Download PDF

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.

Show Full description

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 Q4 Earnings: A Closer Look at the Numbers

Upland Software, Inc.'s Q4 2025 earnings report revealed a mixed bag of results, with revenue, adjusted EBITDA, and margins largely in line with expectations. The company's adjusted EBITDA was $15.3 million, resulting in an adjusted EBITDA margin of 31%. Earnings per share (EPS) came in at $0.24, beating estimates of $0.1928. Revenue was also a highlight, with the company's core organic growth rate flat due to a tough comparison to Q4 2024. Free cash flow for Q4 was $7.2 million, and full-year 2025 free cash flow was $24.4 million, exceeding the $20 million target.

Publication Date: Mar -09

📋 Highlights
  • Adjusted EBITDA Growth: Q4 2025 adjusted EBITDA reached $15.3 million, a 31% margin, up from prior expectations.
  • Free Cash Flow Exceeds Target: Full-year 2025 free cash flow hit $24.4 million, surpassing the $20 million target.
  • New Customer Acquisition: Q4 added 110 new customers, including 15 major clients, and expanded 199 existing relationships.
  • 2026 Revenue Guidance: Full-year revenue projected between $194.2 million and $206.2 million, with adjusted EBITDA of $52.6–$58.6 million.
  • Strategic AI Focus: AI-enabled knowledge/content management products secured $40 million+ in bookings with hospitality firms and hyperscalers.

Revenue and Customer Growth

The company added 110 new customers in Q4, including 15 new major customers, and expanded relationships with 199 existing customers. This growth is a positive sign, and the company's focus on the knowledge and content management market is paying off. The AI-enabled products are driving growth, and the company's partnerships with major hyperscalers are expected to continue to drive revenue.

Guidance and Outlook

Looking ahead to Q1 2026 and the full year, the company expects reported total revenue to be between $47 million and $50 million, and between $194.2 million and $206.2 million, respectively. Adjusted EBITDA is expected to be between $11.9 million and $13.4 million for Q1 2026, and between $52.6 million and $58.6 million for the full year. The company's guidance reflects a decline in total revenue due to divestitures completed in Q1 2025, but expects adjusted EBITDA margins to expand to 28% at the midpoint.

Valuation and Metrics

With a P/E Ratio of -0.49 and an EV/EBITDA of 89.33, it's clear that the market is pricing in significant growth expectations for Upland Software. The company's Free Cash Flow Yield is 127.79%, indicating a strong ability to generate cash. The ROIC of 1.35% is relatively low, suggesting that the company may not be generating returns on its investments as efficiently as it could be. Overall, the valuation metrics suggest that the market is pricing in a significant amount of growth, and the company's ability to deliver on this will be crucial.

Leadership Transition

The company announced a leadership transition, with a new CEO set to take over. This change is expected to bring new perspectives and strategies to drive growth. As Sean Nathaniel takes the helm, he will face the challenge of navigating the company's growth trajectory and executing on its plans.

3. NewsRoom

Card image cap

Upland Second Street Launches Text‑to‑Vote at 2026 America's Newspapers Mega‑Conference

Mar -30

Source: businesswire.com

Card image cap

Upland Software Earns Over 40 Badges in G2's Spring 2026 Market Reports

Mar -17

Source: businesswire.com

Card image cap

Upland Software, Inc. (UPLD) Q4 2025 Earnings Call Transcript

Mar -03

Source: seekingalpha.com

Card image cap

Upland Software Reports Fourth Quarter 2025 Financial Results

Mar -03

Source: businesswire.com

Card image cap

Upland Software Names Sean Nathaniel as Chief Executive Officer

Feb -25

Source: businesswire.com

Card image cap

Upland Software to Release Fourth Quarter 2025 Financial Results on March 3, 2026

Feb -24

Source: businesswire.com

Card image cap

Comparing Artificial Life (OTCMKTS:ALIF) & Upland Software (NASDAQ:UPLD)

Feb -14

Source: defenseworld.net

Card image cap

Upland Panviva's Sidekick Unveils AI Conversational Search to Elevate Enterprise Knowledge

Feb -10

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: 4.7/10

Value: 7.6

Growth: 3.6

Quality: 3.5

Yield: 0.0

Momentum: 9.5

Volatility: 3.7

1-Year Total Return ->

View Full Report
Stock-Card
Digital Turbine

A-Score: 3.9/10

Value: 5.1

Growth: 3.3

Quality: 4.4

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

1-Year Total Return ->

View Full Report
Stock-Card
Sprout Social

A-Score: 3.4/10

Value: 6.5

Growth: 6.0

Quality: 4.5

Yield: 0.0

Momentum: 0.0

Volatility: 3.7

1-Year Total Return ->

View Full Report
Stock-Card
Cerence

A-Score: 3.2/10

Value: 5.1

Growth: 3.8

Quality: 2.8

Yield: 0.0

Momentum: 7.0

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
Expensify

A-Score: 3.2/10

Value: 8.7

Growth: 2.7

Quality: 4.0

Yield: 0.0

Momentum: 1.0

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
Upland Software

A-Score: 2.6/10

Value: 8.0

Growth: 3.1

Quality: 2.4

Yield: 0.0

Momentum: 1.0

Volatility: 1.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.68$

Current Price

0.68$

Potential

-0.00%

Expected Cash-Flows