Question 1

What is Upstart Holdings's P/FCF ratio?

Accepted Answer

Upstart Holdings (UPST) P/FCF ratio is 68.4× as of August 4, 2025. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Upstart Holdings?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Upstart Holdings specifically, the relevant sector benchmark is the current sector median of 11.1×.

Question 5

Is Upstart Holdings's P/FCF ratio high or low?

Accepted Answer

Upstart Holdings's P/FCF ratio of 68.4× is below its own 5-year average of 230.6× and above the sector median of 11.1×. That places the current reading at the 53th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Upstart Holdings (UPST) P/FCF ratio has ranged from a low of 18.2× in 2025 to a high of 1493.8× in 2024. The 5-year average is 230.6× and the 5-year median is 54.6×.

Question 7

What was Upstart Holdings's P/FCF ratio in 2024?

Accepted Answer

Upstart Holdings (UPST) P/FCF ratio at the end of 2024 was 32.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Upstart Holdings's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	−$166.13M	—	—	Dec 31, 2025
2024	$5.68B	$176.34M	32.2×	—	Dec 31, 2024
2023	$3.50B	−$121.91M	—	—	Dec 31, 2023
2022	$1.09B	−$697.59M	—	—	Dec 31, 2022
2021	$14.87B	$143.87M	103.4×	-1.6×	Dec 31, 2021
2020	$1.06B	$10.09M	105.0×	—	Dec 31, 2020


Assurant (AIZ)	7.5×
Progressive (PGR)	7.1×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
Interactive Brokers (IBKR)	6.9×
Invesco (IVZ)	6.9×
American Financial Group (AFG)	6.8×
The Hartford (HIG)	6.5×
Commerce Bancshares (CBSH)	6.4×
Bank of America (BAC)	6.3×
Arch Capital Group (ACGL)	5.9×
JPMorgan Chase (JPM)	5.8×
Travelers Companies (TRV)	5.5×
Principal Financial Group (PFG)	5.5×
Everest Re Group (RE)	5.0×
Allstate (ALL)	4.7×
Everest Re Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
RenaissanceRe Holdings (RNR)	3.0×
MetLife (MET)	2.8×
Synchrony Financial (SYF)	2.4×
Atlantic Union Bankshares (AUB)	2.2×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for Upstart Holdings (UPST)

P/FCF Ratio daily chart for Upstart Holdings (UPST)

Historical P/FCF Ratio for Upstart Holdings (UPST) from 2020 to 2025

About P/FCF Ratio at Upstart Holdings (UPST)

Upstart Holdings P/FCF Ratio by Year

Upstart Holdings P/FCF Ratio 2024: 32.2×

Upstart Holdings P/FCF Ratio 2021: 103.4×

Upstart Holdings P/FCF Ratio 2020: 105.0×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Upstart Holdings (UPST) Key Financials

P/FCF Ratio daily chart for Upstart Holdings (UPST)

Historical P/FCF Ratio for Upstart Holdings (UPST) from 2020 to 2025

About P/FCF Ratio at Upstart Holdings (UPST)

Upstart Holdings P/FCF Ratio by Year

Upstart Holdings P/FCF Ratio 2024: 32.2×

Upstart Holdings P/FCF Ratio 2021: 103.4×

Upstart Holdings P/FCF Ratio 2020: 105.0×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Upstart Holdings's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Upstart Holdings?

+Is Upstart Holdings's P/FCF ratio high or low?

+What is Upstart Holdings's historical P/FCF ratio range?

+What was Upstart Holdings's P/FCF ratio in 2024?

+Why does Upstart Holdings's P/FCF ratio change over time?

Upstart Holdings (UPST) Key Financials