Upstart Holdings

UPST

Financial - Credit Services · Financial Services

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Strong

Cash Flow

Weak

Stability

Mixed

Valuation

Good

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Winston Score History

The full picture

Upstart Holdings, Inc., together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. Its platform aggregates consumer demand for loans and connects it to its network of the company's AI-enabled bank partners. The company was founded in 2012 and is headquartered in San Mateo, California.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+37.6% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+189.6% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

14.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~11 months

$497M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Strong grower

Upstart Holdings is growing revenue at 38% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-82.9%

Thin — -82.9% gross margin

Profit after running costs

Operating Margin

4.0%

Thin — 4.0% operating margin

Return on the money invested

ROCE

7.3%

Weak — 7.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+42.7%

Fast-growing sales (+42.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

-471%

Weak — only -471% of profit becomes cash

Spare cash per sale

FCF Margin

-23.8%

Burning cash (-23.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

4.21x

Adequate interest coverage (4.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

48.8x

no trend

Expensive — P/E 48.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+31.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (48.8 → 17.1)

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Dividends

Not applicable for this business.

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