Latest Ratios: P/E Ratio 57.7x · EV/EBITDA 46.5x · 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 | $2.5B | $4.7B | $5.5B | $3.4B | $1.1B | $14.3B | $1.1B | — | — |
| Enterprise Value | $3.7B | $5.9B | $6.2B | $4.1B | $1.7B | $14.1B | $898M | — | — |
| P/E Ratio → | 57.71 | 97.18 | — | — | — | 105.80 | 177.17 | — | — |
| P/S Ratio | 2.43 | 4.59 | 8.76 | 6.74 | 1.31 | 16.94 | 4.84 | — | — |
| P/B Ratio | 3.49 | 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 | 46.47 | 74.45 | — | — | — | 100.09 | 109.14 | — | — |
| EV / EBIT | 67.71 | 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 | 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% |
| 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 | — | 0.36 | 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
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 | — | — | 3.2% | — | — | 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
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying UPST stock.
Upstart Holdings, Inc.'s current P/E ratio is 57.7x. The historical average is 126.7x.
Upstart Holdings, Inc.'s current EV/EBITDA is 46.5x. 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 57.7x. Compare with industry peers and growth rates for a complete picture.
Upstart Holdings, Inc. has 95.2% gross margin and 5.1% 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
Provision volatility and fee concentration
Metrics are mathematically derived from official filings.
Premium Multiple on Turnaround Hopes
UPST trades at 4.09x book and 67.6x trailing earnings, per recent filings, implying the market prices in a sustained recovery in profitability and growth beyond current levels.
The P/B of 4.09 is well above the peer average of roughly 2.5x, suggesting investors are paying for a franchise that can generate high returns on equity. However, with ROE at just 2.2% in 2026Q2, the market is pricing in a significant improvement in profitability. The forward P/E of 42.97 indicates that earnings are expected to grow substantially, but the PEG of 4.71 suggests that growth may already be fully reflected in the price.
Fee-Driven ROE Recovery
ROE swung from -10.4% in 2024Q1 to 2.2% in 2026Q2, as reported in financial statements, driven by a surge in fee income to 82.3% of revenue, though leverage remains thin.
The DuPont decomposition shows that ROE is primarily driven by non-interest income, which now constitutes over 80% of revenue, while net interest margin remains low at 1.2%. The equity-to-assets ratio of 0.25 indicates high leverage, which amplifies returns but also increases risk. The recent provision spike of $245M in 2026Q2 highlights the fragility of earnings quality, as fee income may be volatile and provisions can quickly erode profitability.
NIM Recovery but Efficiency Strained
Net interest margin recovered to 1.2% in 2026Q2 from 0.4% in 2026Q1, per company filings, but efficiency ratio remains elevated at 84.5%, indicating ongoing cost pressures.
The NIM improvement suggests that asset yields are stabilizing, but the efficiency ratio, which has been above 80% for most of the past two years, indicates that operating expenses are consuming a large portion of revenue. The spike to 100.5% in 2026Q1 shows that the bank has not achieved consistent operating leverage. Fee income, which is less capital-intensive, may help improve efficiency, but it also introduces revenue volatility.
Thin Capital Buffer Under Leverage
Equity-to-assets ratio declined to 0.25 in 2026Q2 from 0.27 in 2025Q4, as per financial statements, indicating increased leverage to fund asset growth, which may constrain capital return capacity.
With a tangible book value per share of $6.66, the bank's capital base is relatively thin compared to its asset growth. The increase in leverage, combined with a $245M provision in 2026Q2, suggests that capital adequacy could be under pressure if credit losses materialize. The bank's ability to return capital to shareholders, such as through buybacks, may be limited by the need to maintain regulatory capital ratios.
Provision Spike Signals Credit Risk
Loan loss provisions surged to $245M in 2026Q2 from $16.2M in 2026Q1, according to SEC filings, indicating a sharp reassessment of credit risk and potential deterioration in asset quality.
The 15-fold increase in provisions suggests that the bank is building reserves in anticipation of higher charge-offs, possibly due to a weakening consumer credit environment. The provision coverage ratio, while not directly provided, appears to be increasing, but the adequacy of reserves remains uncertain. Investors should monitor charge-off trends and the ratio of non-performing loans to total loans to assess whether the provision build is sufficient.
P/E Misleads on Earnings Quality
The P/E ratio of 67.6 is misleading for UPST because earnings are heavily influenced by volatile fee income and provisions, as reported in financial statements, obscuring underlying profitability.
For banks, P/E can be distorted by provision volatility and one-time items. In UPST's case, the 2026Q2 net income of $16.5M was driven by a surge in non-interest income, while the $245M provision was a significant drag. A more appropriate metric is P/TBV, which at 4.57x (based on price of $30.43 and tangible book value of $6.66) still indicates a premium valuation. Investors should also consider ROTCE, which adjusts for intangible assets, to better assess the bank's ability to generate returns on tangible capital.