Upstart Holdings, Inc.
UPSTUSUpstart 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.
Founded2012IPO year2020As of2026-08-04
Market Cap
$2.93B
Enterprise Value
$3.98B
EV / LTM Revenue
3.7x
EV / NTM Revenue
2.4x
Trading multiples
Enterprise value over trailing (LTM) vs. forward (NTM) fundamentals. Click an LTM cell to chart it.
LTM
trailing
NTM
forward
Revenue
2.4x
Gross Profit
2.5x
EBITDA
—
Classification
- Sector
- Fintech
- Sub-sector
- Banking & Lending Technology
- Listing
- UPST
- Country
- US
Annual financials & analyst forecasts
| $M | CY2021 | CY2022 | CY2023 | CY2024 | CY2025 | CY2026E | CY2027E |
|---|---|---|---|---|---|---|---|
| Revenue YoY | — | -0% | -36% | 25% | 59% | 32% | 31% |
| Revenue | $851M | $849M | $543M | $677M | $1.08B | $1.42B | $1.86B |
| Gross Profit | $847M | $838M | $508M | $629M | $1.02B | — | — |
| Gross Profit Margin | 99.6% | 98.7% | 93.6% | 92.9% | 95.2% | — | — |
| EBITDA | $141M | ($96M) | ($215M) | ($108M) | $79M | ($121M) | ($158M) |
| EBITDA Margin | 16.6% | -11.3% | -39.6% | -15.9% | 7.4% | -8.5% | -8.5% |
| EBIT | $134M | ($109M) | ($240M) | ($128M) | $54M | ($156M) | ($204M) |
| Net Income | $135M | ($109M) | ($240M) | ($129M) | $54M | $96M | $206M |
| Free Cash Flow | $144M | ($698M) | ($122M) | $176M | ($166M) | — | — |
| FCF Margin | 16.9% | -82.2% | -22.5% | 26.0% | -15.4% | — | — |
| Short-Term Debt | $48M | $336M | $387M | $196M | $97M | — | — |
| Long-Term Debt | $647M | $650M | $653M | $1.21B | $1.73B | — | — |
| Cash & Cash Equivalents | $995M | $432M | $377M | $794M | $657M | — | — |
| Net Debt | ($300M) | $554M | $663M | $609M | $1.17B | — | — |
| Net Debt / EBITDA | -2.1x | — | — | — | 14.8x | — | — |
| Rule of 40 | — | -82.5% | -58.5% | 50.7% | 43.4% | — | — |
Figures in $M. True calendar years (Jan–Dec) built from quarterly data — income & cash-flow lines summed across the four quarters, balance sheet as of year-end. E columns are calendarized analyst consensus — gross profit, cash flow and balance-sheet lines are not estimated. Net debt = short-term debt + long-term debt − cash & cash equivalents; Rule of 40 = YoY revenue growth + FCF margin.