vs
Side-by-side financial comparison of FirstCash Holdings, Inc. (FCFS) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
FirstCash Holdings, Inc. is the larger business by last-quarter revenue ($501.3M vs $296.1M, roughly 1.7× Upstart Holdings, Inc.). FirstCash Holdings, Inc. runs the higher net margin — 20.8% vs 6.3%, a 14.5% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 21.2%). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 16.9%).
FirstCash Holdings, Inc. is an American pawnshop company headquartered in Fort Worth, Texas which operates retail pawn stores in the U.S. and Latin America. It is a publicly traded company listed on the Nasdaq stock exchange.
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.
FCFS vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $501.3M | $296.1M |
| Net Profit | $104.2M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | 28.5% | 6.4% |
| Net Margin | 20.8% | 6.3% |
| Revenue YoY | 21.2% | 35.2% |
| Net Profit YoY | 24.7% | 776.4% |
| EPS (diluted) | $2.35 | $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 | $501.3M | $296.1M | ||
| Q3 25 | $411.0M | $277.1M | ||
| Q2 25 | $385.1M | $257.3M | ||
| Q1 25 | $371.1M | $213.4M | ||
| Q4 24 | $413.7M | $219.0M | ||
| Q3 24 | $363.1M | $162.1M | ||
| Q2 24 | $363.5M | $127.6M | ||
| Q1 24 | $366.8M | $127.8M |
| Q4 25 | $104.2M | $18.6M | ||
| Q3 25 | $82.8M | $31.8M | ||
| Q2 25 | $59.8M | $5.6M | ||
| Q1 25 | $83.6M | $-2.4M | ||
| Q4 24 | $83.5M | $-2.8M | ||
| Q3 24 | $64.8M | $-6.8M | ||
| Q2 24 | $49.1M | $-54.5M | ||
| Q1 24 | $61.4M | $-64.6M |
| Q4 25 | 28.5% | 6.4% | ||
| Q3 25 | 27.4% | 8.5% | ||
| Q2 25 | 21.1% | 1.8% | ||
| Q1 25 | 30.0% | -2.1% | ||
| Q4 24 | 26.5% | -2.2% | ||
| Q3 24 | 23.5% | -27.8% | ||
| Q2 24 | 18.2% | -43.5% | ||
| Q1 24 | 22.3% | -52.8% |
| Q4 25 | 20.8% | 6.3% | ||
| Q3 25 | 20.1% | 11.5% | ||
| Q2 25 | 15.5% | 2.2% | ||
| Q1 25 | 22.5% | -1.1% | ||
| Q4 24 | 20.2% | -1.3% | ||
| Q3 24 | 17.9% | -4.2% | ||
| Q2 24 | 13.5% | -42.7% | ||
| Q1 24 | 16.7% | -50.5% |
| Q4 25 | $2.35 | $0.20 | ||
| Q3 25 | $1.86 | $0.23 | ||
| Q2 25 | $1.34 | $0.05 | ||
| Q1 25 | $1.87 | $-0.03 | ||
| Q4 24 | $1.86 | $-0.01 | ||
| Q3 24 | $1.44 | $-0.07 | ||
| Q2 24 | $1.08 | $-0.62 | ||
| Q1 24 | $1.35 | $-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 | $125.2M | $652.4M |
| Total DebtLower is stronger | $2.2B | — |
| Stockholders' EquityBook value | $2.3B | $798.8M |
| Total Assets | $5.3B | $3.0B |
| Debt / EquityLower = less leverage | 0.98× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.2M | $652.4M | ||
| Q3 25 | $130.2M | $489.8M | ||
| Q2 25 | $101.5M | $395.9M | ||
| Q1 25 | $146.0M | $599.8M | ||
| Q4 24 | $175.1M | $788.4M | ||
| Q3 24 | $106.3M | — | ||
| Q2 24 | $113.7M | — | ||
| Q1 24 | $135.1M | — |
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $2.3B | $798.8M | ||
| Q3 25 | $2.2B | $743.7M | ||
| Q2 25 | $2.1B | $722.0M | ||
| Q1 25 | $2.1B | $676.6M | ||
| Q4 24 | $2.1B | $633.2M | ||
| Q3 24 | $2.0B | $595.5M | ||
| Q2 24 | $2.0B | $594.7M | ||
| Q1 24 | $2.0B | $612.8M |
| Q4 25 | $5.3B | $3.0B | ||
| Q3 25 | $5.2B | $2.9B | ||
| Q2 25 | $4.5B | $2.5B | ||
| Q1 25 | $4.4B | $2.3B | ||
| Q4 24 | $4.5B | $2.4B | ||
| Q3 24 | $4.4B | $1.8B | ||
| Q2 24 | $4.3B | $1.8B | ||
| Q1 24 | $4.2B | $1.9B |
| Q4 25 | 0.98× | — | ||
| Q3 25 | 1.01× | — | ||
| Q2 25 | 0.79× | — | ||
| Q1 25 | 0.83× | — | ||
| Q4 24 | 0.85× | — | ||
| Q3 24 | 0.87× | — | ||
| Q2 24 | 0.85× | — | ||
| Q1 24 | 0.75× | — |
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 | $206.6M | $108.6M |
| Free Cash FlowOCF − Capex | — | $108.4M |
| FCF MarginFCF / Revenue | — | 36.6% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 1.98× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $206.6M | $108.6M | ||
| Q3 25 | $135.8M | $-122.6M | ||
| Q2 25 | $116.9M | $-120.2M | ||
| Q1 25 | $126.6M | $-13.5M | ||
| Q4 24 | $198.1M | $-110.9M | ||
| Q3 24 | $113.1M | $179.3M | ||
| Q2 24 | $106.2M | $65.3M | ||
| Q1 24 | $122.5M | $52.6M |
| Q4 25 | — | $108.4M | ||
| Q3 25 | — | $-122.7M | ||
| Q2 25 | — | $-120.3M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $179.2M | ||
| Q2 24 | — | $65.3M | ||
| Q1 24 | — | $51.9M |
| Q4 25 | — | 36.6% | ||
| Q3 25 | — | -44.3% | ||
| Q2 25 | — | -46.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 110.5% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 40.6% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.5% |
| Q4 25 | 1.98× | 5.82× | ||
| Q3 25 | 1.64× | -3.86× | ||
| Q2 25 | 1.95× | -21.43× | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 1.74× | — | ||
| Q2 24 | 2.16× | — | ||
| Q1 24 | 2.00× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FCFS
| US Pawn Segment | $292.2M | 58% |
| Retail POS Payment Solutions | $209.8M | 42% |
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% |
