XVARY Composite Score
33
/ 100
Weak
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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What it is
Upland sells cloud software for knowledge bases, document workflows, digital faxing, and marketing tools.
How it gets paid
Last year Upland Software made ~$216.9M in revenue. subscription & support was the main engine at $205.1M, or 95% of sales.
Why it's growing
Revenue grew 21% last year. FY 2025 revenue still fell ~21% vs. FY 2024 after divestitures—non-GAAP EPS in Q4 does not erase the smaller reported revenue base or ~$232M of.
What just happened
Q4 2025 revenue $49.3M; non-GAAP diluted EPS $0.24.
At a Glance
C balance sheet — red flag territory — real financial stress
55/100 earnings predictability — expect surprises
FY2025 GAAP EPS $(1.56) attributable to common
~$216.9M FY2025 revenue · ~21% annual decline
~2% GAAP operating margin FY2025
XVARY composite: 33/100 — weak
What They Do
Upland sells cloud software for knowledge bases, document workflows, digital faxing, and marketing tools.
Upland wins by selling boring software that gets buried inside daily work. If your support team runs on its knowledge tools or your documents move through its workflow products, ripping them out is a hassle. That stickiness helped it support a ~74.8% gross margin (gross margin → sales left after direct costs → the software itself is still lucrative) on ~$216.9 million of FY 2025 revenue, even after a ~21% annual sales drop.
How They Make Money
~$216.9M
FY 2025 total revenue · down ~21% vs. FY 2024 (per Q4 2025 earnings materials)
subscription & support
$205.1M
~21%
perpetual license
$5.3M
~10%
professional services
$6.5M
~21%
The Products That Matter
Knowledge and information software
Knowledge management
110 new customers in q4 2025
management said it added 110 new customers in Q4 2025, including 15 major accounts. that's real sales activity, but it landed in the same quarter total revenue fell ~28% vs. Q4 2024 (divestiture math).
15 major accounts
Document and workflow tools
Content management
199 customer expansions
the company said it expanded 199 existing customer relationships in the last quarter. that's useful only if expansion revenue outruns customer losses, and recent results say it hasn't yet.
last quarter
Key Numbers
~$232M
notes payable
Dec 31, 2025: current maturities of notes payable ~$7.7M plus notes payable less current maturities ~$224.7M (condensed balance sheet in the Q4 2025 release)—versus ~$29.4M cash on hand.
~$217M
FY2025 revenue
~$216.9M reported for the year ended Dec 31, 2025—down ~21% from FY 2024 as divestitures reset the revenue base.
74.8%
gross margin
FY 2025 gross profit ~$162.1M on ~$216.9M revenue (~74.8%)—software economics still show up even while the top line shrinks.
~2%
GAAP op. margin
FY 2025 income from operations ~$4.4M on ~$216.9M revenue (~2%)—thin GAAP operating profit; do not confuse with adjusted EBITDA margin in the release.
Financial Health
C
Strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- notes payable ~$232M total (current + non-current, Dec 31, 2025)
C — balance sheet grade; notes payable and negative book equity are flagged. this stock carries more risk than average.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
Q4 2025 · Mar 3, 2026
Q4 2025 revenue $49.3M (down ~28% vs. Q4 2024); non-GAAP diluted EPS $0.24.
Source: Upland Q4 2025 results (Business Wire / Nasdaq, Mar 3, 2026). GAAP net loss per share attributable to common stockholders was $0.01 for Q4 2025; FY 2025 GAAP net loss per share was $(1.56). Free cash flow was $7.2M in Q4 and $24.4M for FY 2025.
$49.3M
Q4 revenue
$0.24
non-GAAP EPS (dil.)
31%
Adj. EBITDA margin
the number that mattered
FY 2025 revenue still fell ~21% vs. FY 2024 after divestitures—non-GAAP EPS in Q4 does not erase the smaller reported revenue base or ~$232M of notes payable.
source: Upland Software Q4/FY 2025 earnings release (Business Wire, Mar 3, 2026) · condensed statements in the press release
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What Could Go Wrong
The top threat is a debt-heavy software business with shrinking subscription revenue.
High
Subscription decline keeps doing the damage
FY 2025 subscription & support revenue was ~$205.1M and fell ~21% vs. FY 2024. that's the core line. if it keeps sliding, the whole turnaround stays theoretical.
FY 2025 subscription & support revenue was ~$205.1M and fell ~21% vs. FY 2024. that's the core line. if it keeps sliding, the whole turnaround stays theoretical.
High
~$232M of notes payable leaves almost no margin for error
Dec 31, 2025 notes payable (current + non-current) tower over a roughly $16M market cap and negative GAAP book equity. the equity stub is tiny. the obligations are not.
Dec 31, 2025 notes payable (current + non-current) tower over a roughly $16M market cap and negative GAAP book equity. the equity stub is tiny. the obligations are not.
Med
Guidance still points to a smaller company
2026 revenue guidance of $194.2M–$206.2M implies another down year. a business can talk about organic growth while still ending up smaller on a reported basis. that's the disconnect you have to watch.
2026 revenue guidance of $194.2M–$206.2M implies another down year. a business can talk about organic growth while still ending up smaller on a reported basis. that's the disconnect you have to watch.
Med
New CEO execution has no grace period
sean nathaniel starts may 1, 2026. with quarterly revenue at $49.3M and a 1%–2% organic growth target, investors won't give a long runway for vague turnaround language.
sean nathaniel starts may 1, 2026. with quarterly revenue at $49.3M and a 1%–2% organic growth target, investors won't give a long runway for vague turnaround language.
$24.4M of FY 2025 free cash flow against ~$232M of notes payable means the company needs stability fast. another sharp revenue drop would pressure the entire equity story.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Core metric
Subscription & support trend
this line was down ~21% in FY 2025. if that decline starts narrowing, the turnaround gets a pulse. if not, everything else is decoration.
Next report
Q1 2026 earnings on may 6, 2026
watch whether revenue lands inside the $47M–$50M guide and whether adjusted EBITDA margin holds near the 26% target.
Management claim
1%–2% organic growth
that's the plan. the hard part is translating it into reported results while total revenue guidance still points lower.
Balance sheet
Debt versus cash generation
annual free cash flow was $24.4M. against ~$232M of notes payable, you need that cash flow to stay intact. any slip matters fast.
Analyst Rankings
earnings predictability
55 / 100
mid-pack at best. in human-speak, analysts do not trust this company to deliver smooth quarters.
risk rank
5
that means it scores safer than only 5% of stocks in the data set. you are not buying stability here.
Source: institutional data
Institutional Activity
institutional ownership data for UPLD is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$2
Current price
Target midpoint · from current
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