Upstart Holdings, Inc. (UPST) intrinsic value & 10-year financials
Upstart Holdings, Inc. (UPST) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 8 fiscal years revenue grew 36.7% a year to $1.0B, with an average return on invested capital of -4.8%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $23.56
- Market cap
- $2.5B
- Revenue (FY2025)
- $1.0B
- Revenue growth (8-yr CAGR)
- 36.7%
- ROIC (10-yr avg)
- -4.8%
- Free cash flow (FY2025)
- -$148.1M
UPST 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.0B | $53.6M | $0.45 | -$148.1M | 4.1% | 5.9% |
| FY2024 | $636.5M | -$128.6M | -$1.44 | $185.5M | -27.2% | -27.3% |
| FY2023 | $513.6M | -$240.1M | -$2.87 | -$162.0M | -50.0% | -39.2% |
| FY2022 | $907.3M | -$108.7M | -$1.31 | -$683.5M | -12.6% | -15.3% |
| FY2021 | $801.3M | $135.4M | $1.43 | $159.9M | 17.6% | 25.4% |
| FY2020 | $228.6M | $6.0M | $0.00 | $14.3M | 5.1% | 9.3% |
| FY2019 | $159.8M | -$466.0K | -$0.03 | $27.6M | -2.9% | 7.9% |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Upstart Holdings, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Upstart Holdings, Inc. has historically struggled to out-earn its cost of capital, averaging just -4.8% ROIC.
Upstart Holdings, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Upstart Holdings, Inc. is modeled at -25.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-16.19 per share.