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Side-by-side financial comparison of James River Group Holdings, Inc. (JRVR) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Wheels Up Experience Inc. is the larger business by last-quarter revenue ($183.8M vs $167.7M, roughly 1.1× James River Group Holdings, Inc.). James River Group Holdings, Inc. runs the higher net margin — 19.1% vs -15.7%, a 34.8% gap on every dollar of revenue. On growth, James River Group Holdings, Inc. posted the faster year-over-year revenue change (32.4% vs -10.2%). James River Group Holdings, Inc. produced more free cash flow last quarter ($-23.6M vs $-58.3M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% CAGR vs -8.7%).
James River Corporation was an American pulp and paper company based in Richmond, Virginia, once the largest paper manufacturer in the world.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
JRVR vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $167.7M | $183.8M |
| Net Profit | $32.1M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | 14.6% | -0.9% |
| Net Margin | 19.1% | -15.7% |
| Revenue YoY | 32.4% | -10.2% |
| Net Profit YoY | 149.5% | 67.0% |
| EPS (diluted) | $0.59 | $-0.04 |
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 | $167.7M | $183.8M | ||
| Q3 25 | $172.7M | $185.5M | ||
| Q2 25 | $174.8M | $189.6M | ||
| Q1 25 | $172.3M | $177.5M | ||
| Q4 24 | $126.7M | $204.8M | ||
| Q3 24 | $191.5M | $193.9M | ||
| Q2 24 | $188.3M | $196.3M | ||
| Q1 24 | $201.1M | $197.1M |
| Q4 25 | $32.1M | $-28.9M | ||
| Q3 25 | $1.0M | $-83.7M | ||
| Q2 25 | $4.8M | $-82.3M | ||
| Q1 25 | $9.6M | $-99.3M | ||
| Q4 24 | $-64.8M | $-87.5M | ||
| Q3 24 | $-39.4M | $-57.7M | ||
| Q2 24 | $7.6M | $-97.0M | ||
| Q1 24 | $15.4M | $-97.4M |
| Q4 25 | — | 14.3% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 13.9% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | -0.6% |
| Q4 25 | 14.6% | -0.9% | ||
| Q3 25 | 1.5% | -33.1% | ||
| Q2 25 | 4.2% | -31.4% | ||
| Q1 25 | 9.3% | -45.5% | ||
| Q4 24 | -57.0% | -26.0% | ||
| Q3 24 | -27.1% | -21.6% | ||
| Q2 24 | 10.7% | -40.3% | ||
| Q1 24 | 16.4% | -42.9% |
| Q4 25 | 19.1% | -15.7% | ||
| Q3 25 | 0.6% | -45.1% | ||
| Q2 25 | 2.7% | -43.4% | ||
| Q1 25 | 5.6% | -55.9% | ||
| Q4 24 | -51.1% | -42.7% | ||
| Q3 24 | -20.6% | -29.8% | ||
| Q2 24 | 4.0% | -49.4% | ||
| Q1 24 | 7.7% | -49.4% |
| Q4 25 | $0.59 | $-0.04 | ||
| Q3 25 | $-0.02 | $-0.12 | ||
| Q2 25 | $0.06 | $-0.12 | ||
| Q1 25 | $0.16 | $-0.14 | ||
| Q4 24 | $-2.44 | $-0.13 | ||
| Q3 24 | $-1.10 | $-0.08 | ||
| Q2 24 | $0.13 | $-0.14 | ||
| Q1 24 | $0.35 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $260.9M | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $538.2M | $-392.1M |
| Total Assets | $4.9B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $260.9M | $133.9M | ||
| Q3 25 | $238.8M | $125.3M | ||
| Q2 25 | $220.0M | $107.0M | ||
| Q1 25 | $279.4M | $171.8M | ||
| Q4 24 | $362.3M | $216.4M | ||
| Q3 24 | $359.8M | $115.9M | ||
| Q2 24 | $672.5M | $141.5M | ||
| Q1 24 | $305.5M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $538.2M | $-392.1M | ||
| Q3 25 | $503.6M | $-374.5M | ||
| Q2 25 | $492.6M | $-347.8M | ||
| Q1 25 | $484.5M | $-288.1M | ||
| Q4 24 | $460.9M | $-202.1M | ||
| Q3 24 | $530.3M | $-117.7M | ||
| Q2 24 | $541.8M | $-72.2M | ||
| Q1 24 | $539.5M | $936.0K |
| Q4 25 | $4.9B | $968.8M | ||
| Q3 25 | $5.0B | $973.0M | ||
| Q2 25 | $5.0B | $1.0B | ||
| Q1 25 | $4.9B | $1.1B | ||
| Q4 24 | $5.0B | $1.2B | ||
| Q3 24 | $5.0B | $1.0B | ||
| Q2 24 | $4.7B | $1.1B | ||
| Q1 24 | $5.3B | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
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 | $-18.8M | $-18.4M |
| Free Cash FlowOCF − Capex | $-23.6M | $-58.3M |
| FCF MarginFCF / Revenue | -14.1% | -31.7% |
| Capex IntensityCapex / Revenue | 2.9% | 21.7% |
| Cash ConversionOCF / Net Profit | -0.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-17.9M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.8M | $-18.4M | ||
| Q3 25 | $34.3M | $-37.1M | ||
| Q2 25 | $25.2M | $-62.9M | ||
| Q1 25 | $-51.5M | $-47.9M | ||
| Q4 24 | $-247.1M | $37.9M | ||
| Q3 24 | $-269.9M | $-16.9M | ||
| Q2 24 | $-8.7M | $-25.2M | ||
| Q1 24 | $24.1M | $-73.8M |
| Q4 25 | $-23.6M | $-58.3M | ||
| Q3 25 | $33.7M | $-60.4M | ||
| Q2 25 | $24.7M | $-78.6M | ||
| Q1 25 | $-52.7M | $-62.6M | ||
| Q4 24 | $-252.0M | $-70.2M | ||
| Q3 24 | $-270.8M | $-21.9M | ||
| Q2 24 | $-9.3M | $-30.8M | ||
| Q1 24 | $23.3M | $-77.8M |
| Q4 25 | -14.1% | -31.7% | ||
| Q3 25 | 19.5% | -32.6% | ||
| Q2 25 | 14.1% | -41.5% | ||
| Q1 25 | -30.6% | -35.3% | ||
| Q4 24 | -198.9% | -34.3% | ||
| Q3 24 | -141.4% | -11.3% | ||
| Q2 24 | -4.9% | -15.7% | ||
| Q1 24 | 11.6% | -39.5% |
| Q4 25 | 2.9% | 21.7% | ||
| Q3 25 | 0.4% | 12.5% | ||
| Q2 25 | 0.3% | 8.3% | ||
| Q1 25 | 0.7% | 8.3% | ||
| Q4 24 | 3.9% | 52.8% | ||
| Q3 24 | 0.4% | 2.6% | ||
| Q2 24 | 0.3% | 2.9% | ||
| Q1 24 | 0.4% | 2.0% |
| Q4 25 | -0.59× | — | ||
| Q3 25 | 33.61× | — | ||
| Q2 25 | 5.29× | — | ||
| Q1 25 | -5.38× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -1.14× | — | ||
| Q1 24 | 1.56× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
JRVR
| Excess And Surplus Lines | $156.7M | 93% |
| Specialty Admitted Insurance | $10.9M | 7% |
UP
Segment breakdown not available.
