Debt-to-Equity Ratio

Upstart Holdings’ debt-to-equity ratio of 2.70x means the company uses $2.70 of debt for every $1 of shareholders’ equity—a measure of financial leverage that shows how much debt is financing the business.

This is far above the sector median of 0.63x, placing it in the 84th percentile among Financial Services peers, indicating Upstart carries much more debt relative to equity than most of its competitors. No year-over-year or quarter-over-quarter changes are available, and the trend direction over the last eight quarters is also not provided, so there is no data to judge whether leverage is rising or falling. The combination of a high debt load with no trend information suggests elevated financial risk compared to industry norms, but the absence of a directional change leaves the risk profile uncertain. This metric supports the NEUTRAL overall verdict by highlighting a potential downside risk that is balanced by other factors in the full assessment, rather than forcing a bearish or bullish tilt.

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