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Upstart Valuation Multiples
Discover revenue and EBITDA valuation multiples for Upstart and similar public comparables like LIC Housing Finance, Bread Financial, Sezzle, Credit Saison and more.
Upstart Overview
About Upstart
Upstart Holdings Inc provides credit services. The company provides a proprietary, cloud-based, artificial intelligence lending platform. The platform aggregates consumer demand for loans and connects it to the network of Upstart AI-enabled bank partners. The company support development of different lending product offerings, which are grouped into three operating segments - Personal Lending (unsecured personal loans and small dollar loans), Auto Lending (auto refinance, auto retail loans, and auto secured personal loans), and Other (HELOCs and other).
Founded
2013
HQ
Employees
1.4K
Website
Financials (LTM)
EV
$5B
Upstart Financials
Upstart reported last 12-month revenue of $1B and EBITDA of $253M.
In the same LTM period, Upstart generated $253M in EBITDA and $80M in net income.
Revenue (LTM)
Upstart P&L
In the most recent fiscal year, Upstart reported revenue of $1B and EBITDA of $230M.
Upstart expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $1B | XXX | $1B | XXX | XXX | XXX |
| EBITDA | $253M | XXX | $230M | XXX | XXX | XXX |
| EBITDA Margin | 22% | XXX | 22% | XXX | XXX | XXX |
| EBIT Margin | 6% | XXX | 4% | XXX | XXX | XXX |
| Net Profit | $80M | XXX | $54M | XXX | XXX | XXX |
| Net Margin | 7% | XXX | 5% | XXX | XXX | XXX |
| Net Debt | — | — | $1B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Upstart Stock Performance
Upstart has current market cap of $3B, and enterprise value of $5B.
Market Cap Evolution
Upstart's stock price is $34.57.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $5B | $3B | 0.0% | XXX | XXX | XXX | $0.56 |
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Start Free TrialUpstart Valuation Multiples
Upstart trades at 4.5x EV/Revenue multiple, and 20.4x EV/EBITDA.
EV / Revenue (LTM)
Upstart Financial Valuation Multiples
As of April 20, 2026, Upstart has market cap of $3B and EV of $5B.
Equity research analysts estimate Upstart's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Upstart has a P/E ratio of 41.5x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $3B | XXX | $3B | XXX | XXX | XXX |
| EV (current) | $5B | XXX | $5B | XXX | XXX | XXX |
| EV/Revenue | 4.5x | XXX | 4.9x | XXX | XXX | XXX |
| EV/EBITDA | 20.4x | XXX | 22.4x | XXX | XXX | XXX |
| EV/EBIT | 80.5x | XXX | 120.8x | XXX | XXX | XXX |
| P/E | 41.5x | XXX | 61.7x | XXX | XXX | XXX |
| EV/FCF | (63.2x) | XXX | (34.8x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Upstart Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Upstart Margins & Growth Rates
Upstart's revenue in the last 12 month grew by 35%.
Upstart's revenue per employee in the last FY averaged $0.7M.
Upstart's rule of 40 is 60% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Upstart's rule of X is 118% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Upstart Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 35% | XXX | 36% | XXX | XXX | XXX |
| EBITDA Margin | 22% | XXX | 22% | XXX | XXX | XXX |
| EBITDA Growth | 37% | XXX | 32% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 60% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 118% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.7M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 30% | XXX | 29% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 23% | XXX | 42% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 24% | XXX | 25% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Upstart Public Comps
See public comps and valuation multiples for other Consumer Finance and Online Lending comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Upstart | XXX | XXX | XXX | XXX | XXX | XXX |
| LIC Housing Finance | XXX | XXX | XXX | XXX | XXX | XXX |
| Bread Financial | XXX | XXX | XXX | XXX | XXX | XXX |
| Sezzle | XXX | XXX | XXX | XXX | XXX | XXX |
| Credit Saison | XXX | XXX | XXX | XXX | XXX | XXX |
| Katılımevim | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Upstart M&A Activity
Upstart acquired XXX companies to date.
Last acquisition by Upstart was on XXXXXXXX, XXXXX. Upstart acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Upstart
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialUpstart Investment Activity
Upstart invested in XXX companies to date.
Upstart made its latest investment on XXXXXXXX, XXXXX. Upstart invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Upstart
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Upstart
| When was Upstart founded? | Upstart was founded in 2013. |
| Where is Upstart headquartered? | Upstart is headquartered in United States. |
| How many employees does Upstart have? | As of today, Upstart has over 1K employees. |
| Who is the CEO of Upstart? | Upstart's CEO is Dave Girouard. |
| Is Upstart publicly listed? | Yes, Upstart is a public company listed on Nasdaq. |
| What is the stock symbol of Upstart? | Upstart trades under UPST ticker. |
| When did Upstart go public? | Upstart went public in 2020. |
| Who are competitors of Upstart? | Upstart main competitors are LIC Housing Finance, Bread Financial, Sezzle, Credit Saison. |
| What is the current market cap of Upstart? | Upstart's current market cap is $3B. |
| What is the current revenue of Upstart? | Upstart's last 12 months revenue is $1B. |
| What is the current revenue growth of Upstart? | Upstart revenue growth (NTM/LTM) is 35%. |
| What is the current EV/Revenue multiple of Upstart? | Current revenue multiple of Upstart is 4.5x. |
| Is Upstart profitable? | Yes, Upstart is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Upstart? | Upstart's last 12 months EBITDA is $253M. |
| What is Upstart's EBITDA margin? | Upstart's last 12 months EBITDA margin is 22%. |
| What is the current EV/EBITDA multiple of Upstart? | Current EBITDA multiple of Upstart is 20.4x. |
| What is the current FCF of Upstart? | Upstart's last 12 months FCF is ($82M). |
| What is Upstart's FCF margin? | Upstart's last 12 months FCF margin is (7%). |
| What is the current EV/FCF multiple of Upstart? | Current FCF multiple of Upstart is (63.2x). |
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