Upstart Holdings, Inc. (UPST) Financial Ratios
8 years of historical data (2018–2025) · Financial Services · Financial - Credit Services
EV/EBITDA
↓
49.74
↓-43% vs avg
5yr avg: 87.27
30Y Low74.4·High74.4
P/FCF
↓
N/A
—
5yr avg: 62.40
30Y Low31.2·High106.5
P/B Ratio
↓
3.86
↓-51% vs avg
5yr avg: 7.87
30Y Low1.6·High17.8
ROE
↓
7.5%
↓+194% vs avg
5yr avg: -7.9%
30Y Low-37%·High24%
Debt/EBITDA
↑
23.37
↑+61% vs avg
5yr avg: 14.50
30Y Low5.6·High23.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
UPST Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Upstart Holdings, Inc. trades at 63.7x earnings, 37% below its 5-year average of 101.5x, sitting at the 0th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.4x, the stock trades at a premium of 376%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $4.7B | $5.5B | $3.4B | $1.1B | $14.3B | $1.1B | — | — |
| Enterprise Value | $3.9B | $5.9B | $6.2B | $4.1B | $1.7B | $14.1B | $898M | — | — |
| P/E Ratio → | 63.73 | 97.18 | — | — | — | 105.80 | 177.17 | — | — |
| P/S Ratio | 2.55 | 4.37 | 8.14 | 6.25 | 1.28 | 16.87 | 4.67 | — | — |
| P/B Ratio | 3.86 | 5.88 | 8.70 | 5.39 | 1.63 | 17.77 | 3.58 | — | — |
| P/FCF | — | — | 31.23 | — | — | 93.57 | 106.49 | — | — |
| P/OCF | — | — | 29.56 | — | — | 85.17 | 68.47 | — | — |
P/E links to full P/E history page with 30-year chart
UPST EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Upstart Holdings, Inc.'s enterprise value stands at 49.7x EBITDA, 43% below its 5-year average of 87.3x. The Financial Services sector median is 11.5x, placing the stock at a 334% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.48 | 9.11 | 7.57 | 2.05 | 16.64 | 3.90 | — | — |
| EV / EBITDA | 49.74 | 74.45 | — | — | — | 100.09 | 109.14 | — | — |
| EV / EBIT | 72.48 | 108.48 | — | — | — | 105.73 | 150.93 | — | — |
| EV / FCF | — | — | 34.97 | — | — | 92.27 | 88.98 | — | — |
UPST Profitability
Margins and return-on-capital ratios measuring operating efficiency
Upstart Holdings, Inc. earns an operating margin of 5.1%, below the Financial Services sector average of 21.4%. Operating margins have expanded from -43.8% to 5.1% over the past 3 years, signaling improving operational efficiency. ROE of 7.5% is modest, trailing the sector median of 9.5%. ROIC of 1.7% represents below-average returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 95.2% | 95.2% | 92.9% | 92.8% | 98.2% | 99.6% | 96.5% | 86.0% | 100.0% |
| Operating Margin | 5.1% | 5.1% | -19.0% | -43.8% | -12.8% | 15.7% | 2.6% | -2.6% | -8.3% |
| Net Profit Margin | 5.0% | 5.0% | -19.0% | -43.8% | -12.7% | 15.9% | 2.6% | -0.2% | -12.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.5% | 7.5% | -20.3% | -36.7% | -14.7% | 24.5% | 5.0% | -2.2% | -11.9% |
| ROA | 2.0% | 2.0% | -5.9% | -12.1% | -5.8% | 11.8% | 1.4% | -0.1% | -1.9% |
| ROIC | 1.7% | 1.7% | -5.0% | -10.3% | -4.9% | 10.1% | 2.0% | -1.1% | — |
| ROCE | 2.4% | 2.4% | -7.4% | -15.5% | -6.8% | 12.9% | 1.8% | -1.2% | -1.4% |
UPST Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Upstart Holdings, Inc. carries a Debt/EBITDA ratio of 23.4x, which is highly leveraged (467% above the sector average of 4.1x). Net debt stands at $1.2B ($1.9B total debt minus $657M cash). Interest coverage of just 1.1x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.32 | 2.32 | 2.29 | 1.74 | 1.62 | 0.99 | 0.27 | — | 4.85 |
| Debt / EBITDA | 23.37 | 23.37 | — | — | — | 5.63 | 9.97 | — | — |
| Net Debt / Equity | — | 1.49 | 1.04 | 1.14 | 0.97 | -0.25 | -0.59 | — | 4.15 |
| Net Debt / EBITDA | 15.07 | 15.07 | — | — | — | -1.41 | -21.48 | — | — |
| Debt / FCF | — | — | 3.74 | — | — | -1.30 | -17.51 | 3.23 | 8.69 |
| Interest Coverage | 1.05 | 1.05 | -2.67 | -6.06 | -7.02 | 40.85 | 0.74 | -0.19 | 0.70 |
UPST Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Upstart Holdings, Inc.'s current ratio of 2.99x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 0.98x to 2.99x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.99 | 2.99 | 2.36 | 0.98 | 1.25 | 7.77 | 3.74 | 0.88 | 8.82 |
| Quick Ratio | 2.99 | 2.99 | 2.36 | 0.98 | 1.25 | 7.77 | 3.74 | 0.88 | 8.82 |
| Cash Ratio | 1.64 | 1.64 | 1.73 | 0.82 | 1.08 | 7.10 | 3.27 | 0.45 | 1.02 |
| Asset Turnover | — | 0.36 | 0.29 | 0.27 | 0.44 | 0.47 | 0.48 | 0.48 | 0.15 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — |
UPST Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Upstart Holdings, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 1.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 1.0% | — | — | — | 0.9% | 0.6% | — | — |
| FCF Yield | — | — | 3.2% | — | — | 1.1% | 0.9% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 16.3% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 16.3% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $107M | $89M | $84M | $83M | $95M | $26M | $14M | $14M |
Peer Comparison
Compare UPST with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 UPSTYou | $3B | 63.7 | 49.7 | — | 95.2% | 5.1% | 7.5% | 1.7% | 23.4 |
 LC | $2B | 14.8 | 2.7 | — | 64.7% | 25.0% | 9.5% | 17.3% | 0.0 |
 SOFI | $21B | 41.8 | 23.3 | — | 75.1% | 11.0% | 5.7% | 3.6% | 2.4 |
 AFRM | $22B | 437.2 | 205.7 | 36.3 | 67.5% | -2.7% | 1.8% | -0.7% | 57.0 |
 OPRT | $259M | 11.0 | 34.7 | 0.7 | 63.7% | 6.9% | 6.8% | 1.0% | 32.9 |
 LPRO | $202M | -47.9 | 13.5 | — | 75.5% | 6.4% | -5.5% | 2.3% | 10.5 |
 TREE | $550M | 3.7 | 8.7 | 9.1 | 94.3% | 7.3% | 76.5% | 9.0% | 4.2 |
 ENVA | $4B | 14.9 | 11.3 | 2.4 | 50.1% | 23.5% | 24.3% | 10.4% | 5.8 |
 OMF | $7B | 8.5 | 22.0 | 2.1 | 47.6% | 16.0% | 23.8% | 3.0% | 17.6 |
 ALLY | $14B | 18.7 | 12.9 | — | 52.0% | 8.6% | 5.8% | 2.2% | 11.1 |
 COF | $120B | 48.0 | 15.0 | 4.6 | 47.3% | 3.3% | 2.8% | 1.3% | 6.8 |
| Financial Services Median | — | 13.4 | 11.5 | 10.7 | 62.9% | 21.4% | 9.5% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonUPST — Frequently Asked Questions
Quick answers to the most common questions about buying UPST stock.
What is Upstart Holdings, Inc.'s P/E ratio?
Upstart Holdings, Inc.'s current P/E ratio is 63.7x. The historical average is 126.7x.
What is Upstart Holdings, Inc.'s EV/EBITDA?
Upstart Holdings, Inc.'s current EV/EBITDA is 49.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 74.4x.
What is Upstart Holdings, Inc.'s ROE?
Upstart Holdings, Inc.'s return on equity (ROE) is 7.5%. The historical average is -6.1%.
Is UPST stock overvalued?
Based on historical data, Upstart Holdings, Inc. is trading at a P/E of 63.7x. Compare with industry peers and growth rates for a complete picture.
What are Upstart Holdings, Inc.'s profit margins?
Upstart Holdings, Inc. has 95.2% gross margin and 5.1% operating margin.
How much debt does Upstart Holdings, Inc. have?
Upstart Holdings, Inc.'s Debt/EBITDA ratio is 23.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.