Forensic Analysis · Software & SaaS · as of Nov 8, 2026

Upland Software, Inc. (UPLD)

A forensic read on Upland Software, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Clean

Earnings quality

Forensic signals

-21.1%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Upland Software, Inc. earns a C (Mixed — selective) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

1.1%

FY2025

Return on invested capital. Return on invested capital is 1.1% in the latest fiscal year and rising across FY2023–FY2025 from -25.6%. After-tax operating profit was ($129M) in FY2023 and $3M in FY2025, with operating income at -55.0% of revenue in FY2023, -37.2% in FY2024 and 2.0% in FY2025. The capital base behind it came down -35% across FY2023–FY2025, from $506M to $327M, so this return is struck on a smaller base than it started on. FY2023's operating profit carried a $129M goodwill write-off that alone took about 20.1 points off that year's return, so about 20.1 of the 26.7-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. FY2024's operating profit carried a $87M goodwill write-off that alone took about 16.0 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.

$216M

FY2023–FY2024

Goodwill impairments. Took $216M of goodwill writedowns across 2 years (FY2023 ($129M), FY2024 ($87M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$216.9M

Revenue Growth YoY-21.1%

Revenue CAGR (2yr)-14.7%

Net Margin-17.9%

Free Cash Flow$24.4M

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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