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Side-by-side financial comparison of New Fortress Energy Inc. (NFE) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
New Fortress Energy Inc. is the larger business by last-quarter revenue ($326.2M vs $296.1M, roughly 1.1× Upstart Holdings, Inc.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -259.7%, a 266.0% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs -7.0%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $-134.8M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs -26.8%).
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
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.
NFE vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $326.2M | $296.1M |
| Net Profit | $-847.1M | $18.6M |
| Gross Margin | 35.5% | — |
| Operating Margin | -193.0% | 6.4% |
| Net Margin | -259.7% | 6.3% |
| Revenue YoY | -7.0% | 35.2% |
| Net Profit YoY | -277.4% | 776.4% |
| EPS (diluted) | $-3.03 | $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 | $326.2M | $296.1M | ||
| Q3 25 | $240.3M | $277.1M | ||
| Q2 25 | $228.1M | $257.3M | ||
| Q1 25 | $384.9M | $213.4M | ||
| Q4 24 | $350.7M | $219.0M | ||
| Q3 24 | $446.0M | $162.1M | ||
| Q2 24 | $291.2M | $127.6M | ||
| Q1 24 | $609.5M | $127.8M |
| Q4 25 | $-847.1M | $18.6M | ||
| Q3 25 | $-263.0M | $31.8M | ||
| Q2 25 | $-546.5M | $5.6M | ||
| Q1 25 | $-175.4M | $-2.4M | ||
| Q4 24 | $-224.4M | $-2.8M | ||
| Q3 24 | $9.3M | $-6.8M | ||
| Q2 24 | $-88.9M | $-54.5M | ||
| Q1 24 | $54.1M | $-64.6M |
| Q4 25 | 35.5% | — | ||
| Q3 25 | 18.1% | — | ||
| Q2 25 | 8.4% | — | ||
| Q1 25 | 21.4% | — | ||
| Q4 24 | 17.6% | — | ||
| Q3 24 | 27.1% | — | ||
| Q2 24 | 23.8% | — | ||
| Q1 24 | 62.4% | — |
| Q4 25 | -193.0% | 6.4% | ||
| Q3 25 | -37.4% | 8.5% | ||
| Q2 25 | -170.3% | 1.8% | ||
| Q1 25 | -3.3% | -2.1% | ||
| Q4 24 | 65.0% | -2.2% | ||
| Q3 24 | 17.8% | -27.8% | ||
| Q2 24 | 12.3% | -43.5% | ||
| Q1 24 | 30.4% | -52.8% |
| Q4 25 | -259.7% | 6.3% | ||
| Q3 25 | -109.4% | 11.5% | ||
| Q2 25 | -239.6% | 2.2% | ||
| Q1 25 | -45.6% | -1.1% | ||
| Q4 24 | -64.0% | -1.3% | ||
| Q3 24 | 2.1% | -4.2% | ||
| Q2 24 | -30.5% | -42.7% | ||
| Q1 24 | 8.9% | -50.5% |
| Q4 25 | $-3.03 | $0.20 | ||
| Q3 25 | $-0.96 | $0.23 | ||
| Q2 25 | $-1.99 | $0.05 | ||
| Q1 25 | $-0.65 | $-0.03 | ||
| Q4 24 | $-1.10 | $-0.01 | ||
| Q3 24 | $0.03 | $-0.07 | ||
| Q2 24 | $-0.42 | $-0.62 | ||
| Q1 24 | $0.23 | $-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 | $226.5M | $652.4M |
| Total DebtLower is stronger | $8.2B | — |
| Stockholders' EquityBook value | $182.6M | $798.8M |
| Total Assets | $10.6B | $3.0B |
| Debt / EquityLower = less leverage | 44.78× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $226.5M | $652.4M | ||
| Q3 25 | $145.2M | $489.8M | ||
| Q2 25 | $551.1M | $395.9M | ||
| Q1 25 | $447.9M | $599.8M | ||
| Q4 24 | $492.9M | $788.4M | ||
| Q3 24 | $90.8M | — | ||
| Q2 24 | $133.0M | — | ||
| Q1 24 | $143.5M | — |
| Q4 25 | $8.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $8.9B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $182.6M | $798.8M | ||
| Q3 25 | $1.1B | $743.7M | ||
| Q2 25 | $1.3B | $722.0M | ||
| Q1 25 | $1.8B | $676.6M | ||
| Q4 24 | $1.9B | $633.2M | ||
| Q3 24 | $1.6B | $595.5M | ||
| Q2 24 | $1.6B | $594.7M | ||
| Q1 24 | $1.7B | $612.8M |
| Q4 25 | $10.6B | $3.0B | ||
| Q3 25 | $12.0B | $2.9B | ||
| Q2 25 | $12.0B | $2.5B | ||
| Q1 25 | $13.1B | $2.3B | ||
| Q4 24 | $12.9B | $2.4B | ||
| Q3 24 | $12.0B | $1.8B | ||
| Q2 24 | $11.4B | $1.8B | ||
| Q1 24 | $10.9B | $1.9B |
| Q4 25 | 44.78× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.74× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-76.2M | $108.6M |
| Free Cash FlowOCF − Capex | $-134.8M | $108.4M |
| FCF MarginFCF / Revenue | -41.3% | 36.6% |
| Capex IntensityCapex / Revenue | 18.0% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-76.2M | $108.6M | ||
| Q3 25 | $-171.0M | $-122.6M | ||
| Q2 25 | $-329.0M | $-120.2M | ||
| Q1 25 | $-7.2M | $-13.5M | ||
| Q4 24 | $445.3M | $-110.9M | ||
| Q3 24 | $-20.0M | $179.3M | ||
| Q2 24 | $113.9M | $65.3M | ||
| Q1 24 | $63.0M | $52.6M |
| Q4 25 | $-134.8M | $108.4M | ||
| Q3 25 | $-231.6M | $-122.7M | ||
| Q2 25 | $-726.7M | $-120.3M | ||
| Q1 25 | $-262.3M | — | ||
| Q4 24 | $-210.3M | — | ||
| Q3 24 | $-367.0M | $179.2M | ||
| Q2 24 | $-493.2M | $65.3M | ||
| Q1 24 | $-457.9M | $51.9M |
| Q4 25 | -41.3% | 36.6% | ||
| Q3 25 | -96.4% | -44.3% | ||
| Q2 25 | -318.6% | -46.7% | ||
| Q1 25 | -68.2% | — | ||
| Q4 24 | -60.0% | — | ||
| Q3 24 | -82.3% | 110.5% | ||
| Q2 24 | -169.3% | 51.1% | ||
| Q1 24 | -75.1% | 40.6% |
| Q4 25 | 18.0% | 0.1% | ||
| Q3 25 | 25.2% | 0.0% | ||
| Q2 25 | 174.4% | 0.0% | ||
| Q1 25 | 66.3% | 0.0% | ||
| Q4 24 | 187.0% | 0.0% | ||
| Q3 24 | 77.8% | 0.1% | ||
| Q2 24 | 208.4% | 0.0% | ||
| Q1 24 | 85.5% | 0.5% |
| Q4 25 | — | 5.82× | ||
| Q3 25 | — | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -2.15× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.16× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NFE
Segment breakdown not available.
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% |
