Upstart Holdings (UPST) EV to FCF (2020 - 2026)
Upstart Holdings' (UPST) quarterly EV to FCF came in at 21.32 in Q2 2026, up 54.51% year-over-year from 13.8 in Q2 2025, and down 47.68% quarter-over-quarter from 14.43 in Q1 2026.
Analysis
Upstart Holdings (UPST) EV to FCF (2020 - 2026) Analysis & Trends
Upstart Holdings (UPST) has reported EV to FCF for 7 consecutive years, with 21.32 the latest figure, recorded in Q2 2026.
- On a quarterly basis, EV to FCF rose 54.51% year-over-year to 21.32 in Q2 2026; TTM through Jun 2026 was 10.0, a 86.03% increase from a year earlier, with the FY2025 full-year figure at 21.95, down 178.16% from the prior year.
- EV to FCF was 21.32 for Q2 2026 at Upstart Holdings, down from 14.43 in the prior quarter.
- Over five years, EV to FCF peaked at 54.76 in Q1 2024 and troughed at 192.44 in Q1 2025.
- A 5-year average of 20.03 and a median of 18.85 in 2026 frame the typical range for EV to FCF.
- Across the five-year window, EV to FCF soared 434.08% in 2024 and plunged 451.42% in 2025, its largest moves.
- Over 5 years, EV to FCF stood at 4.49 in 2022, then tumbled by 379.28% to 21.52 in 2023, then tumbled by 102.29% to 43.52 in 2024, then jumped by 179.8% to 34.73 in 2025, then slumped by 161.37% to 21.32 in 2026.
- The last three EV to FCF figures came in at 21.32 (Q2 2026), 14.43 (Q1 2026), and 34.73 (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Upstart Holdings | 2.73 Bn | 2.28 Bn | 303.39 Mn |
| 2 | Pagaya Technologies | 1.92 Bn | 1.72 Bn | 168.33 Mn |
| 3 | Qfin Holdings | 1.10 Bn | 108.74 Mn | - |
| 4 | FinVolution | 856.70 Mn | -70.30 Mn | - |
| 5 | X Financial | 432.29 Mn | -136.02 Mn | 84.09 Mn |
| 6 | Open Lending | 371.20 Mn | 186.25 Mn | 15.64 Mn |
| 7 | Blend Labs | 361.86 Mn | 317.00 Mn | 24.89 Mn |
| 8 | LexinFintech Holdings | 294.80 Mn | 294.80 Mn | 73.06 Mn |
| 9 | Antalpha Platform Holding | 85.61 Mn | -804.10 Mn | 11.94 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -21.32 |
| Mar 31, 2026 | -14.43 |
| Dec 31, 2025 | 34.73 |
| Sep 30, 2025 | -35.29 |
| Jun 30, 2025 | -46.86 |
| Mar 31, 2025 | -192.44 |
| Dec 31, 2024 | -43.52 |
| Sep 30, 2024 | 20.65 |
| Jun 30, 2024 | 29.64 |
| Mar 31, 2024 | 54.76 |
| Dec 31, 2023 | -21.52 |
| Sep 30, 2023 | -21.96 |
| Jun 30, 2023 | 13.94 |
| Mar 31, 2023 | -16.39 |
| Dec 31, 2022 | -4.49 |
| Sep 30, 2022 | -16.14 |
| Jun 30, 2022 | -45.74 |
| Mar 31, 2022 | -34.16 |
| Dec 31, 2021 | -866.08 |
| Sep 30, 2021 | 632.52 |