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Side-by-side financial comparison of Metallus Inc. (MTUS) 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 $267.3M, roughly 1.1× Metallus Inc.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -5.3%, a 11.6% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 11.1%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $-37.2M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs -8.8%).
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.
MTUS vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $267.3M | $296.1M |
| Net Profit | $-14.3M | $18.6M |
| Gross Margin | 2.2% | — |
| Operating Margin | -7.7% | 6.4% |
| Net Margin | -5.3% | 6.3% |
| Revenue YoY | 11.1% | 35.2% |
| Net Profit YoY | 33.2% | 776.4% |
| EPS (diluted) | $-0.34 | $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 | $267.3M | $296.1M | ||
| Q3 25 | $305.9M | $277.1M | ||
| Q2 25 | $304.6M | $257.3M | ||
| Q1 25 | $280.5M | $213.4M | ||
| Q4 24 | $240.5M | $219.0M | ||
| Q3 24 | $227.2M | $162.1M | ||
| Q2 24 | $294.7M | $127.6M | ||
| Q1 24 | $321.6M | $127.8M |
| Q4 25 | $-14.3M | $18.6M | ||
| Q3 25 | $8.1M | $31.8M | ||
| Q2 25 | $3.7M | $5.6M | ||
| Q1 25 | $1.3M | $-2.4M | ||
| Q4 24 | $-21.4M | $-2.8M | ||
| Q3 24 | $-5.9M | $-6.8M | ||
| Q2 24 | $4.6M | $-54.5M | ||
| Q1 24 | $24.0M | $-64.6M |
| Q4 25 | 2.2% | — | ||
| Q3 25 | 11.4% | — | ||
| Q2 25 | 10.6% | — | ||
| Q1 25 | 7.8% | — | ||
| Q4 24 | 4.5% | — | ||
| Q3 24 | 5.3% | — | ||
| Q2 24 | 8.2% | — | ||
| Q1 24 | 15.7% | — |
| Q4 25 | -7.7% | 6.4% | ||
| Q3 25 | 3.6% | 8.5% | ||
| Q2 25 | 2.8% | 1.8% | ||
| Q1 25 | 1.0% | -2.1% | ||
| Q4 24 | -10.1% | -2.2% | ||
| Q3 24 | -3.1% | -27.8% | ||
| Q2 24 | 2.1% | -43.5% | ||
| Q1 24 | 9.3% | -52.8% |
| Q4 25 | -5.3% | 6.3% | ||
| Q3 25 | 2.6% | 11.5% | ||
| Q2 25 | 1.2% | 2.2% | ||
| Q1 25 | 0.5% | -1.1% | ||
| Q4 24 | -8.9% | -1.3% | ||
| Q3 24 | -2.6% | -4.2% | ||
| Q2 24 | 1.6% | -42.7% | ||
| Q1 24 | 7.5% | -50.5% |
| Q4 25 | $-0.34 | $0.20 | ||
| Q3 25 | $0.19 | $0.23 | ||
| Q2 25 | $0.09 | $0.05 | ||
| Q1 25 | $0.03 | $-0.03 | ||
| Q4 24 | $-0.46 | $-0.01 | ||
| Q3 24 | $-0.13 | $-0.07 | ||
| Q2 24 | $0.10 | $-0.62 | ||
| Q1 24 | $0.52 | $-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 | $156.7M | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $686.0M | $798.8M |
| Total Assets | $1.1B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $156.7M | $652.4M | ||
| Q3 25 | $191.5M | $489.8M | ||
| Q2 25 | $190.8M | $395.9M | ||
| Q1 25 | $180.3M | $599.8M | ||
| Q4 24 | $240.7M | $788.4M | ||
| Q3 24 | $254.6M | — | ||
| Q2 24 | $272.8M | — | ||
| Q1 24 | $278.1M | — |
| Q4 25 | — | — | ||
| Q3 25 | $0 | — | ||
| Q2 25 | $0 | — | ||
| Q1 25 | $5.4M | — | ||
| Q4 24 | $5.4M | — | ||
| Q3 24 | $13.2M | — | ||
| Q2 24 | $13.2M | — | ||
| Q1 24 | $13.2M | — |
| Q4 25 | $686.0M | $798.8M | ||
| Q3 25 | $697.7M | $743.7M | ||
| Q2 25 | $690.0M | $722.0M | ||
| Q1 25 | $686.1M | $676.6M | ||
| Q4 24 | $690.5M | $633.2M | ||
| Q3 24 | $712.7M | $595.5M | ||
| Q2 24 | $736.3M | $594.7M | ||
| Q1 24 | $739.3M | $612.8M |
| Q4 25 | $1.1B | $3.0B | ||
| Q3 25 | $1.2B | $2.9B | ||
| Q2 25 | $1.1B | $2.5B | ||
| Q1 25 | $1.1B | $2.3B | ||
| Q4 24 | $1.1B | $2.4B | ||
| Q3 24 | $1.1B | $1.8B | ||
| Q2 24 | $1.1B | $1.8B | ||
| Q1 24 | $1.2B | $1.9B |
| Q4 25 | — | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | 0.01× | — | ||
| Q3 24 | 0.02× | — | ||
| Q2 24 | 0.02× | — | ||
| Q1 24 | 0.02× | — |
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 | $-1.9M | $108.6M |
| Free Cash FlowOCF − Capex | $-37.2M | $108.4M |
| FCF MarginFCF / Revenue | -13.9% | 36.6% |
| Capex IntensityCapex / Revenue | 13.2% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $-93.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.9M | $108.6M | ||
| Q3 25 | $22.0M | $-122.6M | ||
| Q2 25 | $34.8M | $-120.2M | ||
| Q1 25 | $-38.9M | $-13.5M | ||
| Q4 24 | $13.9M | $-110.9M | ||
| Q3 24 | $-15.3M | $179.3M | ||
| Q2 24 | $8.3M | $65.3M | ||
| Q1 24 | $33.4M | $52.6M |
| Q4 25 | $-37.2M | $108.4M | ||
| Q3 25 | $-6.4M | $-122.7M | ||
| Q2 25 | $17.0M | $-120.3M | ||
| Q1 25 | $-66.4M | — | ||
| Q4 24 | $-1.3M | — | ||
| Q3 24 | $-32.9M | $179.2M | ||
| Q2 24 | $-5.8M | $65.3M | ||
| Q1 24 | $16.0M | $51.9M |
| Q4 25 | -13.9% | 36.6% | ||
| Q3 25 | -2.1% | -44.3% | ||
| Q2 25 | 5.6% | -46.7% | ||
| Q1 25 | -23.7% | — | ||
| Q4 24 | -0.5% | — | ||
| Q3 24 | -14.5% | 110.5% | ||
| Q2 24 | -2.0% | 51.1% | ||
| Q1 24 | 5.0% | 40.6% |
| Q4 25 | 13.2% | 0.1% | ||
| Q3 25 | 9.3% | 0.0% | ||
| Q2 25 | 5.8% | 0.0% | ||
| Q1 25 | 9.8% | 0.0% | ||
| Q4 24 | 6.3% | 0.0% | ||
| Q3 24 | 7.7% | 0.1% | ||
| Q2 24 | 4.8% | 0.0% | ||
| Q1 24 | 5.4% | 0.5% |
| Q4 25 | — | 5.82× | ||
| Q3 25 | 2.72× | -3.86× | ||
| Q2 25 | 9.41× | -21.43× | ||
| Q1 25 | -29.92× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.80× | — | ||
| Q1 24 | 1.39× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MTUS
| Industrial Market Sector | $95.3M | 36% |
| Manufactured Components | $67.8M | 25% |
| Aerospace And Defense | $39.6M | 15% |
| Seamless Mechanical Tubing | $31.3M | 12% |
| Energy Market Sector | $18.3M | 7% |
| Other | $11.3M | 4% |
| Other Market Sector | $3.7M | 1% |
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% |
