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Side-by-side financial comparison of Compass Diversified Holdings (CODI) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Compass Diversified Holdings is the larger business by last-quarter revenue ($468.6M vs $308.2M, roughly 1.5× Upstart Holdings, Inc.). Upstart Holdings, Inc. runs the higher net margin — -2.2% vs -16.8%, a 14.7% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (44.4% vs -5.1%). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (55.4% CAGR vs 6.8%).
Compass Diversified Holdings is a publicly traded holding firm that acquires and operates a diverse portfolio of middle-market businesses across sectors including consumer goods, industrial manufacturing, outdoor recreation, and food & beverage. It partners with portfolio company leadership teams to drive long-term operational growth and value creation, primarily serving North American markets.
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.
CODI vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $468.6M | $308.2M |
| Net Profit | $-78.8M | $-6.6M |
| Gross Margin | 43.1% | — |
| Operating Margin | 9.8% | -2.4% |
| Net Margin | -16.8% | -2.2% |
| Revenue YoY | -5.1% | 44.4% |
| Net Profit YoY | -14.4% | -171.6% |
| EPS (diluted) | $-0.91 | $-0.07 |
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.
| Q1 26 | — | $308.2M | ||
| Q4 25 | $468.6M | $296.1M | ||
| Q3 25 | $472.6M | $277.1M | ||
| Q2 25 | $478.7M | $257.3M | ||
| Q1 25 | $453.8M | $213.4M | ||
| Q4 24 | $493.9M | $219.0M | ||
| Q3 24 | $456.6M | $162.1M | ||
| Q2 24 | $426.7M | $127.6M |
| Q1 26 | — | $-6.6M | ||
| Q4 25 | $-78.8M | $18.6M | ||
| Q3 25 | $-74.0M | $31.8M | ||
| Q2 25 | $-51.2M | $5.6M | ||
| Q1 25 | $-30.0M | $-2.4M | ||
| Q4 24 | $-68.9M | $-2.8M | ||
| Q3 24 | $-36.0M | $-6.8M | ||
| Q2 24 | $-73.1M | $-54.5M |
| Q1 26 | — | — | ||
| Q4 25 | 43.1% | — | ||
| Q3 25 | 44.0% | — | ||
| Q2 25 | 43.6% | — | ||
| Q1 25 | 43.2% | — | ||
| Q4 24 | 38.6% | — | ||
| Q3 24 | 43.1% | — | ||
| Q2 24 | 44.1% | — |
| Q1 26 | — | -2.4% | ||
| Q4 25 | 9.8% | 6.4% | ||
| Q3 25 | -2.3% | 8.5% | ||
| Q2 25 | -5.7% | 1.8% | ||
| Q1 25 | 0.8% | -2.1% | ||
| Q4 24 | -3.8% | -2.2% | ||
| Q3 24 | 1.8% | -27.8% | ||
| Q2 24 | 1.8% | -43.5% |
| Q1 26 | — | -2.2% | ||
| Q4 25 | -16.8% | 6.3% | ||
| Q3 25 | -15.7% | 11.5% | ||
| Q2 25 | -10.7% | 2.2% | ||
| Q1 25 | -6.6% | -1.1% | ||
| Q4 24 | -13.9% | -1.3% | ||
| Q3 24 | -7.9% | -4.2% | ||
| Q2 24 | -17.1% | -42.7% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $-0.91 | $0.20 | ||
| Q3 25 | $-1.21 | $0.23 | ||
| Q2 25 | $-0.88 | $0.05 | ||
| Q1 25 | $-0.59 | $-0.03 | ||
| Q4 24 | $-0.57 | $-0.01 | ||
| Q3 24 | $-0.62 | $-0.07 | ||
| Q2 24 | $-1.12 | $-0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $68.0M | $472.9M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $442.0M | $733.2M |
| Total Assets | $3.0B | $3.0B |
| Debt / EquityLower = less leverage | 4.25× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $472.9M | ||
| Q4 25 | $68.0M | $652.4M | ||
| Q3 25 | $61.1M | $489.8M | ||
| Q2 25 | $73.8M | $395.9M | ||
| Q1 25 | $146.2M | $599.8M | ||
| Q4 24 | $59.7M | $788.4M | ||
| Q3 24 | $64.9M | — | ||
| Q2 24 | $61.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.7B | — |
| Q1 26 | — | $733.2M | ||
| Q4 25 | $442.0M | $798.8M | ||
| Q3 25 | $519.2M | $743.7M | ||
| Q2 25 | $601.9M | $722.0M | ||
| Q1 25 | $680.7M | $676.6M | ||
| Q4 24 | $678.6M | $633.2M | ||
| Q3 24 | $672.2M | $595.5M | ||
| Q2 24 | $711.3M | $594.7M |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $3.0B | $3.0B | ||
| Q3 25 | $3.2B | $2.9B | ||
| Q2 25 | $3.3B | $2.5B | ||
| Q1 25 | $3.4B | $2.3B | ||
| Q4 24 | $3.3B | $2.4B | ||
| Q3 24 | $3.3B | $1.8B | ||
| Q2 24 | $3.2B | $1.8B |
| Q1 26 | — | — | ||
| Q4 25 | 4.25× | — | ||
| Q3 25 | 3.62× | — | ||
| Q2 25 | 3.09× | — | ||
| Q1 25 | 2.73× | — | ||
| Q4 24 | 2.61× | — | ||
| Q3 24 | 2.64× | — | ||
| Q2 24 | 2.42× | — |
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 | $47.0M | $-133.3M |
| Free Cash FlowOCF − Capex | $36.9M | — |
| FCF MarginFCF / Revenue | 7.9% | — |
| Capex IntensityCapex / Revenue | 2.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-51.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-133.3M | ||
| Q4 25 | $47.0M | $108.6M | ||
| Q3 25 | $10.7M | $-122.6M | ||
| Q2 25 | $-35.2M | $-120.2M | ||
| Q1 25 | $-29.3M | $-13.5M | ||
| Q4 24 | $-16.1M | $-110.9M | ||
| Q3 24 | $-48.4M | $179.3M | ||
| Q2 24 | $-61.3M | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | $36.9M | $108.4M | ||
| Q3 25 | $481.0K | $-122.7M | ||
| Q2 25 | $-46.0M | $-120.3M | ||
| Q1 25 | $-42.4M | — | ||
| Q4 24 | $-39.0M | — | ||
| Q3 24 | $-63.5M | $179.2M | ||
| Q2 24 | $-72.2M | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | 7.9% | 36.6% | ||
| Q3 25 | 0.1% | -44.3% | ||
| Q2 25 | -9.6% | -46.7% | ||
| Q1 25 | -9.4% | — | ||
| Q4 24 | -7.9% | — | ||
| Q3 24 | -13.9% | 110.5% | ||
| Q2 24 | -16.9% | 51.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.2% | 0.1% | ||
| Q3 25 | 2.2% | 0.0% | ||
| Q2 25 | 2.3% | 0.0% | ||
| Q1 25 | 2.9% | 0.0% | ||
| Q4 24 | 4.6% | 0.0% | ||
| Q3 24 | 3.3% | 0.1% | ||
| Q2 24 | 2.6% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.82× | ||
| Q3 25 | — | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CODI
| Other | $119.5M | 26% |
| A5.11Tactical | $113.9M | 24% |
| Sterno Products | $85.9M | 18% |
| Altor | $60.8M | 13% |
| The Honey Pot | $36.0M | 8% |
| Arnold | $25.4M | 5% |
| Velocity Outdoor | $18.7M | 4% |
| Lugano | $8.3M | 2% |
UPST
| Platform and referral fees, net | $224.6M | 73% |
| Servicing and other fees, net | $52.4M | 17% |
| Other | $31.2M | 10% |
