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Side-by-side financial comparison of Limbach Holdings, Inc. (LMB) 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 $186.9M, roughly 1.6× Limbach Holdings, Inc.). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs 6.3%, a 0.3% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 30.1%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $27.9M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 25.3%).
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
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.
LMB vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $186.9M | $296.1M |
| Net Profit | $12.3M | $18.6M |
| Gross Margin | 25.7% | — |
| Operating Margin | 9.4% | 6.4% |
| Net Margin | 6.6% | 6.3% |
| Revenue YoY | 30.1% | 35.2% |
| Net Profit YoY | 25.0% | 776.4% |
| EPS (diluted) | $1.01 | $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 | $186.9M | $296.1M | ||
| Q3 25 | $184.6M | $277.1M | ||
| Q2 25 | $142.2M | $257.3M | ||
| Q1 25 | $133.1M | $213.4M | ||
| Q4 24 | $143.7M | $219.0M | ||
| Q3 24 | $133.9M | $162.1M | ||
| Q2 24 | $122.2M | $127.6M | ||
| Q1 24 | $119.0M | $127.8M |
| Q4 25 | $12.3M | $18.6M | ||
| Q3 25 | $8.8M | $31.8M | ||
| Q2 25 | $7.8M | $5.6M | ||
| Q1 25 | $10.2M | $-2.4M | ||
| Q4 24 | $9.8M | $-2.8M | ||
| Q3 24 | $7.5M | $-6.8M | ||
| Q2 24 | $6.0M | $-54.5M | ||
| Q1 24 | $7.6M | $-64.6M |
| Q4 25 | 25.7% | — | ||
| Q3 25 | 24.2% | — | ||
| Q2 25 | 28.0% | — | ||
| Q1 25 | 27.6% | — | ||
| Q4 24 | 30.3% | — | ||
| Q3 24 | 27.0% | — | ||
| Q2 24 | 27.4% | — | ||
| Q1 24 | 26.1% | — |
| Q4 25 | 9.4% | 6.4% | ||
| Q3 25 | 7.2% | 8.5% | ||
| Q2 25 | 7.5% | 1.8% | ||
| Q1 25 | 5.9% | -2.1% | ||
| Q4 24 | 9.1% | -2.2% | ||
| Q3 24 | 8.1% | -27.8% | ||
| Q2 24 | 6.7% | -43.5% | ||
| Q1 24 | 5.5% | -52.8% |
| Q4 25 | 6.6% | 6.3% | ||
| Q3 25 | 4.8% | 11.5% | ||
| Q2 25 | 5.5% | 2.2% | ||
| Q1 25 | 7.7% | -1.1% | ||
| Q4 24 | 6.9% | -1.3% | ||
| Q3 24 | 5.6% | -4.2% | ||
| Q2 24 | 4.9% | -42.7% | ||
| Q1 24 | 6.4% | -50.5% |
| Q4 25 | $1.01 | $0.20 | ||
| Q3 25 | $0.73 | $0.23 | ||
| Q2 25 | $0.64 | $0.05 | ||
| Q1 25 | $0.85 | $-0.03 | ||
| Q4 24 | $0.81 | $-0.01 | ||
| Q3 24 | $0.62 | $-0.07 | ||
| Q2 24 | $0.50 | $-0.62 | ||
| Q1 24 | $0.64 | $-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 | $11.3M | $652.4M |
| Total DebtLower is stronger | $30.5M | — |
| Stockholders' EquityBook value | $195.7M | $798.8M |
| Total Assets | $381.1M | $3.0B |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.3M | $652.4M | ||
| Q3 25 | $9.8M | $489.8M | ||
| Q2 25 | $38.9M | $395.9M | ||
| Q1 25 | $38.1M | $599.8M | ||
| Q4 24 | $44.9M | $788.4M | ||
| Q3 24 | $51.2M | — | ||
| Q2 24 | $59.5M | — | ||
| Q1 24 | $48.2M | — |
| Q4 25 | $30.5M | — | ||
| Q3 25 | $56.3M | — | ||
| Q2 25 | $28.4M | — | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $23.6M | — | ||
| Q3 24 | $20.5M | — | ||
| Q2 24 | $19.7M | — | ||
| Q1 24 | $19.4M | — |
| Q4 25 | $195.7M | $798.8M | ||
| Q3 25 | $181.6M | $743.7M | ||
| Q2 25 | $170.5M | $722.0M | ||
| Q1 25 | $161.1M | $676.6M | ||
| Q4 24 | $153.5M | $633.2M | ||
| Q3 24 | $142.2M | $595.5M | ||
| Q2 24 | $133.0M | $594.7M | ||
| Q1 24 | $125.5M | $612.8M |
| Q4 25 | $381.1M | $3.0B | ||
| Q3 25 | $409.1M | $2.9B | ||
| Q2 25 | $343.0M | $2.5B | ||
| Q1 25 | $336.4M | $2.3B | ||
| Q4 24 | $352.1M | $2.4B | ||
| Q3 24 | $324.4M | $1.8B | ||
| Q2 24 | $303.9M | $1.8B | ||
| Q1 24 | $289.2M | $1.9B |
| Q4 25 | 0.16× | — | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.15× | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | 0.14× | — | ||
| Q2 24 | 0.15× | — | ||
| Q1 24 | 0.15× | — |
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 | $28.1M | $108.6M |
| Free Cash FlowOCF − Capex | $27.9M | $108.4M |
| FCF MarginFCF / Revenue | 14.9% | 36.6% |
| Capex IntensityCapex / Revenue | 0.1% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.29× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $41.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.1M | $108.6M | ||
| Q3 25 | $13.3M | $-122.6M | ||
| Q2 25 | $2.0M | $-120.2M | ||
| Q1 25 | $2.2M | $-13.5M | ||
| Q4 24 | $19.3M | $-110.9M | ||
| Q3 24 | $4.9M | $179.3M | ||
| Q2 24 | $16.5M | $65.3M | ||
| Q1 24 | $-3.9M | $52.6M |
| Q4 25 | $27.9M | $108.4M | ||
| Q3 25 | $12.8M | $-122.7M | ||
| Q2 25 | $1.2M | $-120.3M | ||
| Q1 25 | $11.0K | — | ||
| Q4 24 | $18.0M | — | ||
| Q3 24 | $4.6M | $179.2M | ||
| Q2 24 | $13.2M | $65.3M | ||
| Q1 24 | $-6.5M | $51.9M |
| Q4 25 | 14.9% | 36.6% | ||
| Q3 25 | 7.0% | -44.3% | ||
| Q2 25 | 0.8% | -46.7% | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 12.5% | — | ||
| Q3 24 | 3.4% | 110.5% | ||
| Q2 24 | 10.8% | 51.1% | ||
| Q1 24 | -5.5% | 40.6% |
| Q4 25 | 0.1% | 0.1% | ||
| Q3 25 | 0.3% | 0.0% | ||
| Q2 25 | 0.6% | 0.0% | ||
| Q1 25 | 1.7% | 0.0% | ||
| Q4 24 | 0.9% | 0.0% | ||
| Q3 24 | 0.3% | 0.1% | ||
| Q2 24 | 2.7% | 0.0% | ||
| Q1 24 | 2.1% | 0.5% |
| Q4 25 | 2.29× | 5.82× | ||
| Q3 25 | 1.52× | -3.86× | ||
| Q2 25 | 0.26× | -21.43× | ||
| Q1 25 | 0.22× | — | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 0.66× | — | ||
| Q2 24 | 2.77× | — | ||
| Q1 24 | -0.52× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
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% |
