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Side-by-side financial comparison of ANI PHARMACEUTICALS INC (ANIP) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Upstart Holdings, Inc. is the larger business by last-quarter revenue ($296.1M vs $247.1M, roughly 1.2× ANI PHARMACEUTICALS INC). ANI PHARMACEUTICALS INC runs the higher net margin — 11.1% vs 6.3%, a 4.8% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 29.6%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $29.1M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 34.1%).
ANI Pharmaceuticals Inc is a U.S.-based specialty pharmaceutical firm that develops, manufactures and sells generic and branded prescription drugs. Its key segments cover dermatology, oncology, CNS therapies and anti-infectives, primarily serving U.S. healthcare providers, retail pharmacies and institutional medical clients.
Upstart is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.
ANIP vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $247.1M | $296.1M |
| Net Profit | $27.5M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | 14.1% | 6.4% |
| Net Margin | 11.1% | 6.3% |
| Revenue YoY | 29.6% | 35.2% |
| Net Profit YoY | 367.5% | 776.4% |
| EPS (diluted) | $1.14 | $0.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $247.1M | $296.1M | ||
| Q3 25 | $227.8M | $277.1M | ||
| Q2 25 | $211.4M | $257.3M | ||
| Q1 25 | $197.1M | $213.4M | ||
| Q4 24 | $190.6M | $219.0M | ||
| Q3 24 | $148.3M | $162.1M | ||
| Q2 24 | $138.0M | $127.6M | ||
| Q1 24 | $137.4M | $127.8M |
| Q4 25 | $27.5M | $18.6M | ||
| Q3 25 | $26.6M | $31.8M | ||
| Q2 25 | $8.5M | $5.6M | ||
| Q1 25 | $15.7M | $-2.4M | ||
| Q4 24 | $-10.3M | $-2.8M | ||
| Q3 24 | $-24.2M | $-6.8M | ||
| Q2 24 | $-2.3M | $-54.5M | ||
| Q1 24 | $18.2M | $-64.6M |
| Q4 25 | 14.1% | 6.4% | ||
| Q3 25 | 15.9% | 8.5% | ||
| Q2 25 | 6.6% | 1.8% | ||
| Q1 25 | 13.3% | -2.1% | ||
| Q4 24 | -2.3% | -2.2% | ||
| Q3 24 | -13.8% | -27.8% | ||
| Q2 24 | 3.7% | -43.5% | ||
| Q1 24 | 14.8% | -52.8% |
| Q4 25 | 11.1% | 6.3% | ||
| Q3 25 | 11.7% | 11.5% | ||
| Q2 25 | 4.0% | 2.2% | ||
| Q1 25 | 8.0% | -1.1% | ||
| Q4 24 | -5.4% | -1.3% | ||
| Q3 24 | -16.3% | -4.2% | ||
| Q2 24 | -1.7% | -42.7% | ||
| Q1 24 | 13.2% | -50.5% |
| Q4 25 | $1.14 | $0.20 | ||
| Q3 25 | $1.13 | $0.23 | ||
| Q2 25 | $0.36 | $0.05 | ||
| Q1 25 | $0.69 | $-0.03 | ||
| Q4 24 | $-0.45 | $-0.01 | ||
| Q3 24 | $-1.27 | $-0.07 | ||
| Q2 24 | $-0.14 | $-0.62 | ||
| Q1 24 | $0.82 | $-0.74 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $285.6M | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $540.7M | $798.8M |
| Total Assets | $1.4B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $285.6M | $652.4M | ||
| Q3 25 | $262.6M | $489.8M | ||
| Q2 25 | $217.8M | $395.9M | ||
| Q1 25 | $149.8M | $599.8M | ||
| Q4 24 | $144.9M | $788.4M | ||
| Q3 24 | $145.0M | — | ||
| Q2 24 | $240.1M | — | ||
| Q1 24 | $228.6M | — |
| Q4 25 | $540.7M | $798.8M | ||
| Q3 25 | $505.8M | $743.7M | ||
| Q2 25 | $436.8M | $722.0M | ||
| Q1 25 | $418.6M | $676.6M | ||
| Q4 24 | $403.7M | $633.2M | ||
| Q3 24 | $405.9M | $595.5M | ||
| Q2 24 | $455.8M | $594.7M | ||
| Q1 24 | $452.0M | $612.8M |
| Q4 25 | $1.4B | $3.0B | ||
| Q3 25 | $1.4B | $2.9B | ||
| Q2 25 | $1.3B | $2.5B | ||
| Q1 25 | $1.3B | $2.3B | ||
| Q4 24 | $1.3B | $2.4B | ||
| Q3 24 | $1.3B | $1.8B | ||
| Q2 24 | $920.8M | $1.8B | ||
| Q1 24 | $914.5M | $1.9B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $30.4M | $108.6M |
| Free Cash FlowOCF − Capex | $29.1M | $108.4M |
| FCF MarginFCF / Revenue | 11.8% | 36.6% |
| Capex IntensityCapex / Revenue | 0.5% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.10× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $171.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.4M | $108.6M | ||
| Q3 25 | $44.1M | $-122.6M | ||
| Q2 25 | $75.8M | $-120.2M | ||
| Q1 25 | $35.0M | $-13.5M | ||
| Q4 24 | $15.9M | $-110.9M | ||
| Q3 24 | $12.5M | $179.3M | ||
| Q2 24 | $17.4M | $65.3M | ||
| Q1 24 | $18.3M | $52.6M |
| Q4 25 | $29.1M | $108.4M | ||
| Q3 25 | $38.0M | $-122.7M | ||
| Q2 25 | $71.8M | $-120.3M | ||
| Q1 25 | $32.5M | — | ||
| Q4 24 | $13.5M | — | ||
| Q3 24 | $7.7M | $179.2M | ||
| Q2 24 | $13.0M | $65.3M | ||
| Q1 24 | $13.7M | $51.9M |
| Q4 25 | 11.8% | 36.6% | ||
| Q3 25 | 16.7% | -44.3% | ||
| Q2 25 | 34.0% | -46.7% | ||
| Q1 25 | 16.5% | — | ||
| Q4 24 | 7.1% | — | ||
| Q3 24 | 5.2% | 110.5% | ||
| Q2 24 | 9.4% | 51.1% | ||
| Q1 24 | 10.0% | 40.6% |
| Q4 25 | 0.5% | 0.1% | ||
| Q3 25 | 2.7% | 0.0% | ||
| Q2 25 | 1.9% | 0.0% | ||
| Q1 25 | 1.3% | 0.0% | ||
| Q4 24 | 1.3% | 0.0% | ||
| Q3 24 | 3.2% | 0.1% | ||
| Q2 24 | 3.2% | 0.0% | ||
| Q1 24 | 3.3% | 0.5% |
| Q4 25 | 1.10× | 5.82× | ||
| Q3 25 | 1.66× | -3.86× | ||
| Q2 25 | 8.87× | -21.43× | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.00× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANIP
| Sales Of Cortrophin Gel | $111.4M | 45% |
| Sales Of Generic Pharmaceutical Products | $100.8M | 41% |
| Sales Of ILUVIEN And YUTIQ | $19.8M | 8% |
| Sales Of Established Brands | $12.3M | 5% |
| Unapproved Products | $6.5M | 3% |
| Sales Of Royalties And Other Pharmaceutical Services | $2.7M | 1% |
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
