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Side-by-side financial comparison of ONESPAWORLD HOLDINGS Ltd (OSW) 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 $242.1M, roughly 1.2× ONESPAWORLD HOLDINGS Ltd). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs 5.0%, a 1.3% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 11.5%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $14.9M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 7.1%).
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.
OSW vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $242.1M | $296.1M |
| Net Profit | $12.1M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | 6.8% | 6.4% |
| Net Margin | 5.0% | 6.3% |
| Revenue YoY | 11.5% | 35.2% |
| Net Profit YoY | -16.2% | 776.4% |
| EPS (diluted) | $0.12 | $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 | $242.1M | $296.1M | ||
| Q3 25 | $258.5M | $277.1M | ||
| Q2 25 | $240.7M | $257.3M | ||
| Q1 25 | $219.6M | $213.4M | ||
| Q4 24 | $217.2M | $219.0M | ||
| Q3 24 | $241.7M | $162.1M | ||
| Q2 24 | $224.9M | $127.6M | ||
| Q1 24 | $211.2M | $127.8M |
| Q4 25 | $12.1M | $18.6M | ||
| Q3 25 | $24.3M | $31.8M | ||
| Q2 25 | $19.9M | $5.6M | ||
| Q1 25 | $15.3M | $-2.4M | ||
| Q4 24 | $14.4M | $-2.8M | ||
| Q3 24 | $21.6M | $-6.8M | ||
| Q2 24 | $15.8M | $-54.5M | ||
| Q1 24 | $21.2M | $-64.6M |
| Q4 25 | 6.8% | 6.4% | ||
| Q3 25 | 10.2% | 8.5% | ||
| Q2 25 | 9.2% | 1.8% | ||
| Q1 25 | 7.7% | -2.1% | ||
| Q4 24 | 7.9% | -2.2% | ||
| Q3 24 | 10.3% | -27.8% | ||
| Q2 24 | 8.4% | -43.5% | ||
| Q1 24 | 8.0% | -52.8% |
| Q4 25 | 5.0% | 6.3% | ||
| Q3 25 | 9.4% | 11.5% | ||
| Q2 25 | 8.3% | 2.2% | ||
| Q1 25 | 7.0% | -1.1% | ||
| Q4 24 | 6.6% | -1.3% | ||
| Q3 24 | 8.9% | -4.2% | ||
| Q2 24 | 7.0% | -42.7% | ||
| Q1 24 | 10.0% | -50.5% |
| Q4 25 | $0.12 | $0.20 | ||
| Q3 25 | $0.23 | $0.23 | ||
| Q2 25 | $0.19 | $0.05 | ||
| Q1 25 | $0.15 | $-0.03 | ||
| Q4 24 | $0.13 | $-0.01 | ||
| Q3 24 | $0.20 | $-0.07 | ||
| Q2 24 | $0.15 | $-0.62 | ||
| Q1 24 | $0.21 | $-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 | $16.3M | $652.4M |
| Total DebtLower is stronger | $84.0M | — |
| Stockholders' EquityBook value | $542.6M | $798.8M |
| Total Assets | $707.1M | $3.0B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.3M | $652.4M | ||
| Q3 25 | $29.6M | $489.8M | ||
| Q2 25 | $35.0M | $395.9M | ||
| Q1 25 | $22.6M | $599.8M | ||
| Q4 24 | $57.4M | $788.4M | ||
| Q3 24 | $48.8M | — | ||
| Q2 24 | $62.5M | — | ||
| Q1 24 | $65.4M | — |
| Q4 25 | $84.0M | — | ||
| Q3 25 | $85.2M | — | ||
| Q2 25 | $96.2M | — | ||
| Q1 25 | $97.4M | — | ||
| Q4 24 | $98.6M | — | ||
| Q3 24 | $98.7M | — | ||
| Q2 24 | $123.8M | — | ||
| Q1 24 | $138.6M | — |
| Q4 25 | $542.6M | $798.8M | ||
| Q3 25 | $552.8M | $743.7M | ||
| Q2 25 | $548.3M | $722.0M | ||
| Q1 25 | $530.6M | $676.6M | ||
| Q4 24 | $554.5M | $633.2M | ||
| Q3 24 | $540.1M | $595.5M | ||
| Q2 24 | $532.7M | $594.7M | ||
| Q1 24 | $515.5M | $612.8M |
| Q4 25 | $707.1M | $3.0B | ||
| Q3 25 | $732.6M | $2.9B | ||
| Q2 25 | $731.8M | $2.5B | ||
| Q1 25 | $708.7M | $2.3B | ||
| Q4 24 | $746.4M | $2.4B | ||
| Q3 24 | $734.0M | $1.8B | ||
| Q2 24 | $756.8M | $1.8B | ||
| Q1 24 | $763.6M | $1.9B |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | 0.18× | — | ||
| Q4 24 | 0.18× | — | ||
| Q3 24 | 0.18× | — | ||
| Q2 24 | 0.23× | — | ||
| Q1 24 | 0.27× | — |
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 | $20.0M | $108.6M |
| Free Cash FlowOCF − Capex | $14.9M | $108.4M |
| FCF MarginFCF / Revenue | 6.2% | 36.6% |
| Capex IntensityCapex / Revenue | 2.1% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.65× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $68.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.0M | $108.6M | ||
| Q3 25 | $33.2M | $-122.6M | ||
| Q2 25 | $20.3M | $-120.2M | ||
| Q1 25 | $10.1M | $-13.5M | ||
| Q4 24 | $16.6M | $-110.9M | ||
| Q3 24 | $28.6M | $179.3M | ||
| Q2 24 | $18.7M | $65.3M | ||
| Q1 24 | $15.0M | $52.6M |
| Q4 25 | $14.9M | $108.4M | ||
| Q3 25 | $27.6M | $-122.7M | ||
| Q2 25 | $17.6M | $-120.3M | ||
| Q1 25 | $8.4M | — | ||
| Q4 24 | $13.2M | — | ||
| Q3 24 | $27.5M | $179.2M | ||
| Q2 24 | $17.6M | $65.3M | ||
| Q1 24 | $13.7M | $51.9M |
| Q4 25 | 6.2% | 36.6% | ||
| Q3 25 | 10.7% | -44.3% | ||
| Q2 25 | 7.3% | -46.7% | ||
| Q1 25 | 3.8% | — | ||
| Q4 24 | 6.1% | — | ||
| Q3 24 | 11.4% | 110.5% | ||
| Q2 24 | 7.8% | 51.1% | ||
| Q1 24 | 6.5% | 40.6% |
| Q4 25 | 2.1% | 0.1% | ||
| Q3 25 | 2.2% | 0.0% | ||
| Q2 25 | 1.1% | 0.0% | ||
| Q1 25 | 0.8% | 0.0% | ||
| Q4 24 | 1.5% | 0.0% | ||
| Q3 24 | 0.5% | 0.1% | ||
| Q2 24 | 0.5% | 0.0% | ||
| Q1 24 | 0.6% | 0.5% |
| Q4 25 | 1.65× | 5.82× | ||
| Q3 25 | 1.36× | -3.86× | ||
| Q2 25 | 1.02× | -21.43× | ||
| Q1 25 | 0.66× | — | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.19× | — | ||
| Q1 24 | 0.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
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% |
