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Side-by-side financial comparison of Blend Labs, Inc. (BLND) and Star Equity Holdings, Inc. (STRR). Click either name above to swap in a different company.
Star Equity Holdings, Inc. is the larger business by last-quarter revenue ($56.8M vs $32.4M, roughly 1.8× Blend Labs, Inc.). Star Equity Holdings, Inc. runs the higher net margin — -3.0% vs -7.8%, a 4.8% gap on every dollar of revenue. On growth, Star Equity Holdings, Inc. posted the faster year-over-year revenue change (69.0% vs 7.6%). Blend Labs, Inc. produced more free cash flow last quarter ($-21.0K vs $-9.0M). Over the past eight quarters, Star Equity Holdings, Inc.'s revenue compounded faster (29.5% CAGR vs 16.6%).
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BLND vs STRR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $32.4M | $56.8M |
| Net Profit | $-2.5M | $-1.7M |
| Gross Margin | 75.7% | — |
| Operating Margin | -11.1% | -0.2% |
| Net Margin | -7.8% | -3.0% |
| Revenue YoY | 7.6% | 69.0% |
| Net Profit YoY | -207.0% | -192.1% |
| EPS (diluted) | — | $-0.49 |
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 | $32.4M | $56.8M | ||
| Q3 25 | $32.7M | $48.0M | ||
| Q2 25 | $31.6M | $35.5M | ||
| Q1 25 | $26.8M | $31.9M | ||
| Q4 24 | $30.1M | $33.6M | ||
| Q3 24 | $33.1M | $36.9M | ||
| Q2 24 | $28.7M | $35.7M | ||
| Q1 24 | $23.8M | $33.9M |
| Q4 25 | $-2.5M | $-1.7M | ||
| Q3 25 | $12.1M | $-1.8M | ||
| Q2 25 | $-6.8M | $-688.0K | ||
| Q1 25 | $-9.5M | $-1.8M | ||
| Q4 24 | $-825.0K | $-585.0K | ||
| Q3 24 | $-2.4M | $-846.0K | ||
| Q2 24 | $-19.4M | $-441.0K | ||
| Q1 24 | $-20.7M | $-2.9M |
| Q4 25 | 75.7% | — | ||
| Q3 25 | 74.3% | 43.0% | ||
| Q2 25 | 73.8% | — | ||
| Q1 25 | 70.8% | — | ||
| Q4 24 | 74.2% | — | ||
| Q3 24 | 74.0% | 50.5% | ||
| Q2 24 | 70.9% | — | ||
| Q1 24 | 67.3% | — |
| Q4 25 | -11.1% | -0.2% | ||
| Q3 25 | -16.4% | -3.4% | ||
| Q2 25 | -15.3% | -0.6% | ||
| Q1 25 | -29.7% | -5.4% | ||
| Q4 24 | -10.9% | -0.4% | ||
| Q3 24 | -34.1% | -1.2% | ||
| Q2 24 | -45.5% | -0.5% | ||
| Q1 24 | -89.0% | -9.0% |
| Q4 25 | -7.8% | -3.0% | ||
| Q3 25 | 37.0% | -3.7% | ||
| Q2 25 | -21.6% | -1.9% | ||
| Q1 25 | -35.5% | -5.5% | ||
| Q4 24 | -2.7% | -1.7% | ||
| Q3 24 | -7.4% | -2.3% | ||
| Q2 24 | -67.6% | -1.2% | ||
| Q1 24 | -86.7% | -8.6% |
| Q4 25 | — | $-0.49 | ||
| Q3 25 | $0.02 | $-0.54 | ||
| Q2 25 | — | $-0.23 | ||
| Q1 25 | — | $-0.59 | ||
| Q4 24 | $-0.03 | $-0.21 | ||
| Q3 24 | $-0.03 | $-0.28 | ||
| Q2 24 | $-0.09 | $-0.15 | ||
| Q1 24 | $-0.09 | $-0.95 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $68.3M | $10.3M |
| Total DebtLower is stronger | $0 | — |
| Stockholders' EquityBook value | $-30.5M | $65.7M |
| Total Assets | $170.0M | $113.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $68.3M | $10.3M | ||
| Q3 25 | $77.3M | $15.4M | ||
| Q2 25 | $88.3M | $16.8M | ||
| Q1 25 | $104.8M | $16.6M | ||
| Q4 24 | $94.2M | $17.0M | ||
| Q3 24 | $112.3M | $15.8M | ||
| Q2 24 | $108.9M | $14.7M | ||
| Q1 24 | $121.1M | $20.4M |
| Q4 25 | $0 | — | ||
| Q3 25 | $0 | $6.5M | ||
| Q2 25 | $0 | — | ||
| Q1 25 | $0 | — | ||
| Q4 24 | $0 | $0 | ||
| Q3 24 | $0 | — | ||
| Q2 24 | $0 | — | ||
| Q1 24 | $138.9M | — |
| Q4 25 | $-30.5M | $65.7M | ||
| Q3 25 | $-13.4M | $67.8M | ||
| Q2 25 | $-23.1M | $40.1M | ||
| Q1 25 | $-17.2M | $39.5M | ||
| Q4 24 | $-56.4M | $40.4M | ||
| Q3 24 | $-49.6M | $42.9M | ||
| Q2 24 | $-45.5M | $42.6M | ||
| Q1 24 | $-35.8M | $44.3M |
| Q4 25 | $170.0M | $113.2M | ||
| Q3 25 | $188.6M | $117.1M | ||
| Q2 25 | $182.2M | $55.6M | ||
| Q1 25 | $187.5M | $53.2M | ||
| Q4 24 | $178.1M | $52.6M | ||
| Q3 24 | $186.1M | $52.6M | ||
| Q2 24 | $185.4M | $52.6M | ||
| Q1 24 | $201.8M | $52.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.10× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.5M | $-7.3M |
| Free Cash FlowOCF − Capex | $-21.0K | $-9.0M |
| FCF MarginFCF / Revenue | -0.1% | -15.8% |
| Capex IntensityCapex / Revenue | 4.8% | 3.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-81.0K | $-13.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $-7.3M | ||
| Q3 25 | $-3.6M | $-2.7M | ||
| Q2 25 | $-6.5M | $139.0K | ||
| Q1 25 | $20.1M | $-802.0K | ||
| Q4 24 | $-4.6M | $-2.8M | ||
| Q3 24 | $2.1M | $1.3M | ||
| Q2 24 | $-6.7M | $-4.3M | ||
| Q1 24 | $-3.9M | $-1.8M |
| Q4 25 | $-21.0K | $-9.0M | ||
| Q3 25 | $-5.8M | $-3.4M | ||
| Q2 25 | $-10.1M | $102.0K | ||
| Q1 25 | $15.8M | $-808.0K | ||
| Q4 24 | $-7.1M | $-2.8M | ||
| Q3 24 | $-1.4M | $1.3M | ||
| Q2 24 | $-8.5M | $-4.3M | ||
| Q1 24 | $-5.8M | $-1.8M |
| Q4 25 | -0.1% | -15.8% | ||
| Q3 25 | -17.6% | -7.0% | ||
| Q2 25 | -31.9% | 0.3% | ||
| Q1 25 | 58.9% | -2.5% | ||
| Q4 24 | -23.5% | -8.3% | ||
| Q3 24 | -4.1% | 3.4% | ||
| Q2 24 | -29.7% | -12.0% | ||
| Q1 24 | -24.5% | -5.3% |
| Q4 25 | 4.8% | 3.0% | ||
| Q3 25 | 6.5% | 1.3% | ||
| Q2 25 | 11.4% | 0.1% | ||
| Q1 25 | 16.1% | 0.0% | ||
| Q4 24 | 8.3% | 0.1% | ||
| Q3 24 | 10.4% | 0.0% | ||
| Q2 24 | 6.5% | 0.0% | ||
| Q1 24 | 8.2% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | -0.30× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLND
| Mortgage Suite | $18.9M | 58% |
| Consumer Banking Suite | $11.4M | 35% |
| Professional Services | $2.1M | 6% |
STRR
| Revenue From Other Contracts With Customers | $27.6M | 49% |
| Other | $24.3M | 43% |
| Energy Services Segment | $4.9M | 9% |
