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Upstart Holdings, Inc.

UPSTCIK 0001647639

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Compare UPST

Operating performance

5 years of operating performance (2021 - 2025)

Revenue, profitability, and free cash flow are shown together so you can see scale, margin conversion, and cash generation on one screen.

Income statement Cash flow

Five-year trend

Revenue
Operating Income
Free Cash Flow

Revenue

+64.0% YoY

$1B

FY 2025+64.0%

Open

Operating Income

+124.7% YoY

$42.6M

FY 2025+124.7%

Open

Compound growth

Annualised change across the filed history.

Revenue CAGR 5Y

34.9%

Operating Income CAGR 3Y

-25.8%

Directional read

Filing-backed read on scale, margins, and cash flow.

Revenue compounded up 34.9% annually over the last five fiscal years.
Net margin expanded 25.3 pts versus the prior fiscal year.
Free cash flow was positive in 2 of the last 5 reported fiscal years.

Operating performance

5 years of operating performance (2021 - 2025)

Revenue, profitability, and free cash flow are shown together so you can see scale, margin conversion, and cash generation on one screen.

Income statement Cash flow

Five-year trend

Revenue
Operating Income
Free Cash Flow

Revenue

+64.0% YoY

$1B

FY 2025+64.0%

Open

Operating Income

+124.7% YoY

$42.6M

FY 2025+124.7%

Open

Compound growth

Annualised change across the filed history.

Revenue CAGR 5Y

34.9%

Operating Income CAGR 3Y

-25.8%

Directional read

Filing-backed read on scale, margins, and cash flow.

Revenue compounded up 34.9% annually over the last five fiscal years.
Net margin expanded 25.3 pts versus the prior fiscal year.
Free cash flow was positive in 2 of the last 5 reported fiscal years.

Valuation snapshot

Where the price sits against the anchors

A target is published only when both the filing-backed DCF and the peer fair value clear the confidence gate.

Current price

—

Market cap —

Fair value estimate

Withheld

Peer breadth and filing-backed DCF both failed the evidence gate.

Implied upside

—

Peers: 5 usable peers from 5 saved peers with 0 active peer methods. Need at least 2 usable SEC-backed peers for fallback target coverage. DCF: Latest annual free cash flow must be positive to qualify the filing-backed baseline.

Evidence coverage

Low · 20%

This score describes input coverage, not the probability that a valuation or investment return will be correct.

Live or stored price is available — not met
Peer valuation meets at least fallback breadth — not met
Filing-backed DCF qualifies — not met
EV bridge inputs are complete — not met
Five years of annual FCF history exist — met

Evidence gate detail

Peer breadth and filing-backed DCF both failed the evidence gate.

Active DCF policy

Policy

Filing-Backed v2

Basis

Operating cash flow less capex (firm-value proxy)

Diluted shares

Bridge

Net debt + securities

Audit valuation details

Market context

Current price and fair-value anchors

Market price unavailable

Current vs Fair Value

Current price stacked against the same public-equity anchors shown in the confidence-gated hero.

How to read this

Only the peer fair value and the filing-backed DCF feed this section.
When both qualify, the confidence-gated target appears alongside them as the published overview read.
Open the math breakdown on any anchor for the underlying bridge.

Capital structure

Cash, debt, and carrying capacity

The overview keeps the capital structure bridge close to the cash-generation picture so fair value can be read in equity terms.

UPST enterprise value

Balance sheet

FY 2025 · filed Feb 10, 2026

Cash & Securities

Cash, cash equivalents, and marketable securities.

$652.4M

Total Debt

Current and long-term debt.

—

Net Cash / Debt

Cash and securities less total debt.

—

Equity

Reported stockholders' equity.

Peer context

Saved comparables and what they imply

The overview keeps peer evidence concise here and sends detailed bridging to the relative-valuation tab.

Open relative valuation

Peer fair value

—

Per-share fair value from the weighted peer set.

Average P/E

—

Price to earnings across covered peers.

Average P/S

—

Price to sales across covered peers.

Intrinsic context

DCF range and implied growth

The overview surfaces the baseline intrinsic read and the reverse-DCF question, then sends the deeper workbench to the intrinsic tab.

Open intrinsic valuation

Latest annual free cash flow must be positive to qualify the filing-backed baseline.

Company profile

Filing and research context

Identifiers, classification, and listing detail behind every figure on this page.

Ticker: UPST
CIK: 0001647639
Industry: —
SIC description: Finance Services
Exchange: Nasdaq
Fiscal year end: Dec 31
State / jurisdiction

Valuation snapshot

Where the price sits against the anchors

A target is published only when both the filing-backed DCF and the peer fair value clear the confidence gate.

Current price

—

Market cap —

Fair value estimate

Withheld

Peer breadth and filing-backed DCF both failed the evidence gate.

Implied upside

—

Evidence coverage

Low · 20%

This score describes input coverage, not the probability that a valuation or investment return will be correct.

Live or stored price is available — not met
Peer valuation meets at least fallback breadth — not met
Filing-backed DCF qualifies — not met
EV bridge inputs are complete — not met
Five years of annual FCF history exist — met

Evidence gate detail

Peer breadth and filing-backed DCF both failed the evidence gate.

Active DCF policy

Policy

Filing-Backed v2

Basis

Operating cash flow less capex (firm-value proxy)

Diluted shares

Bridge

Net debt + securities

Audit valuation details

Market context

Current price and fair-value anchors

Market price unavailable

Current vs Fair Value

Current price stacked against the same public-equity anchors shown in the confidence-gated hero.

How to read this

Only the peer fair value and the filing-backed DCF feed this section.
When both qualify, the confidence-gated target appears alongside them as the published overview read.
Open the math breakdown on any anchor for the underlying bridge.

Capital structure

Cash, debt, and carrying capacity

The overview keeps the capital structure bridge close to the cash-generation picture so fair value can be read in equity terms.

UPST enterprise value

Balance sheet

FY 2025 · filed Feb 10, 2026

Cash & Securities

Cash, cash equivalents, and marketable securities.

$652.4M

Total Debt

Current and long-term debt.

—

Net Cash / Debt

Cash and securities less total debt.

—

Equity

Reported stockholders' equity.

Peer context

Saved comparables and what they imply

The overview keeps peer evidence concise here and sends detailed bridging to the relative-valuation tab.

Open relative valuation

Peer fair value

—

Per-share fair value from the weighted peer set.

Average P/E

—

Price to earnings across covered peers.

Average P/S

—

Price to sales across covered peers.

Intrinsic context

DCF range and implied growth

The overview surfaces the baseline intrinsic read and the reverse-DCF question, then sends the deeper workbench to the intrinsic tab.

Open intrinsic valuation

Latest annual free cash flow must be positive to qualify the filing-backed baseline.

Company profile

Filing and research context

Identifiers, classification, and listing detail behind every figure on this page.

Ticker: UPST
CIK: 0001647639
Industry: —
SIC description: Finance Services
Exchange: Nasdaq
Fiscal year end: Dec 31
State / jurisdiction

Cash quality

Latest annual cash generation after capital spending.

Operating Cash Flow

Cash from operations.

$-147.7M

Capital Expenditures

Capital Expenditures shown as an outflow.

$-347K

Free Cash Flow

Operating cash flow minus capital expenditures.

$-148.1M

CFO Margin

-14.2%

FCF Margin

-14.2%

CFO / Net Income

—

FCF / Net Income

—

Operating cash flow covered -276% of net income in the latest annual filing.
Free cash flow converted -276% of net income after capital spending.
Latest annual free cash flow was negative, which raises sensitivity to funding and execution risk.

Quality and risk

Solvency, quality, and risk

Altman, Piotroski, liquidity, and leverage sit together so the valuation read can be judged against balance-sheet reality.

Altman Z-Score

Distress risk from the latest annual balance sheet.

N/A

0.0 distress1.8 grey3.0+ safe

Piotroski F-Score

Nine filing-backed checks on profitability, leverage, and efficiency.

3/ 9

warning

Upstart Holdings, Inc.

Upstart Holdings, Inc.

5 years of operating performance (2021 - 2025)

Five-year trend

Compound growth

Directional read

5 years of operating performance (2021 - 2025)

Five-year trend

Compound growth

Directional read

Where the price sits against the anchors

Evidence coverage

Active DCF policy

Current price and fair-value anchors

Current vs Fair Value

Cash, debt, and carrying capacity

Balance sheet

Saved comparables and what they imply

DCF range and implied growth

Filing and research context

Where the price sits against the anchors

Evidence coverage

Active DCF policy

Current price and fair-value anchors

Current vs Fair Value

Cash, debt, and carrying capacity

Balance sheet

Saved comparables and what they imply

DCF range and implied growth

Filing and research context

Cash quality

Solvency, quality, and risk

Altman Z-Score

Piotroski F-Score

Comparable companies

Enterprise value