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Side-by-side financial comparison of Claritev Corp (CTEV) 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 $246.6M, roughly 1.2× Claritev Corp). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -32.7%, a 39.0% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 6.2%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $36.4M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 2.5%).
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.
CTEV vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $246.6M | $296.1M |
| Net Profit | $-80.6M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | -3.1% | 6.4% |
| Net Margin | -32.7% | 6.3% |
| Revenue YoY | 6.2% | 35.2% |
| Net Profit YoY | 41.6% | 776.4% |
| EPS (diluted) | $-4.88 | $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 | $246.6M | $296.1M | ||
| Q3 25 | $246.0M | $277.1M | ||
| Q2 25 | $241.6M | $257.3M | ||
| Q1 25 | $231.3M | $213.4M | ||
| Q4 24 | $232.1M | $219.0M | ||
| Q3 24 | $230.5M | $162.1M | ||
| Q2 24 | $233.5M | $127.6M | ||
| Q1 24 | $234.5M | $127.8M |
| Q4 25 | $-80.6M | $18.6M | ||
| Q3 25 | $-69.8M | $31.8M | ||
| Q2 25 | $-62.6M | $5.6M | ||
| Q1 25 | $-71.3M | $-2.4M | ||
| Q4 24 | $-138.0M | $-2.8M | ||
| Q3 24 | $-391.4M | $-6.8M | ||
| Q2 24 | $-576.7M | $-54.5M | ||
| Q1 24 | $-539.7M | $-64.6M |
| Q4 25 | -3.1% | 6.4% | ||
| Q3 25 | 4.1% | 8.5% | ||
| Q2 25 | 6.9% | 1.8% | ||
| Q1 25 | 4.2% | -2.1% | ||
| Q4 24 | -17.8% | -2.2% | ||
| Q3 24 | -146.7% | -27.8% | ||
| Q2 24 | -224.4% | -43.5% | ||
| Q1 24 | -207.4% | -52.8% |
| Q4 25 | -32.7% | 6.3% | ||
| Q3 25 | -28.4% | 11.5% | ||
| Q2 25 | -25.9% | 2.2% | ||
| Q1 25 | -30.8% | -1.1% | ||
| Q4 24 | -59.4% | -1.3% | ||
| Q3 24 | -169.8% | -4.2% | ||
| Q2 24 | -247.0% | -42.7% | ||
| Q1 24 | -230.1% | -50.5% |
| Q4 25 | $-4.88 | $0.20 | ||
| Q3 25 | $-4.23 | $0.23 | ||
| Q2 25 | $-3.81 | $0.05 | ||
| Q1 25 | $-4.38 | $-0.03 | ||
| Q4 24 | $-8.49 | $-0.01 | ||
| Q3 24 | $-24.25 | $-0.07 | ||
| Q2 24 | $-35.78 | $-0.62 | ||
| Q1 24 | $-33.40 | $-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 | $16.8M | $652.4M |
| Total DebtLower is stronger | $4.6B | — |
| Stockholders' EquityBook value | $-173.9M | $798.8M |
| Total Assets | $4.9B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.8M | $652.4M | ||
| Q3 25 | $39.2M | $489.8M | ||
| Q2 25 | $56.4M | $395.9M | ||
| Q1 25 | $23.1M | $599.8M | ||
| Q4 24 | $16.8M | $788.4M | ||
| Q3 24 | $86.6M | — | ||
| Q2 24 | $48.8M | — | ||
| Q1 24 | $58.7M | — |
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $4.5B | — | ||
| Q1 24 | $4.5B | — |
| Q4 25 | $-173.9M | $798.8M | ||
| Q3 25 | $-101.8M | $743.7M | ||
| Q2 25 | $-39.9M | $722.0M | ||
| Q1 25 | $14.8M | $676.6M | ||
| Q4 24 | $84.0M | $633.2M | ||
| Q3 24 | $207.6M | $595.5M | ||
| Q2 24 | $603.4M | $594.7M | ||
| Q1 24 | $1.2B | $612.8M |
| Q4 25 | $4.9B | $3.0B | ||
| Q3 25 | $5.0B | $2.9B | ||
| Q2 25 | $5.1B | $2.5B | ||
| Q1 25 | $5.1B | $2.3B | ||
| Q4 24 | $5.2B | $2.4B | ||
| Q3 24 | $5.3B | $1.8B | ||
| Q2 24 | $5.7B | $1.8B | ||
| Q1 24 | $6.4B | $1.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 304.87× | — | ||
| Q4 24 | 53.67× | — | ||
| Q3 24 | 21.73× | — | ||
| Q2 24 | 7.48× | — | ||
| Q1 24 | 3.85× | — |
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 | $66.3M | $108.6M |
| Free Cash FlowOCF − Capex | $36.4M | $108.4M |
| FCF MarginFCF / Revenue | 14.8% | 36.6% |
| Capex IntensityCapex / Revenue | 12.1% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $-12.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.3M | $108.6M | ||
| Q3 25 | $19.9M | $-122.6M | ||
| Q2 25 | $61.2M | $-120.2M | ||
| Q1 25 | $-30.1M | $-13.5M | ||
| Q4 24 | $-33.4M | $-110.9M | ||
| Q3 24 | $72.8M | $179.3M | ||
| Q2 24 | $18.5M | $65.3M | ||
| Q1 24 | $49.7M | $52.6M |
| Q4 25 | $36.4M | $108.4M | ||
| Q3 25 | $-16.3M | $-122.7M | ||
| Q2 25 | $36.6M | $-120.3M | ||
| Q1 25 | $-68.9M | — | ||
| Q4 24 | $-63.8M | — | ||
| Q3 24 | $41.1M | $179.2M | ||
| Q2 24 | $-7.0M | $65.3M | ||
| Q1 24 | $19.2M | $51.9M |
| Q4 25 | 14.8% | 36.6% | ||
| Q3 25 | -6.6% | -44.3% | ||
| Q2 25 | 15.2% | -46.7% | ||
| Q1 25 | -29.8% | — | ||
| Q4 24 | -27.5% | — | ||
| Q3 24 | 17.8% | 110.5% | ||
| Q2 24 | -3.0% | 51.1% | ||
| Q1 24 | 8.2% | 40.6% |
| Q4 25 | 12.1% | 0.1% | ||
| Q3 25 | 14.7% | 0.0% | ||
| Q2 25 | 10.2% | 0.0% | ||
| Q1 25 | 16.8% | 0.0% | ||
| Q4 24 | 13.1% | 0.0% | ||
| Q3 24 | 13.8% | 0.1% | ||
| Q2 24 | 10.9% | 0.0% | ||
| Q1 24 | 13.0% | 0.5% |
| Q4 25 | — | 5.82× | ||
| Q3 25 | — | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| 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
CTEV
Segment breakdown not available.
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% |
