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Side-by-side financial comparison of Northwest Natural Holding Co (NWN) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Northwest Natural Holding Co is the larger business by last-quarter revenue ($394.2M vs $308.2M, roughly 1.3× Upstart Holdings, Inc.). On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (44.4% vs 6.3%). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (55.4% CAGR vs -4.6%).
NW Natural, formerly Northwest Natural Gas Company, is an American publicly traded utility headquartered in Portland, Oregon, United States. Primarily a natural gas distributor, the company services residential, commercial, and industrial customers in Western Oregon and Southwest Washington in the Pacific Northwest. NW Natural also owns water utilities. Founded in 1859, the company has approximately 800,000 customers and revenues of over $1 billion annually.
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.
NWN vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $394.2M | $308.2M |
| Net Profit | — | $-6.6M |
| Gross Margin | — | — |
| Operating Margin | 28.4% | -2.4% |
| Net Margin | — | -2.2% |
| Revenue YoY | 6.3% | 44.4% |
| Net Profit YoY | — | -171.6% |
| EPS (diluted) | $1.38 | $-0.07 |
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.
| Q1 26 | — | $308.2M | ||
| Q4 25 | $394.2M | $296.1M | ||
| Q3 25 | $164.7M | $277.1M | ||
| Q2 25 | $236.2M | $257.3M | ||
| Q1 25 | $494.3M | $213.4M | ||
| Q4 24 | $370.9M | $219.0M | ||
| Q3 24 | $136.9M | $162.1M | ||
| Q2 24 | $211.7M | $127.6M |
| Q1 26 | — | $-6.6M | ||
| Q4 25 | — | $18.6M | ||
| Q3 25 | $-29.9M | $31.8M | ||
| Q2 25 | $-2.5M | $5.6M | ||
| Q1 25 | $87.9M | $-2.4M | ||
| Q4 24 | — | $-2.8M | ||
| Q3 24 | $-27.2M | $-6.8M | ||
| Q2 24 | $-2.8M | $-54.5M |
| Q1 26 | — | -2.4% | ||
| Q4 25 | 28.4% | 6.4% | ||
| Q3 25 | -7.5% | 8.5% | ||
| Q2 25 | 11.5% | 1.8% | ||
| Q1 25 | 31.2% | -2.1% | ||
| Q4 24 | 22.9% | -2.2% | ||
| Q3 24 | -14.1% | -27.8% | ||
| Q2 24 | 7.4% | -43.5% |
| Q1 26 | — | -2.2% | ||
| Q4 25 | — | 6.3% | ||
| Q3 25 | -18.1% | 11.5% | ||
| Q2 25 | -1.1% | 2.2% | ||
| Q1 25 | 17.8% | -1.1% | ||
| Q4 24 | — | -1.3% | ||
| Q3 24 | -19.8% | -4.2% | ||
| Q2 24 | -1.3% | -42.7% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $1.38 | $0.20 | ||
| Q3 25 | $-0.73 | $0.23 | ||
| Q2 25 | $-0.06 | $0.05 | ||
| Q1 25 | $2.18 | $-0.03 | ||
| Q4 24 | $1.12 | $-0.01 | ||
| Q3 24 | $-0.71 | $-0.07 | ||
| Q2 24 | $-0.07 | $-0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.7M | $472.9M |
| Total DebtLower is stronger | $2.4B | — |
| Stockholders' EquityBook value | $1.5B | $733.2M |
| Total Assets | $6.2B | $3.0B |
| Debt / EquityLower = less leverage | 1.65× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $472.9M | ||
| Q4 25 | $36.7M | $652.4M | ||
| Q3 25 | $32.2M | $489.8M | ||
| Q2 25 | $102.6M | $395.9M | ||
| Q1 25 | $100.0M | $599.8M | ||
| Q4 24 | $38.5M | $788.4M | ||
| Q3 24 | $35.0M | — | ||
| Q2 24 | $65.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.6B | — |
| Q1 26 | — | $733.2M | ||
| Q4 25 | $1.5B | $798.8M | ||
| Q3 25 | $1.4B | $743.7M | ||
| Q2 25 | $1.5B | $722.0M | ||
| Q1 25 | $1.5B | $676.6M | ||
| Q4 24 | $1.4B | $633.2M | ||
| Q3 24 | $1.4B | $595.5M | ||
| Q2 24 | $1.3B | $594.7M |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $6.2B | $3.0B | ||
| Q3 25 | $5.9B | $2.9B | ||
| Q2 25 | $5.8B | $2.5B | ||
| Q1 25 | $5.7B | $2.3B | ||
| Q4 24 | $5.2B | $2.4B | ||
| Q3 24 | $4.9B | $1.8B | ||
| Q2 24 | $4.8B | $1.8B |
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.56× | — | ||
| Q2 25 | 1.53× | — | ||
| Q1 25 | 1.53× | — | ||
| Q4 24 | 1.23× | — | ||
| Q3 24 | 1.16× | — | ||
| Q2 24 | 1.17× | — |
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 | $3.3M | $-133.3M |
| Free Cash FlowOCF − Capex | $-131.0M | — |
| FCF MarginFCF / Revenue | -33.2% | — |
| Capex IntensityCapex / Revenue | 34.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-197.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-133.3M | ||
| Q4 25 | $3.3M | $108.6M | ||
| Q3 25 | $-15.9M | $-122.6M | ||
| Q2 25 | $102.2M | $-120.2M | ||
| Q1 25 | $179.6M | $-13.5M | ||
| Q4 24 | $-19.4M | $-110.9M | ||
| Q3 24 | $-26.4M | $179.3M | ||
| Q2 24 | $121.0M | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-131.0M | $108.4M | ||
| Q3 25 | $-125.9M | $-122.7M | ||
| Q2 25 | $-18.3M | $-120.3M | ||
| Q1 25 | $77.4M | — | ||
| Q4 24 | $-119.6M | — | ||
| Q3 24 | $-121.7M | $179.2M | ||
| Q2 24 | $4.3M | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | -33.2% | 36.6% | ||
| Q3 25 | -76.4% | -44.3% | ||
| Q2 25 | -7.8% | -46.7% | ||
| Q1 25 | 15.7% | — | ||
| Q4 24 | -32.2% | — | ||
| Q3 24 | -88.9% | 110.5% | ||
| Q2 24 | 2.0% | 51.1% |
| Q1 26 | — | — | ||
| Q4 25 | 34.1% | 0.1% | ||
| Q3 25 | 66.8% | 0.0% | ||
| Q2 25 | 51.0% | 0.0% | ||
| Q1 25 | 20.7% | 0.0% | ||
| Q4 24 | 27.0% | 0.0% | ||
| Q3 24 | 69.6% | 0.1% | ||
| Q2 24 | 55.1% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.82× | ||
| Q3 25 | — | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| Q1 25 | 2.04× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NWN
| NWN Gas Utility | $341.4M | 87% |
| Alternativerevenue | $27.2M | 7% |
| Si Energy Gas Utility | $20.0M | 5% |
| NW Natural Other | $6.9M | 2% |
UPST
| Platform and referral fees, net | $224.6M | 73% |
| Servicing and other fees, net | $52.4M | 17% |
| Other | $31.2M | 10% |
