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Upstart Holdings, Inc. UPST Free cash flow margin

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Other financials

Income statement

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Revenue$364.7M+41.7%
Operating income$14.6M+222%
Net income$16.5M+195%
EPS (diluted)$0.16+220%

Balance sheet

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Cash & equivalents$456.0M-35.0%
Total debt$2.0B+37.6%
Total equity$797.5M+10.5%
Total assets$3.2B+28.0%

Cash flow

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Operating cash flow-$136.6M-13.7%
CapEx$2.1M+1,690%
Free cash flow-$138.7M-15.3%

Valuation

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Market cap$2.89B-55.2%
Enterprise value$4.46B-38.3%
P/E47.9×
P/S2.3×-5.3×

Profitability

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Operating margin4%+2.5pp
Net margin4.8%+4.3pp

Returns & leverage

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Return on equity7.9%+7.2pp
Debt / equity2.5×+0.5×

Where this comes from

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

Based on trailing twelve months.

The source filing: Upstart Holdings, Inc.’s 10-Q, filed November 4, 2025. Open the filing →

Filed
Nov 4, 2025
Fiscal quarter
Q3 FY2025
Calendar quarter
Q3 2025
Accession
0001647639-25-000134

FAQ

What is Upstart Holdings, Inc.'s free cash flow margin?
Upstart Holdings, Inc. (UPST) reported free cash flow margin of 27% in Q3 2024.
How has Upstart Holdings, Inc.'s free cash flow margin changed year-over-year?
Upstart Holdings, Inc.'s free cash flow margin increased by 168.4% year-over-year, from -39.4% to 27%.
What is the long-term trend for Upstart Holdings, Inc.'s free cash flow margin?
Over 2 years (2021 to 2023), Upstart Holdings, Inc.'s free cash flow margin has grown at a 3.5% compound annual growth rate (CAGR), from 20.6% to -22%.
What does free cash flow margin mean?
Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.

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