Upstart Holdings, Inc.

NASDAQ•UPST

CEO: Mr. David J. Girouard

Sector: Financial Services

Industry: Financial - Credit Services

Listing Date: 2020-12-16

Upstart Holdings, Inc., together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. Its platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and small dollar loans that connects consumer demand for loans to its to bank and credit unions. Upstart Holdings, Inc. was founded in 2012 and is headquartered in San Mateo, California.

Contact Information

2950 South Delaware Street, Suite 410, San Mateo, CA, 94403, United States

833-212-2461

www.upstart.com

Market Cap

$2.76B

P/E (TTM)

51.3

21.1

Dividend Yield

52W High

$87.30

52W Low

$25.60

52W Range

Rank57Top 83.3%

2.4

F-Score

Modified Piotroski Analysis

Based on 8-year fundamentals

Weak • 2.4 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2018-2025

Financial Dashboard

Q4 2025 Data

Revenue

$304.17M+0.00%

4-Quarter Trend

EPS

$0.19+0.00%

4-Quarter Trend

FCF

$104.63M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Fee Revenue Jumps 49% Revenue from fees, net reached $950.011M in 2025, marking a 49% increase driven by marketplace scale.

Achieved Net Income Profitability Swung to Net Income of $53.601M in 2025, reversing prior year net loss of $(128.581)M.

Transaction Volume Doubles Dollar Transaction Volume increased 86% to $11.004B in 2025, reflecting strong AI model performance and product initiatives.

AI Automation Remains High Percentage of Loans Fully Automated held steady at 91% for 2025, demonstrating consistent operational efficiency across the platform.

Risk Factors

Funding Diversity Risk Growth prospects depend on maintaining diverse capital sources; failure to manage committed capital risks could adversely affect funding supply.

AI Model Effectiveness Risk Ineffective AI models failing to reflect economic changes could lead to adverse credit performance and reduced borrower approval rates.

Contribution Margin Declines Contribution Margin decreased to 56% in 2025 from 60% in 2024, pressured by increased sales and marketing expenses (29% of revenue).

Ongoing Securities Litigation Subject to multiple securities class actions and derivative lawsuits; unfavorable outcomes could result in significant damages and operational changes.

Outlook

Continued AI Model Investment Expect ongoing investment in proprietary AI models, product development, and platform enhancements to drive future efficiency and growth.

Future Capital Raising May require raising additional capital through equity or debt financings to support business growth and strategic investments going forward.

New Product Scaling Continuing to develop and scale new credit products like auto refinance and HELOCs, despite limited operating history in these areas.

Evolving Regulatory Compliance Must comply with complex and evolving regulatory environments, including AI regulation, requiring ongoing management attention and resources.

Peer Comparison

Revenue (TTM)

SNEX

$143.47B

+32.5%

$19.91B

+31.1%

RJF

$15.88B

+4.2%

Gross Margin (Latest Quarter)

99.3%

+5.4pp

CACC

98.8%

+37.0pp

RDN

95.7%

-1.0pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
IX	$35.39B	11.8	10.9%	37.0%
RJF	$29.35B	14.0	16.9%	5.2%
VIRT	$6.13B	7.4	30.5%	19.8%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

11.3%

Steady Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

25%

Cash Flow Needs Attention

Deep Research

Next earnings:May 4, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data