Upstart Holdings, Inc. (UPST)

Upstart Holdings, Inc., together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. The company operates through three segments: Personal Lending, Auto Lending, and Other. Its platform includes unsecured personal loans, small dollar loans, auto refinance, auto retail loans, and auto secured personal loan, and home equity lines of credit. Upstart Holdings, Inc. was founded in 2012 and is headquartered in San Mateo, California.

Ticker: UPST
Exchange: Nasdaq
Sector: Financial Services
Industry: Credit Services
Market cap: $2.17B
52-week range: $20.59 - $52.10

Valuation

Share price: $21.89 (close of Nov 6, 2026)
P/E (TTM): 32.67x
Price to book: 2.44x
Price to free cash flow: -11.58x
Enterprise value: $3.79B
Book value per share: $8.97

Price performance

Period	Change
1 day	-1.13%
5 days	-4.91%
1 month	-8.26%
3 months	-26.32%
6 months	-23.73%
Year to date	-49.94%
1 year	-41.97%
3 years	-25.29%
5 years	-93.40%
All time	-25.72%

Short interest

As of: Oct 15, 2026
Short % of float: 31.62%
Shares short: 26.89M
Days to cover: 6.41
Change since prior report: -5.90%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: 6.71%
Return on assets: 1.80%
Net margin: 5.13%
Revenue growth: 63.99%
Free cash flow growth: -179.83%

Cash flow and balance sheet

Free cash flow yield (TTM): -8.64%
Net debt to EBITDA: 17.52x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $1.04B
Net income: $53.60M
Earnings per share: $0.56
Research and development: $257.60M
Interest expense: $31.66M
Shares outstanding: 96.03M

Income statement by year

Period end	Revenue	Net income	EPS
2025-12-31	$1.04B	$53.60M	$0.56
2024-12-31	$636.53M	-$128.58M	-$1.44
2023-12-31	$513.56M	-$240.13M	-$2.87
2022-12-31	$842.44M	-$108.67M	-$1.31
2021-12-31	$848.59M	$135.44M	$1.73
2020-12-31	$233.42M	$5.98M	$0.34
2019-12-31	$164.19M	-$466.00K	-$0.03

Margins and returns by year

Period end	Net margin	Return on equity
2025-12-31	5.13%	6.71%
2024-12-31	-20.20%	-20.31%
2023-12-31	-46.76%	-37.80%
2022-12-31	-12.90%	-16.16%
2021-12-31	15.96%	16.78%
2020-12-31	2.56%	1.99%
2019-12-31	-0.28%	-

Cash and debt by year

Period end	Cash
2025-12-31	$652.39M
2024-12-31	$788.42M
2023-12-31	$368.40M
2022-12-31	$532.47M
2021-12-31	$1.19B
2020-12-31	$311.33M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	-$148.07M	$131.95M
2024-12-31	$185.49M	$133.40M
2023-12-31	-$113.24M	$175.04M
2022-12-31	-$666.68M	$125.94M
2021-12-31	$159.93M	$73.19M
2020-12-31	$14.34M	$11.51M
2019-12-31	$27.58M	$3.81M

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-11-03	Sep 2026	$0.23
2026-08-04	Jun 2026	$0.30
2026-05-05	Mar 2026	$0.20
2026-02-10	Dec 2025	$0.17
2025-11-04	Sep 2025	$0.09
2025-08-05	Jun 2025	-$0.09
2025-05-06	Mar 2025	-$0.18
2025-02-11	Dec 2024	-$0.37

Filings and sources

Company website: upstart.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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