The latest data point for UPST's Operating ROA metrics in Q4'25 shows positive but moderating returns, with ROE at 2.33%, ROA at 0.63%, and ROIC at 0.70%. This marks a continued shift toward profitability, as all three indicators remain above zero following their transitions in Q2'25. From Q1'23 to Q4'25, ROE, ROA, and ROIC exhibited a clear upward trend, evolving from deep negative values (e.g., ROE at -20.61%, ROA at -7.10%, and ROIC at -7.43% in Q1'23) to positive territory by mid-2025, with the most significant inflection in Q3'25 where ROE peaked at 4.28% and ROIC at 3.29%. Early quarters through Q2'24 were characterized by persistent declines and volatility in the negative range, reflecting operational challenges, while the post-Q3'24 period demonstrates steady improvement and convergence among the metrics, signaling enhanced capital efficiency for financial analysts to monitor.