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Side-by-side financial comparison of Innovex International, Inc. (INVX) 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 ($308.2M vs $273.6M, roughly 1.1× Innovex International, Inc.). Innovex International, Inc. runs the higher net margin — 5.1% vs -2.2%, a 7.3% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (44.4% vs 9.1%). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (55.4% CAGR vs 46.2%).
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.
INVX vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $273.6M | $308.2M |
| Net Profit | $14.0M | $-6.6M |
| Gross Margin | 28.9% | — |
| Operating Margin | 9.4% | -2.4% |
| Net Margin | 5.1% | -2.2% |
| Revenue YoY | 9.1% | 44.4% |
| Net Profit YoY | -56.1% | -171.6% |
| EPS (diluted) | $0.20 | $-0.07 |
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 | — | $308.2M | ||
| Q4 25 | $273.6M | $296.1M | ||
| Q3 25 | $240.0M | $277.1M | ||
| Q2 25 | $224.2M | $257.3M | ||
| Q1 25 | $240.4M | $213.4M | ||
| Q4 24 | $250.7M | $219.0M | ||
| Q3 24 | $151.8M | $162.1M | ||
| Q2 24 | $130.3M | $127.6M |
| Q1 26 | — | $-6.6M | ||
| Q4 25 | $14.0M | $18.6M | ||
| Q3 25 | $39.2M | $31.8M | ||
| Q2 25 | $15.3M | $5.6M | ||
| Q1 25 | $14.8M | $-2.4M | ||
| Q4 24 | $31.8M | $-2.8M | ||
| Q3 24 | $82.6M | $-6.8M | ||
| Q2 24 | $9.5M | $-54.5M |
| Q1 26 | — | — | ||
| Q4 25 | 28.9% | — | ||
| Q3 25 | 31.6% | — | ||
| Q2 25 | 32.0% | — | ||
| Q1 25 | 31.8% | — | ||
| Q4 24 | 33.9% | — | ||
| Q3 24 | 34.7% | — | ||
| Q2 24 | 35.3% | — |
| Q1 26 | — | -2.4% | ||
| Q4 25 | 9.4% | 6.4% | ||
| Q3 25 | 26.0% | 8.5% | ||
| Q2 25 | 10.1% | 1.8% | ||
| Q1 25 | 9.1% | -2.1% | ||
| Q4 24 | 10.7% | -2.2% | ||
| Q3 24 | -8.7% | -27.8% | ||
| Q2 24 | 10.0% | -43.5% |
| Q1 26 | — | -2.2% | ||
| Q4 25 | 5.1% | 6.3% | ||
| Q3 25 | 16.3% | 11.5% | ||
| Q2 25 | 6.8% | 2.2% | ||
| Q1 25 | 6.1% | -1.1% | ||
| Q4 24 | 12.7% | -1.3% | ||
| Q3 24 | 54.4% | -4.2% | ||
| Q2 24 | 7.3% | -42.7% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $0.20 | $0.20 | ||
| Q3 25 | $0.57 | $0.23 | ||
| Q2 25 | $0.22 | $0.05 | ||
| Q1 25 | $0.21 | $-0.03 | ||
| Q4 24 | $-0.03 | $-0.01 | ||
| Q3 24 | $1.99 | $-0.07 | ||
| Q2 24 | $0.30 | $-0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $472.9M |
| Total DebtLower is stronger | $18.9M | — |
| Stockholders' EquityBook value | $1.1B | $733.2M |
| Total Assets | $1.3B | $3.0B |
| Debt / EquityLower = less leverage | 0.02× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $472.9M | ||
| Q4 25 | — | $652.4M | ||
| Q3 25 | — | $489.8M | ||
| Q2 25 | — | $395.9M | ||
| Q1 25 | — | $599.8M | ||
| Q4 24 | — | $788.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | $185.6M | — |
| Q1 26 | — | — | ||
| Q4 25 | $18.9M | — | ||
| Q3 25 | $20.1M | — | ||
| Q2 25 | $34.8M | — | ||
| Q1 25 | $19.7M | — | ||
| Q4 24 | $24.9M | — | ||
| Q3 24 | $12.4M | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $733.2M | ||
| Q4 25 | $1.1B | $798.8M | ||
| Q3 25 | $1.0B | $743.7M | ||
| Q2 25 | $995.6M | $722.0M | ||
| Q1 25 | $978.4M | $676.6M | ||
| Q4 24 | $958.2M | $633.2M | ||
| Q3 24 | $904.4M | $595.5M | ||
| Q2 24 | $352.5M | $594.7M |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $1.3B | $3.0B | ||
| Q3 25 | $1.3B | $2.9B | ||
| Q2 25 | $1.2B | $2.5B | ||
| Q1 25 | $1.2B | $2.3B | ||
| Q4 24 | $1.2B | $2.4B | ||
| Q3 24 | $1.1B | $1.8B | ||
| Q2 24 | $1.0B | $1.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.02× | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | 0.03× | — | ||
| Q1 25 | 0.02× | — | ||
| Q4 24 | 0.03× | — | ||
| Q3 24 | 0.01× | — | ||
| Q2 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 | $52.2M | $-133.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.74× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-133.3M | ||
| Q4 25 | $52.2M | $108.6M | ||
| Q3 25 | $48.4M | $-122.6M | ||
| Q2 25 | $59.2M | $-120.2M | ||
| Q1 25 | $31.1M | $-13.5M | ||
| Q4 24 | $36.3M | $-110.9M | ||
| Q3 24 | $21.7M | $179.3M | ||
| Q2 24 | $22.8M | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $108.4M | ||
| Q3 25 | — | $-122.7M | ||
| Q2 25 | — | $-120.3M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $179.2M | ||
| Q2 24 | $16.6M | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 36.6% | ||
| Q3 25 | — | -44.3% | ||
| Q2 25 | — | -46.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 110.5% | ||
| Q2 24 | 12.7% | 51.1% |
| Q1 26 | — | — | ||
| 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 | 4.7% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 3.74× | 5.82× | ||
| Q3 25 | 1.23× | -3.86× | ||
| Q2 25 | 3.86× | -21.43× | ||
| Q1 25 | 2.11× | — | ||
| Q4 24 | 1.14× | — | ||
| Q3 24 | 0.26× | — | ||
| Q2 24 | 2.39× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INVX
| Products | $202.7M | 74% |
| Leasing | $42.3M | 15% |
| Services | $28.6M | 10% |
UPST
| Platform and referral fees, net | $224.6M | 73% |
| Servicing and other fees, net | $52.4M | 17% |
| Other | $31.2M | 10% |
