Upstart Holdings (UPST) Return on Invested Capital [ROIC] (2021 - 2026)
Upstart Holdings' Return on Invested Capital [ROIC] was 5.40% in Q2 2026, up 11.74 percentage points from -6.34% a year earlier and up 0.98 percentage points from the prior quarter.
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Analysis
Upstart Holdings (UPST) Return on Invested Capital [ROIC] (2021 - 2026) Analysis & Trends
For FY2025, Return on Invested Capital [ROIC] at Upstart Holdings came in at 5.26%, up 30.27 percentage points from FY2024.
- Return on Invested Capital [ROIC] shows a four-year change of -17.10 percentage points (FY2021 to FY2025).
- In earlier years, Return on Invested Capital [ROIC] was -25.01% in FY2024 (+10.32 pp), -35.33% in FY2023 (-21.81 pp), -13.52% in FY2022 (-35.88 pp) and 22.35% in FY2021.
- The Q2 2026 figure marks the highest quarterly Return on Invested Capital [ROIC] since Q2 2022.
- Compared with a year earlier, Return on Invested Capital [ROIC] has increased for ten straight quarters, with an average year-over-year change of +19.17 percentage points over the last eight quarters.
- The best year-over-year quarter for Return on Invested Capital [ROIC] over five years was Q3 2025 (a gain of 35.03 percentage points); the worst was Q1 2023 (a drop of 55.72 percentage points).
- Per Business Quant data, UPST's Return on Invested Capital [ROIC] in the three quarters before Q2 2026 was 4.42% (Q1 2026), 4.82% (Q4 2025) and 2.28% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | PayPal Holdings | 49.04 Bn | 7.27 Bn | - | 15.87% |
| 2 | Coinbase Global | 47.52 Bn | 4.33 Bn | - | 2.41% |
| 3 | Block | 45.61 Bn | 16.91 Bn | 3.17 Bn | 2.04% |
| 4 | Corpay | 26.34 Bn | 16.23 Bn | - | 12.44% |
| 5 | Fiserv | 24.61 Bn | 21.29 Bn | 2.90 Bn | 7.03% |
| 6 | Global Payments | 22.07 Bn | -135.34 Mn | 2.03 Bn | 2.37% |
| 7 | Guidewire Software | 13.93 Bn | 10.49 Bn | 269.68 Mn | 6.58% |
| 8 | Bitmine Immersion Technologies | 13.17 Bn | 10.55 Bn | 40.81 Mn | - |
| 9 | Chime Financial | 11.48 Bn | 7.27 Bn | 594.87 Mn | - |
| 10 | Upstart Holdings | 2.26 Bn | 188.28 Mn | 303.39 Mn | 5.40% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 5.40% |
| Mar 31, 2026 | 4.42% |
| Dec 31, 2025 | 4.82% |
| Sep 30, 2025 | 2.28% |
| Jun 30, 2025 | -6.34% |
| Mar 31, 2025 | -15.12% |
| Dec 31, 2024 | -25.61% |
| Sep 30, 2024 | -32.75% |
| Jun 30, 2024 | -32.17% |
| Mar 31, 2024 | -28.24% |
| Dec 31, 2023 | -37.14% |
| Sep 30, 2023 | -38.86% |
| Jun 30, 2023 | -41.66% |
| Mar 31, 2023 | -39.14% |
| Dec 31, 2022 | -14.40% |
| Sep 30, 2022 | 0.56% |
| Jun 30, 2022 | 9.76% |
| Mar 31, 2022 | 16.59% |
| Dec 31, 2021 | 16.40% |
| Sep 30, 2021 | 11.38% |
API Access
Upstart Holdings Return on Invested Capital [ROIC] API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=return-on-invested-capital-%5Broic%5D&ticker=UPST&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "ticker": "UPST", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=return-on-invested-capital-%5Broic%5D&ticker=UPST&period=max&api_key=YOUR_API_KEY");
const data = await res.json();