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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$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

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.

Based on trailing twelve months.

The official record: Upstart Holdings, Inc.’s 10-Q, filed November 4, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

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.