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 2,241 - -
Change - -91.27% 221.08% 61.62% -24.26% -47.32% - -
Enterprise Value (EV) 1 12,109 1,646 4,147 6,043 5,026 3,702 3,514 3,119
Change - -86.4% 151.91% 45.7% -16.82% -26.34% -5.09% -11.25%
P/E 106x -10.1x -14.2x -42.8x 97.2x 32.5x 12.1x 7.81x
PBR 15.7x 1.6x 5.39x 9.09x 5.37x 2.48x 1.89x 1.39x
PEG - 0x -0x 0.9x -1x 0.6x 0x 0.1x
Capitalization / Revenue 14.6x 1.28x 6.77x 8.82x 4.08x 1.58x 1.2x 0.96x
EV / Revenue 14.3x 1.95x 8.08x 9.49x 4.82x 2.61x 1.89x 1.34x
EV / EBITDA 52.2x 44.3x -241x 570x 21.8x 12.6x 7.75x 5.27x
EV / EBIT 86x -14.5x -16.2x -35x 118x 50.9x 15.7x 10.2x
EV / FCF 79x -2.36x -25.6x 32.6x -33.9x -62.2x 18.9x 9.31x
FCF Yield 1.27% -42.4% -3.91% 3.07% -2.95% -1.61% 5.29% 10.7%
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 23.03 23.03 23.03
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.($)
8.03x1.52x1.68x3.06% 11.68B
8.29x2.05x31.68x8.12% 8.94B
11.2x - - 4.66% 5.86B
10.9x - - - 5.77B
33.61x2.66x12.83x-.--% 2.32B
12.71x - - 0.41% 1.6B
9.43x2.66x - - 1.4B
7.47x3.58x - 5.93% 705M
Average 12.71x 2.50x 15.40x 3.7% 4.78B
Weighted average by Cap. 10.79x 1.94x 14.49x 4.52%

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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  5. Valuation Upstart Holdings, Inc.