The company's financial position is increasingly precarious, as evidenced by a current ratio that has deteriorated to 0.84 in 2026Q1, down from 2.30 in 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 73.51M | 75.25M | 118.39M | 300.23M | 321.3M | 262.99M | 317.54M | 238.88M | 66.1M | 51.69M | 47.3M | 35.05M | 47.62M | 18.29M | 14.28M |
| Cash & Short-Term Investments | 29.78M | 29.4M | 56.43M | 236.56M | 248.65M | 189.16M | 250.03M | 175.02M | 16.74M | 22.33M | 28.76M | 18.47M | 30.99M | 4.7M | 3.89M |
| Cash Only | 29.78M | 29.4M | 56.43M | 236.56M | 248.65M | 189.16M | 250.03M | 175.02M | 16.74M | 22.33M | 28.76M | 18.47M | 30.99M | 4.7M | 3.89M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 23.62M | 31.42M | 42.85M | 45.24M | 52.91M | 55.3M | 49.03M | 56.05M | 44.53M | 26.5M | 15.25M | 13.97M | 14.56M | 11.03M | 9.49M |
| Days Sales Outstanding | 49.66 | 52.87 | 56.92 | 55.44 | 60.86 | 66.83 | 61.34 | 91.89 | 108.45 | 98.76 | 74.47 | 72.95 | 82.29 | 97.7 | 152.15 |
| Inventory | 2M | 0 | 0 | 0 | 10.96M | 0 | 5.78M | 0 | 2.63M | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 3.75 | - | - | - | 38.56 | - | 21.44 | - | 19.78 | - | - | - | - | - | - |
| Other Current Assets | 10.99M | 14.44M | 19.12M | 18.43M | 542K | 9.82M | 0 | 3.06M | 2.63M | 2.86M | 3.29M | 2.6M | 0 | 0 | 0 |
| Total Non-Current Assets | 330.24M | 337.92M | 411.13M | 569.79M | 792.16M | 766.02M | 693.68M | 657.95M | 417.99M | 229.57M | 103.29M | 87.37M | 88.15M | 76.56M | 53.53M |
| Property, Plant & Equipment | 3.22M | 3.53M | 2.88M | 4.86M | 7.55M | 9.12M | 12.9M | 11.97M | 2.83M | 2.93M | 4.36M | 6M | 3.93M | 3.94M | 1.41M |
| Fixed Asset Turnover | 55.30x | 61.47x | 95.35x | 61.27x | 42.03x | 33.11x | 22.61x | 18.59x | 53.02x | 33.46x | 17.16x | 11.65x | 16.43x | 10.45x | 16.18x |
| Goodwill | 258.28M | 259.63M | 260.98M | 353.78M | 477.04M | 457.47M | 383.6M | 346.13M | 226.21M | 154.61M | 69.1M | 47.42M | 45.15M | 33.63M | 21.09M |
| Intangible Assets | 55.36M | 62.32M | 123.9M | 182.35M | 248.85M | 279.92M | 279.98M | 282.73M | 179.57M | 70.04M | 28.51M | 31.53M | 34.75M | 34.75M | 26.39M |
| Long-Term Investments | 8.9M | 863K | 10.69M | 15.93M | 43.58M | 0 | 2.43M | 0 | -24.51M | 1.2M | 978K | 2.02M | 0 | 0 | 0 |
| Other Non-Current Assets | 12.54M | 11.58M | 12.68M | 12.88M | -46.05M | 19.5M | -30.35M | 17.11M | 9.38M | 2M | 1.32M | 2.42M | 4.32M | 4.24M | 4.64M |
| Total Assets | 402.66M | 413.18M | 529.52M | 870.02M | 1.11B | 1.03B | 1.01B | 896.83M | 484.09M | 281.26M | 150.59M | 122.41M | 135.77M | 94.85M | 67.81M |
| Asset Turnover | 0.48x | 0.52x | 0.52x | 0.34x | 0.28x | 0.29x | 0.29x | 0.25x | 0.31x | 0.35x | 0.50x | 0.57x | 0.48x | 0.43x | 0.34x |
| Asset Growth % | -100.43% | -21.97% | -39.14% | -21.86% | 8.21% | 1.76% | 12.76% | 85.26% | 72.12% | 86.77% | 23.02% | -9.83% | 43.14% | 39.88% | - |
| Total Current Liabilities | 87.23M | 93.76M | 120.42M | 130.65M | 151.21M | 156.44M | 121.42M | 129.37M | 107.65M | 75.14M | 39.7M | 34M | 45.45M | 29.56M | 25.23M |
| Accounts Payable | 2.29M | 2.14M | 9.39M | 8.14M | 14.94M | 20.36M | 5.39M | 5.9M | 3.49M | 3.89M | 1.27M | 2.55M | 2.26M | 1.28M | 1.84M |
| Days Payables Outstanding | 17.37 | 9.57 | 42.26 | 30.82 | 52.56 | 74.73 | 20 | 31.18 | 26.25 | 42.17 | 16.79 | 34.87 | 35.65 | 34.69 | 92.02 |
| Short-Term Debt | 4.13M | 7.74M | 3.22M | 3.17M | 3.14M | 3.17M | 3.17M | 3.19M | 6.01M | 2.3M | 2.19M | 1.5M | 10.96M | 5.25M | 3.8M |
| Deferred Revenue (Current) | 287.7M | 74.77M | 93.71M | 102.76M | 106.47M | 102.85M | 87.55M | 76.56M | 57.63M | 43.81M | 23.55M | 19.93M | 21.18M | 16.62M | 15.69M |
| Other Current Liabilities | 3.98M | 4.36M | 6.23M | 7.17M | 16.07M | 9.83M | 8.14M | 11.56M | 6.58M | 5.16M | 2.54M | 2.44M | 2.37M | 2.73M | 0 |
| Current Ratio | 0.84x | 0.80x | 0.98x | 2.30x | 2.12x | 1.68x | 2.62x | 1.85x | 0.61x | 0.69x | 1.19x | 1.03x | 1.05x | 0.62x | 0.57x |
| Quick Ratio | 0.82x | 0.80x | 0.98x | 2.30x | 2.05x | 1.68x | 2.57x | 1.85x | 0.59x | 0.69x | 1.19x | 1.03x | 1.05x | 0.62x | 0.57x |
| Cash Conversion Cycle | 36.04 | - | - | - | 46.86 | - | 62.78 | - | 101.98 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 237.24M | 238.71M | 304.18M | 495.44M | 541.09M | 556.27M | 583.18M | 554.6M | 288.24M | 114.7M | 51.88M | 28.14M | 18.92M | 30.63M | 19.27M |
| Long-Term Debt | 223.54M | 224.67M | 286.97M | 473.5M | 511.85M | 515.16M | 518.44M | 521.88M | 273.71M | 108.84M | 45.74M | 22.37M | 12.41M | 23.44M | 10.92M |
| Capital Lease Obligations | 8.09M | 1.97M | 762K | 1.6M | 4.95M | 6.77M | 8.39M | 5.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 30.44M | 6.72M | 11.35M | 16.02M | 18.42M | 22.79M | 24.09M | 25.68M | 13.31M | 3.26M | 3.4M | 2.82M | 3.01M | 3.08M | 4.29M |
| Other Non-Current Liabilities | 519K | 505K | 428K | 461K | 1.17M | 9.49M | 30.68M | 676K | 640K | 1.03M | 2.49M | 2.95M | 3.32M | 3.7M | 3.24M |
| Total Liabilities | 324.47M | 332.47M | 424.6M | 626.09M | 692.3M | 712.72M | 704.61M | 683.97M | 395.89M | 189.84M | 91.58M | 62.14M | 64.37M | 60.19M | 44.49M |
| Total Debt | 230.28M | 235.19M | 291.96M | 480.62M | 523.13M | 528.65M | 533.3M | 533.47M | 279.73M | 111.14M | 47.93M | 23.87M | 23.37M | 28.68M | 14.72M |
| Net Debt | 200.5M | 205.8M | 235.53M | 244.06M | 274.48M | 339.49M | 283.28M | 358.44M | 262.99M | 88.82M | 19.17M | 5.39M | -7.62M | 23.98M | 10.83M |
| Debt / Equity | 2.95x | 2.91x | 2.78x | 1.97x | 1.24x | 1.67x | 1.74x | 2.51x | 3.17x | 1.22x | 0.81x | 0.40x | 0.33x | 0.83x | 0.63x |
| Debt / EBITDA | 6.90x | 4.82x | - | - | 32.86x | 28.97x | 22.84x | 51.72x | 16.81x | 142.86x | 37.74x | - | - | 29.39x | - |
| Net Debt / EBITDA | 6.01x | 4.22x | - | - | 17.24x | 18.60x | 12.13x | 34.75x | 15.80x | 114.16x | 15.10x | - | - | 24.57x | - |
| Interest Coverage | 0.41x | -1.45x | -11.32x | -8.76x | -1.41x | -1.10x | -0.76x | -1.34x | -0.59x | -1.65x | -3.53x | -5.79x | -9.35x | -1.81x | -7.28x |
| Total Equity | 78.19M | 80.71M | 104.92M | 243.93M | 421.16M | 316.29M | 306.62M | 212.86M | 88.2M | 91.42M | 59.01M | 60.27M | 71.4M | 34.66M | 23.31M |
| Equity Growth % | -205.56% | -23.08% | -56.99% | -42.08% | 33.16% | 3.15% | 44.04% | 141.34% | -3.52% | 54.91% | -2.09% | -15.58% | 106.02% | 48.66% | - |
| Book Value per Share | 26.82 | 28.20 | 37.76 | 76.05 | 133.58 | 104.40 | 115.13 | 92.15 | 44.13 | 49.65 | 35.82 | 40.34 | 146.01 | 34.45 | 233.91 |
| Total Shareholders' Equity | 78.19M | 80.71M | 104.92M | 243.93M | 421.16M | 316.29M | 306.62M | 212.86M | 88.2M | 91.42M | 59.01M | 60.27M | 71.4M | 34.66M | 23.31M |
| Common Stock | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 2K | 2K | 2K | 2K | 2K | 0 | 104K |
| Retained Earnings | -641.74M | -640.51M | -601.6M | -488.87M | -309M | -240.59M | -182.37M | -131.05M | -84.78M | -81.13M | -62.4M | -48.89M | -35.23M | -15.11M | -4.08M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -17.31M | -15.14M | -21.99M | 6.17M | 11.11M | -11.51M | -26.23M | -1.22M | -7.5M | -2.4M | -3.15M | -3.29M | -1.72M | -773K | -104K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Eroding equity and liquidity
According to recent quarterly filings, UPLD's total assets have plummeted from $870.0 million in 2023Q4 to $402.7 million in 2026Q1, reflecting a significant contraction in the company's resource base as it struggles to maintain its operational footprint amidst persistent revenue declines and ongoing structural instability.
The consistent reduction in total assets suggests that the company is shedding value or failing to replace depreciating assets, which may indicate a long-term contraction of the business model. Investors should monitor whether this trajectory represents a strategic downsizing or an involuntary liquidation of the company's core software assets.
As reported in financial statements, UPLD's current ratio has deteriorated from 2.30 in 2023Q4 to 0.84 in 2026Q1, signaling that the company's ability to cover short-term obligations with liquid assets has become increasingly compromised as cash reserves dwindle relative to current liabilities.
A current ratio consistently below 1.0 suggests that the company may face significant challenges in meeting its near-term financial commitments without external financing or further asset divestitures. This lack of a liquidity buffer leaves the firm highly susceptible to operational shocks or unexpected increases in working capital requirements.
Based on UPLD's reported figures, goodwill accounts for approximately $258.3 million of the $402.7 million total asset base as of 2026Q1, which implies that the company's valuation is heavily reliant on intangible assets that may be subject to future impairment charges if performance continues to lag.
The high concentration of goodwill relative to total assets suggests that the company's balance sheet is sensitive to the perceived value of past acquisitions, which may no longer be generating the expected economic returns. This reliance on intangibles warrants further investigation into the potential for significant write-downs that could further erode the company's equity position.
As indicated by the provided data, UPLD's equity has declined from $243.9 million in 2023Q4 to $78.2 million in 2026Q1, a trend driven by the accumulation of massive retained earnings deficits that now total over $641 million, signaling a profound erosion of shareholder value over time.
The persistent growth of the retained earnings deficit suggests that the company has been unable to generate consistent profitability, effectively consuming its equity base to fund operations. Investors should consider the implications of this capital depletion on the company's long-term solvency and its ability to sustain operations without further dilutive financing.
Quick answers to the most common questions about buying UPLD stock.
As of 2025, Upland Software, Inc. (UPLD) had total assets of $413.2M including $75.3M in current assets.
Upland Software, Inc. (UPLD) carries total debt of $235.2M, offset by $29.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Upland Software, Inc. (UPLD) has total shareholders' equity (book value) of $80.7M ($28.20 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Upland Software, Inc. (UPLD) reported a current ratio of 0.80x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.