Latest Ratios: P/E Ratio 73.5x · EV/EBITDA 55.0x · ROE 7.5%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.2B | $4.7B | $5.5B | $3.4B | $1.1B | $14.3B | $1.1B | — | — |
| Enterprise Value | $4.4B | $5.9B | $6.2B | $4.1B | $1.7B | $14.1B | $898M | — | — |
| P/E Ratio → | 73.47 | 97.18 | — | — | — | 105.80 | 177.17 | — | — |
| P/S Ratio | 2.94 | 4.37 | 8.14 | 6.25 | 1.28 | 16.87 | 4.67 | — | — |
| P/B Ratio | 4.45 | 5.88 | 8.70 | 5.39 | 1.63 | 17.77 | 3.58 | — | — |
| P/FCF | — | — | 31.23 | — | — | 93.57 | 106.49 | — | — |
| P/OCF | — | — | 29.56 | — | — | 85.17 | 68.47 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.48 | 9.11 | 7.57 | 2.05 | 16.64 | 3.90 | — | — |
| EV / EBITDA | 55.04 | 74.45 | — | — | — | 100.09 | 109.14 | — | — |
| EV / EBIT | 80.20 | 108.48 | — | — | — | 105.73 | 150.93 | — | — |
| EV / FCF | — | — | 34.97 | — | — | 92.27 | 88.98 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 95.2% | 95.2% | 92.9% | 92.8% | 98.2% | 99.6% | 96.5% | 86.0% | 100.0% |
| Operating Margin | 5.1% | 5.1% | -19.0% | -43.8% | -12.8% | 15.7% | 2.6% | -2.6% | -8.3% |
| Net Profit Margin | 5.0% | 5.0% | -19.0% | -43.8% | -12.7% | 15.9% | 2.6% | -0.2% | -12.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.5% | 7.5% | -20.3% | -36.7% | -14.7% | 24.5% | 5.0% | -2.2% | -11.9% |
| ROA | 2.0% | 2.0% | -5.9% | -12.1% | -5.8% | 11.8% | 1.4% | -0.1% | -1.9% |
| ROIC | 1.7% | 1.7% | -5.0% | -10.3% | -4.9% | 10.1% | 2.0% | -1.1% | — |
| ROCE | 2.4% | 2.4% | -7.4% | -15.5% | -6.8% | 12.9% | 1.8% | -1.2% | -1.4% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.32 | 2.32 | 2.29 | 1.74 | 1.62 | 0.99 | 0.27 | — | 4.85 |
| Debt / EBITDA | 23.37 | 23.37 | — | — | — | 5.63 | 9.97 | — | — |
| Net Debt / Equity | — | 1.49 | 1.04 | 1.14 | 0.97 | -0.25 | -0.59 | — | 4.15 |
| Net Debt / EBITDA | 15.07 | 15.07 | — | — | — | -1.41 | -21.48 | — | — |
| Debt / FCF | — | — | 3.74 | — | — | -1.30 | -17.51 | 3.23 | 8.69 |
| Interest Coverage | 1.05 | 1.05 | -2.67 | -6.06 | -7.02 | 40.85 | 0.74 | -0.19 | 0.70 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.99 | 2.99 | 2.36 | 0.98 | 1.25 | 7.77 | 3.74 | 0.88 | 8.82 |
| Quick Ratio | 2.99 | 2.99 | 2.36 | 0.98 | 1.25 | 7.77 | 3.74 | 0.88 | 8.82 |
| Cash Ratio | 1.64 | 1.64 | 1.73 | 0.82 | 1.08 | 7.10 | 3.27 | 0.45 | 1.02 |
| Asset Turnover | — | 0.36 | 0.29 | 0.27 | 0.44 | 0.47 | 0.48 | 0.48 | 0.15 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.4% | 1.0% | — | — | — | 0.9% | 0.6% | — | — |
| FCF Yield | — | — | 3.2% | — | — | 1.1% | 0.9% | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $107M | $89M | $84M | $83M | $95M | $26M | $14M | $14M |
Cyclical Funding Market Volatility
According to recent market data, Upstart trades at a trailing P/E of 74.80, a multiple that appears disconnected from its inconsistent profitability and suggests investors are pricing in a significant long-term technological advantage rather than current fundamental performance metrics or near-term earnings stability.
The forward P/E of 21.23 implies a market expectation of rapid earnings recovery, yet this valuation remains highly sensitive to the company's ability to maintain consistent loan volumes. Compared to peers like LendingClub, which trades at a significantly lower multiple, Upstart's premium valuation warrants caution, as it assumes a successful transition to a more stable, fee-based software model that has yet to be fully realized.
Based on reported figures, ROIC has struggled to remain positive, oscillating between -2.8% and 1.0% over the last ten quarters, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of funding or operational overhead.
The inability to sustain positive ROIC suggests that the company's aggressive reinvestment in AI development and customer acquisition is not yet yielding the expected compounding effect on shareholder value. Investors should monitor whether the recent shift toward balance sheet loan retention further dilutes these returns by introducing credit risk that the original marketplace model was designed to avoid.
As reported in financial statements, the company's asset turnover ratio has remained consistently low at approximately 0.10, reflecting a business model that is increasingly burdened by the accumulation of loans on the balance sheet rather than a high-velocity, capital-light transaction platform.
The lack of clear data regarding the cash conversion cycle makes it difficult to assess the efficiency of the company's loan origination and sale process. The trend of increasing DSO, which reached 27 days in 2024Q1, may indicate lengthening collection periods or difficulties in offloading loans to institutional partners, which could signal potential liquidity bottlenecks.
Based on quarterly filings, the company's debt-to-equity ratio has consistently remained above 2.0, a level that appears elevated for a technology-oriented firm and highlights a growing reliance on external financing to support its loan retention strategy during periods of market volatility.
The erratic interest coverage ratio, which has frequently dipped into negative territory, suggests that debt service could become a significant strain if loan performance deteriorates or if funding costs rise further. This leverage profile makes the company particularly vulnerable to credit market tightening, as it lacks the capital buffer of a traditional, deposit-funded financial institution.
Market participants often misapply Price-to-Book ratios to evaluate this business, which obscures the fact that the company's assets are primarily fair-value loans rather than traditional, stable banking assets, leading to a fundamental misunderstanding of the company's true risk profile and capital requirements.
Using P/B as a primary valuation metric is misleading because it ignores the volatility inherent in fair-value accounting and the potential for significant write-downs on the balance sheet. Analysts should instead focus on the contribution margin per loan and the stability of the funding base, as these metrics provide a more accurate reflection of the company's operational health than traditional book value metrics.
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Quick answers to the most common questions about buying UPST stock.
Upstart Holdings, Inc.'s current P/E ratio is 73.5x. The historical average is 126.7x.
Upstart Holdings, Inc.'s current EV/EBITDA is 55.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 74.4x.
Upstart Holdings, Inc.'s return on equity (ROE) is 7.5%. The historical average is -6.1%.
Based on historical data, Upstart Holdings, Inc. is trading at a P/E of 73.5x. Compare with industry peers and growth rates for a complete picture.
Upstart Holdings, Inc. has 95.2% gross margin and 5.1% operating margin.
Upstart Holdings, Inc.'s Debt/EBITDA ratio is 23.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.