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Side-by-side financial comparison of PAMT CORP (PAMT) and UPWORK, INC (UPWK). Click either name above to swap in a different company.
UPWORK, INC is the larger business by last-quarter revenue ($195.5M vs $141.3M, roughly 1.4× PAMT CORP). UPWORK, INC runs the higher net margin — 16.1% vs -20.7%, a 36.8% gap on every dollar of revenue. On growth, UPWORK, INC posted the faster year-over-year revenue change (1.4% vs -15.1%). UPWORK, INC produced more free cash flow last quarter ($12.9M vs $-25.0M). Over the past eight quarters, UPWORK, INC's revenue compounded faster (0.6% CAGR vs -12.0%).
Upwork Inc. is an American freelancing platform headquartered in Santa Clara and San Francisco, California. The company was formed in 2013 as Elance-oDesk after the merger of Elance Inc. and oDesk Corp. The merged company was subsequently rebranded as Upwork in 2015.
PAMT vs UPWK — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $141.3M | $195.5M |
| Net Profit | $-29.3M | $31.5M |
| Gross Margin | — | 77.2% |
| Operating Margin | -27.0% | 16.7% |
| Net Margin | -20.7% | 16.1% |
| Revenue YoY | -15.1% | 1.4% |
| Net Profit YoY | 7.4% | — |
| EPS (diluted) | $-1.38 | $0.24 |
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 | — | $195.5M | ||
| Q4 25 | $141.3M | $198.4M | ||
| Q3 25 | $150.3M | $201.7M | ||
| Q2 25 | $151.1M | $194.9M | ||
| Q1 25 | $155.3M | $192.7M | ||
| Q4 24 | $166.5M | $191.5M | ||
| Q3 24 | $182.6M | $193.8M | ||
| Q2 24 | $182.9M | $193.1M |
| Q1 26 | — | $31.5M | ||
| Q4 25 | $-29.3M | $15.6M | ||
| Q3 25 | $-5.6M | $29.3M | ||
| Q2 25 | $-9.6M | $32.7M | ||
| Q1 25 | $-8.1M | $37.7M | ||
| Q4 24 | $-31.6M | $147.2M | ||
| Q3 24 | $2.4M | $27.8M | ||
| Q2 24 | $-2.9M | $22.2M |
| Q1 26 | — | 77.2% | ||
| Q4 25 | — | 78.0% | ||
| Q3 25 | — | 77.3% | ||
| Q2 25 | — | 77.7% | ||
| Q1 25 | — | 78.3% | ||
| Q4 24 | — | 77.7% | ||
| Q3 24 | — | 77.6% | ||
| Q2 24 | — | 77.3% |
| Q1 26 | — | 16.7% | ||
| Q4 25 | -27.0% | 14.3% | ||
| Q3 25 | -3.8% | 14.8% | ||
| Q2 25 | -7.3% | 16.7% | ||
| Q1 25 | -5.9% | 20.1% | ||
| Q4 24 | -22.6% | 7.1% | ||
| Q3 24 | 1.3% | 10.7% | ||
| Q2 24 | -0.4% | 9.2% |
| Q1 26 | — | 16.1% | ||
| Q4 25 | -20.7% | 7.9% | ||
| Q3 25 | -3.7% | 14.5% | ||
| Q2 25 | -6.4% | 16.8% | ||
| Q1 25 | -5.2% | 19.6% | ||
| Q4 24 | -19.0% | 76.9% | ||
| Q3 24 | 1.3% | 14.3% | ||
| Q2 24 | -1.6% | 11.5% |
| Q1 26 | — | $0.24 | ||
| Q4 25 | $-1.38 | $0.12 | ||
| Q3 25 | $-0.27 | $0.21 | ||
| Q2 25 | $-0.46 | $0.24 | ||
| Q1 25 | $-0.37 | $0.27 | ||
| Q4 24 | $-1.44 | $1.02 | ||
| Q3 24 | $0.11 | $0.20 | ||
| Q2 24 | $-0.13 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $83.7M | $328.4M |
| Total DebtLower is stronger | $333.9M | — |
| Stockholders' EquityBook value | $210.5M | $569.6M |
| Total Assets | $697.9M | $1.2B |
| Debt / EquityLower = less leverage | 1.59× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $328.4M | ||
| Q4 25 | $83.7M | $672.8M | ||
| Q3 25 | $115.6M | $643.1M | ||
| Q2 25 | $117.3M | $634.6M | ||
| Q1 25 | $102.7M | $622.1M | ||
| Q4 24 | $110.7M | $622.1M | ||
| Q3 24 | $92.3M | $601.2M | ||
| Q2 24 | $114.0M | $497.7M |
| Q1 26 | — | — | ||
| Q4 25 | $333.9M | $359.8M | ||
| Q3 25 | — | $359.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $325.6M | $357.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $569.6M | ||
| Q4 25 | $210.5M | $630.3M | ||
| Q3 25 | $239.5M | $628.1M | ||
| Q2 25 | $244.9M | $608.7M | ||
| Q1 25 | $269.6M | $594.3M | ||
| Q4 24 | $277.5M | $575.4M | ||
| Q3 24 | $308.9M | $411.2M | ||
| Q2 24 | $306.7M | $361.1M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $697.9M | $1.3B | ||
| Q3 25 | $715.2M | $1.3B | ||
| Q2 25 | $707.9M | $1.3B | ||
| Q1 25 | $712.6M | $1.2B | ||
| Q4 24 | $741.7M | $1.2B | ||
| Q3 24 | $756.7M | $1.1B | ||
| Q2 24 | $733.5M | $1.0B |
| Q1 26 | — | — | ||
| Q4 25 | 1.59× | 0.57× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.17× | 0.62× | ||
| Q3 24 | — | — | ||
| Q2 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 | $-5.8M | $23.0M |
| Free Cash FlowOCF − Capex | $-25.0M | $12.9M |
| FCF MarginFCF / Revenue | -17.7% | 6.6% |
| Capex IntensityCapex / Revenue | 13.6% | — |
| Cash ConversionOCF / Net Profit | — | 0.73× |
| TTM Free Cash FlowTrailing 4 quarters | $-23.4M | $220.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $23.0M | ||
| Q4 25 | $-5.8M | $63.7M | ||
| Q3 25 | $5.9M | $75.1M | ||
| Q2 25 | $12.2M | $72.5M | ||
| Q1 25 | $5.0M | $37.0M | ||
| Q4 24 | $15.2M | $38.6M | ||
| Q3 24 | $15.5M | $61.0M | ||
| Q2 24 | $18.7M | $39.2M |
| Q1 26 | — | $12.9M | ||
| Q4 25 | $-25.0M | $63.2M | ||
| Q3 25 | $2.5M | $74.6M | ||
| Q2 25 | $5.9M | $70.1M | ||
| Q1 25 | $-6.8M | $34.5M | ||
| Q4 24 | $-39.9M | $37.0M | ||
| Q3 24 | $-33.6M | $59.8M | ||
| Q2 24 | $4.1M | $38.6M |
| Q1 26 | — | 6.6% | ||
| Q4 25 | -17.7% | 31.9% | ||
| Q3 25 | 1.7% | 37.0% | ||
| Q2 25 | 3.9% | 36.0% | ||
| Q1 25 | -4.4% | 17.9% | ||
| Q4 24 | -24.0% | 19.3% | ||
| Q3 24 | -18.4% | 30.8% | ||
| Q2 24 | 2.2% | 20.0% |
| Q1 26 | — | — | ||
| Q4 25 | 13.6% | 0.2% | ||
| Q3 25 | 2.3% | 0.2% | ||
| Q2 25 | 4.2% | 1.2% | ||
| Q1 25 | 7.6% | 1.3% | ||
| Q4 24 | 33.1% | 0.8% | ||
| Q3 24 | 26.9% | 0.6% | ||
| Q2 24 | 8.0% | 0.3% |
| Q1 26 | — | 0.73× | ||
| Q4 25 | — | 4.07× | ||
| Q3 25 | — | 2.56× | ||
| Q2 25 | — | 2.22× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | 6.44× | 2.20× | ||
| Q2 24 | — | 1.76× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PAMT
| Freight Transportation Service | $123.1M | 87% |
| Fuel Surcharge | $18.2M | 13% |
UPWK
| Marketplace | $170.7M | 87% |
| Enterprise | $24.8M | 13% |
