Upstart UPST

Financial - Credit Services, Financial Services

$23.78

−0.29%

Market cap: $2.3B
PE: 48.5×; 5y median 62.8×
Forward PE: n/m; not a meaningful number
Price to sales: 1.9×
EV/EBIT: 78.1×
Revenue, 12 months: $1.2B; +46% on a year ago
Net margin: 4.8%
Free cash flow yield: −12.5%

Upstart trades at 48.5× trailing earnings, cheaper than 68% of the last ten years. Revenue was $1.2B over the last twelve months, up 46% on a year earlier with a 5% net margin.

Charts

Financials

Income statement for UPST, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$134.6M−14%	$140.3M−5%	$127.8M+24%	$127.6M−6%	$162.1M+21%	$219M+56%	$213.4M+67%	$257.3M+102%	$277.1M+71%	$296.1M+35%	$308.2M+44%	$364.7M+42%
R&D	$54.9M−17%	$57.2M−11%	$63.1M−43%	$58.5M+1%	$64.9M+18%	$67.2M+18%	$57.8M−8%	$68.8M+18%	$64M−1%	$66.9M−1%	$80.1M+39%	$93.9M+36%
SG&A	$86.5M−17%	$94.5M−3%	$92.8M+10%	$86M+16%	$103.1M+19%	$115.9M+23%	$119.5M+29%	$137.7M+60%	$139.6M+35%	$158.4M+37%	$180.5M+51%	$194.9M+42%
	−$43.8M−25%	−$47.5M−19%	−$67.5M−49%	−$55.5M+66%	−$45.2M+3%	−$4.8M−90%	−$4.5M−93%	$4.5M	$23.7M	$18.9M	−$7.5M+67%	$14.6M+222%
Interest expense	$9.4M+209%	$14.1M+211%	$10.7M+50%	$11.5M+168%	$10.8M+15%	$7.4M−47%	$7M−35%	$7.8M−32%	$8.8M−19%	$8.1M+9%	$10.4M+48%	$12.5M+61%
Pre-tax income	−$40.3M−28%	−$42.3M−24%	−$64.6M−50%	−$54.5M+94%	−$6.7M−83%	−$2.6M−94%	−$2.4M−96%	$5.7M	$31.9M	$19.2M	−$6.6M+171%	$17.2M+203%
	$10K−17%	$63K	$14K−13%	$15K−17%	$45K+350%	$111K+76%	$29K+107%	$49K+227%	$124K+176%	$526K+374%	$84K+190%	$614K+1153%
Net income	−$40.3M−28%	−$42.4M−23%	−$64.6M−50%	−$54.5M+93%	−$6.8M−83%	−$2.8M−94%	−$2.4M−96%	$5.6M	$31.8M	$18.6M	−$6.6M+172%	$16.5M+195%
	−$0.48−30%	−$0.50−27%	−$0.74−53%	−$0.62+82%	−$0.07−85%	−$0.03−94%	−$0.03−96%	$0.05	$0.23	$0.17	−$0.07+133%	$0.16+220%
	84.4M+3%	85.6M+5%	87M+6%	88.4M+6%	90.1M+7%	92.2M+8%	94.3M+8%	102.9M+16%	109.7M+22%	112.2M+22%	96.9M+3%	109.7M+7%

EPS, diluted: 6 periods, Q4 FY20 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: 3 periods, Q4 FY20 to Q4 FY25: share-days: the 12-month average less the 9-month, weighted by days. 3 periods, Q4 FY22 to Q4 FY24: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Peers

Companies in Financial - Credit Services nearest Upstart's size, closest first.

Company	Market cap	PE	Its 10y median PE	P/S	Revenue growth	Net margin
UPSTUpstart	$2.3B	48.5×	62.8×	1.9×	+46%	4.8%
FLYWFlywire	$2.4B	74.6×	134×	3.3×	+32%	4.8%
PAYOPayoneer Global	$2.4B	47.7×	28.4×	2.2×	+6%	4.6%
EEFTEuronet Worldwide	$2.5B	10.4×	25.6×	0.6×	+6%	6.6%
AGMFederal Agricultural Mortgage	$2.2B	10.9×	10.3×	4.9×	+15%	51.4%
ECPGEncore Capital	$2.1B	7.4×	7.2×	1.1×	+30%	15.9%
WUWestern Union CO	$2B	5.2×	7.9×	0.5×	−2%	9.8%
CBZCBIZ	$3B	25.7×	21.6×	1.1×	+14%	4.7%
HAPNHappen	$1.6B	8.5×	20.6×	1.6×	+18%	18.7%
MMSMaximus	$3.3B	9.3×	20.2×	0.6×	−3%	7.1%
PGYPagaya Technologies	$1.6B	13.9×	14.2×	1.1×	+20%	9.1%
Peer median	$2.3B	10.6×	20.4×	1.1×	+15%	8.1%