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 2,791 - -
Change - -91.27% 221.08% 61.62% -24.26% -34.4% - -
Enterprise Value (EV) 1 12,109 1,646 4,147 6,043 5,026 4,163 3,795 3,370
Change - -86.4% 151.91% 45.7% -16.82% -17.18% -8.84% -11.2%
P/E 106x -10.1x -14.2x -42.8x 97.2x 39.8x 15.4x 9.99x
PBR 15.7x 1.6x 5.39x 9.09x 5.37x 3.16x 2.44x 1.87x
PEG - 0x -0x 0.9x -1x 0.7x 0x 0.2x
Capitalization / Revenue 14.6x 1.28x 6.77x 8.82x 4.08x 1.97x 1.5x 1.2x
EV / Revenue 14.3x 1.95x 8.08x 9.49x 4.82x 2.93x 2.04x 1.45x
EV / EBITDA 52.2x 44.3x -241x 570x 21.8x 14.1x 8.46x 5.81x
EV / EBIT 86x -14.5x -16.2x -35x 118x 58.1x 17.1x 12x
EV / FCF 79x -2.36x -25.6x 32.6x -33.9x 38.5x 16.5x 8.55x
FCF Yield 1.27% -42.4% -3.91% 3.07% -2.95% 2.59% 6.06% 11.7%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 1.43 -1.31 -2.87 -1.44 0.45 0.721 1.867 2.872
Distribution rate - - - - - - - -
Net sales 1 848.6 842.4 513.6 636.5 1,044 1,419 1,861 2,332
EBITDA 1 231.9 37.16 -17.22 10.59 230.5 294.8 448.6 580.4
EBIT 1 140.9 -113.9 -256.5 -172.9 42.63 71.69 221.8 282
Net income 1 135.4 -108.7 -240.1 -128.6 53.6 80.26 221 337.4
Net Debt 1 -291.2 564 672 425.9 772.1 1,372 1,004 579
Reference price 2 151.30 13.22 40.86 61.57 43.73 28.68 28.68 28.68
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.($)
8.6x1.62x1.8x2.86% 12.71B
9.41x2.23x32.98x6.66% 10.37B
11.76x - - - 6.23B
10.79x - - 4.84% 5.63B
39.78x2.93x14.12x-.--% 2.79B
13.09x - - 0.4% 1.66B
9.1x2.66x - - 1.37B
7.7x3.64x - 5.48% 751M
Average 13.78x 2.62x 16.30x 3.37% 5.19B
Weighted average by Cap. 11.85x 2.08x 15.63x 4.05%

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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