8 years of historical data (2018–2025) · Financial Services · Financial - Credit Services
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Upstart Holdings, Inc. trades at 60.5x earnings, 40% 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 13.8x, the stock trades at a premium of 339%.
| 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 | $2.0B | $4.0B | $6.2B | $4.1B | $1.7B | $14.1B | $898M | — | — |
| P/E Ratio → | 60.51 | 97.18 | — | — | — | 105.80 | 177.17 | — | — |
| P/S Ratio | 2.56 | 4.50 | 8.14 | 6.25 | 1.28 | 16.87 | 4.67 | — | — |
| P/B Ratio | 3.66 | 5.88 | 8.70 | 5.39 | 1.63 | 17.77 | 3.58 | — | — |
| P/FCF | — | — | 29.69 | — | — | 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
Upstart Holdings, Inc.'s enterprise value stands at 47.3x EBITDA, 51% below its 5-year average of 97.5x. The Financial Services sector median is 11.1x, placing the stock at a 326% 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 | — | 3.88 | 9.11 | 7.57 | 2.05 | 16.64 | 3.90 | — | — |
| EV / EBITDA | 47.31 | 94.96 | — | — | — | 100.09 | 109.14 | — | — |
| EV / EBIT | 47.31 | — | — | — | — | 105.73 | 150.93 | — | — |
| EV / FCF | — | — | 33.24 | — | — | 92.27 | 88.98 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Upstart Holdings, Inc. earns an operating margin of 4.1%, below the Financial Services sector average of 21.9%. Operating margins have expanded from -43.8% to 4.1% over the past 3 years, signaling improving operational efficiency. ROE of 7.5% is modest, trailing the sector median of 9.1%. ROIC of 2.2% represents below-average returns on invested capital versus a sector median of 5.4%.
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 | — | — | 92.9% | 92.8% | 98.2% | 99.6% | 96.5% | 86.0% | 100.0% |
| Operating Margin | 4.1% | 4.1% | -19.0% | -43.8% | -12.8% | 15.7% | 2.6% | -2.6% | -8.3% |
| Net Profit Margin | 5.1% | 5.1% | -19.0% | -43.8% | -12.7% | 15.9% | 2.6% | -0.2% | -12.9% |
| 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 | 2.2% | 2.2% | -5.0% | -10.3% | -4.9% | 10.1% | 2.0% | -1.1% | — |
| ROCE | 1.6% | 1.6% | -7.1% | -15.5% | -6.8% | 12.9% | 1.8% | -1.2% | -1.4% |
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $652M exceeds total debt of $0, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 2.29 | 1.74 | 1.62 | 0.99 | 0.27 | — | 4.85 |
| Debt / EBITDA | — | — | — | — | — | 5.63 | 9.97 | — | — |
| Net Debt / Equity | — | -0.82 | 1.04 | 1.14 | 0.97 | -0.25 | -0.59 | — | 4.15 |
| Net Debt / EBITDA | -15.30 | -15.30 | — | — | — | -1.41 | -21.48 | — | — |
| Debt / FCF | — | — | 3.55 | — | — | -1.30 | -17.51 | 3.23 | 8.69 |
| Interest Coverage | — | — | -2.67 | -6.88 | -10.06 | 40.85 | 0.74 | -0.19 | -0.30 |
Net cash position: cash ($652M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
The current ratio has improved from 0.98x to 3.06x 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 | — | — | 3.06 | 0.98 | 1.25 | 7.77 | 3.74 | 0.88 | 8.82 |
| Quick Ratio | — | — | 3.06 | 0.98 | 1.25 | 7.77 | 3.74 | 0.88 | 8.82 |
| Cash Ratio | 2.56 | — | 2.56 | 0.82 | 1.08 | 7.10 | 3.27 | 0.45 | 1.02 |
| Asset Turnover | — | 0.35 | 0.29 | 0.27 | 0.44 | 0.47 | 0.48 | 0.48 | 0.15 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — |
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 1.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | 1.7% | 1.0% | — | — | — | 0.9% | 0.6% | — | — |
| FCF Yield | — | — | 3.4% | — | — | 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 |
Compare UPST with 8 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 | 60.5 | 47.3 | — | — | 4.1% | 7.5% | 2.2% | — |
| KKRS | $16B | 3.3 | 1.0 | 2.4 | 80.2% | 74.2% | 27.6% | 28.7% | — |
| CGABL | $6B | 6.4 | 3.3 | 6.3 | 50.1% | 25.2% | 15.2% | 15.3% | — |
| AGM | $1B | 9.5 | — | 18.4 | — | — | 11.4% | — | — |
| YRD | $673M | 0.7 | 0.5 | 3.3 | 84.8% | 28.4% | 18.0% | 14.0% | 0.0 |
| NRDS | $344M | 17.0 | 3.8 | 2.6 | 92.4% | 7.8% | 13.2% | 13.1% | — |
| PT | $48M | -0.2 | — | — | 63.5% | -40.1% | — | — | — |
| SNTG | $5M | -2.7 | — | — | 92.5% | -1615.2% | -17.9% | -11.3% | — |
| FOA | $232 | 16.4 | 350.7 | — | 13.9% | 2.2% | 5.3% | 0.1% | 351.3 |
| Financial Services Median | — | 13.8 | 11.1 | 11.2 | 60.2% | 21.9% | 9.1% | 5.4% | 4.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 8 years · Updated daily
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Start ComparisonUpstart Holdings, Inc.'s current P/E ratio is 60.5x. The historical average is 126.7x.
Upstart Holdings, Inc.'s current EV/EBITDA is 47.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 95.0x.
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 60.5x. Compare with industry peers and growth rates for a complete picture.
Upstart Holdings, Inc. has 4.1% operating margin.