Who are Upstart Holdings' biggest customers?

Customer A accounts for 33% of Upstart Holdings' revenue (FY2025 10-K). Other disclosed customers: customer B 20%.

UPSTUpstart Holdings, Inc.

Financial Services

$23.77-50% 1Y

$23.77

$22.7652 weeks$52.74

Is the business good?

Mixed

The checks split: nothing decisive, though margins widening.

1 good, 1 neutral, 2 without data

Margin direction, 3 years+61.5 pts

Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.

Where ROE comes from2% ROA

A balanced mix of margins, efficiency, and leverage. ROE 6% = margin × turnover × leverage.

All from derived.

Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.

Customers and suppliers

Who buys from UPST and who it buys from, as the companies report it.

33%of revenue comes from customer A, the largest of 2 disclosed customers

Customerswho buys

Customer A
33%
Share of revenue · FY2025 10-K
Customer B
20%
Share of revenue · FY2025 10-K

Supplierswho it buys from

None disclosed.

A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; UPST’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.

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