Margin	7.77%	9.36%	3.85%	0.95%	4.89%	6.65%	5.84%
Efficiency Ratio	111.74%	88.62%	93.93%	83.88%	110.96%	136.59%	111.86%
Equity / Assets	15.99%	-15.68%	62.91%	44.33%	34.73%	31.5%	26.75%
Book Value / Share	7.31	-4.3	11.38	8.52	8.12	7.58	7.08
NII Growth	-	-26.64%	-50.09%	-5.56%	445.72%	41.55%	3.08%

Revenue by Segment

	2021	2022	2023	2024
Servicing Fees, Net	75.11M	175.03M	146.31M	133.06M
Servicing Fees, Net Growth	-	133.03%	-16.41%	-9.06%
Servicing Fees	-	-	107.01M	89.32M
Servicing Fees Growth	-	-	-	-16.53%
Borrower Fees	-	-	29.14M	26.44M
Borrower Fees Growth	-	-	-	-9.25%
Collection Agency Fees	-	-	15.87M	16.41M
Collection Agency Fees Growth	-	-	-	3.40%
Other Fees	-	-	743K	677K
Other Fees Growth	-	-	-	-8.88%
Platform And Referral Fees, Net	726.16M	732.24M	-	-
Platform And Referral Fees, Net Growth	-	0.84%	-	-

Frequently Asked Questions

Growth & Financials

Upstart Holdings, Inc. (UPST) grew revenue by 23.6% over the past year. This is strong growth.

Yes, Upstart Holdings, Inc. (UPST) is profitable, generating $32.2M in net income for fiscal year 2024 (-19.0% net margin).

Dividend & Returns

Upstart Holdings, Inc. (UPST) has a return on equity (ROE) of -20.3%. Negative ROE indicates the company is unprofitable.

Industry Metrics

Upstart Holdings, Inc. (UPST) has a net interest margin (NIM) of 5.8%. This indicates healthy earnings from lending activities.

Upstart Holdings, Inc. (UPST) has an efficiency ratio of 111.9%. This is higher than peers, suggesting room for cost optimization.

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