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Side-by-side financial comparison of MOVADO GROUP INC (MOV) 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 $186.1M, roughly 1.6× MOVADO GROUP INC). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs 5.1%, a 1.1% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 1.9%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $11.6M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 2.9%).
Movado is a luxury American watch brand originally founded in 1881 in Switzerland. Movado means "movement" in Esperanto. The watches are known for their signature metallic dot at 12 o'clock and minimalist style; the company is best known for its Museum Watch.
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.
MOV vs UPST — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $186.1M | $296.1M |
| Net Profit | $9.6M | $18.6M |
| Gross Margin | 54.3% | — |
| Operating Margin | 6.3% | 6.4% |
| Net Margin | 5.1% | 6.3% |
| Revenue YoY | 1.9% | 35.2% |
| Net Profit YoY | 89.8% | 776.4% |
| EPS (diluted) | $0.42 | $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 | $186.1M | $296.1M | ||
| Q3 25 | $161.8M | $277.1M | ||
| Q2 25 | $131.8M | $257.3M | ||
| Q1 25 | $181.5M | $213.4M | ||
| Q4 24 | $180.5M | $219.0M | ||
| Q3 24 | $157.0M | $162.1M | ||
| Q2 24 | $134.4M | $127.6M | ||
| Q1 24 | $175.8M | $127.8M |
| Q4 25 | $9.6M | $18.6M | ||
| Q3 25 | $3.0M | $31.8M | ||
| Q2 25 | $1.4M | $5.6M | ||
| Q1 25 | $8.1M | $-2.4M | ||
| Q4 24 | $4.8M | $-2.8M | ||
| Q3 24 | $3.5M | $-6.8M | ||
| Q2 24 | $2.0M | $-54.5M | ||
| Q1 24 | $9.8M | $-64.6M |
| Q4 25 | 54.3% | — | ||
| Q3 25 | 54.1% | — | ||
| Q2 25 | 54.1% | — | ||
| Q1 25 | 54.2% | — | ||
| Q4 24 | 53.5% | — | ||
| Q3 24 | 54.3% | — | ||
| Q2 24 | 54.3% | — | ||
| Q1 24 | 53.5% | — |
| Q4 25 | 6.3% | 6.4% | ||
| Q3 25 | 2.5% | 8.5% | ||
| Q2 25 | 0.2% | 1.8% | ||
| Q1 25 | 5.1% | -2.1% | ||
| Q4 24 | 3.3% | -2.2% | ||
| Q3 24 | 1.7% | -27.8% | ||
| Q2 24 | 1.6% | -43.5% | ||
| Q1 24 | 6.1% | -52.8% |
| Q4 25 | 5.1% | 6.3% | ||
| Q3 25 | 1.8% | 11.5% | ||
| Q2 25 | 1.1% | 2.2% | ||
| Q1 25 | 4.4% | -1.1% | ||
| Q4 24 | 2.7% | -1.3% | ||
| Q3 24 | 2.2% | -4.2% | ||
| Q2 24 | 1.5% | -42.7% | ||
| Q1 24 | 5.6% | -50.5% |
| Q4 25 | $0.42 | $0.20 | ||
| Q3 25 | $0.13 | $0.23 | ||
| Q2 25 | $0.06 | $0.05 | ||
| Q1 25 | $0.36 | $-0.03 | ||
| Q4 24 | $0.21 | $-0.01 | ||
| Q3 24 | $0.15 | $-0.07 | ||
| Q2 24 | $0.09 | $-0.62 | ||
| Q1 24 | $0.44 | $-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 | $183.9M | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $497.5M | $798.8M |
| Total Assets | $751.9M | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.9M | $652.4M | ||
| Q3 25 | $180.5M | $489.8M | ||
| Q2 25 | $203.1M | $395.9M | ||
| Q1 25 | $208.5M | $599.8M | ||
| Q4 24 | $181.5M | $788.4M | ||
| Q3 24 | $198.3M | — | ||
| Q2 24 | $225.4M | — | ||
| Q1 24 | $262.1M | — |
| Q4 25 | $497.5M | $798.8M | ||
| Q3 25 | $489.9M | $743.7M | ||
| Q2 25 | $493.2M | $722.0M | ||
| Q1 25 | $481.3M | $676.6M | ||
| Q4 24 | $491.3M | $633.2M | ||
| Q3 24 | $492.0M | $595.5M | ||
| Q2 24 | $489.6M | $594.7M | ||
| Q1 24 | $505.9M | $612.8M |
| Q4 25 | $751.9M | $3.0B | ||
| Q3 25 | $748.7M | $2.9B | ||
| Q2 25 | $747.2M | $2.5B | ||
| Q1 25 | $729.2M | $2.3B | ||
| Q4 24 | $747.2M | $2.4B | ||
| Q3 24 | $742.5M | $1.8B | ||
| Q2 24 | $736.0M | $1.8B | ||
| Q1 24 | $756.5M | $1.9B |
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 | $12.3M | $108.6M |
| Free Cash FlowOCF − Capex | $11.6M | $108.4M |
| FCF MarginFCF / Revenue | 6.2% | 36.6% |
| Capex IntensityCapex / Revenue | 0.4% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.28× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $35.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | $108.6M | ||
| Q3 25 | $-3.8M | $-122.6M | ||
| Q2 25 | $-7.2M | $-120.2M | ||
| Q1 25 | $39.1M | $-13.5M | ||
| Q4 24 | $-4.7M | $-110.9M | ||
| Q3 24 | $-17.8M | $179.3M | ||
| Q2 24 | $-18.1M | $65.3M | ||
| Q1 24 | $69.4M | $52.6M |
| Q4 25 | $11.6M | $108.4M | ||
| Q3 25 | $-5.1M | $-122.7M | ||
| Q2 25 | $-8.7M | $-120.3M | ||
| Q1 25 | $37.5M | — | ||
| Q4 24 | $-7.2M | — | ||
| Q3 24 | $-20.1M | $179.2M | ||
| Q2 24 | $-19.7M | $65.3M | ||
| Q1 24 | $67.8M | $51.9M |
| Q4 25 | 6.2% | 36.6% | ||
| Q3 25 | -3.1% | -44.3% | ||
| Q2 25 | -6.6% | -46.7% | ||
| Q1 25 | 20.7% | — | ||
| Q4 24 | -4.0% | — | ||
| Q3 24 | -12.8% | 110.5% | ||
| Q2 24 | -14.7% | 51.1% | ||
| Q1 24 | 38.6% | 40.6% |
| Q4 25 | 0.4% | 0.1% | ||
| Q3 25 | 0.8% | 0.0% | ||
| Q2 25 | 1.2% | 0.0% | ||
| Q1 25 | 0.9% | 0.0% | ||
| Q4 24 | 1.4% | 0.0% | ||
| Q3 24 | 1.5% | 0.1% | ||
| Q2 24 | 1.2% | 0.0% | ||
| Q1 24 | 0.9% | 0.5% |
| Q4 25 | 1.28× | 5.82× | ||
| Q3 25 | -1.27× | -3.86× | ||
| Q2 25 | -5.08× | -21.43× | ||
| Q1 25 | 4.86× | — | ||
| Q4 24 | -0.98× | — | ||
| Q3 24 | -5.14× | — | ||
| Q2 24 | -8.97× | — | ||
| Q1 24 | 7.06× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MOV
| Other | $81.4M | 44% |
| Owned Brands Category | $46.0M | 25% |
| Sales Channel Directly To Consumer | $35.3M | 19% |
| Company Stores | $23.4M | 13% |
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% |
