What is Upstart Holdings, Inc.'s EV / EBITDA?

Upstart Holdings, Inc. (UPST) reported EV / EBITDA of 53.9× in Q1 2026.

What is the long-term trend for Upstart Holdings, Inc.'s EV / EBITDA?

Over 2 years (2020 to 2025), Upstart Holdings, Inc.'s EV / EBITDA has grown at a -42.4% compound annual growth rate (CAGR), from 225.8× to 74.8×.

What does EV / EBITDA mean?

Enterprise value (market cap plus total debt minus cash) at the quarter end divided by trailing-twelve-month EBITDA. A capital-structure-neutral valuation multiple.

Upstart Holdings, Inc. UPST EV / EBITDA

EV / EBITDA at other companies

Enova InternationalENVA

10×+0.7×

SoFi Technologies, Inc.SOFI

8.8×+0.1×

Affirm Holdings, Inc.AFRM

30.4×-2,653×

Dave, Inc.DAVE

10×-5.5×

nCino, Inc.NCNO

32.7×-83.0×

TransUnionTRU

12.7×-3.2×

Other financials

Income statement

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Revenue$308.2M+44.4%

Operating income-$7.5M-67.2%

Net income-$6.6M-172%

EPS (diluted)-$0.07-133%

Balance sheet

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Cash & equivalents$931.3M+10.9%

Total debt$1.9B+40.3%

Total equity$733.2M+8.4%

Total assets$3.0B+29.0%

Cash flow

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Operating cash flow-$133.3M-888%

CapEx$2.8M—

Free cash flow-$136.0M-909%

Valuation

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Market cap$3.01B-43.6%

Enterprise value$4.02B-29.1%

P/E61×—

P/S2.6×-4.7×

Profitability

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Operating margin3.5%+1.9pp

Net margin4.3%+2.6pp

FCF margin27%+16.9pp

Returns & leverage

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Return on equity7%+4.4pp

Debt / equity2.6×+0.6×

Where this comes from

Calculated from Upstart Holdings, Inc.’s reported figures.

enterprise value/ebitda=53.9×

Based on the most recent quarter.

The official record: Upstart Holdings, Inc.’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Upstart Holdings, Inc.'s EV / EBITDA?: Upstart Holdings, Inc. (UPST) reported EV / EBITDA of 53.9× in Q1 2026.
What is the long-term trend for Upstart Holdings, Inc.'s EV / EBITDA?: Over 2 years (2020 to 2025), Upstart Holdings, Inc.'s EV / EBITDA has grown at a -42.4% compound annual growth rate (CAGR), from 225.8× to 74.8×.
What does EV / EBITDA mean?: Enterprise value (market cap plus total debt minus cash) at the quarter end divided by trailing-twelve-month EBITDA. A capital-structure-neutral valuation multiple.