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Side-by-side financial comparison of IHS Holding Ltd (IHS) 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 $254.0M, roughly 1.2× IHS Holding Ltd). On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 0.1%). IHS Holding Ltd produced more free cash flow last quarter ($178.6M vs $108.4M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
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.
IHS vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $296.1M |
| Net Profit | — | $18.6M |
| Gross Margin | 83.6% | — |
| Operating Margin | — | 6.4% |
| Net Margin | — | 6.3% |
| Revenue YoY | 0.1% | 35.2% |
| Net Profit YoY | — | 776.4% |
| EPS (diluted) | — | $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 | $254.0M | $296.1M | ||
| Q3 25 | $455.1M | $277.1M | ||
| Q2 25 | $433.3M | $257.3M | ||
| Q1 25 | $439.6M | $213.4M | ||
| Q4 24 | $253.8M | $219.0M | ||
| Q3 24 | $420.3M | $162.1M | ||
| Q2 24 | $435.4M | $127.6M | ||
| Q1 24 | $417.7M | $127.8M |
| Q4 25 | — | $18.6M | ||
| Q3 25 | $147.4M | $31.8M | ||
| Q2 25 | $32.3M | $5.6M | ||
| Q1 25 | $30.7M | $-2.4M | ||
| Q4 24 | — | $-2.8M | ||
| Q3 24 | $-205.7M | $-6.8M | ||
| Q2 24 | $-124.3M | $-54.5M | ||
| Q1 24 | $-1.6B | $-64.6M |
| Q4 25 | 83.6% | — | ||
| Q3 25 | 47.5% | — | ||
| Q2 25 | 51.3% | — | ||
| Q1 25 | 51.4% | — | ||
| Q4 24 | 72.1% | — | ||
| Q3 24 | 52.0% | — | ||
| Q2 24 | 52.5% | — | ||
| Q1 24 | 39.1% | — |
| Q4 25 | — | 6.4% | ||
| Q3 25 | 35.1% | 8.5% | ||
| Q2 25 | 33.8% | 1.8% | ||
| Q1 25 | 37.1% | -2.1% | ||
| Q4 24 | — | -2.2% | ||
| Q3 24 | 29.9% | -27.8% | ||
| Q2 24 | 34.0% | -43.5% | ||
| Q1 24 | -1.7% | -52.8% |
| Q4 25 | — | 6.3% | ||
| Q3 25 | 32.4% | 11.5% | ||
| Q2 25 | 7.5% | 2.2% | ||
| Q1 25 | 7.0% | -1.1% | ||
| Q4 24 | — | -1.3% | ||
| Q3 24 | -48.9% | -4.2% | ||
| Q2 24 | -28.5% | -42.7% | ||
| Q1 24 | -372.8% | -50.5% |
| Q4 25 | — | $0.20 | ||
| Q3 25 | $0.44 | $0.23 | ||
| Q2 25 | $0.10 | $0.05 | ||
| Q1 25 | $0.10 | $-0.03 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | $-0.61 | $-0.07 | ||
| Q2 24 | $-0.36 | $-0.62 | ||
| Q1 24 | $-4.67 | $-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 | $825.7M | $652.4M |
| Total DebtLower is stronger | $3.1B | — |
| Stockholders' EquityBook value | $-89.8M | $798.8M |
| Total Assets | $4.5B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.7M | $652.4M | ||
| Q3 25 | $647.6M | $489.8M | ||
| Q2 25 | $531.8M | $395.9M | ||
| Q1 25 | $629.0M | $599.8M | ||
| Q4 24 | $578.0M | $788.4M | ||
| Q3 24 | $397.5M | — | ||
| Q2 24 | $445.7M | — | ||
| Q1 24 | $333.2M | — |
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.5B | — |
| Q4 25 | $-89.8M | $798.8M | ||
| Q3 25 | $38.1M | $743.7M | ||
| Q2 25 | $-98.4M | $722.0M | ||
| Q1 25 | $-184.4M | $676.6M | ||
| Q4 24 | $-314.4M | $633.2M | ||
| Q3 24 | $-284.7M | $595.5M | ||
| Q2 24 | $-308.3M | $594.7M | ||
| Q1 24 | $-163.2M | $612.8M |
| Q4 25 | $4.5B | $3.0B | ||
| Q3 25 | $4.7B | $2.9B | ||
| Q2 25 | $4.5B | $2.5B | ||
| Q1 25 | $4.4B | $2.3B | ||
| Q4 24 | $4.2B | $2.4B | ||
| Q3 24 | $4.6B | $1.8B | ||
| Q2 24 | $4.5B | $1.8B | ||
| Q1 24 | $4.6B | $1.9B |
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $246.9M | $108.6M |
| Free Cash FlowOCF − Capex | $178.6M | $108.4M |
| FCF MarginFCF / Revenue | 70.3% | 36.6% |
| Capex IntensityCapex / Revenue | 26.9% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $246.9M | $108.6M | ||
| Q3 25 | $251.3M | $-122.6M | ||
| Q2 25 | $237.7M | $-120.2M | ||
| Q1 25 | $200.3M | $-13.5M | ||
| Q4 24 | $344.4M | $-110.9M | ||
| Q3 24 | $174.5M | $179.3M | ||
| Q2 24 | $134.7M | $65.3M | ||
| Q1 24 | $75.8M | $52.6M |
| Q4 25 | $178.6M | $108.4M | ||
| Q3 25 | $189.2M | $-122.7M | ||
| Q2 25 | $197.7M | $-120.3M | ||
| Q1 25 | $153.2M | — | ||
| Q4 24 | $282.9M | — | ||
| Q3 24 | $122.3M | $179.2M | ||
| Q2 24 | $74.2M | $65.3M | ||
| Q1 24 | $14.8M | $51.9M |
| Q4 25 | 70.3% | 36.6% | ||
| Q3 25 | 41.6% | -44.3% | ||
| Q2 25 | 45.6% | -46.7% | ||
| Q1 25 | 34.8% | — | ||
| Q4 24 | 111.5% | — | ||
| Q3 24 | 29.1% | 110.5% | ||
| Q2 24 | 17.0% | 51.1% | ||
| Q1 24 | 3.5% | 40.6% |
| Q4 25 | 26.9% | 0.1% | ||
| Q3 25 | 13.6% | 0.0% | ||
| Q2 25 | 9.2% | 0.0% | ||
| Q1 25 | 10.7% | 0.0% | ||
| Q4 24 | 24.2% | 0.0% | ||
| Q3 24 | 12.4% | 0.1% | ||
| Q2 24 | 13.9% | 0.0% | ||
| Q1 24 | 14.6% | 0.5% |
| Q4 25 | — | 5.82× | ||
| Q3 25 | 1.70× | -3.86× | ||
| Q2 25 | 7.36× | -21.43× | ||
| Q1 25 | 6.52× | — | ||
| 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
IHS
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% |
