Last 23 quarters of trend data · Financial Services · Financial - Credit Services
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Upstart Holdings, Inc.'s quarterly P/E stands at 55.2x.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 60.51 | 55.22 | 296.70 | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 2.56 | 4.87 | 6.46 | 4.92 | 6.27 | 5.21 | 3.75 | 4.22 | 6.23 | 4.18 | 5.31 | 2.96 | 1.85 |
| — | -6.5% | +72.4% | +16.5% | +0.6% | +24.6% | -29.4% | +42.9% | +236.4% | +57.9% | +84.8% | -64.7% | -84.9% | |
| P/B Ratio | 3.66 | 7.49 | 9.21 | 6.41 | 8.96 | 6.05 | 3.51 | 3.82 | 5.50 | 3.76 | 4.66 | 2.08 | 1.62 |
| — | +23.8% | +162.7% | +67.9% | +62.9% | +61.0% | -24.8% | +84.0% | +240.4% | +59.1% | +33.2% | -82.5% | -91.3% | |
| P/FCF | — | — | — | — | — | 5.03 | 7.99 | 13.40 | — | — | 4.64 | — | — |
| — | — | — | — | — | — | +72.2% | — | — | — | — | — | — | |
| EV / EBITDA | 47.31 | 58.52 | 185.95 | 321.20 | 770.56 | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | 47.31 | 53.72 | 341.42 | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Upstart Holdings, Inc.'s operating margin was 8.3% in Q3 2025, up 6.5 pp QoQ and up 12.2 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 1.9% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin contracted 11.9% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | 82.6% | 97.7% | 96.8% | 93.3% | 93.7% | 91.8% | 92.3% | 93.5% | 93.5% | 96.9% | 93.5% | 96.9% |
| — | -11.9% | +6.5% | +4.9% | -0.2% | +0.3% | -5.4% | -1.3% | -3.5% | -4.7% | -2.1% | -6.2% | -2.9% | |
| Operating Margin | 4.1% | 8.3% | 1.8% | -1.1% | -1.2% | -3.9% | -39.1% | -46.6% | -33.9% | -28.0% | -20.1% | -117.4% | -38.0% |
| — | +313.3% | +104.5% | +97.6% | +96.6% | +86.1% | -94.8% | +60.3% | +10.9% | +20.2% | -55.2% | -1216.8% | -294.9% | |
| Net Margin | 5.1% | 11.1% | 2.2% | -1.1% | -1.2% | -3.9% | -39.2% | -46.6% | -30.2% | -28.0% | -20.1% | -117.4% | -37.7% |
| — | +384.7% | +105.6% | +97.6% | +96.0% | +86.0% | -94.7% | +60.3% | +19.8% | +20.2% | -55.2% | -1217.6% | -294.3% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.5% | 4.3% | 0.8% | -0.4% | -0.4% | -1.1% | -9.0% | -10.4% | -6.6% | -6.3% | -4.5% | -19.9% | -7.9% |
| — | +482.2% | +108.9% | +96.4% | +93.3% | +82.0% | -102.7% | +48.0% | +16.4% | +17.3% | -21.7% | -612.2% | -202.9% | |
| ROA | 2.0% | 1.2% | 0.2% | -0.1% | -0.1% | -0.4% | -2.9% | -3.3% | -2.1% | -2.1% | -1.6% | -6.9% | -2.9% |
| — | +417.3% | +108.1% | +96.8% | +93.7% | +82.6% | -85.0% | +52.4% | +26.5% | +27.0% | -2.7% | -500.7% | -183.4% | |
| ROIC | 2.2% | 0.7% | 0.2% | -0.1% | -0.1% | -0.3% | -2.5% | -2.8% | -2.1% | -1.8% | -1.2% | -5.6% | -2.4% |
| — | +326.1% | +106.4% | +96.9% | +94.7% | +81.7% | -102.5% | +49.0% | +14.2% | +27.3% | +3.8% | -479.4% | -181.8% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Upstart Holdings, Inc.'s Debt/EBITDA ratio is 63.6x, down from 141.8x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 54.4% YoY to 3.32x, strengthening the short-term liquidity position.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | 2.55 | 2.04 | 2.04 | 2.29 | 1.58 | 1.63 | 1.74 | 1.74 | 1.71 | 1.61 | 1.75 | 1.62 |
| — | +61.4% | +25.1% | +17.6% | +32.1% | -7.7% | +1.3% | -0.9% | +7.4% | +20.8% | +27.4% | +76.8% | +64.0% | |
| Debt / EBITDA | — | 63.64 | 141.77 | 347.05 | 706.79 | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | — | 3.32 | 2.17 | 4.06 | 3.06 | 2.15 | 1.45 | 0.97 | 0.98 | 1.48 | 1.61 | 1.20 | 1.25 |
| — | +54.4% | +49.4% | +319.9% | +211.0% | +45.4% | -10.1% | -19.4% | -21.6% | -36.5% | -47.4% | -71.6% | -83.9% | |
| Quick Ratio | — | 3.32 | 2.17 | 4.06 | 3.06 | 2.15 | 1.45 | 0.97 | 0.98 | 1.48 | 1.61 | 1.20 | 1.25 |
| — | +54.4% | +49.4% | +319.9% | +211.0% | +45.4% | -10.1% | -19.4% | -21.6% | -36.5% | -47.4% | -71.6% | -83.9% | |
| Interest Coverage | — | 2.69 | 0.58 | -0.34 | -0.17 | -0.62 | -4.75 | -6.03 | -3.38 | -4.28 | -6.57 | -18.12 | -12.33 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 23 years · Updated daily
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Start ComparisonUpstart Holdings, Inc.'s current P/E is 60.5x. The average P/E over the last 2 quarters is 176.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Upstart Holdings, Inc.'s current operating margin is 4.1%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Upstart Holdings, Inc.'s business trajectory between earnings reports.