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Side-by-side financial comparison of Perion Network Ltd. (PERI) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Perion Network Ltd. is the larger business by last-quarter revenue ($368.7M vs $308.2M, roughly 1.2× Upstart Holdings, Inc.). Perion Network Ltd. runs the higher net margin — 2.1% vs -2.2%, a 4.2% gap on every dollar of revenue. Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (55.4% CAGR vs 16.4%).
Perion Network Ltd. is a publicly traded advertising technology company that provides digital advertising technology solutions to advertisers, agencies, retailers, and publishers. Its core offerings are delivered through Perion One, a unified omnichannel advertising platform designed to support campaign planning, activation, optimisation, and measurement across channels and verticals including connected television (CTV), digital out-of-home (DOOH), display, video advertising, as well as retai...
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.
PERI vs UPST — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $368.7M | $308.2M |
| Net Profit | $7.7M | $-6.6M |
| Gross Margin | — | — |
| Operating Margin | 2.0% | -2.4% |
| Net Margin | 2.1% | -2.2% |
| Revenue YoY | — | 44.4% |
| Net Profit YoY | — | -171.6% |
| EPS (diluted) | — | $-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 | — | $296.1M | ||
| Q3 25 | $368.7M | $277.1M | ||
| Q2 25 | $266.5M | $257.3M | ||
| Q1 25 | $157.8M | $213.4M | ||
| Q4 24 | — | $219.0M | ||
| Q3 24 | $508.9M | $162.1M | ||
| Q2 24 | $323.6M | $127.6M |
| Q1 26 | — | $-6.6M | ||
| Q4 25 | — | $18.6M | ||
| Q3 25 | $7.7M | $31.8M | ||
| Q2 25 | $5.6M | $5.6M | ||
| Q1 25 | $11.8M | $-2.4M | ||
| Q4 24 | — | $-2.8M | ||
| Q3 24 | $78.0M | $-6.8M | ||
| Q2 24 | $45.2M | $-54.5M |
| Q1 26 | — | -2.4% | ||
| Q4 25 | — | 6.4% | ||
| Q3 25 | 2.0% | 8.5% | ||
| Q2 25 | -1.7% | 1.8% | ||
| Q1 25 | 5.4% | -2.1% | ||
| Q4 24 | — | -2.2% | ||
| Q3 24 | 15.1% | -27.8% | ||
| Q2 24 | 13.7% | -43.5% |
| Q1 26 | — | -2.2% | ||
| Q4 25 | — | 6.3% | ||
| Q3 25 | 2.1% | 11.5% | ||
| Q2 25 | 2.1% | 2.2% | ||
| Q1 25 | 7.5% | -1.1% | ||
| Q4 24 | — | -1.3% | ||
| Q3 24 | 15.3% | -4.2% | ||
| Q2 24 | 14.0% | -42.7% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | — | $0.20 | ||
| Q3 25 | — | $0.23 | ||
| Q2 25 | — | $0.05 | ||
| Q1 25 | — | $-0.03 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | — | $-0.07 | ||
| Q2 24 | — | $-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 | $156.2M | $472.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $722.9M | $733.2M |
| Total Assets | $915.5M | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $472.9M | ||
| Q4 25 | — | $652.4M | ||
| Q3 25 | $156.2M | $489.8M | ||
| Q2 25 | $156.2M | $395.9M | ||
| Q1 25 | $156.2M | $599.8M | ||
| Q4 24 | — | $788.4M | ||
| Q3 24 | $187.6M | — | ||
| Q2 24 | $187.6M | — |
| Q1 26 | — | $733.2M | ||
| Q4 25 | — | $798.8M | ||
| Q3 25 | $722.9M | $743.7M | ||
| Q2 25 | $722.9M | $722.0M | ||
| Q1 25 | $722.9M | $676.6M | ||
| Q4 24 | — | $633.2M | ||
| Q3 24 | $718.1M | $595.5M | ||
| Q2 24 | $718.1M | $594.7M |
| Q1 26 | — | $3.0B | ||
| Q4 25 | — | $3.0B | ||
| Q3 25 | $915.5M | $2.9B | ||
| Q2 25 | $915.5M | $2.5B | ||
| Q1 25 | $915.5M | $2.3B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $1.1B | $1.8B | ||
| Q2 24 | $1.1B | $1.8B |
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 | $2.6M | $-133.3M |
| Free Cash FlowOCF − Capex | $-2.9M | — |
| FCF MarginFCF / Revenue | -0.8% | — |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 0.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-133.3M | ||
| Q4 25 | — | $108.6M | ||
| Q3 25 | $2.6M | $-122.6M | ||
| Q2 25 | — | $-120.2M | ||
| Q1 25 | — | $-13.5M | ||
| Q4 24 | — | $-110.9M | ||
| Q3 24 | $105.2M | $179.3M | ||
| Q2 24 | — | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $108.4M | ||
| Q3 25 | $-2.9M | $-122.7M | ||
| Q2 25 | — | $-120.3M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $104.7M | $179.2M | ||
| Q2 24 | — | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 36.6% | ||
| Q3 25 | -0.8% | -44.3% | ||
| Q2 25 | — | -46.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 20.6% | 110.5% | ||
| Q2 24 | — | 51.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | 1.5% | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | 0.1% | 0.1% | ||
| Q2 24 | — | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.82× | ||
| Q3 25 | 0.34× | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PERI
| Advertising Solutions | $231.4M | 63% |
| Search Advertising | $137.3M | 37% |
UPST
| Platform and referral fees, net | $224.6M | 73% |
| Servicing and other fees, net | $52.4M | 17% |
| Other | $31.2M | 10% |
