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1. Company Snapshot

1.a. Company Description

Upland Software, Inc.provides cloud-based enterprise work management software in the United States, the United Kingdom, Canada, and internationally.It offers a family of software applications under the Upland brand in the areas of marketing, sales, contact center, project management, information technology, business operations, and human resources and legal.


The company also provides professional services, such as implementation, data extraction, integration and configuration, and training services, as well as customer support services.It serves large global corporations, various government agencies, and small and medium-sized businesses, as well as financial, consulting, technology, manufacturing, media, telecommunication, political, healthcare, life sciences, retail and hospitality, and non-profit industries through direct and indirect sales organizations.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.

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1.b. Last Insights on UPLD

Upland Software's recent performance was negatively impacted by weak Q1 2025 earnings, with the company missing revenue estimates. The earnings release highlighted a decline in subscription revenue, which was partly offset by a slight increase in professional services revenue. Additionally, the company's guidance for Q2 2025 was below expectations, indicating ongoing challenges in the market.

1.c. Company Highlights

2. Upland Software's Q3 2025 Earnings: A Step in the Right Direction

Upland Software's Q3 2025 earnings report demonstrated a notable improvement in financial performance, with revenue beating the guidance midpoint and adjusted EBITDA meeting the guidance midpoint. The company's revenue growth was supported by a 3% core organic growth rate, with adjusted EBITDA of $16 million and a margin of 32%. Earnings per share (EPS) came in at $0.3, significantly higher than the estimated $0.1933. Free cash flow for the quarter was $6.7 million, indicating a stable cash generation capability.

Publication Date: Nov -30

📋 Highlights
  • Revenue & Adjusted EBITDA Performance: Revenue exceeded guidance midpoint, and adjusted EBITDA hit $16 million with a 32% margin.
  • Debt Restructuring: Refinanced debt to July 2031, added $30 million revolver, reducing net debt leverage to 3.8x.
  • Customer Growth: Acquired 97 new customers (14 major) and expanded 168 existing relationships, driving $3 million in multiyear deals.
  • Product Recognition: Earned 49 G2 Fall 2025 badges and launched solutions on AWS Marketplace, enhancing market visibility.
  • Free Cash Flow & Guidance: Delivered $6.7 million free cash flow in Q3, with FY 2025 guidance projecting $20 million and 10% growth in 2026.

Operational Highlights and Customer Acquisition

The company reported welcoming 97 new customers, including 14 major customers, and expanding relationships with 168 existing customers. Notably, Upland earned 49 badges in G2's Fall 2025 market reports, and Upland RightAnswers and Upland BA Insight are now available in the AWS Marketplace. The company closed attractive deals, including a $2 million multiyear agreement with a Fortune 100 tech company and a $1 million multiyear deal with a global pharmaceutical company, signaling a positive trend in sales.

Debt Refinancing and Liquidity

Upland Software refinanced its debt, extending maturity to July 2031 and adding a $30 million revolver, which puts the company in a better position with well-restructured debt and ample liquidity. Net debt leverage is now 3.8x, on track to reach 3.7x by year-end. This move is expected to provide the company with the financial flexibility to invest in growth initiatives.

Guidance and Outlook

For Q4 2025, the company expects revenue of $46.4-52.4 million and adjusted EBITDA of $13.8-16.8 million. For the full year, it expects revenue of $214-220 million and adjusted EBITDA of $56.5-59.5 million. The company targets around $20 million in free cash flow this year and increasing it by 10% next year. Analysts estimate next year's revenue growth at -2.6%, but the company's guidance suggests a positive trajectory.

Valuation and Metrics

With a P/E Ratio of -1.15, P/B Ratio of 0.62, and EV/EBITDA of 113.3, the market seems to be pricing in significant growth expectations. The Free Cash Flow Yield is 44.72%, indicating a potentially attractive return for investors. However, the Net Debt / EBITDA ratio of 91.07 raises concerns about the company's leverage. As the company continues to improve its financial performance and reduce debt, these metrics will be crucial in assessing its valuation.

3. NewsRoom

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Upland Software Earns 49 Badges in G2's Winter 2026 Market Reports

Dec -03

Source: businesswire.com

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Upland Software, Inc. (UPLD) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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Upland Software Reports Third Quarter 2025 Financial Results

Nov -06

Source: businesswire.com

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Upland Software to Release Third Quarter 2025 Financial Results on November 6, 2025

Oct -23

Source: businesswire.com

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Upland Software Earns 49 Badges in G2's Fall 2025 Market Reports

Sep -09

Source: businesswire.com

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Upland Software Is Lean, Cash-Rich, AI-Driven, Analyst Notes

Aug -26

Source: benzinga.com

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Upland RightAnswers is Now Available in AWS Marketplace

Aug -14

Source: businesswire.com

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Upland BA Insight to Showcase Generative AI Innovation and Thought Leadership at ILTACON 2025

Aug -05

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.92%)

6. Segments

Subscription and Support

Expected Growth: 11.95%

Upland Software's Subscription and Support growth of 11.95% is driven by increasing adoption of cloud-based project management and workflow automation solutions, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on customer success and retention, as well as its ability to upsell and cross-sell its products, contribute to the growth.

Professional Services

Expected Growth: 12.07%

Upland Software's Professional Services segment growth of 12.07% is driven by increasing demand for cloud-based project and workflow management solutions, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on digital transformation and customer experience has led to higher adoption rates and upselling opportunities, contributing to the segment's growth.

Perpetual License

Expected Growth: 10.27%

Upland Software's Perpetual License growth of 10.27% is driven by increasing demand for cloud-based project management solutions, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on digital transformation and customer experience has led to higher retention rates and upselling opportunities, contributing to the growth.

7. Detailed Products

Upland PSA

A professional services automation platform that helps services organizations manage projects, resources, and finances in one place.

Tenrox

A project and portfolio management solution that helps organizations manage projects, resources, and finances across the enterprise.

Workboard

A goal-setting and OKR (Objectives and Key Results) management platform that helps organizations align teams and track progress towards strategic objectives.

Rally

An agile project management platform that helps teams collaborate, prioritize, and deliver software and product development projects.

Qvidian

A sales enablement and proposal automation platform that helps organizations create, manage, and deliver winning proposals and RFP responses.

RO Innovation

A customer reference management platform that helps organizations manage customer references, testimonials, and case studies.

Altify

A customer revenue optimization platform that helps organizations optimize customer relationships, identify new revenue opportunities, and improve customer retention.

Kaleo

A digital sales enablement platform that helps organizations create, manage, and deliver sales content, playbooks, and messaging.

8. Upland Software, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Upland Software, Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the availability of alternative software solutions.

Bargaining Power Of Customers

Upland Software, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's software solutions are often critical to customers' operations, making it difficult for customers to switch to alternative providers.

Bargaining Power Of Suppliers

Upland Software, Inc. is not heavily dependent on a single supplier, and the company has a diversified supply chain. This reduces the bargaining power of suppliers.

Threat Of New Entrants

While there are barriers to entry in the software industry, new entrants can still disrupt the market. Upland Software, Inc. must continue to innovate and invest in research and development to stay ahead of potential new entrants.

Intensity Of Rivalry

The software industry is highly competitive, and Upland Software, Inc. faces intense rivalry from established players and new entrants. The company must focus on differentiating its products and services to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 82.53%
Debt Cost 3.95%
Equity Weight 17.47%
Equity Cost 8.99%
WACC 4.83%
Leverage 472.44%

11. Quality Control: Upland Software, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Vacasa

A-Score: 4.4/10

Value: 7.5

Growth: 3.6

Quality: 3.5

Yield: 0.0

Momentum: 10.0

Volatility: 1.7

1-Year Total Return ->

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Expensify

A-Score: 3.7/10

Value: 8.5

Growth: 2.7

Quality: 3.8

Yield: 0.0

Momentum: 5.0

Volatility: 2.3

1-Year Total Return ->

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Cerence

A-Score: 3.7/10

Value: 7.0

Growth: 1.1

Quality: 3.8

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

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Sprout Social

A-Score: 3.5/10

Value: 6.7

Growth: 6.0

Quality: 4.6

Yield: 0.0

Momentum: 0.0

Volatility: 3.7

1-Year Total Return ->

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Digital Turbine

A-Score: 3.4/10

Value: 6.0

Growth: 3.4

Quality: 1.6

Yield: 0.0

Momentum: 9.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Upland Software

A-Score: 3.0/10

Value: 7.6

Growth: 3.1

Quality: 2.2

Yield: 0.0

Momentum: 4.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.74$

Current Price

1.75$

Potential

-0.00%

Expected Cash-Flows