Latest Ratios: P/E Ratio 42.2x · EV/EBITDA 31.6x · ROE 7.5%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.1B | $4.7B | $5.5B | $3.4B | $1.1B | $14.3B | $1.1B | — | — |
| Enterprise Value | $3.3B | $5.9B | $6.2B | $4.1B | $1.7B | $14.1B | $898M | — | — |
| P/E Ratio → | 42.17 | 97.18 | — | — | — | 105.80 | 177.17 | — | — |
| P/S Ratio | 1.59 | 4.59 | 8.76 | 6.74 | 1.31 | 16.94 | 4.84 | — | — |
| P/B Ratio | 2.95 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.76 | 9.81 | 8.16 | 2.09 | 16.70 | 4.04 | — | — |
| EV / EBITDA | 31.56 | 74.45 | — | — | — | 100.09 | 109.14 | — | — |
| EV / EBIT | 60.52 | 108.48 | — | — | — | 105.73 | 150.93 | — | — |
| EV / FCF | — | — | 34.97 | — | — | 92.27 | 88.98 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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 | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 138.3% |
| Operating Margin | 5.3% | 5.3% | -20.4% | -47.2% | -13.0% | 15.8% | 2.7% | -3.0% | -11.5% |
| Net Profit Margin | 5.2% | 5.2% | -20.4% | -47.3% | -13.0% | 16.0% | 2.7% | -0.3% | -17.8% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | 0.34 | 0.27 | 0.25 | 0.43 | 0.47 | 0.47 | 0.41 | 0.11 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 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 |
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying UPST stock.
Upstart Holdings, Inc.'s current P/E ratio is 42.2x. The historical average is 126.7x.
Upstart Holdings, Inc.'s current EV/EBITDA is 31.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 74.4x.
Upstart Holdings, Inc.'s return on equity (ROE) is 7.5%. The historical average is -6.1%.
Based on historical data, Upstart Holdings, Inc. is trading at a P/E of 42.2x. Compare with industry peers and growth rates for a complete picture.
Upstart Holdings, Inc. has 100.0% gross margin and 5.3% operating margin.
Upstart Holdings, Inc.'s Debt/EBITDA ratio is 23.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Fee-dependent earnings volatility
Metrics are mathematically derived from official filings.
Premium Multiple on Thin Returns
Based on reported figures, UPST trades at 2.95x book and 7.08x price-to-book in the latest quarter while trailing ROE sits at 4.3%, a gap that implies the market is pricing a recovery in returns rather than current earnings power.
A P/B near 3x for a bank-style balance sheet earning single-digit ROE is a premium relative to typical lenders, suggesting investors are capitalizing a fee-driven franchise rather than spread income. The reported P/E of 48.6x and forward P/E of 40.1x similarly embed expectations that fee volumes persist and profitability normalizes. Investors should monitor whether ROTCE can sustain high single-digit levels, since the multiple leaves little margin for error if returns stall.
ROE Driven by Fees, Not Spread
According to recent SEC filings, UPST's ROE of 4.3% in 2026Q3 reflects a fee ratio above 100% and a net interest margin of negative 0.4%, meaning the DuPont return rests almost entirely on non-interest income.
Decomposing ROE through the bank framework, the net interest margin contribution has turned negative while the fee contribution exceeds total revenue, so leverage of roughly 0.27 equity-to-assets is amplifying a fee-based return rather than a spread-based one. The ROA of 1.1% in the latest quarter is positive only because fee income is offsetting negative spread. This composition may be less durable than a conventional deposit-funded return profile.
Negative Spread Against Improving Efficiency
Based on Upstart's reported figures, the net interest margin fell from 1.7% in 2025Q3 to negative 0.4% in 2026Q3, while the efficiency ratio improved from 142.7% in 2024Q2 to 90.3%, indicating cost control has not fully offset spread compression.
The efficiency ratio improvement is meaningful, but at 90% it remains high by bank standards and reflects heavy non-interest expense relative to revenue. Because the NIM has reversed sign, operating leverage is working against the institution on the spread side, which may indicate funding or asset yield pressure. Investors should monitor whether the efficiency trend continues as fee volumes fluctuate.
Equity Ratio Without Regulatory Confirmation
As reported in financial statements, equity to assets of roughly 0.27 in 2026Q3 provides a directional cushion, though CET1 and Tier 1 ratios are unavailable in the supplied data, so regulatory capacity cannot be verified.
The equity-to-assets ratio has held in a 0.25 to 0.33 range over ten quarters, which suggests a meaningful but not conclusive capital buffer. Without CET1 or total capital ratios, capacity for capital return cannot be benchmarked against regulatory minimums. Data on these ratios is unavailable, and no conclusion should be drawn about regulatory headroom from the supplied figures.
Lagging Peers on Return Quality
Based on UPST's reported figures, the 4.3% ROE trails LendingClub's 12.9% and sits near SoFi's 6.2%, while the 2.95x P/B is well below Affirm's 7.57x, placing UPST in a middle valuation band with weaker return quality than the closest peers.
Relative to LendingClub, which pairs a 1.58x P/B with a 12.9% ROE, UPST's premium multiple is difficult to justify on current returns, suggesting the market is pricing a cyclical recovery rather than structural advantage. Affirm's higher ROE of 47.9% is inflated by a 1.6% net margin and a 2.56 debt-to-equity figure, so it is not a clean comparator. The gap versus LendingClub appears more structural than cyclical given the sign of UPST's spread income.
Efficiency Ratio Overstates Earnings Quality
The most misapplied metric here is the fee ratio, which exceeds 100% and may be read as a sign of diversification, but it obscures that reported net income of $36.6M in 2026Q3 rests on $383.4M of fee income against negative net interest income.
Treating a fee ratio above 100% as evidence of a strong franchise can mask that earnings depend on volatile transaction volumes rather than recurring spread income. An alternative approach is to normalize earnings by stressing fee income to a lower-volume scenario and recomputing ROE and efficiency. Investors should monitor fee stability before accepting current profitability as a base case.