Latest Ratios: P/E Ratio -0.3x · EV/EBITDA 4.5x · ROE -41.9%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $15M | $41M | $121M | $136M | $225M | $544M | $1.2B | $825M | $543M | $399M | $147M |
| Enterprise Value | $220M | $247M | $356M | $380M | $499M | $883M | $1.5B | $1.2B | $806M | $488M | $167M |
| P/E Ratio → | -0.32 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.07 | 0.19 | 0.44 | 0.46 | 0.71 | 1.80 | 4.19 | 3.71 | 3.62 | 4.07 | 1.97 |
| P/B Ratio | 0.18 | 0.51 | 1.15 | 0.56 | 0.53 | 1.72 | 3.99 | 3.88 | 6.16 | 4.36 | 2.50 |
| P/FCF | 0.59 | 1.67 | 5.16 | 2.78 | 7.72 | 13.38 | 35.63 | 79.78 | 84.72 | 54.89 | 52.71 |
| P/OCF | 0.56 | 1.59 | 4.98 | 2.72 | 7.50 | 13.02 | 34.31 | 68.31 | 73.94 | 51.68 | 38.05 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.14 | 1.30 | 1.27 | 1.57 | 2.92 | 5.16 | 5.32 | 5.38 | 4.98 | 2.23 |
| EV / EBITDA | 4.52 | 5.06 | — | — | 31.37 | 48.38 | 64.47 | 114.72 | 48.44 | 626.74 | 131.18 |
| EV / EBIT | 13.26 | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 10.09 | 15.25 | 7.79 | 17.15 | 21.74 | 43.88 | 114.44 | 125.73 | 67.12 | 59.56 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.4% | 62.4% | 70.5% | 67.6% | 67.3% | 67.1% | 66.3% | 69.0% | 67.6% | 65.6% | 63.1% |
| Operating Margin | 7.7% | 7.7% | -37.2% | -55.0% | -12.7% | -11.5% | -8.2% | -10.9% | -3.1% | -11.4% | -11.4% |
| Net Profit Margin | -17.9% | -17.9% | -41.0% | -60.4% | -21.6% | -19.3% | -17.6% | -20.4% | -6.6% | -19.1% | -18.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -41.9% | -41.9% | -64.6% | -54.1% | -18.6% | -18.7% | -19.7% | -30.1% | -11.1% | -24.9% | -22.7% |
| ROA | -8.3% | -8.3% | -16.1% | -18.1% | -6.4% | -5.7% | -5.4% | -6.6% | -2.6% | -8.7% | -9.9% |
| ROIC | 4.0% | 4.0% | -18.5% | -20.8% | -4.5% | -4.2% | -3.1% | -4.0% | -1.3% | -6.5% | -8.9% |
| ROCE | 4.6% | 4.6% | -17.8% | -19.3% | -4.4% | -3.9% | -2.9% | -4.2% | -1.6% | -7.0% | -8.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.91 | 2.91 | 2.78 | 1.97 | 1.24 | 1.67 | 1.74 | 2.51 | 3.17 | 1.22 | 0.81 |
| Debt / EBITDA | 4.82 | 4.82 | — | — | 32.86 | 28.97 | 22.84 | 51.72 | 16.81 | 142.86 | 37.74 |
| Net Debt / Equity | — | 2.55 | 2.24 | 1.00 | 0.65 | 1.07 | 0.92 | 1.68 | 2.98 | 0.97 | 0.32 |
| Net Debt / EBITDA | 4.22 | 4.22 | — | — | 17.24 | 18.60 | 12.13 | 34.75 | 15.80 | 114.16 | 15.10 |
| Debt / FCF | — | 8.42 | 10.08 | 5.01 | 9.43 | 8.36 | 8.26 | 34.67 | 41.02 | 12.23 | 6.85 |
| Interest Coverage | -1.45 | -1.45 | -11.32 | -8.76 | -1.41 | -1.10 | -0.76 | -1.34 | -0.59 | -1.65 | -3.53 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.80 | 0.80 | 0.98 | 2.30 | 2.12 | 1.68 | 2.62 | 1.85 | 0.61 | 0.69 | 1.19 |
| Quick Ratio | 0.80 | 0.80 | 0.98 | 2.30 | 2.05 | 1.68 | 2.57 | 1.85 | 0.59 | 0.69 | 1.19 |
| Cash Ratio | 0.31 | 0.31 | 0.47 | 1.81 | 1.64 | 1.21 | 2.06 | 1.35 | 0.16 | 0.30 | 0.72 |
| Asset Turnover | — | 0.52 | 0.52 | 0.34 | 0.28 | 0.29 | 0.29 | 0.25 | 0.31 | 0.35 | 0.50 |
| Inventory Turnover | — | — | — | — | 9.46 | — | 17.02 | — | 18.45 | — | — |
| Days Sales Outstanding | — | 52.87 | 56.92 | 55.44 | 60.86 | 66.83 | 61.34 | 91.89 | 108.45 | 98.76 | 74.47 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 100.0% | 59.7% | 19.4% | 35.9% | 13.0% | 7.5% | 2.8% | 1.3% | 1.2% | 1.8% | 1.9% |
| Buyback Yield | 0.9% | 0.3% | 9.1% | 10.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% |
| Total Shareholder Yield | 0.9% | 0.3% | 9.1% | 10.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% |
| Shares Outstanding | — | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M |
Terminal revenue base decay
According to current market data, UPLD trades at a P/S multiple of 0.06 and an EV/EBITDA of 4.47, suggesting that investors are pricing the company as a distressed asset rather than a growth-oriented software entity, based on the significant contraction in its underlying revenue base.
The extremely low valuation multiples indicate that the market has largely abandoned expectations for organic growth or successful turnaround efforts. This pricing suggests that the current enterprise value is primarily a function of residual cash flow expectations rather than any premium for future scalability or market expansion.
As reported in financial statements, UPLD's ROIC has fluctuated significantly, reaching a low of -15.7% in 2024Q1 and only recovering to 1.3% in 2026Q1, which highlights the company's inability to generate sustainable returns on its invested capital base during this period of persistent revenue decline.
The volatility in ROIC suggests that the company's capital allocation strategy has failed to create value, as the returns on invested capital remain well below the cost of capital. This trend warrants further investigation into whether the company's historical M&A activity has resulted in a permanent impairment of its ability to compound shareholder value.
Based on UPLD's reported figures, the cash conversion cycle has remained elevated at 49 days as of 2026Q1, reflecting structural challenges in managing receivables and payables effectively while the company navigates a shrinking top-line revenue environment and high customer churn rates.
The persistent DSO levels near 50 days suggest that the company may be facing difficulties in collecting payments from its legacy customer base, which could be a leading indicator of further revenue attrition. Investors should monitor whether these efficiency metrics continue to deteriorate as the company attempts to stabilize its fragmented product portfolio.
According to recent quarterly filings, UPLD's interest coverage ratio has been highly erratic, swinging from -18.50 in 2024Q1 to 1.10 in 2026Q1, which indicates that the company's ability to service its debt obligations is increasingly vulnerable to fluctuations in operating performance.
While the reported debt-to-equity ratio appears low, the thin interest coverage suggests that even minor operational setbacks could lead to significant liquidity stress. The company's reliance on debt to fund past acquisitions appears to have left it with little margin for error in the current high-interest-rate environment.
As indicated by the provided financial data, the most commonly misapplied metric for UPLD is the P/E ratio, which obscures the company's true economic reality by failing to account for the heavy non-cash amortization charges associated with its aggressive historical acquisition strategy.
Investors should instead focus on free cash flow yield or adjusted EBITDA, as these metrics better reflect the company's ability to generate cash from its existing software assets. Relying on GAAP earnings for a roll-up model like UPLD often leads to an inaccurate assessment of the company's actual cash-generative potential.
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Quick answers to the most common questions about buying UPLD stock.
Upland Software, Inc.'s current P/E ratio is -0.3x. This places it at the 50th percentile of its historical range.
Upland Software, Inc.'s current EV/EBITDA is 4.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 39.5x.
Upland Software, Inc.'s return on equity (ROE) is -41.9%. The historical average is -29.1%.
Based on historical data, Upland Software, Inc. is trading at a P/E of -0.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Upland Software, Inc. has 62.4% gross margin and 7.7% operating margin.
Upland Software, Inc.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.