UPST Upstart Holdings, Inc. - Common stock
$30.35
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$24–$77
12% of range
Analyst Rating
BUY
21 analysts
Price Target
$41
+34% upside
P/E (TTM)
65.8
ROE
7.0%
Net Profit Margin
5.1%
About Upstart Holdings, Inc. - Common stock Company overview from Wikipedia
Upstart is a lending platform based in San Mateo, California. It was first launched in April 2012 with an Income Share Agreement (ISA) product, which enabled individuals to raise money by contracting to share a percent of their future income. In May 2014, Upstart pivoted away from this product and toward the personal loan marketplace. With this pivot, Upstart began offering a traditional 3-year loan, and has since expanded to offer a 5-year loan product as well.
Read more
Upstart is a lending platform based in San Mateo, California. It was first launched in April 2012 with an Income Share Agreement (ISA) product, which enabled individuals to raise money by contracting to share a percent of their future income. In May 2014, Upstart pivoted away from this product and toward the personal loan marketplace. With this pivot, Upstart began offering a traditional 3-year loan, and has since expanded to offer a 5-year loan product as well.
Upstart developed an income and default prediction model to determine creditworthiness of a potential borrower. This means that in addition to traditional underwriting criteria—FICO score, credit report, and income—the Upstart underwriting considers education variables—colleges attended, area of study, GPA, and standardized test scores—and work history to develop a statistical model of the borrower's financial capacity and personal propensity to repay.
Upstart raised a $1.75M seed round from First Round Capital, Kleiner Perkins Caufield & Byers, New Enterprise Associates, Google Ventures, Crunchfund and Mark Cuban. They subsequently raised a series A round of $5.9M which included new investors Eric Schmidt (Google Executive Chairman), Marc Benioff, Khosla Ventures, Correlation Ventures, Founders Fund, and Collaborative Fund. Upstart raised a Series C round of $35M from Third Point Capital in June 2015, and $32.5M from Rakuten in 2017. Upstart raised a Series D round of $50M from The Progressive Corporation in 2019.
In late 2020, Upstart went public via an initial public offering.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
UPST Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$30.35
Market Cap
$2.90B
P/E (TTM)
65.8
EPS (TTM)
$0.45
Revenue (TTM)
$1.04B
Div Yield
—
ROE
7.0%
Debt/Equity
—
52W Range
$24 – $77
UPST Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$1.04B
2019-12-31
→
2025-12-31
EPS
$0.45
2019-12-31
→
2025-12-31
Free Cash Flow
$-148M
2021-12-31
→
2025-12-31
Margins
5.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
UPST
Peer Median
P/E (TTM)
65.8
12.8
P/S (TTM)
2.8
2.5
P/B
3.6
2.7
Price / FCF
-19.6
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
UPST
Peer Median
Operating Margin
4.1%
—
Net Profit Margin
5.1%
17.7%
ROA
2.0%
4.5%
ROE
7.0%
24.9%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
UPST
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
UPST
Peer Median
Revenue YoY
64.0%
—
Revenue CAGR 3Y
7.4%
—
Revenue CAGR 5Y
34.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
UPST
Peer Median
UPST Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
21 analysts
- Strong Buy 4 19.0%
- Buy 9 42.9%
- Hold 7 33.3%
- Sell 1 4.8%
- Strong Sell 0 0.0%
12-Month Price Target
15 analysts · 2026-08-13
Median
$40.00
Now
$30.35
Low
$20.00
High
$61.00
Median target
$40.00
+31.8%
Mean target
$40.60
+33.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.57 | $0.54 | 0.03% |
| March 31, 2026 | $0.30 | $0.43 | -0.13% |
| Dec. 31, 2025 | $0.46 | $0.47 | -0.01% |
| Sept. 30, 2025 | $0.52 | $0.43 | 0.09% |
| June 30, 2025 | $0.36 | $0.26 | 0.10% |
| March 31, 2025 | $0.30 | $0.18 | 0.12% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| UPST | $4.29B | 97.2 | 64.0% | 5.1% | 7.0% | — |
| CACC | $4.74B | 12.2 | 7.2% | 18.3% | 27.5% | — |
| SLM | $5.39B | 7.8 | 7.3% | 37.5% | 30.9% | — |
| NNI | — | 11.3 | 21.1% | 120.9% | 12.2% | — |
| DAVE | — | — | — | — | — | — |
| BFH | $3.26B | 6.8 | — | 12.8% | 16.0% | — |
| ECPG | $1.18B | 5.0 | 34.4% | 14.5% | 27.4% | — |
| HAPN | — | — | — | — | — | — |
| EZPW | $1.16B | 13.4 | 9.7% | 8.6% | 11.7% | 58.6% |
| PRG | $2.42B | 8.2 | 0.42% | 6.1% | 20.8% | — |
| ATLC | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.04B | $637M | $514M | $842M | $849M | $233M | $164M | |
| R&D Expense | $258M | $254M | $280M | $237M | $134M | $39M | $19M | |
| SG&A Expense | $254M | $231M | $212M | $185M | $123M | $46M | $32M | |
| Operating Expenses | $1.00B | $809M | $770M | $956M | $708M | $222M | $169M | |
| Operating Income | $43M | $-173M | $-257M | $-114M | $141M | $12M | $-5M | |
| Interest Expense | · | · | $35M | $11M | $3M | $8M | $26M | |
| Interest Income | $204M | $186M | $169M | $106M | $21M | $26M | $63M | |
| Other Non-op | $24M | $19M | $21M | $9M | $-5M | $6M | $1M | |
| Income Tax | $728.0K | $185.0K | $107.0K | $-409.0K | $-2M | $371.0K | $74.0K | |
| Net Income | $54M | $-129M | $-240M | $-109M | $135M | $6M | $-466.0K | |
| EPS (Basic) | $0.56 | $-1.44 | $-2.87 | $-1.31 | $1.73 | $0.00 | $-0.03 | |
| EPS (Diluted) | $0.45 | $-1.44 | $-2.87 | $-1.31 | $1.43 | $0.00 | $-0.03 | |
| Shares (Basic) | 96,030,558 | 89,450,038 | 83,765,896 | 82,771,268 | 78,106,359 | 17,513,670 | 14,335,611 | |
| Shares (Diluted) | 107,492,735 | 89,450,038 | 83,765,896 | 82,771,268 | 94,772,641 | 17,513,670 | 14,335,611 | |
| EBITDA | $67M | $-152M | $-232M | $-100M | $148M | · | · |
Balance Sheet 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $652M | $788M | $368M | $422M | $987M | $251M | · | |
| PP&E (Net) | $44M | $39M | $43M | $44M | $24M | $10M | · | |
| PP&E (Gross) | $123M | $94M | $80M | $61M | $32M | $14M | · | |
| Accum. Depreciation | $78M | $55M | $37M | $17M | $8M | $4M | · | |
| Goodwill | $67M | $67M | $67M | $67M | $67M | $0 | · | |
| Intangibles | $8M | $9M | $11M | $16M | $20M | $0 | · | |
| Total Assets | $2.97B | $2.37B | $2.02B | $1.94B | $1.82B | $477M | · | |
| Total Liabilities | $2.18B | $1.73B | $1.38B | $1.26B | $1.01B | $177M | · | |
| Common Stock | $10.0K | $9.0K | $9.0K | $8.0K | $8.0K | $7.0K | · | |
| Paid-in Capital | $1.16B | $1.04B | $918M | $715M | $741M | $369M | · | |
| Retained Earnings | $-358M | $-411M | $-283M | $-42M | $66M | $-69M | · | |
| Stockholders' Equity | $799M | $633M | $635M | $672M | $807M | $300M | $-62M | |
| Liabilities + Equity | $2.97B | $2.37B | $2.02B | $1.94B | $1.82B | $477M | · | |
| Shares Outstanding | 98,033,361 | 93,469,721 | 86,330,303 | 81,259,676 | 83,659,665 | 73,314,026 | 14,561,398 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $25M | $21M | $25M | $14M | $8M | $2M | $774.0K | |
| Stock-based Comp | $132M | $133M | $175M | $126M | $73M | $12M | $4M | |
| Deferred Tax | $0 | $0 | $0 | $-583.0K | $-2M | $0 | $0 | |
| Other Non-cash | $-358M | $161M | $-120M | $-705M | $-46M | · | · | |
| Operating Cash Flow | $-148M | $186M | $-112M | $-658M | $168M | $16M | $32M | |
| CapEx | $347.0K | $837.0K | $2M | $9M | $8M | $1M | $4M | |
| Investing Cash Flow | $-177M | $-238M | $-118M | $-114M | $-144M | $137M | $45M | |
| Stock Issued | · | · | $0 | $0 | $264M | $0 | $0 | |
| Stock Repurchased | · | $0 | $0 | $178M | $0 | · | · | |
| Net Stock Activity | · | $0 | $0 | $-178M | $264M | · | · | |
| Financing Cash Flow | $406M | $560M | $165M | $113M | $855M | $79M | $-119M | |
| Net Change in Cash | $81M | $508M | $-65M | $-659M | $880M | $231M | $-42M | |
| Taxes Paid | $590.0K | $258.0K | $-658.0K | $328.0K | $2M | · | · | |
| Free Cash Flow | $-148M | $185M | $-162M | $-684M | $160M | · | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 4.1% | -27.2% | -50.0% | -13.5% | 16.6% | · | · | |
| Net Margin | 5.1% | -20.2% | -46.8% | -12.9% | 16.0% | · | · | |
| EBITDA Margin | 6.5% | -23.9% | -45.1% | -11.9% | 17.5% | · | · | |
| ROA | 2.0% | -5.9% | -12.2% | -5.8% | 11.8% | · | · | |
| ROE | 7.0% | -20.9% | -37.6% | -15.6% | 17.8% | · | · |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Interest Coverage | · | · | -7.4 | -10.5 | 43.0 | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.3 | 0.3 | 0.4 | 0.7 | · | · |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 64.0% | 23.9% | -39.0% | -0.72% | 263.6% | · | · | |
| Revenue CAGR 3Y | 7.4% | -9.1% | 30.1% | · | · | · | · | |
| Revenue CAGR 5Y | 34.9% | · | · | · | · | · | · | |
| Net Income YoY | · | · | · | · | 2163.8% | · | · | |
| Net Income CAGR 5Y | 55.0% | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.04B | $637M | $514M | $842M | $849M | $233M | · | |
| Net Income TTM | $54M | $-129M | $-240M | $-109M | $135M | $6M | · | |
| Market Cap | $4.29B | $5.75B | $3.53B | $1.07B | $12.66B | · | · | |
| P/E | 97.2 | -42.8 | -14.2 | -10.1 | 105.8 | · | · | |
| P/S | 4.1 | 9.0 | 6.9 | 1.3 | 14.9 | · | · | |
| P/B | 5.4 | 9.1 | 5.6 | 1.6 | 15.7 | · | · | |
| P / Tangible Book | 5.9 | 10.3 | 6.3 | 1.8 | 17.6 | · | · | |
| P / Cash Flow | -29.0 | 30.9 | -22.0 | -1.6 | 75.2 | · | · | |
| P / FCF | -29.0 | 31.0 | -21.8 | -1.6 | 79.1 | · | · | |
| Earnings Yield | 1.0% | -2.3% | -7.0% | -9.9% | 0.95% | 0.00% | · |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $365M | $308M | $296M | $277M | $257M | $213M | $219M | $162M | $128M | $128M | $140M | $135M | $136M | $103M | $147M | $157M | |
| R&D Expense | $94M | $80M | $67M | $64M | $69M | $58M | $67M | $65M | $58M | $63M | $57M | $55M | $58M | $110M | $64M | $66M | |
| SG&A Expense | $80M | $76M | $68M | $61M | $65M | $61M | $60M | $60M | $53M | $58M | $56M | $54M | $50M | $53M | $47M | $48M | |
| Operating Expenses | $350M | $316M | $277M | $253M | $253M | $218M | $224M | $207M | $183M | $195M | $188M | $178M | $169M | $235M | $205M | $215M | |
| Operating Income | $15M | $-8M | $19M | $24M | $5M | $-4M | $-5M | $-45M | $-55M | $-67M | $-48M | $-44M | $-33M | $-132M | $-58M | $-58M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $11M | · | $9M | $4M | $7M | · | $3M | |
| Interest Income | $57M | $56M | $61M | $57M | $46M | $41M | $41M | $41M | $53M | $51M | $52M | $38M | $34M | $45M | $39M | $22M | |
| Other Non-op | $3M | $956.0K | $20M | $1M | $1M | $2M | $10M | $5M | $1M | $3M | $10M | $4M | $5M | $3M | $7M | $2M | |
| Income Tax | $614.0K | $84.0K | $526.0K | $124.0K | $49.0K | $29.0K | $111.0K | $45.0K | $15.0K | $14.0K | $63.0K | $10.0K | $18.0K | $16.0K | $-464.0K | $12.0K | |
| Net Income | $17M | $-7M | $19M | $32M | $6M | $-2M | $-3M | $-7M | $-54M | $-65M | $-42M | $-40M | $-28M | $-129M | $-55M | $-56M | |
| EPS (Basic) | $0.17 | $-0.07 | $0.20 | $0.33 | $0.06 | $-0.03 | $-0.01 | $-0.07 | $-0.62 | $-0.74 | $-0.47 | $-0.48 | $-0.34 | $-1.58 | $-0.65 | $-0.69 | |
| EPS (Diluted) | $0.16 | $-0.07 | $0.20 | $0.23 | $0.05 | $-0.03 | $-0.01 | $-0.07 | $-0.62 | $-0.74 | $-0.47 | $-0.48 | $-0.34 | $-1.58 | $-0.60 | $-0.69 | |
| Shares (Basic) | 96,573,751 | 96,901,974 | -190,453,118 | 96,682,774 | 95,526,364 | 94,274,538 | -176,136,031 | 90,119,481 | 88,435,893 | 87,030,695 | -165,681,141 | 84,404,966 | 83,130,638 | 81,911,433 | -166,965,239 | 81,672,099 | |
| Shares (Diluted) | 109,720,846 | 96,901,974 | -199,358,756 | 109,724,669 | 102,852,284 | 94,274,538 | -176,136,031 | 90,119,481 | 88,435,893 | 87,030,695 | -165,681,141 | 84,404,966 | 83,130,638 | 81,911,433 | -178,192,570 | 81,672,099 | |
| EBITDA | · | $-2M | · | $24M | $5M | $2M | · | $-45M | $-55M | $-62M | · | $-44M | $-33M | $-125M | · | $-58M |
Balance Sheet 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $456M | $473M | $652M | $490M | $396M | $600M | $788M | $445M | $375M | $301M | · | $517M | $444M | $387M | · | $684M | |
| PP&E (Net) | $49M | $48M | $44M | $44M | $44M | $42M | $39M | $38M | $40M | $41M | · | $48M | $47M | $47M | · | $41M | |
| PP&E (Gross) | $140M | $132M | $123M | $117M | $111M | $104M | $94M | $89M | $86M | $82M | · | $78M | $73M | $69M | · | $56M | |
| Accum. Depreciation | $91M | $84M | $78M | $72M | $67M | $61M | $55M | $51M | $46M | $42M | · | $30M | $26M | $22M | · | $15M | |
| Goodwill | $67M | $67M | $67M | $67M | $67M | $67M | $67M | $67M | $67M | $67M | · | $67M | $67M | $67M | · | $67M | |
| Intangibles | $8M | $8M | $8M | $9M | $9M | $9M | $9M | $10M | $10M | $10M | · | $12M | $13M | $15M | · | $17M | |
| Total Assets | $3.17B | $2.96B | $2.97B | $2.90B | $2.48B | $2.30B | $2.37B | $1.81B | $1.82B | $1.93B | · | $2.00B | $1.76B | $1.82B | · | $1.92B | |
| Total Liabilities | $2.37B | $2.23B | $2.18B | $2.16B | $1.76B | $1.62B | $1.73B | $1.21B | $1.23B | $1.31B | · | $1.36B | $1.13B | $1.19B | · | $1.20B | |
| Common Stock | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $9.0K | $9.0K | $9.0K | $9.0K | · | $9.0K | $8.0K | $8.0K | · | $8.0K | |
| Paid-in Capital | $1.15B | $1.10B | $1.16B | $1.12B | $1.13B | $1.09B | $1.04B | $1.00B | $996M | $960M | · | $881M | $838M | $799M | · | $706M | |
| Retained Earnings | $-348M | $-364M | $-358M | $-376M | $-408M | $-414M | $-411M | $-408M | $-402M | $-347M | · | $-240M | $-200M | $-172M | · | $13M | |
| Stockholders' Equity | $797M | $733M | $799M | $744M | $722M | $677M | $633M | $596M | $595M | $613M | $635M | $641M | $638M | $627M | $672M | $719M | |
| Liabilities + Equity | $3.17B | $2.96B | $2.97B | $2.90B | $2.48B | $2.30B | $2.37B | $1.81B | $1.82B | $1.93B | · | $2.00B | $1.76B | $1.82B | · | $1.92B | |
| Shares Outstanding | 97,306,813 | 95,708,872 | 98,033,361 | 97,275,544 | 96,091,343 | 95,071,582 | 93,469,721 | 90,998,255 | 89,084,180 | 87,805,393 | 86,330,303 | 85,024,889 | 83,811,484 | 82,600,748 | 81,259,676 | 81,831,178 |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $7M | $6M | $6M | $6M | $6M | $6M | $5M | $5M | $5M | $6M | $9M | $5M | $4M | $6M | $4M | $4M | |
| Stock-based Comp | $44M | $35M | $32M | $34M | $36M | $30M | $30M | $34M | $34M | $36M | $33M | $36M | $33M | $74M | $34M | $37M | |
| Other Non-cash | · | $-167M | · | · | · | $-47M | · | · | · | $76M | · | · | · | $-27M | · | · | |
| Operating Cash Flow | $-137M | $-133M | $109M | $-123M | $-120M | $-13M | $-111M | $179M | $65M | $44M | $-146M | $-53M | $217M | $-76M | $-236M | $-101M | |
| CapEx | $2M | $3M | $157.0K | $75.0K | $115.0K | $0 | $0 | $116.0K | $37.0K | $684.0K | $242.0K | $135.0K | $39.0K | $1M | $2M | $2M | |
| Investing Cash Flow | $94M | $876.0K | $132M | $-121M | $-110M | $-79M | $-78M | $-46M | $-76M | $-38M | $-30M | $-24M | $-38M | $-26M | $-85M | $-24M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Stock Repurchased | $0 | $100M | · | · | $0 | $0 | · | · | · | · | · | $0 | · | · | $28M | $25M | |
| Net Stock Activity | · | $-100M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $93M | $7M | $-20M | $379M | $92M | $-45M | $509M | $-38M | $132M | $-35M | $28M | $182M | $-121M | $21M | $24M | $41M | |
| Net Change in Cash | $51M | $-126M | $220M | $135M | $-138M | $-137M | $320M | $95M | $121M | $-29M | $-147M | $105M | $58M | $-81M | $-297M | $-84M | |
| Taxes Paid | $1M | $79.0K | $18.0K | $22.0K | $454.0K | $96.0K | $8.0K | $37.0K | $125.0K | $88.0K | $324.0K | $7.0K | $164.0K | $-1M | $122.0K | $154.0K | |
| Free Cash Flow | · | $-136M | · | · | · | $-13M | · | · | · | $52M | · | · | · | $-77M | · | · |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | -2.4% | · | 8.5% | 1.8% | -2.1% | · | -27.9% | -43.5% | -52.8% | · | -32.6% | -24.6% | -128.1% | · | -37.0% | |
| Net Margin | · | -2.2% | · | 11.5% | 2.2% | -1.1% | · | -4.2% | -42.7% | -50.5% | · | -30.0% | -20.8% | -125.6% | · | -35.8% | |
| EBITDA Margin | · | -0.54% | · | 8.5% | 1.8% | 0.89% | · | -27.9% | -43.5% | -48.4% | · | -32.6% | -24.6% | -121.8% | · | -37.0% | |
| ROA | · | -0.25% | · | 1.4% | 0.26% | -0.12% | · | -0.35% | -3.0% | -3.5% | · | -2.1% | -1.5% | -6.8% | · | -3.2% | |
| ROE | · | -0.94% | · | 4.8% | 0.85% | -0.38% | · | -1.1% | -8.8% | -10.4% | · | -5.9% | -4.0% | -17.2% | · | -7.8% |
Liquidity & Solvency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | · | · | · | · | · | · | · | · | · | -6.3 | · | -4.7 | -7.8 | -18.5 | · | -19.0 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.21B | $1.06B | · | $910M | $760M | $631M | · | $552M | $526M | $501M | · | $530M | $624M | $798M | · | $924M | |
| Net Income TTM | $47M | $28M | · | $28M | $-58M | $-128M | · | $-166M | $-188M | $-262M | · | $-254M | $-244M | $-183M | · | $-24M | |
| Market Cap | · | $2.45B | · | $4.94B | $6.22B | $4.38B | · | $3.64B | $2.10B | $2.36B | · | $2.43B | $3.00B | $1.31B | · | $1.70B | |
| P/E | 95.8 | 142.5 | · | 282.2 | -96.5 | -31.5 | · | -20.9 | -10.8 | -8.6 | · | -9.2 | -12.1 | -6.9 | · | -50.7 | |
| P/S | · | 2.3 | · | 5.4 | 8.2 | 6.9 | · | 6.6 | 4.0 | 4.7 | · | 4.6 | 4.8 | 1.6 | · | 1.8 | |
| P/B | · | 3.3 | · | 6.6 | 8.6 | 6.5 | · | 6.1 | 3.5 | 3.9 | · | 3.8 | 4.7 | 2.1 | · | 2.4 | |
| P / Tangible Book | 4.8 | 3.7 | · | 7.4 | 9.6 | 7.3 | · | 7.0 | 4.1 | 4.4 | · | 4.3 | 5.4 | 2.4 | · | 2.7 | |
| P / Cash Flow | · | -18.4 | · | · | · | -324.5 | · | · | · | 44.9 | · | · | · | -17.3 | · | · | |
| P / FCF | · | -18.0 | · | · | · | -324.5 | · | · | · | 45.5 | · | · | · | -17.1 | · | · | |
| Earnings Yield | 1.0% | 0.70% | · | 0.35% | -1.0% | -3.2% | · | -4.8% | -9.2% | -11.7% | · | -10.8% | -8.3% | -14.4% | · | -2.0% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $1.04B | $637M | $514M | $842M | $849M |
| Operating Margin % | 4.1% | -27.2% | -50.0% | -13.5% | 16.6% |
| Net Income | $54M | $-129M | $-240M | $-109M | $135M |
| Diluted EPS | $0.45 | $-1.44 | $-2.87 | $-1.31 | $1.43 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-148M | $185M | $-162M | $-684M | $160M |
Latest News Recent headlines mentioning this company
- Upstart vs. Pagaya Technologies: Which Financial Stock Is a Better Buy in 2026?
- Down 39%, Is It Finally Time to Buy Upstart Stock?
- Why Is Upstart Stock Crashing, and is it a Buying Opportunity?
- Why Upstart Stock Jumped 23% in April
- Is Upstart Stock a Buy After Hedge Fund Halter Ferguson Purchased Shares Worth $37 Million?
- SoFi Technologies vs. Upstart: Which Fintech Stock Is the Better Long-Term Buy?
- Is Upstart Stock a Millionaire Maker?
- Is This Fintech Stock Finally Turning the Corner on Profitability?
My Metrics Your personal watchlist — selected rows from Full Fundamentals
📊
Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.
Your selection is saved and follows you across all tickers.
Institutional owners (13F) 449 filers · $2.0B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 81 (+26 vs prior Q) | 38 (-55 vs prior Q) | 124 (-26 vs prior Q) | 120 (+15 vs prior Q) | +7.1M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $132,499,626 | 3,739,758 | 6.63% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $131,039,733 | 3,698,553 | 6.55% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $108,401,628 | 3,059,600 | 5.42% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $91,745,985 | 2,589,500 | 4.59% | Put option |
| STATE STREET CORP | $75,057,286 | 2,118,467 | 3.75% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $67,789,016 | 1,912,926 | 3.39% | Shares |
| Clear Street Group Inc. | $64,803,702 | 1,829,063 | 3.24% | Shares |
| MORGAN STANLEY | $62,775,724 | 1,771,824 | 3.14% | Shares |
| Halter Ferguson Financial Inc. | $61,935,857 | 1,748,119 | 3.10% | Shares |
| JANE STREET GROUP, LLC | $60,975,030 | 1,721,000 | 3.05% | Put option |
| GOLDMAN SACHS GROUP INC | $60,860,616 | 1,717,771 | 3.04% | Shares |
| CITADEL ADVISORS LLC | $56,985,612 | 1,608,400 | 2.85% | Call option |
| JANE STREET GROUP, LLC | $50,643,642 | 1,429,400 | 2.53% | Call option |
| WOLVERINE TRADING, LLC | $48,088,332 | 911,800 | 2.40% | Call option |
| BARCLAYS PLC | $39,716,285 | 1,120,979 | 1.99% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $37,085,963 | 1,046,739 | 1.85% | Shares |
| CITADEL ADVISORS LLC | $33,856,377 | 955,585 | 1.69% | Shares |
| CITADEL ADVISORS LLC | $31,589,388 | 891,600 | 1.58% | Put option |
| Point72 Asset Management, L.P. | $31,361,183 | 885,159 | 1.57% | Shares |
| COATUE MANAGEMENT LLC | $30,857,652 | 870,947 | 1.54% | Shares |
| BANK OF AMERICA CORP /DE/ | $28,394,240 | 801,418 | 1.42% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $28,379,217 | 800,994 | 1.42% | Shares |
| D. E. Shaw & Co., Inc. | $28,103,076 | 793,200 | 1.41% | Call option |
| MILLENNIUM MANAGEMENT LLC | $27,098,529 | 764,847 | 1.36% | Shares |
| FMR LLC | $24,902,436 | 702,863 | 1.25% | Shares |
| WOLVERINE TRADING, LLC | $23,226,696 | 440,400 | 1.16% | Put option |
| VANGUARD FIDUCIARY TRUST CO | $21,373,396 | 603,257 | 1.07% | Shares |
| Balyasny Asset Management L.P. | $19,725,971 | 556,759 | 0.99% | Shares |
| HSBC HOLDINGS PLC | $18,300,044 | 508,900 | 0.92% | Call option |
| PEAK6 LLC | $16,683,987 | 470,900 | 0.83% | Put option |
| Walleye Capital LLC | $15,912,711 | 449,131 | 0.80% | Shares |
| FIRST TRUST ADVISORS LP | $13,429,954 | 379,056 | 0.67% | Shares |
| D. E. Shaw & Co., Inc. | $12,832,746 | 362,200 | 0.64% | Put option |
| MARSHALL WACE, LLP | $12,005,527 | 338,852 | 0.60% | Shares |
| Pathstone Holdings, LLC | $11,878,899 | 335,278 | 0.59% | Shares |
| Squarepoint Ops LLC | $11,695,939 | 330,114 | 0.58% | Shares |
| BAILLIE GIFFORD & CO | $9,984,245 | 281,802 | 0.50% | Shares |
| Hidden Lake Asset Management LP | $9,977,584 | 281,614 | 0.50% | Shares |
| BlackRock, Inc. | $9,281,597 | 261,970 | 0.46% | Shares |
| Caption Management, LLC | $8,857,500 | 250,000 | 0.44% | Call option |
| Alberta Investment Management Corp | $8,460,684 | 238,800 | 0.42% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $8,382,171 | 236,584 | 0.42% | Shares |
| Point72 Asset Management, L.P. | $8,219,760 | 232,000 | 0.41% | Call option |
| Cubist Systematic Strategies, LLC | $7,371,080 | 145,100 | 0.37% | Call option |
| HSBC HOLDINGS PLC | $7,191,209 | 199,978 | 0.36% | Shares |
| Walleye Trading LLC | $7,039,941 | 198,700 | 0.35% | Put option |
| IMC-Chicago, LLC | $6,874,873 | 194,041 | 0.34% | Shares |
| BARCLAYS PLC | $6,377,400 | 180,000 | 0.32% | Put option |
| Swiss National Bank | $5,902,638 | 166,600 | 0.30% | Shares |
| Gator Capital Management, LLC | $5,721,591 | 161,490 | 0.29% | Shares |
| Quantinno Capital Management LP | $5,293,796 | 149,415 | 0.26% | Shares |
| Squarepoint Ops LLC | $5,261,355 | 148,500 | 0.26% | Put option |
| Walleye Trading LLC | $5,162,151 | 145,700 | 0.26% | Call option |
| CREDIT AGRICOLE S A | $5,033,717 | 142,075 | 0.25% | Shares |
| LPL Financial LLC | $5,018,249 | 141,638 | 0.25% | Shares |
| AXA Investment Managers S.A. | $4,686,097 | 92,246 | 0.23% | Shares |
| PEAK6 LLC | $4,382,691 | 123,700 | 0.22% | Call option |
| BANK OF NOVA SCOTIA | $4,247,846 | 119,894 | 0.21% | Shares |
| Clear Street Group Inc. | $4,233,885 | 119,500 | 0.21% | Put option |
| TUDOR INVESTMENT CORP ET AL | $4,170,111 | 117,700 | 0.21% | Call option |
| Cubist Systematic Strategies, LLC | $4,155,440 | 81,800 | 0.21% | Put option |
| Schonfeld Strategic Advisors LLC | $4,073,563 | 114,975 | 0.20% | Shares |
| Headlands Technologies LLC | $4,014,219 | 113,300 | 0.20% | Shares |
| Nebula Research & Development LLC | $3,925,365 | 60,689 | 0.20% | Shares |
| RHUMBLINE ADVISERS | $3,915,354 | 110,510 | 0.20% | Shares |
| MML INVESTORS SERVICES, LLC | $3,789,770 | 106,965 | 0.19% | Shares |
| Squarepoint Ops LLC | $3,741,408 | 105,600 | 0.19% | Call option |
| CAPITAL FUND MANAGEMENT S.A. | $3,663,462 | 103,400 | 0.18% | Call option |
| BLUE JEAN FINANCIAL LLC | $3,651,026 | 103,049 | 0.18% | Shares |
| Walleye Trading LLC | $3,611,238 | 101,926 | 0.18% | Shares |
| NOMURA HOLDINGS INC | $3,543,000 | 100,000 | 0.18% | Call option |
| NORGES BANK | $3,328,967 | 93,959 | 0.17% | Shares |
| Banco Santander, S.A. | $3,269,480 | 92,280 | 0.16% | Shares |
| Liontrust Investment Partners LLP | $3,127,745 | 71,524 | 0.16% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $3,081,949 | 86,987 | 0.15% | Shares |
| Bank of New York Mellon Corp | $3,049,992 | 86,085 | 0.15% | Shares |
| Bank Julius Baer & Co. Ltd, Zurich | $3,028,531 | 85,480 | 0.15% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,922,975 | 82,500 | 0.15% | Put option |
| Edgestream Partners, L.P. | $2,910,433 | 82,146 | 0.15% | Shares |
| Odyssean, LLC | $2,848,324 | 80,393 | 0.14% | Shares |
| Trexquant Investment LP | $2,825,153 | 79,739 | 0.14% | Shares |
| Private Advisor Group, LLC | $2,736,488 | 77,236 | 0.14% | Shares |
| Brevan Howard Capital Management LP | $2,724,850 | 76,908 | 0.14% | Shares |
| Quadrature Capital Ltd | $2,704,797 | 76,342 | 0.14% | Shares |
| ExodusPoint Capital Management, LP | $2,677,764 | 75,579 | 0.13% | Shares |
| Jefferies Financial Group Inc. | $2,657,250 | 75,000 | 0.13% | Call option |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $2,631,032 | 74,260 | 0.13% | Shares |
| Jefferies Financial Group Inc. | $2,593,689 | 73,206 | 0.13% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,582,775 | 100,693 | 0.13% | Shares |
| PEAK6 LLC | $2,581,820 | 72,871 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $2,565,180 | 100,007 | 0.13% | Shares |
| Tyler-Stone Wealth Management | $2,563,526 | 39,634 | 0.13% | Shares |
| Centiva Capital, LP | $2,494,272 | 70,400 | 0.12% | Put option |
| Divisadero Street Capital Management, LP | $2,390,143 | 67,461 | 0.12% | Shares |
| CenterBook Partners LP | $2,385,077 | 67,318 | 0.12% | Shares |
| Point72 Asset Management, L.P. | $2,352,552 | 66,400 | 0.12% | Put option |
| Aquatic Capital Management LLC | $2,286,829 | 64,545 | 0.11% | Shares |
| Manchester Capital Management LLC | $2,234,641 | 63,072 | 0.11% | Shares |
| SANDLER CAPITAL MANAGEMENT | $2,193,117 | 61,900 | 0.11% | Put option |
| Man Group plc | $2,169,698 | 61,239 | 0.11% | Shares |
Company insiders 14 insiders · 6 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Dave Girouard | Chief Executive Officer | Oct. 1, 2021 S | 987,502 | 0 | 0 | $0 |
| Sanjay Datta | President, Capital& Enterprise | June 9, 2026 S | 313,556 | 0 | 1 | $-456,116 |
| Alison Nicoll | General Counsel | Oct. 20, 2021 M | 14,230 | 0 | 0 | $0 |
| Paul Gu | SVP, Product and Data Science | Oct. 15, 2021 M | 277,412 | 0 | 0 | $0 |
| Natalia Mirgorodskaya | Corporate Controller | Aug. 31, 2021 S | 23,007 | 0 | 0 | $0 |
| Anna M. Counselman | SVP, People and Operations | Aug. 19, 2021 M | 12,230 | 0 | 0 | $0 |
| Peter J Bernard | Director | May 29, 2026 A | 11,392 | 0 | 0 | $0 |
| Ciaran O'Kelly | Director | May 29, 2026 A | 39,484 | 0 | 0 | $0 |
| Mary Hentges | Director | May 29, 2026 A | 37,149 | 0 | 0 | $0 |
| Kerry Whorton Cooper | Director | May 29, 2026 A | 6,476 | 0 | 0 | $0 |
| Hilliard C. Terry III | Director | May 29, 2026 A | 37,432 | 0 | 0 | $0 |
| Timothy H Wennes | Director | May 29, 2026 A | 6,476 | 0 | 0 | $0 |
| Cassidy Sukhinder Singh | Director | May 27, 2021 A | 1,491 | 0 | 0 | $0 |
| Jeff Huber | — | June 23, 2021 A | 1,234 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 46 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| FINX · Global X Funds | 0.59% | 33,960 NS | May 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.18% | 91,282 SH | Aug. 8, 2026 | Daily |
| TMFX · RBB Fund, Inc. | 0.16% | 1,525 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.16% | 777,982 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.14% | 32,077 NS | April 30, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.13% | 44,668 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.12% | 3,094 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.09% | 492,357 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.08% | 37,413 NS | April 30, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.08% | 1,070,193 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.08% | 2,161,182 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.08% | 26,638 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.07% | 4,056 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.07% | 62,944 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.07% | 301,103 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.06% | 416,495 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.05% | 49,451 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.05% | 4,235 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.04% | 3,172 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.04% | 3,904 SH | Aug. 8, 2026 | Daily |
| FNCL · FIDELITY COVINGTON TRUST | 0.03% | 23,558 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.03% | 3,210 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 967,149 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.03% | 1,859,762 SH | Aug. 8, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.03% | 135,095 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.03% | 4,164 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.02% | 5,054 SH | Aug. 8, 2026 | Daily |
| TECB · iShares Trust | 0.02% | 2,672 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 3,306 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 81 NS | May 31, 2026 | N-PORT |
| ESGV · VANGUARD WORLD FUND | 0.01% | 18,892 SH | Aug. 8, 2026 | Daily |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 22,940 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 3,893 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 53,173 NS | May 31, 2026 | N-PORT |
| SCHK · SCHWAB STRATEGIC TRUST | 0.00% | 6,771 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 122,095 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 23,077 SH | Aug. 8, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.00% | 1,194 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 16,131 NS | April 30, 2026 | N-PORT |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 36 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 297 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 747 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,576,682 SH | Aug. 8, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 70,548 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 7,204 SH | Aug. 8, 2026 | Daily |
| EBI · RBB Fund Trust | 0.00% | 3 NS | May 31, 2026 | N-PORT |