UPSTUpstart Holdings, Inc.
Finance Services
- Revenue
- $1.0B
- 64% YoY
- Operating margin
- 4.1%
- 115% YoY
- EBITDA
- $67M
- 144% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 22.9×
- $1.5B net debt
- AI in 10-K
- —
Red flags 2 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashFired-276% of net incomeCash flow under 80% of net income
- Dilutive SBCFired13% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear2% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $801M | $907M | $514M | $637M | $1.0B | 64% |
| Operating income | $141M | −$114M | −$257M | −$173M | $43M | 125% |
| Net income | $135M | −$109M | −$240M | −$129M | $54M | 142% |
| Operating cash flow | $168M | −$658M | −$112M | $186M | −$148M | 179% |
| Capex | $8M | $9M | $2M | $837K | $347K | 59% |
| Stock-based comp | $73M | $126M | $175M | $133M | $132M | 1.1% |
| Buybacks | $0 | $178M | $0 | $0 | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $1M · 1
- Open-market sells, 12 mo
- $3M · 2
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $10M | $855K | 148 | 273 |
| FY2024 | $7M | $27M | 209 | 220 |
| FY2023 | $7M | $26M | 139 | 161 |
| FY2022 | $10M | −$36M | 45 | 102 |
| FY2021 | $15M | $70M | 513 | 142 |