Company Valuation: Upstart Holdings, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 12,400 1,082 3,475 5,617 4,254 2,490 - -
Change - -91.27% 221.08% 61.62% -24.26% -41.47% - -
Enterprise Value (EV) 1 12,109 1,646 4,147 6,043 5,026 3,952 3,763 3,368
Change - -86.4% 151.91% 45.7% -16.82% -21.38% -4.77% -10.51%
P/E 106x -10.1x -14.2x -42.8x 97.2x 36.1x 13.5x 8.68x
PBR 15.7x 1.6x 5.39x 9.09x 5.37x 2.76x 2.1x 1.54x
PEG - 0x -0x 0.9x -1x 0.6x 0x 0.2x
Capitalization / Revenue 14.6x 1.28x 6.77x 8.82x 4.08x 1.75x 1.34x 1.07x
EV / Revenue 14.3x 1.95x 8.08x 9.49x 4.82x 2.78x 2.02x 1.45x
EV / EBITDA 52.2x 44.3x -241x 570x 21.8x 13.4x 8.29x 5.69x
EV / EBIT 86x -14.5x -16.2x -35x 118x 54.4x 16.8x 11.1x
EV / FCF 79x -2.36x -25.6x 32.6x -33.9x -66.4x 20.3x 10.1x
FCF Yield 1.27% -42.4% -3.91% 3.07% -2.95% -1.51% 4.94% 9.95%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 1.43 -1.31 -2.87 -1.44 0.45 0.7083 1.897 2.948
Distribution rate - - - - - - - -
Net sales 1 848.6 842.4 513.6 636.5 1,044 1,419 1,860 2,327
EBITDA 1 231.9 37.16 -17.22 10.59 230.5 294.4 453.7 591.6
EBIT 1 140.9 -113.9 -256.5 -172.9 42.63 72.69 223.6 304.5
Net income 1 135.4 -108.7 -240.1 -128.6 53.6 74.58 225.4 364
Net Debt 1 -291.2 564 672 425.9 772.1 1,461 1,273 877.5
Reference price 2 151.30 13.22 40.86 61.57 43.73 25.59 25.59 25.59
Nbr of stocks (in thousands) 81,957 81,877 85,057 91,228 97,286 97,313 - -
Announcement Date 2/15/22 2/14/23 2/13/24 2/11/25 2/10/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
36.13x2.78x13.42x-.--% 2.49B
8.56x1.62x1.8x2.87% 12.67B
8.93x2.18x33.73x7.15% 9.83B
11.85x - - - 6.27B
11.14x - - 4.69% 5.83B
13.48x - - 0.39% 1.7B
9.63x2.67x - - 1.43B
7.47x3.61x - 5.65% 732M
Average 13.40x 2.57x 16.32x 3.46% 5.12B
Weighted average by Cap. 11.42x 2.04x 15.52x 4.17%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation Upstart Holdings, Inc.
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