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Upstart Holdings, Inc. key statistics and ratios

In fiscal 2025, Upstart Holdings, Inc. had return on equity of 7.5% and a net margin of 5.1%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Net margin−0.3%2.6%16.0%−12.9%−46.8%−20.2%5.1%4.9%
Return on equity—5.0%24.5%−14.7%−36.7%−20.3%7.5%7.7%
Return on assets—1.3%11.8%−5.8%−12.1%−5.9%2.0%2.1%
R&D as % of revenue11.4%16.6%15.8%28.2%54.5%39.8%24.7%24.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

0 /100

Weak moat

How hard Upstart Holdings's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 0.7% of total assets over 6 years.

  • Durability 0 / 20

    Operating margin has been a median 1.2%; its worst year was -51.4%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 2 of 6 years, at a median -26.0% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 53.6% over five years; stock-based pay has been a median 12.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (4 before it).

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

Compare with peers

Head to head: PRAA vs UPSTPGY vs UPSTEZPW vs UPSTUPST vs XYF

More: Consumer Finance stocks compared, Financials sector, rankings of US companies

Figures from Upstart Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Upstart Holdings, Inc.