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Side-by-side financial comparison of HUTCHMED (China) Ltd (HCM) and UPWORK, INC (UPWK). Click either name above to swap in a different company.
HUTCHMED (China) Ltd is the larger business by last-quarter revenue ($270.8M vs $195.5M, roughly 1.4× UPWORK, INC). UPWORK, INC runs the higher net margin — 16.1% vs 0.7%, a 15.4% gap on every dollar of revenue. On growth, UPWORK, INC posted the faster year-over-year revenue change (1.4% vs -16.5%). UPWORK, INC produced more free cash flow last quarter ($12.9M vs $3.4M).
HUTCHMED (China) LtdHCMEarnings & Financial Report
HUTCHMED (China) Ltd is a biopharmaceutical firm focused on discovering, developing and commercializing targeted and immunotherapies for oncology and immunological diseases. It operates across China and global markets, with multiple marketed oncology drugs and a robust pipeline of late-stage clinical candidates addressing unmet patient needs.
Upwork Inc. is an American freelancing platform headquartered in Santa Clara and San Francisco, California. The company was formed in 2013 as Elance-oDesk after the merger of Elance Inc. and oDesk Corp. The merged company was subsequently rebranded as Upwork in 2015.
HCM vs UPWK — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $270.8M | $195.5M |
| Net Profit | $2.0M | $31.5M |
| Gross Margin | 37.7% | 77.2% |
| Operating Margin | -13.2% | 16.7% |
| Net Margin | 0.7% | 16.1% |
| Revenue YoY | -16.5% | 1.4% |
| Net Profit YoY | -83.6% | — |
| EPS (diluted) | $0.00 | $0.24 |
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 | — | $195.5M | ||
| Q4 25 | $270.8M | $198.4M | ||
| Q3 25 | — | $201.7M | ||
| Q2 25 | $277.7M | $194.9M | ||
| Q1 25 | $324.5M | $192.7M | ||
| Q4 24 | — | $191.5M | ||
| Q3 24 | — | $193.8M | ||
| Q2 24 | $305.7M | $193.1M |
| Q1 26 | — | $31.5M | ||
| Q4 25 | $2.0M | $15.6M | ||
| Q3 25 | — | $29.3M | ||
| Q2 25 | $455.0M | $32.7M | ||
| Q1 25 | $11.9M | $37.7M | ||
| Q4 24 | — | $147.2M | ||
| Q3 24 | — | $27.8M | ||
| Q2 24 | $25.8M | $22.2M |
| Q1 26 | — | 77.2% | ||
| Q4 25 | 37.7% | 78.0% | ||
| Q3 25 | — | 77.3% | ||
| Q2 25 | 0.1% | 77.7% | ||
| Q1 25 | 48.0% | 78.3% | ||
| Q4 24 | — | 77.7% | ||
| Q3 24 | — | 77.6% | ||
| Q2 24 | 41.1% | 77.3% |
| Q1 26 | — | 16.7% | ||
| Q4 25 | -13.2% | 14.3% | ||
| Q3 25 | — | 14.8% | ||
| Q2 25 | -1.3% | 16.7% | ||
| Q1 25 | -5.0% | 20.1% | ||
| Q4 24 | — | 7.1% | ||
| Q3 24 | — | 10.7% | ||
| Q2 24 | -9.0% | 9.2% |
| Q1 26 | — | 16.1% | ||
| Q4 25 | 0.7% | 7.9% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | 163.8% | 16.8% | ||
| Q1 25 | 3.7% | 19.6% | ||
| Q4 24 | — | 76.9% | ||
| Q3 24 | — | 14.3% | ||
| Q2 24 | 8.4% | 11.5% |
| Q1 26 | — | $0.24 | ||
| Q4 25 | $0.00 | $0.12 | ||
| Q3 25 | — | $0.21 | ||
| Q2 25 | $0.52 | $0.24 | ||
| Q1 25 | $0.01 | $0.27 | ||
| Q4 24 | — | $1.02 | ||
| Q3 24 | — | $0.20 | ||
| Q2 24 | $0.03 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.4B | $328.4M |
| Total DebtLower is stronger | $93.2M | — |
| Stockholders' EquityBook value | $1.2B | $569.6M |
| Total Assets | $1.8B | $1.2B |
| Debt / EquityLower = less leverage | 0.08× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $328.4M | ||
| Q4 25 | $1.4B | $672.8M | ||
| Q3 25 | — | $643.1M | ||
| Q2 25 | $1.4B | $634.6M | ||
| Q1 25 | $836.1M | $622.1M | ||
| Q4 24 | — | $622.1M | ||
| Q3 24 | — | $601.2M | ||
| Q2 24 | $802.5M | $497.7M |
| Q1 26 | — | — | ||
| Q4 25 | $93.2M | $359.8M | ||
| Q3 25 | — | $359.3M | ||
| Q2 25 | $93.4M | — | ||
| Q1 25 | $82.8M | — | ||
| Q4 24 | — | $357.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | $82.1M | — |
| Q1 26 | — | $569.6M | ||
| Q4 25 | $1.2B | $630.3M | ||
| Q3 25 | — | $628.1M | ||
| Q2 25 | $1.2B | $608.7M | ||
| Q1 25 | $759.9M | $594.3M | ||
| Q4 24 | — | $575.4M | ||
| Q3 24 | — | $411.2M | ||
| Q2 24 | $740.1M | $361.1M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.8B | $1.3B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $1.3B | $1.0B |
| Q1 26 | — | — | ||
| Q4 25 | 0.08× | 0.57× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.11× | — | ||
| Q4 24 | — | 0.62× | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.11× | — |
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 | $8.2M | $23.0M |
| Free Cash FlowOCF − Capex | $3.4M | $12.9M |
| FCF MarginFCF / Revenue | 1.2% | 6.6% |
| Capex IntensityCapex / Revenue | 1.8% | — |
| Cash ConversionOCF / Net Profit | 4.21× | 0.73× |
| TTM Free Cash FlowTrailing 4 quarters | $-96.2M | $220.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $23.0M | ||
| Q4 25 | $8.2M | $63.7M | ||
| Q3 25 | — | $75.1M | ||
| Q2 25 | $-72.9M | $72.5M | ||
| Q1 25 | $40.3M | $37.0M | ||
| Q4 24 | — | $38.6M | ||
| Q3 24 | — | $61.0M | ||
| Q2 24 | $-39.8M | $39.2M |
| Q1 26 | — | $12.9M | ||
| Q4 25 | $3.4M | $63.2M | ||
| Q3 25 | — | $74.6M | ||
| Q2 25 | $-82.2M | $70.1M | ||
| Q1 25 | $32.5M | $34.5M | ||
| Q4 24 | — | $37.0M | ||
| Q3 24 | — | $59.8M | ||
| Q2 24 | $-49.9M | $38.6M |
| Q1 26 | — | 6.6% | ||
| Q4 25 | 1.2% | 31.9% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | -29.6% | 36.0% | ||
| Q1 25 | 10.0% | 17.9% | ||
| Q4 24 | — | 19.3% | ||
| Q3 24 | — | 30.8% | ||
| Q2 24 | -16.3% | 20.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 0.2% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | 3.3% | 1.2% | ||
| Q1 25 | 2.4% | 1.3% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | 3.3% | 0.3% |
| Q1 26 | — | 0.73× | ||
| Q4 25 | 4.21× | 4.07× | ||
| Q3 25 | — | 2.56× | ||
| Q2 25 | -0.16× | 2.22× | ||
| Q1 25 | 3.38× | 0.98× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 2.20× | ||
| Q2 24 | -1.54× | 1.76× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCM
Segment breakdown not available.
UPWK
| Marketplace | $170.7M | 87% |
| Enterprise | $24.8M | 13% |
