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Upland Software
(NASDAQ:UPLD)
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Rating:43Neutral
Price Target:
$3.50
▼(-22.22% Downside)
Action:Reiterated
Date:09/16/26
The score is held down primarily by weakening fundamentals (shrinking revenue, ongoing losses) and balance-sheet risk from high leverage, despite positive free cash flow. Technicals also remain bearish with the stock in a clear downtrend. Corporate events add additional risk due to the Nasdaq deficiency notice, while valuation is not supportive given negative earnings and no dividend.
Positive Factors
Recurring SaaS revenue model
Recurring subscription contracts provide a more durable revenue foundation than one-time software sales. Upland’s SaaS model can support ongoing customer relationships and predictable billing, while modules, usage, and services offer avenues to expand revenue within its enterprise customer base.
Negative Factors
Multi-year revenue contraction
Persistent revenue contraction is a fundamental threat because it can erode the scale benefits of Upland’s SaaS portfolio and make fixed operating costs harder to absorb. Reversing the decline is necessary to stabilize earnings, sustain investment, and improve confidence in the business trajectory.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring SaaS revenue model
Recurring subscription contracts provide a more durable revenue foundation than one-time software sales. Upland’s SaaS model can support ongoing customer relationships and predictable billing, while modules, usage, and services offer avenues to expand revenue within its enterprise customer base.
Read all positive factors
Upland Software (UPLD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.65M
Dividend YieldN/A
Average Volume (3M)39.06K
Price to Earnings (P/E)―
Beta (1Y)2.45
Revenue Growth-21.48%
EPS Growth17.84%
CountryUS
Employees760
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-14.46
Shares Outstanding2,957,191
10 Day Avg. Volume36,396
30 Day Avg. Volume39,061
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.51
Price to Sales (P/S)0.19
P/FCF Ratio1.67
Enterprise Value/Market Cap31.98
Enterprise Value/Revenue1.72
Enterprise Value/Gross Profit2.26
Enterprise Value/Ebitda25.64
Forecast
1Y Price Target
$10.00Price Target Upside122.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)6.76
Revenue Forecast (FY)$195.05M
Upland Software Business Overview & Revenue Model
Company Description
Upland Software, Inc. delivers cloud-hosted enterprise work management solutions to a global clientele, with significant operations across the United States, the United Kingdom, and Canada. The company's portfolio features a family of Upland-brand...
How the Company Makes Money
Upland Software primarily makes money by selling subscription access to its cloud software products (SaaS). Customers typically pay recurring fees (often contracted annually or on multi-year terms) based on factors such as number of users/seats, u...
Upland Software Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Neutral
The call conveyed a mixed but balanced message: strong margin expansion, solid free cash flow performance, product validation, and a strategic refocus on AI-enabled knowledge and content management are clear positives. However, meaningful revenue declines (primarily from prior divestitures), flat organic growth and disappointing Q4 bookings, and elevated leverage represent tangible near-term challenges. Management provided clear guidance and a leadership transition intended to sharpen AI/product execution, but execution risk remains as the company seeks to convert pipeline into growth.Positive Updates
Strong Q4 Adjusted EBITDA and Margin Expansion
Q4 2025 adjusted EBITDA was $15.3M with an adjusted EBITDA margin of 31%. This represents a material improvement versus the prior-year quarter (up from 22% in Q4 2024, ~+900 basis points) and is part of a multi-year margin expansion trend (management noted margins expanded from ~20% in 2024 to ~27% in 2025).
Negative Updates
Flat Core Organic Growth and Disappointing Q4 Bookings
Core organic growth rate was flat in Q4 2025 (management cited a tough comparison to Q4 2024). Management stated they were 'a little bit disappointed' in Q4 bookings and noted new customer adds were flat year-over-year while majors and expansions were down year-over-year (complicated by divestitures).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Q4 Adjusted EBITDA and Margin Expansion
Q4 2025 adjusted EBITDA was $15.3M with an adjusted EBITDA margin of 31%. This represents a material improvement versus the prior-year quarter (up from 22% in Q4 2024, ~+900 basis points) and is part of a multi-year margin expansion trend (management noted margins expanded from ~20% in 2024 to ~27% in 2025).
Read all positive updates
Company Guidance
For Q1 (ending 03/31/2026) management guided reported total revenue of $47.0M–$50.0M (subscription & support $44.8M–$47.3M), a 24% year-over-year decline at the midpoint driven primarily by 2025 divestitures, with adjusted EBITDA of $11.9M–$13.4M (midpoint down ~3% y/y) and an adjusted EBITDA margin of 26% at the midpoint (up 500 basis points from 21% in the year-ago quarter). For full-year 2026 they forecast reported total revenue of $194.2M–$206.2M (subscription & support guided at $103.6M–$193.7M), a midpoint decline of 8% y/y, adjusted EBITDA of $52.6M–$58.6M (midpoint down ~4% y/y) and a 28% adjusted EBITDA margin at the midpoint (up 100 bps vs. 27% in 2025); management also reiterated a 2026 core organic growth target of 1%–2%, a free cash flow target around $20M (after generating $24.4M in FCF in 2025), and noted year-end net debt of ~ $290M (cash ~$29M) with 3.6x trailing adjusted EBITDA leverage.Upland Software Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
28
Negative
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 197.67M | 216.88M | 274.79M | 297.85M | 317.30M | 302.02M |
| Gross Profit | 150.79M | 135.27M | 193.70M | 201.49M | 213.56M | 202.56M |
| EBITDA | 13.28M | 9.25M | -46.17M | -91.70M | 15.14M | 18.00M |
| Net Income | -36.58M | -38.90M | -112.73M | -179.87M | -68.41M | -58.21M |
Balance Sheet | ||||||
| Total Assets | 356.57M | 413.18M | 529.52M | 870.02M | 1.11B | 1.03B |
| Cash, Cash Equivalents and Short-Term Investments | 31.04M | 29.40M | 56.43M | 236.56M | 248.65M | 189.16M |
| Total Debt | 226.26M | 235.19M | 291.96M | 480.62M | 523.13M | 528.65M |
| Total Liabilities | 446.32M | 332.47M | 424.60M | 626.09M | 692.30M | 712.72M |
| Stockholders Equity | -89.75M | 80.71M | 104.92M | 243.93M | 421.16M | 316.29M |
Cash Flow | ||||||
| Free Cash Flow | 24.72M | 24.45M | 23.36M | 48.72M | 29.11M | 40.62M |
| Operating Cash Flow | 25.18M | 25.80M | 24.24M | 49.94M | 29.98M | 41.74M |
| Investing Cash Flow | 988.00K | 8.80M | -882.00K | -1.22M | -63.22M | -93.53M |
| Financing Cash Flow | -36.48M | -63.45M | -202.31M | -61.38M | 94.15M | -8.18M |
Upland Software Technical Analysis
Negative
4.50
Price Trends
4.11
Negative
5.04
Negative
7.33
Negative
Market Momentum
-0.12
Negative
46.09
Neutral
49.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UPLD, the sentiment is Negative. The current price of 4.5 is above the 20-day moving average (MA) of 3.59, above the 50-day MA of 4.11, and below the 200-day MA of 7.33, indicating a neutral trend. The MACD of -0.12 indicates Negative momentum. The RSI at 46.09 is Neutral, neither overbought nor oversold. The STOCH value of 49.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for UPLD.
Upland Software Risk Analysis
Upland Software disclosed 49 risk factors in its most recent earnings report. Upland Software reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Upland Software Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
46 Neutral | $43.18M | -3.25 | -13.83% | ― | 14.63% | 11.10% | |
46 Neutral | $7.81M | >-0.01 | -60.08% | ― | 617.83% | -107.08% | |
45 Neutral | $12.40M | -0.86 | -145.28% | ― | ― | ― | |
43 Neutral | $10.65M | -0.25 | -668.04% | ― | -21.48% | 17.84% | |
43 Neutral | $96.24M | -3.15 | 96.78% | ― | 30.54% | 14.01% |
* Technology Sector Average
UPLD
Upland Software
3.60
-20.20
-84.87%
PHUN
Phunware
2.11
-0.87
-29.19%
NXTT
Next Technology Holding
5.30
-2,377.70
-99.78%
RDZN
Roadzen Inc
1.13
0.00
0.00%
YXT
YXT.COM Group Holding Limited Sponsored ADR
2.08
-8.42
-80.19%
Upland Software Corporate Events
Delistings and Listing ChangesRegulatory Filings and Compliance
Upland Software Receives Nasdaq Deficiency Listing Notice
Negative
Aug 5, 2026
On July 31, 2026, Upland Software received a deficiency notice from Nasdaq stating that the company no longer meets the $15 million minimum market value of publicly held shares required for continued listing on the Nasdaq Global Market. The notice...
Business Operations and StrategyExecutive/Board Changes
Upland Software Appoints Jennifer Simon as New CFO
Positive
Jul 21, 2026
On July 17, 2026, Upland Software’s board appointed veteran finance executive Jennifer Simon as Chief Financial Officer, effective August 17, 2026, succeeding founding team member Mike Hill, who is retiring.
Simon, a CPA with more than two d...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.