Upstart (UPST): analysis in plain words
Is Upstart cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Upstart (UPST) is listed on the Nasdaq and we classify it in financial services and payments. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Upstart according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Upstart (UPST) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | $23.38 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 38.3x | Price over earnings per share |
| Revenue growth | +34.1% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 4.7% | Profit for every 100 of sales |
| Net debt / EBITDA | 12.6x | Years of operating profit to repay debt |
| Dividend yield | 0.00% | Annual dividend over price |
| Market cap | $2.3 billion | What the stock market values it at |
The Upstart figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any UPST figure that is not available shows as N/A: we do not estimate it.
How Upstart makes money
Upstart uses artificial intelligence models to decide who should get a loan. Most revenue comes from fees paid by banks and credit unions for each loan it originates for them, mainly personal loans but also auto and home equity loans. It operates in the United States and also earns interest on loans it keeps on its balance sheet.
Over the last 12 months, Upstart brought in revenue of $1.4 billion. For every 100 it sells, Upstart keeps 83.3 after the direct cost of what it sells (gross margin) and 12.7 after all operating costs (operating margin).
Upstart against its sector
To know whether a Upstart figure is high or low you have to put it next to similar companies. This table compares Upstart with the median of the 21 financial services and payments companies Fintols covers, with data as of November 4, 2026.
| Figure | Upstart | financial services and payments median |
|---|---|---|
| P/E | 38.3x | 27.9x (21) |
| Revenue growth | +34.1% | +12.4% (24) |
| Net margin | 4.7% | 25.8% (24) |
| Dividend yield | 0.00% | 0.81% (24) |
| Net debt / EBITDA | 12.6x | 0.6x (13) |
In short, against the typical financial services and payments company, Upstart trades on a higher P/E, grows faster and earns a thinner margin. By size, Upstart ranks number 22 of 22 financial services and payments companies quoted in USD on Fintols.
The bull case for Upstart
What works in favour of Upstart, according to its figures as of November 4, 2026:
- Upstart grew sales +34.1% in its latest quarter against the same quarter a year earlier, while the median financial services and payments company Fintols tracks grew +12.4%.
- Analysts expect Upstart earnings to rise: its P/E on the next 12 months of estimated earnings is 6.5x, below the current 38.3x.
- Upstart generates real cash: $224 million of free cash flow over 12 months, 9.7% of its stock market value.
The main risk for Upstart
Debt is heavy: Upstart carries net debt equal to 12.6x its annual EBITDA. With high interest rates or a weak year, interest payments eat into what it can invest or pay out.
On top of that: upstart stock sits 55% below its 52-week high ($52.10): the market has cut its expectations, and it is worth understanding why first.
And, like the rest of financial services and payments, Upstart is exposed to a drop in the payment, investment or trading volumes it earns fees on, plus regulation.
Frequently asked questions about Upstart
Is it a good time to buy Upstart stock?
Fintols does not tell you whether to buy or sell Upstart, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Upstart stock trades at $23.38, 55% below its 52-week high ($52.10) and 14% above its low ($20.59). Its P/E is 38.3x against a financial services and payments median of 27.9x, and 6.5x on the earnings analysts expect over the next 12 months. With Upstart, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Upstart pay a dividend?
No. As of November 4, 2026, Upstart does not pay a dividend: what it earns stays in the company to grow, invest or, where it does so, buy back shares. Anyone buying Upstart today is counting on the share price rising, not on income.
Is Upstart stock expensive?
It depends on what you compare it with. On P/E, Upstart trades at 38.3x its last 12 months of earnings: more expensive than the financial services and payments median (27.9x). A high P/E alone does not make Upstart expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Upstart's competitors?
On Fintols we compare Upstart with Affirm, Nu Holdings and Deutsche Börse, which are also in financial services and payments. As of November 4, 2026, Affirm is worth $25.5 billion and trades on a P/E of 13.7; Nu Holdings is worth $57.9 billion and trades on a P/E of 16.4; Deutsche Börse is worth €56.8 billion and trades on a P/E of 26.3. Each has a side-by-side comparison with Upstart below.
Upstart competitors
- Affirm (AFRM) analysis · Upstart vs Affirm comparison
- Nu Holdings (NU) analysis · Upstart vs Nu Holdings comparison
- Deutsche Börse (DB1.DE) analysis · Upstart vs Deutsche Börse comparison
To understand Upstart better
More companies like Upstart: financial services and payments stocks. Open the full UPST analysis with its valuation and scenarios. Educational content about Upstart, not investment advice.