公司概述
Upstart Holdings, Inc. operates a cloud-based artificial intelligence lending platform across the United States, functioning through three distinct segments: Personal Lending, Auto Lending, and Other. This business model focuses on providing unsecured personal loans and small dollar loans, leveraging AI technology to assess credit risk differently than traditional underwriting methods. The company is classified within the Financial Services sector and specifically operates in the Credit Services industry, positioning it as a technology-driven intermediary in the broader financial ecosystem. With a market capitalization of $2.68 billion, annual revenue of $1.08 billion, and an employee count of 1,405, the firm demonstrates a significant operational footprint. These valuation and revenue figures indicate that Upstart commands a substantial market position relative to its workforce size, suggesting a high-value business model where AI automation drives scalability and revenue generation within the competitive credit services landscape.
财务健康
The company reported a trailing twelve-month revenue of $1.08 billion and net income of $53.60 million, resulting in an EBITDA of $99.13 million. The substantial gap between revenue and net income reveals a cost structure where operating expenses absorb a significant portion of top-line growth before reaching the bottom line. However, the free cash flow stands at -$275,449,632, indicating that the company is currently burning cash, which limits its immediate financial flexibility for capital expenditures or aggressive debt repayment without external financing. Despite the negative cash flow, the balance sheet holds $657.67 million in cash against $1.90 billion in total debt, creating a net debt position that requires careful management. Profitability metrics vary significantly, with a gross margin of 82.5% reflecting high efficiency in cost of goods sold, an operating margin of 8.9% showing the impact of administrative and technology costs, and a profit margin of 5.0% highlighting the final earnings retention relative to revenue. The debt-to-equity ratio of 237.46 indicates a highly leveraged balance sheet, while the current ratio of 13.10 suggests exceptional short-term liquidity and the ability to cover current liabilities many times over. Return on equity stands at 7.5% and return on assets is 1.7%, metrics that reveal the capital intensity of the business and the modest effectiveness of management in generating returns on the substantial asset base and equity deployed.
估值评估
The trailing twelve-month P/E ratio is 60.69, while the forward P/E is significantly lower at 8.50, implying that the market expects a dramatic turnaround or substantial acceleration in earnings to justify the current stock price. The price-to-book ratio is 3.35, indicating that the market values the company at a premium of more than three times its net asset value, likely reflecting the intangible value of its proprietary AI platform. Alternative valuation metrics such as the price-to-sales ratio of 2.49 and an EV/EBITDA of 39.52 suggest that investors are pricing in high future growth potential despite current profitability constraints. Regarding trading range, the stock has a 52-week high of $87.30 and a 52-week low of $23.96, meaning the current price sits at a level that represents a significant distance below the 52-week high if the forward P/E of 8.50 is applied to earnings, though exact current price calculation requires specific market data not provided beyond these bounds. The beta value is 2.16, which indicates that the stock exhibits high volatility and is expected to fluctuate with significantly greater magnitude than the broader market, making it a high-risk component of a diversified portfolio.
Growth & Income
Revenue growth year-over-year stands at 34.4%, demonstrating robust top-line expansion, whereas earnings growth is listed as N/A, suggesting that profitability has not yet scaled at the same rate as revenue. This divergence implies that the company is in a growth phase where reinvestment in technology and operations is prioritizing market share over immediate earnings maximization. The company does not pay dividends, as evidenced by a dividend yield of N/A and a payout ratio of 0.0%, meaning all net income is retained to fund operations, reduce debt, or invest in the AI platform's development. Consequently, the overall growth and income profile is characterized by aggressive revenue expansion funded by retained earnings rather than shareholder distributions, reflecting a strategy focused on long-term platform maturation and future profitability realization.