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AI-driven lending platform that underwrites consumer loans and connects borrowers to bank and credit union lenders.
AI-driven lending platform that underwrites consumer loans and connects borrowers to bank and credit union lenders.
Earns fees from the banks and credit unions that fund the loans, paid when a borrower is matched and when loans are serviced, rather than interest on its own book, so loan volumes and interest rates matter most. Some loans are held on its own balance sheet or sold to institutional investors, making funding availability a limit on growth.
Moat: narrow (data, IP / patents). Underwriting models trained on large loan performance datasets aim to outperform traditional FICO-based scoring.
Headquarters: San Mateo, California, US · Founded: 2012 · Employees: 1,405
Size Upstart (UPST) is a United States Financials company (Finance/Rental/Leasing) with a market value of $2.17B, the 1743rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $21.89 on 6 Nov 2026.
Performance Over six months the shares fell 24.4%, against -7.4% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 38.6% over the last twelve months (peer median +16.8%); the operating margin is 4.6% (peer median 19.4%).
Valuation It trades at 2.44× book value against a peer median of 1.75× (7th most expensive of 21).
Price implies The share price implies a return on equity of about 37.8%; Upstart delivers 8.0%, so the price asks more than the business earns today.
Credit Upstart has 3 bonds outstanding ($1.62B).
Short interest Short interest is 27.6% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.34B | $1.04B | $637M | $514M | $842M |
| Revenue growth | — | +64% | +24% | -39% | — |
| Gross profit | n/a | $1.02B | n/a | n/a | n/a |
| EBITDA | $87.6M | $67.5M | -$160M | -$236M | -$105M |
| Net income | $65.1M | $53.6M | -$129M | -$240M | -$109M |
| Free cash flow | -$187M | -$148M | $185M | -$162M | -$684M |
| Capital expenditure | $22.6M | $18.4M | $9.99M | $12.1M | $22.9M |
| Total debt | $2.09B | $1.90B | $1.45B | $1.10B | $1.09B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Upstart UPST | $2.17B | -24% | +39% | 8% | 2.44× | 37.8% |
| SOFI SOFI | $21.0B | +3% | +38% | 7% | 1.86× | 27.5% |
| Affirm AFRM | $23.1B | +6% | +32% | 45% | 4.19× | 73.6% |
| Pagaya Technologies PGY | $1.47B | +15% | +11% | 29% | 2.36× | 42.8% |
| LendingTree TREE | $520M | -5% | +23% | 51% | 2.05× | 27.3% |
| Oportun Financial OPRT | $520M | +97% | 0% | 9% | 1.20× | 13.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | UPST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.5% | -3.4% | 3rd lowest of 21 |
| 6-month return | -24.4% | -7.4% | 3rd lowest of 21 |
| Return on equity | 8.0% | 13.0% | 10th lowest of 21 |
| Price / book | 2.44× | 1.75× | 7th most expensive of 21 |
| Trailing P/E | 37.1× | 15.5× | 4th most expensive of 19 |
| ROE the price implies | 37.8% | 21.0% | 3rd most demanding of 21 |
| ROE delivered | 8.0% | 12.9% | 8th lowest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Upstart UPST | United States | $2.17B | -24% | +39% | 8% | 2.44× | 37.8% | 8.0% |
| Custom Truck One Source CTOS | United States | $2.12B | -4% | +6% | 4% | 2.58× | 26.7% | 3.7% |
| Fuyo General Lease 8424.T | Japan | $2.34B | -6% | +19% | 5% | 0.72× | 4.8% | 4.5% |
| Aadhar Housing Finance AADHARHFC.NS | India | $1.99B | -14% | +18% | 16% | 2.48× | 31.1% | n/a |
| AEON Financial Service 8570.T | Japan | $1.95B | -9% | +8% | 5% | 0.67× | 5.2% | 4.9% |
| Encore Capital ECPG | United States | $2.42B | +36% | +29% | 31% | 2.24× | 21.7% | 30.5% |
| UWM UWMC | United States | $2.44B | -56% | +16% | 2% | 2.67× | 32.8% | 2.1% |
| Capri Global Capital CGCL.NS | India | $2.44B | +20% | +53% | 18% | 2.90× | 21.5% | 17.9% |
| Mizuho Leasing 8425.T | Japan | $2.45B | -13% | +16% | 13% | 0.77× | 6.0% | 13.3% |
| Federal Agricultural Mortgage AGM | United States | $1.90B | 0% | +31% | 13% | 1.56× | 14.0% | 13.5% |
| CreditAccess Grameen CREDITACC.NS | India | $1.84B | -27% | +17% | 20% | 1.95× | 20.5% | 19.7% |
| China Development Bank Financial Leasing 1606.HK | Hong Kong | $2.66B | +4% | -5% | 13% | 0.40× | 4.5% | 12.6% |
| EZCORP EZPW | United States | $1.75B | -15% | +29% | 15% | 1.51× | 11.5% | 14.7% |
| IFCI IFCI.NS | India | $1.75B | -4% | -3% | 2% | 1.85× | 36.2% | n/a |
| Zip ZIP.AX | Australia | $1.74B | -17% | +24% | 17% | 3.74× | 66.6% | 16.8% |
| Greatoo Intelligent Equipment 002031.SZ | China | $1.68B | -11% | -20% | -13% | 6.07× | 54.9% | -13.5% |
| IIFL Finance IIFL.NS | India | $2.83B | +35% | +36% | 18% | 1.73× | 23.7% | 17.6% |
| Metro Bank MTRO.L | United Kingdom | $1.63B | +22% | +1% | 4% | 0.94× | 12.1% | 4.3% |
| Cholamandalam Financial CHOLAHLDNG.NS | India | $2.89B | -17% | +18% | 17% | 1.77× | 26.2% | n/a |
| Sammaan Capital SAMMAANCAP.NS | India | $1.61B | -13% | -60% | -35% | 0.80× | 14.2% | n/a |
| LOTTE rental 089860.KS | South Korea | $1.56B | +74% | +4% | 8% | 1.34× | 6.3% | 7.7% |
Upstart has 3 bonds outstanding with $1.62B face value.