Question 1

What is Upstart Holdings's EV/EBITDA ratio?

Accepted Answer

Upstart Holdings (UPST) EV/EBITDA ratio is 53.4× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Upstart Holdings?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Upstart Holdings specifically, the relevant sector benchmark is the current sector median of 9.3×.

Question 5

Is Upstart Holdings's EV/EBITDA ratio high or low?

Accepted Answer

Upstart Holdings's EV/EBITDA ratio of 53.4× is below its own 5-year average of 153.6× and above the sector median of 9.3×. That places the current reading at the 25th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Upstart Holdings's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Upstart Holdings (UPST) EV/EBITDA ratio has ranged from a low of 13.7× in 2022 to a high of 904.4× in 2021. The 5-year average is 153.6× and the 5-year median is 107.0×.

Question 7

What was Upstart Holdings's EV/EBITDA ratio in 2025?

Accepted Answer

Upstart Holdings (UPST) EV/EBITDA ratio at the end of 2025 was 69.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Upstart Holdings's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$4.27B	$79.16M	69.0×	—	Dec 31, 2025
2024	$5.68B	−$107.85M	—	—	Dec 31, 2024
2023	$3.50B	−$215.12M	—	—	Dec 31, 2023
2022	$1.09B	−$95.56M	—	—	Dec 31, 2022
2021	$14.87B	$141.27M	103.9×	-3.4×	Dec 31, 2021
2020	$1.06B	$8.23M	107.3×	—	Dec 31, 2020


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U.S. Bancorp (USB)	-5.5×
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Bank of New York Mellon (BNY)	-13.3×
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Ames National (ATLO)	-14.6×
State Street (STT)	-17.7×
MetLife (MET)	-46.3×

EV/EBITDA for Upstart Holdings (UPST)

EV/EBITDA daily chart for Upstart Holdings (UPST)

Historical EV/EBITDA for Upstart Holdings (UPST) from 2020 to 2025

About EV/EBITDA at Upstart Holdings (UPST)

Upstart Holdings EV/EBITDA by Year

Upstart Holdings EV/EBITDA 2025: 69.0×

Upstart Holdings EV/EBITDA 2021: 103.9×

Upstart Holdings EV/EBITDA 2020: 107.3×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Upstart Holdings (UPST) Key Financials

EV/EBITDA daily chart for Upstart Holdings (UPST)

Historical EV/EBITDA for Upstart Holdings (UPST) from 2020 to 2025

About EV/EBITDA at Upstart Holdings (UPST)

Upstart Holdings EV/EBITDA by Year

Upstart Holdings EV/EBITDA 2025: 69.0×

Upstart Holdings EV/EBITDA 2021: 103.9×

Upstart Holdings EV/EBITDA 2020: 107.3×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Upstart Holdings's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Upstart Holdings?

+Is Upstart Holdings's EV/EBITDA ratio high or low?

+What is Upstart Holdings's historical EV/EBITDA ratio range?

+What was Upstart Holdings's EV/EBITDA ratio in 2025?

+Why does Upstart Holdings's EV/EBITDA ratio change over time?

Upstart Holdings (UPST) Key Financials