Upstart Holdings

UPST

Financial - Credit Services · Financial Services

Price

$29.51

-1.37 (-4.44%)

Market Cap

$2.82B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+13.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 94.8M (2021) → 107.5M (2025)

Upstart Holdings, Inc., together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. Its platform aggregates consumer demand for loans and connects it to its network of the company's AI-enabled bank partners. The company was founded in 2012 and is headquartered in San Mateo, California.

Winston Score History

Politician Trades

2 trades / 12mo

1 Congressional buy and 1 sell on UPST in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+39.8% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-163.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

14.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~21 months

$931M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Strong grower

Upstart Holdings is growing revenue at 40% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

98.1%

Premium pricing power — 98.1% gross margin

Operating Margin

-2.4%

Losing money on operations — -2.4%

ROCE

-0.3%

Weak — -0.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+53.3%

Fast-growing sales (53.3% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

-542%

Weak — only -542% of profit becomes cash

FCF Margin

-24.3%

Burning cash (-24.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

2.68

Heavy debt load (2.68)

Interest Cover

1.44x

Dangerous — barely covers interest (1.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

57.9x

Expensive — P/E 57.9

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+40.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (57.9 → 17.9)

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Dividends

Not applicable for this business.

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