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Side-by-side financial comparison of FOX FACTORY HOLDING CORP (FOXF) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
FOX FACTORY HOLDING CORP is the larger business by last-quarter revenue ($376.4M vs $296.1M, roughly 1.3× Upstart Holdings, Inc.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -0.2%, a 6.5% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 4.8%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $-2.5M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 6.4%).
Fox Factory Holding Corp. is an American company best known for their Fox Racing Shox brand of off-road racing suspension components.
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.
FOXF vs UPST — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $376.4M | $296.1M |
| Net Profit | $-634.0K | $18.6M |
| Gross Margin | 30.4% | — |
| Operating Margin | 4.0% | 6.4% |
| Net Margin | -0.2% | 6.3% |
| Revenue YoY | 4.8% | 35.2% |
| Net Profit YoY | -113.3% | 776.4% |
| EPS (diluted) | $-0.02 | $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 | $376.4M | $296.1M | ||
| Q3 25 | $374.9M | $277.1M | ||
| Q2 25 | $355.0M | $257.3M | ||
| Q1 25 | $352.8M | $213.4M | ||
| Q4 24 | — | $219.0M | ||
| Q3 24 | $359.1M | $162.1M | ||
| Q2 24 | $348.5M | $127.6M | ||
| Q1 24 | $333.5M | $127.8M |
| Q4 25 | $-634.0K | $18.6M | ||
| Q3 25 | $2.7M | $31.8M | ||
| Q2 25 | $-259.7M | $5.6M | ||
| Q1 25 | $-141.0K | $-2.4M | ||
| Q4 24 | — | $-2.8M | ||
| Q3 24 | $4.8M | $-6.8M | ||
| Q2 24 | $5.4M | $-54.5M | ||
| Q1 24 | $-3.5M | $-64.6M |
| Q4 25 | 30.4% | — | ||
| Q3 25 | 31.2% | — | ||
| Q2 25 | 30.9% | — | ||
| Q1 25 | 28.9% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 29.9% | — | ||
| Q2 24 | 31.8% | — | ||
| Q1 24 | 30.9% | — |
| Q4 25 | 4.0% | 6.4% | ||
| Q3 25 | 4.9% | 8.5% | ||
| Q2 25 | -70.6% | 1.8% | ||
| Q1 25 | 3.2% | -2.1% | ||
| Q4 24 | — | -2.2% | ||
| Q3 24 | 5.2% | -27.8% | ||
| Q2 24 | 5.3% | -43.5% | ||
| Q1 24 | 2.7% | -52.8% |
| Q4 25 | -0.2% | 6.3% | ||
| Q3 25 | 0.7% | 11.5% | ||
| Q2 25 | -73.1% | 2.2% | ||
| Q1 25 | -0.0% | -1.1% | ||
| Q4 24 | — | -1.3% | ||
| Q3 24 | 1.3% | -4.2% | ||
| Q2 24 | 1.6% | -42.7% | ||
| Q1 24 | -1.0% | -50.5% |
| Q4 25 | $-0.02 | $0.20 | ||
| Q3 25 | $0.07 | $0.23 | ||
| Q2 25 | $-6.23 | $0.05 | ||
| Q1 25 | $0.00 | $-0.03 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | $0.11 | $-0.07 | ||
| Q2 24 | $0.13 | $-0.62 | ||
| Q1 24 | $-0.08 | $-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 | — | $652.4M |
| Total DebtLower is stronger | $536.7M | — |
| Stockholders' EquityBook value | $956.0M | $798.8M |
| Total Assets | $2.0B | $3.0B |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $652.4M | ||
| Q3 25 | — | $489.8M | ||
| Q2 25 | — | $395.9M | ||
| Q1 25 | $71.7M | $599.8M | ||
| Q4 24 | — | $788.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $536.7M | — | ||
| Q3 25 | $541.8M | — | ||
| Q2 25 | $546.9M | — | ||
| Q1 25 | $552.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $558.4M | — | ||
| Q2 24 | $564.1M | — | ||
| Q1 24 | $370.4M | — |
| Q4 25 | $956.0M | $798.8M | ||
| Q3 25 | $958.7M | $743.7M | ||
| Q2 25 | $939.9M | $722.0M | ||
| Q1 25 | $1.2B | $676.6M | ||
| Q4 24 | — | $633.2M | ||
| Q3 24 | $1.2B | $595.5M | ||
| Q2 24 | $1.2B | $594.7M | ||
| Q1 24 | $1.2B | $612.8M |
| Q4 25 | $2.0B | $3.0B | ||
| Q3 25 | $2.0B | $2.9B | ||
| Q2 25 | $1.9B | $2.5B | ||
| Q1 25 | $2.2B | $2.3B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $2.3B | $1.8B | ||
| Q2 24 | $2.3B | $1.8B | ||
| Q1 24 | $2.2B | $1.9B |
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.57× | — | ||
| Q2 25 | 0.58× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.47× | — | ||
| Q1 24 | 0.31× | — |
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 | $5.3M | $108.6M |
| Free Cash FlowOCF − Capex | $-2.5M | $108.4M |
| FCF MarginFCF / Revenue | -0.7% | 36.6% |
| Capex IntensityCapex / Revenue | 2.1% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $85.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.3M | $108.6M | ||
| Q3 25 | $36.8M | $-122.6M | ||
| Q2 25 | $680.0K | $-120.2M | ||
| Q1 25 | $81.7M | $-13.5M | ||
| Q4 24 | — | $-110.9M | ||
| Q3 24 | $14.1M | $179.3M | ||
| Q2 24 | $26.7M | $65.3M | ||
| Q1 24 | $9.4M | $52.6M |
| Q4 25 | $-2.5M | $108.4M | ||
| Q3 25 | $24.6M | $-122.7M | ||
| Q2 25 | $-6.5M | $-120.3M | ||
| Q1 25 | $69.8M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $3.2M | $179.2M | ||
| Q2 24 | $15.4M | $65.3M | ||
| Q1 24 | $-555.0K | $51.9M |
| Q4 25 | -0.7% | 36.6% | ||
| Q3 25 | 6.6% | -44.3% | ||
| Q2 25 | -1.8% | -46.7% | ||
| Q1 25 | 19.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.9% | 110.5% | ||
| Q2 24 | 4.4% | 51.1% | ||
| Q1 24 | -0.2% | 40.6% |
| Q4 25 | 2.1% | 0.1% | ||
| Q3 25 | 3.3% | 0.0% | ||
| Q2 25 | 2.0% | 0.0% | ||
| Q1 25 | 3.4% | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | 3.0% | 0.1% | ||
| Q2 24 | 3.2% | 0.0% | ||
| Q1 24 | 3.0% | 0.5% |
| Q4 25 | — | 5.82× | ||
| Q3 25 | 13.41× | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.94× | — | ||
| Q2 24 | 4.94× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FOXF
| Specialty Sports Group | $132.7M | 35% |
| Powered Vehicles Group | $125.9M | 33% |
| Aftermarket Applications Group | $117.8M | 31% |
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% |
