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Upland Software, Inc. (UPLD) stock

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NASDAQ: UPLD Nasdaq Application Software Next results ~November 4, 2026

C+ Fundamentals grade

Upland Software, Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Not valued: the figures our models need are missing or failed our data-quality checks.

Price vs value

No model value. How we value companies.

Upland Software, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 6 sales by directors and officers, last 12 monthsInsider trades
  • Funds27 adding, 0 cuttingOf 8 active managers that changed their stake, 8 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Upland Software files

Where Upland Software stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $198m, down 21.5% on a year earlier, a smaller fall than the 24.6% decline a quarter earlier. That puts it 102 of 103 for growth among the application software companies we cover. Free-cash-flow margin rose to 12.5% from 9.4% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 0 of our 4 financial-health checks.

Our models give no value for Upland Software at present, so past values are not shown.

Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Upland Software, Inc.'s trailing-twelve-month revenue fell 21.5% year on year, with a free-cash-flow margin of 12.5%. Where it stands out: stock pay as % of revenue of 2.6% ranks 19 of 177 application software companies we cover. Where it lags: long-term debt as % of assets of 61.6% ranks 94 of 98 application software companies we cover.

Our discounted-cash-flow model values the business at ~$14 per share in the base case (—–$40 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Gross margin expanding: TTM gross margin reached 76.3%, up 4.5pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $4.00 is 254% below our value per share of $14.
  • Shrinking share count. Diluted shares fell 1.2% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 11 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 21.5% over the last 12 months.
  • Loss-making. Operating margin is -6.1%: costs exceed revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 104% and a beta of 2.4 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 61.6% ranks 94 of 98 application software companies we cover (median 16.9%).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 19.3% over 90 days.

Latest results: FY2026 Q2

Filed August 14, 2026
Earnings per share
$1.78 against an average estimate of $1.51: beat by 17.9%
Revenue
$49m, down 7.9% on a year earlier
Share reaction
-22.6% in the first session after the results on August 14, 2026, against -0.7% for the S&P 500
Next report
November 4, 2026; average EPS estimate $1.60

Upland Software's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week+1.5%
  • 1 month+7.2%
  • This year-72.0%
  • 1 year-80.8%
  • 5 years-98.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$198M
Operating margin
-6.1%
Net margin
-18.5%
EPS (TTM, diluted)
$-12.93

Growth

Revenue growth
−21.5%
Change in growth rate
+3.1 pts
Share count change
−1.2%

Cash

Free cash flow (TTM)
$24.7M
FCF margin
12.5%
Stock pay % of revenue
2.6%

Earnings

Last results
August 14, 2026
Next results (est.)
November 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Announcement
  4. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Upland Software, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 0.9% a year of cash-flow growth for five years.That is faster than the -8.1% a year revenue growth Upland Software has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in0.9%
  • Last 12 months-21.5%
  • 3 years a year-13.9%
  • 5 years a year-8.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($4.00, Nov 2, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$14
Price used
$4.00close November 2, 2026
Implied change
▲ +254%
Uncertainty
Very high

How we got here: a discounted-cash-flow model of Upland Software, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($13.1M, FY2026 Q2 TTM), growing 1.2% and 3.3% in the next two years (forecasts, guidance and its record), then back to 4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span no equity value–~$40 ; that spread sets a 45% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Upland Software, Inc.'s free cash flow after stock-based pay ( $13.1M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Upland Software, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.41 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$14 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$14 ~$14–$40 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Upland Software, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −48%
  • Revenue growth 5 points higher ▲ +62%
  • Free-cash-flow margin 1 point lower ▼ −15%
  • Last year's free-cash-flow margin change, if it persists ▲ +86%
  • Discount rate 1 point higher ▼ −27%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% —$22$52$92$144$211
8.5% —$0$22$51$88$136
10% ——$4$26$54$91

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025
Share price$70.50$89.50$216.60$271.80$357.10$458.90$179.40$71.30$42.30$43.40$14.30
Market value$1.1bn$1.5bn$4.0bn$5.4bn$8.2bn$12.2bn$5.4bn$2.2bn$1.4bn$1.2bn$409m
+ Net debt (− = net cash)$7m$21m$91m$269m$364m$283m$339m$274m$245m$237m$211m
Enterprise value$1.1bn$1.5bn$4.1bn$5.7bn$8.6bn$12.5bn$5.8bn$2.5bn$1.6bn$1.4bn$620m
Multiples
Price / sales 15.1x19.7x40.7x36.2x37.1x41.9x18.0x7.1x4.6x4.4x1.9x
Price / earnings ———————————
Price / free cash flow —n/mn/mn/mn/mn/m133.8x77.2x27.8x51.6x16.7x
EV / EBITDA —n/mn/mn/mn/mn/mn/m158.4x——17.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

45 /100

Weak moat

How hard Upland Software's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 10.1% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 67.6%, moving by 3.1 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -9.7%; its worst year was -52.1%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 9.9% of revenue.

  • Discipline 3 / 20

    The diluted share count rose 11.0% over five years; stock-based pay has been a median 9.7% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (60 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $47m and EPS of $1.60 (range $1.60 to $1.60) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.67 −28% $193m −11%
Next $6.33 −5% $194m +1%

Next year's EPS estimate has moved −19.3% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −6.1% on 90 days ago. In the last 30 days, 0 analysts raised Upland Software, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Upland Software, Inc., last 90 days
$5.00 $6.00 $7.00 $8.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.10 Current fiscal year, 60 days ago: $7.10 Current fiscal year, 30 days ago: $6.98 Current fiscal year, 7 days ago: $6.54 Current fiscal year, Now: $6.67 $6.67 Next fiscal year, 90 days ago: $7.85 Next fiscal year, 60 days ago: $7.85 Next fiscal year, 30 days ago: $7.05 Next fiscal year, 7 days ago: $5.77 Next fiscal year, Now: $6.33 $6.33

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.10$7.85
60 days ago $7.10$7.85
30 days ago $6.98$7.05
7 days ago $6.54$5.77
Now $6.67$6.33

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.51 $1.78 +17.9%
Mar 2026 $1.30 $1.60 +23.1%
Dec 2025 $1.93 $2.40 +24.1%
Sept 2025 $1.73 $3.00 +73.1%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Upland Software, Inc.'s revenue by +1.2% next year and +3.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-2.1%, weight 45%) and the company's own record (+4.0%, weight 55%) . How the weights are set.

Analyst recommendations

2 analysts, Oct 2026
Buy2100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026112
  2. Sep 2026112

Counts of recommendations published by analysts covering Upland Software, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.8%
of tradable shares
Days to cover
2.83
at average volume
Short interest, 1 month
+27%
to October 15, 2026
Held by institutions
33%
of shares
Held by insiders
30.0%
of shares
Employees
760
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −80.8%

$20.80 on October 31, 2025 to $4.00

ThenNowEffect
Revenue (last 12 months) $252m $198m −21.5%
P/S multiple 0.2x 0.1x −74.6%
Share count 3m 3m −3.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −90.7%

$42.80 on November 3, 2023 to $4.00

ThenNowEffect
Revenue (last 12 months) $310m $198m −36.2%
P/S multiple 0.4x 0.1x −86.8%
Share count 3m 3m +10.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
UPLD−61%−60%−41%+3%−67%−72%
Industry peers (median)−7%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
UPLD42%17%42%42%17%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
UPLD−65%−70%−73%−61%−70%−82%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 100% from June 10, 2019 to October 15, 2026. Getting back needed a 18679% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.81 – $20.50
From 52-week high
−80.5%
vs 50-day average
+7.7%
vs 200-day average
−37.5%
Volatility (1 year)
104%
Beta vs S&P 500
2.44

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±15.8%
After a week
6 up, 6 down
typical move ±22.7%
After a month
5 up, 7 down
typical move ±34.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 14, 2026 −22.6% −0.7% −20.0% −38.5%
May 1, 2026 +15.2% −0.1% +58.7% +50.7%
April 22, 2026 −9.0% +0.6% +0.2% +14.5%
March 3, 2026 −12.5% −0.2% −40.9% −23.8%
November 6, 2025 −10.4% −1.0% −2.6% −18.2%
July 31, 2025 +7.1% −2.0% −10.5% +34.8%
May 12, 2025 +16.0% +4.0% +8.9% −22.4%
March 12, 2025 +8.4% −0.8% +22.7% −14.0%
November 7, 2024 +16.4% +1.2% +15.3% +120.3%
August 1, 2024 +8.5% −3.3% −12.8% −4.1%
May 2, 2024 +26.3% +2.2% +44.9% +34.1%
February 22, 2024 −37.6% +2.1% −35.2% −37.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Upland Software, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Upland Software, Inc.
$150M $200M $250M $300M $350M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $304.5M Revenue (TTM), FY23 Q4: $297.9M Revenue (TTM), FY24 Q1: $291.5M Revenue (TTM), FY24 Q2: $286.4M Revenue (TTM), FY24 Q3: $278.9M Revenue (TTM), FY24 Q4: $274.8M Revenue (TTM), FY25 Q1: $267.7M Revenue (TTM), FY25 Q2: $251.8M Revenue (TTM), FY25 Q3: $235.6M Revenue (TTM), FY25 Q4: $216.9M Revenue (TTM), FY26 Q1: $201.9M Revenue (TTM), FY26 Q2: $197.7M $197.7M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $304.5M
FY23 Q4 $297.9M
FY24 Q1 $291.5M
FY24 Q2 $286.4M
FY24 Q3 $278.9M
FY24 Q4 $274.8M
FY25 Q1 $267.7M
FY25 Q2 $251.8M
FY25 Q3 $235.6M
FY25 Q4 $216.9M
FY26 Q1 $201.9M
FY26 Q2 $197.7M
Revenue growth, TTM YoY Upland Software, Inc.
-30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -3.1% Revenue growth, TTM YoY, FY23 Q4: -6.1% Revenue growth, TTM YoY, FY24 Q1: -7.6% Revenue growth, TTM YoY, FY24 Q2: -7.6% Revenue growth, TTM YoY, FY24 Q3: -8.4% Revenue growth, TTM YoY, FY24 Q4: -7.7% Revenue growth, TTM YoY, FY25 Q1: -8.2% Revenue growth, TTM YoY, FY25 Q2: -12.1% Revenue growth, TTM YoY, FY25 Q3: -15.5% Revenue growth, TTM YoY, FY25 Q4: -21.1% Revenue growth, TTM YoY, FY26 Q1: -24.6% Revenue growth, TTM YoY, FY26 Q2: -21.5% -21.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -3.1%
FY23 Q4 -6.1%
FY24 Q1 -7.6%
FY24 Q2 -7.6%
FY24 Q3 -8.4%
FY24 Q4 -7.7%
FY25 Q1 -8.2%
FY25 Q2 -12.1%
FY25 Q3 -15.5%
FY25 Q4 -21.1%
FY26 Q1 -24.6%
FY26 Q2 -21.5%
Operating margin (TTM) Upland Software, Inc.
-60% -40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -55.4% Operating margin (TTM), FY23 Q4: -55.0% Operating margin (TTM), FY24 Q1: -40.5% Operating margin (TTM), FY24 Q2: -39.8% Operating margin (TTM), FY24 Q3: -39.3% Operating margin (TTM), FY24 Q4: -37.2% Operating margin (TTM), FY25 Q1: -4.4% Operating margin (TTM), FY25 Q2: -5.3% Operating margin (TTM), FY25 Q3: -2.0% Operating margin (TTM), FY25 Q4: 2.0% Operating margin (TTM), FY26 Q1: 5.2% Operating margin (TTM), FY26 Q2: -6.1% -6.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -55.4%
FY23 Q4 -55.0%
FY24 Q1 -40.5%
FY24 Q2 -39.8%
FY24 Q3 -39.3%
FY24 Q4 -37.2%
FY25 Q1 -4.4%
FY25 Q2 -5.3%
FY25 Q3 -2.0%
FY25 Q4 2.0%
FY26 Q1 5.2%
FY26 Q2 -6.1%
FCF margin (TTM) Upland Software, Inc.
5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 15.0% FCF margin (TTM), FY23 Q4: 16.4% FCF margin (TTM), FY24 Q1: 13.1% FCF margin (TTM), FY24 Q2: 12.8% FCF margin (TTM), FY24 Q3: 8.2% FCF margin (TTM), FY24 Q4: 8.5% FCF margin (TTM), FY25 Q1: 9.8% FCF margin (TTM), FY25 Q2: 9.4% FCF margin (TTM), FY25 Q3: 11.1% FCF margin (TTM), FY25 Q4: 11.3% FCF margin (TTM), FY26 Q1: 10.9% FCF margin (TTM), FY26 Q2: 12.5% 12.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 15.0%
FY23 Q4 16.4%
FY24 Q1 13.1%
FY24 Q2 12.8%
FY24 Q3 8.2%
FY24 Q4 8.5%
FY25 Q1 9.8%
FY25 Q2 9.4%
FY25 Q3 11.1%
FY25 Q4 11.3%
FY26 Q1 10.9%
FY26 Q2 12.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 23 41 65 70 75 98 150 223 292 302 317 298 275 217 198
Gross profit 15 28 41 43 47 64 101 154 193 203 214 201 194 162 151
EBITDA −1 1 −11 −2 1 1 16 10 23 18 16 −92 −47 37 13
Operating income −4 −5 −18 −10 −9 −11 −6 −24 −24 −35 −40 −164 −102 4 −12
Net income −3 −9 −20 −14 −14 −19 −11 −45 −51 −58 −68 −180 −113 −39 −37
Diluted EPS −$0.28 −$0.65 −$1.48 −$0.91 −$0.82 −$1.02 −$0.54 −$1.96 −$1.92 −$1.92 −$2.23 −$5.77 −$4.26 −$1.56 —
Growth (year on year)
Revenue — +81.0% +56.8% +8.3% +6.9% +31.0% +53.0% +48.5% +31.1% +3.5% +5.1% −6.1% −7.7% −21.1% −21.5%
EBITDA — — <−999% — — — — −34.5% +126.4% −21.8% −12.8% −677.5% — — −53.2%
Margins
Gross margin 67.9% 67.3% 64.2% 61.9% 63.1% 65.6% 67.6% 69.0% 66.3% 67.1% 67.3% 67.6% 70.5% 74.8% 76.3%
EBITDA margin −4.2% 2.4% −16.9% −2.5% 1.7% 0.8% 10.5% 4.6% 8.0% 6.0% 5.0% −30.9% −17.2% 16.9% 6.7%
Operating margin −16.6% −11.2% −28.4% −14.6% −11.4% −11.4% −3.7% −10.9% −8.2% −11.5% −12.7% −55.0% −37.2% 2.0% −6.1%
Net margin −11.0% −22.3% −31.2% −19.5% −18.1% −19.1% −7.2% −20.4% −17.6% −19.3% −21.6% −60.4% −41.0% −17.9% −18.5%
Free-cash-flow margin 5.8% −1.2% 0.5% −3.5% 4.3% 7.5% 4.3% 5.0% 11.8% 13.5% 9.2% 16.4% 8.5% 11.3% 12.5%
Cash flow
Cash from operations 2 −0 1 −2 4 8 7 12 36 42 30 50 24 26 25
Capital spending 0 0 1 1 1 0 1 1 1 1 1 1 1 1 0
Free cash flow 1 −1 0 −2 3 7 6 11 35 41 29 49 23 24 25
Stock-based pay 0 0 1 3 4 10 14 26 42 54 42 23 15 9 5
Free cash flow after stock pay 1 −1 −1 −5 −1 −3 −8 −15 −7 −13 −12 26 8 15 20
Balance sheet
Cash 4 5 31 18 29 22 17 175 250 189 249 237 56 29 31
Total debt 0 34 34 25 50 114 286 539 533 528 522 482 294 240 224
Net debt (negative = net cash) −4 29 3 7 21 91 269 364 283 339 274 245 237 211 193
Diluted shares 9m 14m 15m 15m 16m 18m 20m 23m 27m 30m 32m 32m 28m 29m —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 4 checks passed · June 30, 2026
What it owns · $357m
Short-term assets $70mLonger-term assets $286m
What it owes, and who funded it · $314m
Short-term liabilities $80mLonger-term liabilities $234mShareholders' equity $-90m
  • Short-term assets cover short-term liabilities $70m of assets due within a year against $80m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $70m short-term assets against $234m of longer-dated liabilities.
  • More cash than debt $31m of cash against $220m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $25m of operating cash flow against $220m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Upland Software, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−1.2%
year over year
R&D spending
15.7%
of revenue
Days sales outstanding
37 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated UPLD MITK MRDN SOUN KLTR IIIV Median
Revenue, last 12 months $198m $198m $197m $203m $181m $218m $482m
Revenue growth, last 12 months −21.5% 11.1% 14.1% 54.6% −0.2% 4.1% 12.0%
Revenue growth, 3-year average −13.9% 4.3% — 77.8% 1.6% 21.0% 11.1%
Revenue growth, latest quarter −7.9% 18.2% 16.1% 45.0% 5.5% 2.2% 11.9%
Gross margin 76.3% 86.7% 55.7% 42.3% 72.0% 88.9% 69.2%
Operating margin −6.1% 17.8% −44.7% −68.5% −1.5% 2.7% 1.1%
Operating margin, 3-year average −17.1% 7.9% −12.9% −130.4% −9.0% 2.2% −0.8%
Net margin −18.5% 11.4% −42.6% −67.5% −6.9% 3.9% 2.1%
Cash from operations / revenue 12.7% 27.1% 14.3% −56.4% 6.4% 24.0% 18.2%
Free-cash-flow margin 12.5% 24.6% 11.3% −57.0% 6.2% 22.9% 15.0%
Free-cash-flow margin, 3-year average 11.6% 21.1% 11.5% −92.6% 4.8% 15.2% 16.2%
Stock pay / revenue 2.6% 8.2% 0.9% 38.7% 8.5% 8.3% 9.3%
Change in share count −1.2% 4.1% — 8.9% 6.0% 4.6% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth -21.5% 12.0% 176 of 184
Change in growth rate Growth +3.1pp +0.2pp 40 of 184
Gross margin Profitability 76.3% 69.8% 55 of 160
Operating margin Profitability -6.1% 1.1% 114 of 181
Net margin Profitability -18.5% 2.1% 134 of 185
Free-cash-flow margin Cash generation 12.5% 15.2% 100 of 180
Stock pay as % of revenue Cash generation 2.6% 9.3% 19 of 177
Long-term debt as % of assets Balance sheet 61.6% 16.9% 94 of 98
Change in share count Balance sheet -1.2% 1.7% 51 of 163
Days sales outstanding Balance sheet 37 days 57 days 45 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $210M 97.0% ▼ 21.1%
Subscription and Support $205M 97.5% ▼ 21.3%
Perpetual License $5.3M 2.5% ▼ 9.5%
Professional Services and Other $6.5M 3.0% ▼ 21.1%

From Upland Software, Inc.'s 10-K filed March 3, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.2M
Institutions reporting
27
Positions opened / closed
27 / 0

Top buyers and sellers, Q2 2026: 27 institutions bought and 0 sold ; the biggest buyer was Ameriprise Financial Inc (+138K shares) . See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Ameriprise Financial Inc $644,083 138K 15.3% —
Vanguard Capital Management LLC $562,156 120K 13.4% —
Acadian Asset Management LLC $524,000 112K 12.4% —
Rice Hall James & Associates, LLC $472,336 101K 11.2% —
Castleknight Management LP $362,952 78K 8.6% —
Blackrock, Inc. $256,668 55K 6.1% —
D. E. Shaw & Co., Inc. $223,539 48K 5.3% —
Rbf Capital, LLC $199,661 43K 4.7% —
Geode Capital Management, LLC $167,408 36K 4.0% —
Two Sigma Investments, LP $125,109 27K 3.0% —
Man Group PLC $117,988 25K 2.8% —
Renaissance Technologies LLC $114,807 25K 2.7% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Upland Software, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $25,687 6 trades by 1 insider · 100% under pre-set plans
Net ▼ $25,687 net selling
Insider Date Trade Shares Price Value
Mattox Timothy Director August 7, 2026 Sell pre-set plan 847 $4.28 $3,627
Mattox Timothy Director August 6, 2026 Sell pre-set plan 1,000 $4.27 $4,270
Mattox Timothy Director August 5, 2026 Sell pre-set plan 1,000 $4.53 $4,530
Mattox Timothy Director August 4, 2026 Sell pre-set plan 1,000 $4.33 $4,330
Mattox Timothy Director August 3, 2026 Sell pre-set plan 1,000 $4.45 $4,450
Mattox Timothy Director July 31, 2026 Sell pre-set plan 1,000 $4.48 $4,480

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Upland Software, Inc. disclosed in the last 12 months; 3 earlier trades on record.

  • Greg Gianforte(MT):Purchase, $15,001 - $50,000, traded April 8, 2020, filed April 14, 2020
  • Greg Gianforte(MT):Purchase, $15,001 - $50,000, traded April 6, 2020, filed April 14, 2020
  • Greg Gianforte(MT):Purchase, $50,001 - $100,000, traded April 2, 2020, filed April 14, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced

  • August 14, 2026
  • May 1, 2026
  • April 22, 2026
  • March 3, 2026
  • November 6, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Upland Software, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Upland Software, Inc. in brief

What does Upland Software, Inc. do?
Upland Software, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Upland Software, Inc.'s stock ticker?
Upland Software, Inc. trades under the ticker UPLD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Upland Software, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Upland Software, Inc. reported revenue of $198M, 21.5% lower than a year earlier, according to its SEC filings.
What is Upland Software, Inc.'s free cash flow?
Upland Software, Inc.'s free-cash-flow margin is 12.5% of revenue over the trailing twelve months, ranking 100 of the 180 application software companies we cover.
Who are Upland Software, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Ameriprise Financial Inc, Vanguard Capital Management LLC and Acadian Asset Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Upland Software, Inc.'s market cap?
On December 31, 2025, Upland Software, Inc.'s market capitalisation was about $409M and net debt of $211M. Market figures come from third-party market data and may be delayed.
Who are Upland Software, Inc.'s competitors?
In our Application Software peer group, the companies closest to Upland Software, Inc. are Mitek Systems Inc, Meridian Holdings Inc., Soundhound AI, Inc., Kaltura Inc and I3 Verticals, Inc. The side-by-side comparison below sets their revenue, margins and growth against Upland Software, Inc.'s.
Are insiders buying or selling Upland Software, Inc. stock?
Over the last 12 months, Upland Software, Inc.'s directors and officers reported 0 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.
When is Upland Software, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Upland Software, Inc. announces its own schedule.