Upland Software Inc (UPLD)
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We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Red here stands for documented substance findings, not for a fallen share price. Three of them sit openly in the filings: negative equity of $52.4 million as of March 31, 2026, interest coverage below one (operating income of about $10.5 million against roughly $17.8 million of interest expense over twelve months) and an Altman Z-score of minus 1.80. On top of that comes a capital structure in which $233.7 million of secured debt and a $135.1 million preferred claim rank ahead of the common, while 78 percent of the balance sheet consists of goodwill from old acquisitions. The business itself is not worthless — it generates cash, serves more than 1,100 customers without concentration risk and faces no near-term maturity. But the substance question is documented, and in case of doubt the more cautious grade applies. The decision is yours.
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Our in-house stock scanner ranks Upland Software 8th in the U.S. selection of the P/FCF ranking: the market value equals 0.4 times free cash flow (as of July 26, 2026). The filings with the U.S. securities regulator, the SEC, explain why. The Austin-based software vendor did generate $24.4 million of free cash flow in 2025 — but it also carries $233.7 million of secured debt, $135.1 million of preferred stock and shareholders' equity of minus $52.4 million. Not investment advice — just the question of who actually owns that cash flow.
Read the analysis
Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at UPLD since then.
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Appears in These Scanners
This stock currently matches 1 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 4.40 $ — 65% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Sells AIUpland beschreibt sich in Geschäfts- und Quartalsbericht selbst als Anbieter KI-gestützter Wissens- und Inhaltssoftware; die KI-Funktionen stecken in den Abo-Produkten und sind damit Umsatzquelle.
View the full file — quotes, sources, reviewed filings
„Upland is a leader in AI-powered knowledge and content management software. Our solutions help enterprises unlock critical knowledge, automate content workflows, and drive measurable ROI"
Upland ist ein führender Anbieter KI-gestützter Software für Wissens- und Inhaltsmanagement. Unsere Lösungen helfen Unternehmen, entscheidendes Wissen nutzbar zu machen, Inhalts-Abläufe zu automatisieren und eine messbare Rendite zu erzielen
„Features include AI-driven search, content recommendations, and workflow integrations aimed at improving information accessibility and operational efficiency."
Zu den Funktionen gehören KI-gestützte Suche, Inhaltsempfehlungen und Ablauf-Integrationen, die den Zugang zu Informationen und die betriebliche Effizienz verbessern sollen.
„Upland Software, Inc., together with its wholly owned subsidiaries (“Upland,” “we,” “us,” “our,” or the “Company”), a Delaware corporation headquartered in Austin, Texas, is a leader in AI-powered knowledge and content management software."
Upland Software, Inc. ist zusammen mit ihren hundertprozentigen Tochtergesellschaften eine Kapitalgesellschaft nach dem Recht von Delaware mit Sitz in Austin, Texas, und ein führender Anbieter KI-gestützter Software für Wissens- und Inhaltsmanagement.
„We have created our own R&D Center of Excellence in India and use AI tools to internally boost development, testing, and overall employee efficiency."
Wir haben in Indien ein eigenes Entwicklungszentrum aufgebaut und setzen KI-Werkzeuge ein, um Entwicklung, Tests und die Effizienz der Mitarbeiter intern zu steigern.
Filings Reviewed: 10-Q 2026-05-01 · 10-Q 2025-11-06 · 10-Q 2025-07-31 · 10-Q 2025-05-12 · 10-K 2026-03-03 · 10-K 2025-03-12
Rated on July 26, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 581.8% above the current price.
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.17 | – | 68 | -5.80 | -5.00 | 9 | 9 |
| 2025: Q1 | -8.80 | – | 64 | -10.00 | -40.60 | 8 | 8 |
| 2025: Q2 | -4.44 | – | 53 | -23.00 | -24.40 | 3 | 3 |
| 2025: Q3 | -0.38 | – | 51 | -24.20 | -2.20 | 7 | 7 |
| 2025: Q4 | 0.37 | – | 49 | -27.50 | 2.20 | 7 | 7 |
| 2026: Q1 | -0.42 | – | 49 | -23.50 | -2.50 | 6 | 6 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Despite three years of falling revenue the business throws off cash: $25.8 million of operating cash flow in 2025 and $24.4 million of free cash flow, plus $5.6 million and $5.5 million in the first quarter of 2026. Sales, research and administration were cut by $44.5 million combined in 2025, and operating income turned positive at $4.4 million (10-K 2025, 10-Q for Q1 2026).
Revenue fell from $297.9 million (2023) through $274.8 million (2024) to $216.9 million (2025), and by another 23.5 percent to $48.7 million in the first quarter of 2026. Annualized recurring revenue dropped from $242.1 million to $165.9 million — down 26.5 percent in 2025 alone. The reported 96 percent net dollar retention excludes the sunsetting and divested businesses (10-K 2025).
As of March 31, 2026, equity of minus $52.4 million (December 31, 2022: plus $308.9 million) sits alongside $227.7 million of secured debt at carrying value and $130.6 million of preferred stock whose liquidation preference plus dividends is $135.1 million. Goodwill and intangibles make up 78 percent of total assets, and the Altman Z-score reads minus 1.80 (as of July 26, 2026).
The credit facility of July 25, 2025 cost 9.7 percent at March 31, 2026, up from 5.9 percent average cash interest a year earlier. In 2025, $20.4 million of the $44.9 million generated before interest went to the lenders (45 percent); in the first quarter of 2026 the share was already 51 percent. On a twelve-month view, operating income of about $10.5 million does not cover interest expense of about $17.8 million.
The unwinding of the acquisition portfolio is underway but expensive: product lines were sold for $15.5 million in 2025, producing a $24.4 million loss and $9.7 million of expenses; part of the price is a $5.5 million promissory note that was reserved by $1.5 million on day one. It relieves the cost side and shrinks the revenue base at the same time (10-K 2025, Note 15).
The Nasdaq deficiency notice of April 7, 2026 has been resolved since July 2, 2026 — achieved through the 1-for-10 reverse split of June 17, 2026, whose ten-day window began on the day of the split. In parallel the auditor changed (March 9, 2026, Ernst & Young to KPMG) and the finance chief changed three times (retirement effective July 27, 2026, interim from July 6, 2026, successor from August 17, 2026) — in each case, according to the filings, without disagreement.
Upland Software is not a cheap software house but an equity stub sitting on a large pile of debt. The business works: $24.4 million of free cash flow in 2025, a first positive operating result and a cost base $44.5 million lighter. But revenue is shrinking for the third year ($216.9 million against $297.9 million in 2023), recurring revenue fell 26.5 percent in 2025, equity stands at minus $52.4 million, and ahead of the common sit $233.7 million of secured debt at 9.7 percent plus a $135.1 million preferred claim. The 0.4 reading therefore measures the residual, not the company: against enterprise value of about $350 million you pay fifteen times free cash flow. Not investment advice.
- Upland Software reached our research list through the in-house stock scanner: rank 8 of the U.S. selection in the P/FCF ranking with a ratio of 0.4 (544 hits in total, with the 25 strongest shown per market selection; as of July 26, 2026). These lists are recalculated daily, so the placement is a dated snapshot.
- Mind the reverse split: on June 17, 2026 every ten shares became one. All share counts in the 2025 annual report and in the quarterly report for March 31, 2026 predate the split, while all price and market value figures postdate it. The preferred conversion price of $17.50 corresponds to $175.00 after the split.
- Valuation figures are dated and evergreen: the market value of roughly $12.0 million (as of July 26, 2026) was checked against the share count from the quarterly report (29,363,201 shares as of April 29, 2026, divided by ten) and the price of $4.10; both routes give the same number. Analyses are evergreen; daily prices are not a reason to buy.
About the Company
Upland Software, Inc. bietet zusammen mit seinen Tochtergesellschaften KI-gestützte Software für Wissens- und Content-Management unter der Marke Upland in den USA, dem Vereinigten Königreich, Kanada und international an.
| Employees | 760 |
|---|---|
| Headquarters | Austin, TX |
| Website | uplandsoftware.com |
| IPO Date | 6. Nov 2014 |
Management
| Name | Title | Birth Year |
|---|---|---|
| John T. McDonald J.D. | Founder & Chairman | 1963 |
| Michael D. Hill CPA | CFO, Corporate Secretary & Treasurer | 1968 |
| Daniel Doman | Chief Operating & Product Officer | 1981 |
| Sean Nathaniel | CEO & President | 1977 |
| Rick Rinewalt | Chief Technology Officer | – |
| Matthew H. Smith | General Counsel & Secretary | 1975 |
| Jen Verzal | Senior Vice President of Human Resources | – |
| Rochelle Delley | Chief Security Officer | – |
| Austin Woody | Senior VP & GM | – |
| Amber Bennett | Senior Vice President of Finance | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.