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

Upstart Holdings, Inc. (UPST) reported net debt / EBITDA of 15.8× in Q1 2026.

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

Over 2 years (2020 to 2025), Upstart Holdings, Inc.'s net debt / EBITDA has grown at a -1.1% compound annual growth rate (CAGR), from -12× to 11.8×.

What does net debt / EBITDA mean?

Net debt (total debt minus cash) divided by trailing-twelve-month EBITDA. Expresses leverage in years — roughly how long it would take to repay net debt out of operating cash earnings.

Upstart Holdings, Inc. UPST Net debt / EBITDA

Net debt / EBITDA at other companies

Enova InternationalENVA

5.8×+0.2×

SoFi Technologies, Inc.SOFI

-0.9×-1.2×

Affirm Holdings, Inc.AFRM

9.4×-788×

Dave, Inc.DAVE

-0.6×-1.0×

TransUnionTRU

3.4×-0.1×

Q2 HoldingsQTWO

1.1×+0.6×

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.

net debt/ebitda=15.8×

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 net debt / EBITDA?: Upstart Holdings, Inc. (UPST) reported net debt / EBITDA of 15.8× in Q1 2026.
What is the long-term trend for Upstart Holdings, Inc.'s net debt / EBITDA?: Over 2 years (2020 to 2025), Upstart Holdings, Inc.'s net debt / EBITDA has grown at a -1.1% compound annual growth rate (CAGR), from -12× to 11.8×.
What does net debt / EBITDA mean?: Net debt (total debt minus cash) divided by trailing-twelve-month EBITDA. Expresses leverage in years — roughly how long it would take to repay net debt out of operating cash earnings.