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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) 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 $233.0M, roughly 1.3× CSW INDUSTRIALS, INC.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs 4.4%, a 1.9% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 20.3%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $22.7M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 5.1%).
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.
CSW vs UPST — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $296.1M |
| Net Profit | $10.3M | $18.6M |
| Gross Margin | 39.7% | — |
| Operating Margin | 7.4% | 6.4% |
| Net Margin | 4.4% | 6.3% |
| Revenue YoY | 20.3% | 35.2% |
| Net Profit YoY | -61.9% | 776.4% |
| EPS (diluted) | $0.62 | $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 | $233.0M | $296.1M | ||
| Q3 25 | $277.0M | $277.1M | ||
| Q2 25 | $263.6M | $257.3M | ||
| Q1 25 | $230.5M | $213.4M | ||
| Q4 24 | $193.6M | $219.0M | ||
| Q3 24 | $227.9M | $162.1M | ||
| Q2 24 | $226.2M | $127.6M | ||
| Q1 24 | $210.9M | $127.8M |
| Q4 25 | $10.3M | $18.6M | ||
| Q3 25 | $40.7M | $31.8M | ||
| Q2 25 | $40.9M | $5.6M | ||
| Q1 25 | $35.1M | $-2.4M | ||
| Q4 24 | $26.9M | $-2.8M | ||
| Q3 24 | $36.1M | $-6.8M | ||
| Q2 24 | $38.6M | $-54.5M | ||
| Q1 24 | $31.8M | $-64.6M |
| Q4 25 | 39.7% | — | ||
| Q3 25 | 43.0% | — | ||
| Q2 25 | 43.8% | — | ||
| Q1 25 | 44.2% | — | ||
| Q4 24 | 41.4% | — | ||
| Q3 24 | 45.6% | — | ||
| Q2 24 | 47.5% | — | ||
| Q1 24 | 44.4% | — |
| Q4 25 | 7.4% | 6.4% | ||
| Q3 25 | 20.5% | 8.5% | ||
| Q2 25 | 20.8% | 1.8% | ||
| Q1 25 | 19.5% | -2.1% | ||
| Q4 24 | 15.3% | -2.2% | ||
| Q3 24 | 22.6% | -27.8% | ||
| Q2 24 | 24.3% | -43.5% | ||
| Q1 24 | 21.0% | -52.8% |
| Q4 25 | 4.4% | 6.3% | ||
| Q3 25 | 14.7% | 11.5% | ||
| Q2 25 | 15.5% | 2.2% | ||
| Q1 25 | 15.2% | -1.1% | ||
| Q4 24 | 13.9% | -1.3% | ||
| Q3 24 | 15.8% | -4.2% | ||
| Q2 24 | 17.1% | -42.7% | ||
| Q1 24 | 15.1% | -50.5% |
| Q4 25 | $0.62 | $0.20 | ||
| Q3 25 | $2.41 | $0.23 | ||
| Q2 25 | $2.43 | $0.05 | ||
| Q1 25 | $2.05 | $-0.03 | ||
| Q4 24 | $1.60 | $-0.01 | ||
| Q3 24 | $2.26 | $-0.07 | ||
| Q2 24 | $2.47 | $-0.62 | ||
| Q1 24 | $2.03 | $-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 | $40.2M | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $798.8M |
| Total Assets | $2.3B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.2M | $652.4M | ||
| Q3 25 | $31.5M | $489.8M | ||
| Q2 25 | $38.0M | $395.9M | ||
| Q1 25 | $225.8M | $599.8M | ||
| Q4 24 | $213.8M | $788.4M | ||
| Q3 24 | $273.2M | — | ||
| Q2 24 | $18.9M | — | ||
| Q1 24 | $22.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $800.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $166.0M | — |
| Q4 25 | $1.1B | $798.8M | ||
| Q3 25 | $1.1B | $743.7M | ||
| Q2 25 | $1.1B | $722.0M | ||
| Q1 25 | $1.1B | $676.6M | ||
| Q4 24 | $1.0B | $633.2M | ||
| Q3 24 | $1.0B | $595.5M | ||
| Q2 24 | $650.2M | $594.7M | ||
| Q1 24 | $615.7M | $612.8M |
| Q4 25 | $2.3B | $3.0B | ||
| Q3 25 | $1.5B | $2.9B | ||
| Q2 25 | $1.5B | $2.5B | ||
| Q1 25 | $1.4B | $2.3B | ||
| Q4 24 | $1.4B | $2.4B | ||
| Q3 24 | $1.4B | $1.8B | ||
| Q2 24 | $1.1B | $1.8B | ||
| Q1 24 | $1.0B | $1.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.27× | — |
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 | $28.9M | $108.6M |
| Free Cash FlowOCF − Capex | $22.7M | $108.4M |
| FCF MarginFCF / Revenue | 9.8% | 36.6% |
| Capex IntensityCapex / Revenue | 2.6% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.81× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.9M | $108.6M | ||
| Q3 25 | $61.8M | $-122.6M | ||
| Q2 25 | $60.6M | $-120.2M | ||
| Q1 25 | $27.3M | $-13.5M | ||
| Q4 24 | $11.6M | $-110.9M | ||
| Q3 24 | $66.8M | $179.3M | ||
| Q2 24 | $62.7M | $65.3M | ||
| Q1 24 | $22.4M | $52.6M |
| Q4 25 | $22.7M | $108.4M | ||
| Q3 25 | $58.7M | $-122.7M | ||
| Q2 25 | $57.7M | $-120.3M | ||
| Q1 25 | $22.8M | — | ||
| Q4 24 | $8.5M | — | ||
| Q3 24 | $61.3M | $179.2M | ||
| Q2 24 | $59.6M | $65.3M | ||
| Q1 24 | $17.5M | $51.9M |
| Q4 25 | 9.8% | 36.6% | ||
| Q3 25 | 21.2% | -44.3% | ||
| Q2 25 | 21.9% | -46.7% | ||
| Q1 25 | 9.9% | — | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 26.9% | 110.5% | ||
| Q2 24 | 26.3% | 51.1% | ||
| Q1 24 | 8.3% | 40.6% |
| Q4 25 | 2.6% | 0.1% | ||
| Q3 25 | 1.1% | 0.0% | ||
| Q2 25 | 1.1% | 0.0% | ||
| Q1 25 | 2.0% | 0.0% | ||
| Q4 24 | 1.6% | 0.0% | ||
| Q3 24 | 2.4% | 0.1% | ||
| Q2 24 | 1.4% | 0.0% | ||
| Q1 24 | 2.3% | 0.5% |
| Q4 25 | 2.81× | 5.82× | ||
| Q3 25 | 1.52× | -3.86× | ||
| Q2 25 | 1.48× | -21.43× | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | — | ||
| Q1 24 | 0.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
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% |
