Question 1

What is Upstart Holdings's P/B ratio?

Accepted Answer

Upstart Holdings (UPST) P/B ratio is 3.9× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Upstart Holdings specifically, the relevant sector benchmark is the current sector median of 1.7×.

Question 5

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

Accepted Answer

Upstart Holdings's P/B ratio of 3.9× is below its own 5-year average of 8.3× and above the sector median of 1.7×. That places the current reading at the 36th 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/B ratio range?

Accepted Answer

In the available daily series, Upstart Holdings (UPST) P/B ratio has ranged from a low of 1.4× in 2022 to a high of 52.1× in 2021. The 5-year average is 8.3× and the 5-year median is 5.4×.

Question 7

What was Upstart Holdings's P/B ratio in 2025?

Accepted Answer

Upstart Holdings (UPST) P/B ratio at the end of 2025 was 5.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$798.82M	5.3×	-3.6×	Dec 31, 2025
2024	$5.68B	$633.22M	9.0×	+3.5×	Dec 31, 2024
2023	$3.50B	$635.30M	5.5×	+3.9×	Dec 31, 2023
2022	$1.09B	$672.43M	1.6×	-16.8×	Dec 31, 2022
2021	$14.87B	$807.08M	18.4×	+14.9×	Dec 31, 2021
2020	$1.06B	$300.25M	3.5×	—	Dec 31, 2020


UMB Financial (UMBF)	1.1×
RenaissanceRe Holdings (RNR)	1.1×
KeyCorp (KEY)	1.1×
Southside Bancshares (SBSI)	1.1×
Prudential Financial (PRU)	1.1×
United Bankshares (UBSI)	1.1×
Alerus Financial (ALRS)	1.0×
Capital One Financial (COF)	1.0×
Franklin Resources (BEN)	1.0×
Atlantic Union Bankshares (AUB)	1.0×
American International Group (AIG)	1.0×
Eagle Financial Services (EFSI)	1.0×
Everest Re Group (RE)	1.0×
Citizens Financial Group (CFG)	1.0×
Citigroup (C)	0.9×
Ares Capital (ARCC)	0.9×
Huntington Bancshares (HBAN)	0.9×
Auburn National Bancorporation (AUBN)	0.9×
Invesco (IVZ)	0.9×
Truist Financial (TFC)	0.9×
Everest Re Group (EG)	0.9×
PSB Holdings (PSBQ)	0.8×
Ally Financial (ALLY)	0.8×
Global Payments (GPN)	0.7×
Assured Guaranty (AGO)	0.7×

P/B Ratio for Upstart Holdings (UPST)

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

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

About P/B Ratio at Upstart Holdings (UPST)

Upstart Holdings P/B Ratio by Year

Upstart Holdings P/B Ratio 2025: 5.3×

Upstart Holdings P/B Ratio 2024: 9.0×

Upstart Holdings P/B Ratio 2023: 5.5×

Upstart Holdings P/B Ratio 2022: 1.6×

Upstart Holdings P/B Ratio 2021: 18.4×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Upstart Holdings (UPST) Key Financials

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

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

About P/B Ratio at Upstart Holdings (UPST)

Upstart Holdings P/B Ratio by Year

Upstart Holdings P/B Ratio 2025: 5.3×

Upstart Holdings P/B Ratio 2024: 9.0×

Upstart Holdings P/B Ratio 2023: 5.5×

Upstart Holdings P/B Ratio 2022: 1.6×

Upstart Holdings P/B Ratio 2021: 18.4×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

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

+How is the P/B ratio calculated?

+What is the P/B ratio?

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

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

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

+What was Upstart Holdings's P/B ratio in 2025?

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

Upstart Holdings (UPST) Key Financials