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Upland Software, Inc (UPLD) Fair Value & Analysis

Technology · US · Market cap $14.1M

US Upland Software, Inc logo Upland Software, Inc UPLD · US
Price$5.25
Fair Value$4.70
Upside-10.6%
Quality50/100
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Weak Growth
Loss-making · -7.1% net margin
High debt · generates free cash flow
Ranks above peers (8/13)
Narrow moat 24/100
Evidence: High Range $4.70 – $8.46 Share as image

Fair value as of: Jul 22, 2026

From 13 valuation models · updated 19 days ago

Fair value updated Jul 22, 2026, revised from $3.84 to $4.70 (+22.3%) since Jun 25, 2026. Share price +11.7% over the past month.

A solid business, but screening 11% overvalued on our models.

What matters now

  • A fairly wide model range ($4.70 to $8.46) leaves room in how you read the outcome.
  • Our model range runs from $4.70 (bear) to $8.46 (bull), base $4.70. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 50/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

$495.60 $4.04 Fair Value $4.70 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.

How to read this chart

60‑month range $4.04 – $495.60 · fair‑value band $4.70 – $8.46 · the $5.25 price screens above the $4.70 fair value. Dashed = 300-day average. As of Jul 22, 2026.

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Analysis

Upland Software, Inc (UPLD) currently trades at $5.25, while our model-based Fair Value estimate is $4.70, implying the stock looks roughly 10.6% overvalued today. The Quality Score stands at 50/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Upland Software, Inc generated revenue of $202M at a net margin of -7.1%. Revenue declined 23.5% year over year. It earns a return on equity of -17.3%. Net debt stands at $206M. Fundamentals as of Jul 22, 2026

Our scenario range runs from $4.70 (bear case) to $8.46 (bull case); at $5.25, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Technology peers we cover trades at -27% fair-value upside, at -11%, UPLD screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF $4.28 $30.37 $61.75 80
Rev-Margin DCF $21.85 $57.58 74
Gordon GGM $3.74 $6.26 $8.13 70
All 13 models by family
DCF Models
FCF DCF $4.51 $35.34 $75.18 38
5Y Revenue Exit $21.25 $58.28 39
5Y EBITDA Exit $45.80 $124.31 $217.57 41
10Y Revenue Exit $21.29 $55.63 36
10Y EBITDA Exit $26.24 $83.17 $161.59 37
Dividend Discount
Gordon GGM $3.74 $6.26 $8.13 70
DDM Multi-Stage $3.74 $5.90 $6.74 61
Multiples
EV/EBIT $9.91 $35.38 $60.84 53
EV/EBITDA $95.39 $149.36 $203.32 54
EV/Revenue $7.08 $29.15 43
Asset-Based
NCAV (Graham) $13.74 $18.42 $27.49 50
Growth DCF
Growth DCF $4.28 $30.37 $61.75 80
Rev-Margin DCF $21.85 $57.58 74

Widest divergence: Multiples ($35.38) versus Dividend Discount ($5.90). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) $202M
Revenue growth (YoY) -23.5%
Net margin -7.1%
Return on equity -17.3%
Free cash flow $24.4M FY2025
Operating margin 10.4%
More key figures
EPS (TTM) $-6.80
Net debt $206M FY2025

Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 48 · Market factors (momentum, volatility) 10

Profitability 18
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 67
Earnings quality: real cash, not paper profit
Fin. Strength 10
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 17
Calm price path (market factor)
Momentum 11
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 75
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Upland Software, Inc., together with its subsidiaries, provides an AI-powered knowledge and content management software under the Upland brand name in the United States, the United Kingdom, Canada, and internationally.

Full company description

Upland Software, Inc., together with its subsidiaries, provides an AI-powered knowledge and content management software under the Upland brand name in the United States, the United Kingdom, Canada, and internationally. It offers knowledge management solutions to help organizations capture, organize, and distribute information to employees and customers; content lifecycle and workflow automation solutions that support document management, compliance, and processes in various industries; and tools for content capture, storage, retrieval, and automated processing, as well as secure digital faxing to replace traditional fax infrastructure. The company also provides project and portfolio management, customer reference management, and IT spending management solutions for resource planning, governance, and operational oversight in organizations; and professional services, such as implementation, data extraction, integration, and configuration, and training on its applications. It serves financial services, consulting services, technology, manufacturing, media, telecommunications, government, insurance, non-profit, healthcare, life sciences, retail, and hospitality industries. The company was formerly known as Silverback Enterprise Group, Inc. and changed its name to Upland Software, Inc. in November 2013. Upland Software, Inc. was incorporated in 2010 and is headquartered in Austin, Texas.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Upland Software, Inc reported revenue of $217M in FY2025 versus $302M in FY2021, a compound −7.9%/yr. Reported net income was −$38.9M in FY2025.

Growth Quality 23/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
$217M
Latest YoY
−21.1%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−11.9%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−5.8%
Avg. growth/yr (13Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.9%
Revenue −7.9%/yr
FY21 $302M
FY22 $317M
FY23 $298M
FY24 $275M
FY25 $217M
Net income
FY21 −$58.2M
FY22 −$68.4M
FY23 −$180M
FY24 −$113M
FY25 −$38.9M

UPLD screens 11% overvalued. Compare with SAP SE →

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Cite: Fair Value Calculator (2026). "Upland Software, Inc Fair Value". https://www.fairvalue-calculator.com/stock/UPLD

Peer Group

Software - Application · 709 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 50 · Below median
Fair Value upside −11% · Above median
Return on assets 3% · Above median
Net margin (TTM) -7% · Bottom 25%
Operating margin (TTM) 10% · Above median
Revenue growth -24% · Bottom 25%
Debt / equity 2.78× · Higher than 75% of peers

Valuation Multiples vs Software - Application median · lower = cheaper

P/B 0.17× · Cheaper than 75% of peers
P/S (TTM) 0.07× · Cheaper than 75% of peers
P/FCF 0.6× · Cheaper than 75% of peers
EV/EBITDA 4.2× · Cheaper than 75% of peers
PEG 1.25× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 19 · sector 0
FUTURE 0 · sector 38
PAST 0 · sector 13
HEALTH 0 · sector 98
DIVIDEND 0 · sector 28

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).

Stock Price Fair Value vs Fair Value
SAP SE SAPS C$12.69 C$16.26 +28%
Shopify Inc SHOP C$173.23 C$20.54 -88%
Uber Technologies, Inc UBER $72.67 $51.11 -30%
Salesforce, Inc CRM $170.77 $182.10 +7%
ServiceNow, Inc NOW $107.71 $33.12 -69%
Cadence Design Systems, Inc CDNS $384.17 $80.41 -79%
Snowflake Inc SNOW $271.87 $34.04 -87%
Adobe Inc ADBE $230.61 $379.48 +65%
Automatic Data Processing, Inc ADP $241.92 $177.51 -27%
Intuit Inc INTU $291.09 $258.69 -11%

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Frequently asked questions

Is Upland Software, Inc (UPLD) overvalued or undervalued?
As of Jul 22, 2026, our model estimates a fair value of $4.70 versus a price of $5.25, about −11% (overvalued).
What is the fair value of UPLD?
Our model-based fair value for Upland Software, Inc is $4.70 (as of Jul 22, 2026), built from audited fundamentals. The current price is $5.25.
What is the quality score of UPLD?
Upland Software, Inc has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Upland Software, Inc (UPLD)?
Upland Software, Inc reported trailing-twelve-month revenue of about $202M (latest available figure, as of Jul 22, 2026).
What is the net profit margin of UPLD?
The net profit margin of Upland Software, Inc is about -7.1%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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