UPSTUpstart Holdings, Inc.
Finance Services
- Revenue
- $1.0B
- 64% YoY
- Operating margin
- 4.1%
- 115% YoY
- EBITDA
- $67M
- 144% YoY
- Market cap
- $2.2B
- Employees
- 1,405
- $743K revenue each
- Net debt / EBITDA
- 22.9×
- $1.5B net debt
- AI in 10-K
- 15.5
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$10M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes-276% of net incomeCash flow under 80% of net income
- Dilutive SBCYes13% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentNo87% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$743K · 48th pctBottom quartile of its SIC industry
- Quiet on AINo15.5 per 10K words · 97th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo22.9× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.2B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$4M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $801M | $907M | $514M | $637M | $1.0B | 64% |
| Operating income | $141M | −$114M | −$257M | −$173M | $43M | 125% |
| Net income | $135M | −$109M | −$240M | −$129M | $54M | 142% |
| Operating cash flow | $168M | −$658M | −$112M | $186M | −$148M | 179% |
| Capex | $8M | $9M | $2M | $837K | $347K | 59% |
| Stock-based comp | $73M | $126M | $175M | $133M | $132M | 1.1% |
| Buybacks | $0 | $178M | $0 | $0 | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $12M · 6
- Open-market sells, 12 mo
- $7M · 38
- Net
- $4M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $10M | $855K | 148 | 273 |
| FY2024 | $7M | $27M | 209 | 220 |
| FY2023 | $7M | $26M | 139 | 161 |
| FY2022 | $10M | −$36M | 45 | 102 |
| FY2021 | $15M | $70M | 513 | 142 |