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Side-by-side financial comparison of PHOTRONICS INC (PLAB) 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 $210.4M, roughly 1.4× PHOTRONICS INC). PHOTRONICS INC runs the higher net margin — 10.9% vs 6.3%, a 4.6% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs -5.5%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $25.2M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs -3.8%).
Photronics, Inc. is an American semiconductor photomask manufacturer. It was the third largest photomask supplier globally as of 2009. Photronics is a member of the eBeam Initiative.
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.
PLAB vs UPST — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $210.4M | $296.1M |
| Net Profit | $22.9M | $18.6M |
| Gross Margin | 33.7% | — |
| Operating Margin | 22.9% | 6.4% |
| Net Margin | 10.9% | 6.3% |
| Revenue YoY | -5.5% | 35.2% |
| Net Profit YoY | -32.4% | 776.4% |
| EPS (diluted) | $0.39 | $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 | — | $296.1M | ||
| Q3 25 | $210.4M | $277.1M | ||
| Q2 25 | $211.0M | $257.3M | ||
| Q1 25 | $212.1M | $213.4M | ||
| Q4 24 | $222.6M | $219.0M | ||
| Q3 24 | $211.0M | $162.1M | ||
| Q2 24 | $217.0M | $127.6M | ||
| Q1 24 | $216.3M | $127.8M |
| Q4 25 | — | $18.6M | ||
| Q3 25 | $22.9M | $31.8M | ||
| Q2 25 | $8.9M | $5.6M | ||
| Q1 25 | $42.9M | $-2.4M | ||
| Q4 24 | $33.9M | $-2.8M | ||
| Q3 24 | $34.4M | $-6.8M | ||
| Q2 24 | $36.3M | $-54.5M | ||
| Q1 24 | $26.2M | $-64.6M |
| Q4 25 | — | — | ||
| Q3 25 | 33.7% | — | ||
| Q2 25 | 36.9% | — | ||
| Q1 25 | 35.6% | — | ||
| Q4 24 | 37.0% | — | ||
| Q3 24 | 35.6% | — | ||
| Q2 24 | 36.5% | — | ||
| Q1 24 | 36.6% | — |
| Q4 25 | — | 6.4% | ||
| Q3 25 | 22.9% | 8.5% | ||
| Q2 25 | 26.4% | 1.8% | ||
| Q1 25 | 24.6% | -2.1% | ||
| Q4 24 | 25.1% | -2.2% | ||
| Q3 24 | 24.7% | -27.8% | ||
| Q2 24 | 25.8% | -43.5% | ||
| Q1 24 | 26.6% | -52.8% |
| Q4 25 | — | 6.3% | ||
| Q3 25 | 10.9% | 11.5% | ||
| Q2 25 | 4.2% | 2.2% | ||
| Q1 25 | 20.2% | -1.1% | ||
| Q4 24 | 15.2% | -1.3% | ||
| Q3 24 | 16.3% | -4.2% | ||
| Q2 24 | 16.7% | -42.7% | ||
| Q1 24 | 12.1% | -50.5% |
| Q4 25 | — | $0.20 | ||
| Q3 25 | $0.39 | $0.23 | ||
| Q2 25 | $0.15 | $0.05 | ||
| Q1 25 | $0.68 | $-0.03 | ||
| Q4 24 | $0.54 | $-0.01 | ||
| Q3 24 | $0.55 | $-0.07 | ||
| Q2 24 | $0.58 | $-0.62 | ||
| Q1 24 | $0.42 | $-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 | $575.8M | $652.4M |
| Total DebtLower is stronger | $16.0K | — |
| Stockholders' EquityBook value | $1.1B | $798.8M |
| Total Assets | $1.8B | $3.0B |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $652.4M | ||
| Q3 25 | $575.8M | $489.8M | ||
| Q2 25 | $558.4M | $395.9M | ||
| Q1 25 | $642.2M | $599.8M | ||
| Q4 24 | $640.7M | $788.4M | ||
| Q3 24 | $606.4M | — | ||
| Q2 24 | $559.9M | — | ||
| Q1 24 | $521.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | $16.0K | — | ||
| Q2 25 | $19.0K | — | ||
| Q1 25 | $21.0K | — | ||
| Q4 24 | $25.0K | — | ||
| Q3 24 | $28.0K | — | ||
| Q2 24 | $2.5M | — | ||
| Q1 24 | $2.7M | — |
| Q4 25 | — | $798.8M | ||
| Q3 25 | $1.1B | $743.7M | ||
| Q2 25 | $1.1B | $722.0M | ||
| Q1 25 | $1.1B | $676.6M | ||
| Q4 24 | $1.1B | $633.2M | ||
| Q3 24 | $1.1B | $595.5M | ||
| Q2 24 | $1.0B | $594.7M | ||
| Q1 24 | $1.0B | $612.8M |
| Q4 25 | — | $3.0B | ||
| Q3 25 | $1.8B | $2.9B | ||
| Q2 25 | $1.7B | $2.5B | ||
| Q1 25 | $1.7B | $2.3B | ||
| Q4 24 | $1.7B | $2.4B | ||
| Q3 24 | $1.6B | $1.8B | ||
| Q2 24 | $1.6B | $1.8B | ||
| Q1 24 | $1.6B | $1.9B |
| Q4 25 | — | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 0.00× | — |
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 | $50.1M | $108.6M |
| Free Cash FlowOCF − Capex | $25.2M | $108.4M |
| FCF MarginFCF / Revenue | 12.0% | 36.6% |
| Capex IntensityCapex / Revenue | 11.8% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.19× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $64.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $108.6M | ||
| Q3 25 | $50.1M | $-122.6M | ||
| Q2 25 | $31.5M | $-120.2M | ||
| Q1 25 | $78.5M | $-13.5M | ||
| Q4 24 | $68.4M | $-110.9M | ||
| Q3 24 | $75.1M | $179.3M | ||
| Q2 24 | $76.5M | $65.3M | ||
| Q1 24 | $41.5M | $52.6M |
| Q4 25 | — | $108.4M | ||
| Q3 25 | $25.2M | $-122.7M | ||
| Q2 25 | $-29.1M | $-120.3M | ||
| Q1 25 | $43.3M | — | ||
| Q4 24 | $25.2M | — | ||
| Q3 24 | $50.7M | $179.2M | ||
| Q2 24 | $56.5M | $65.3M | ||
| Q1 24 | $-1.8M | $51.9M |
| Q4 25 | — | 36.6% | ||
| Q3 25 | 12.0% | -44.3% | ||
| Q2 25 | -13.8% | -46.7% | ||
| Q1 25 | 20.4% | — | ||
| Q4 24 | 11.3% | — | ||
| Q3 24 | 24.0% | 110.5% | ||
| Q2 24 | 26.0% | 51.1% | ||
| Q1 24 | -0.8% | 40.6% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | 11.8% | 0.0% | ||
| Q2 25 | 28.7% | 0.0% | ||
| Q1 25 | 16.6% | 0.0% | ||
| Q4 24 | 19.4% | 0.0% | ||
| Q3 24 | 11.6% | 0.1% | ||
| Q2 24 | 9.2% | 0.0% | ||
| Q1 24 | 20.0% | 0.5% |
| Q4 25 | — | 5.82× | ||
| Q3 25 | 2.19× | -3.86× | ||
| Q2 25 | 3.55× | -21.43× | ||
| Q1 25 | 1.83× | — | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 2.18× | — | ||
| Q2 24 | 2.11× | — | ||
| Q1 24 | 1.59× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PLAB
| High End Integrated Circuits | $53.6M | 25% |
| High End Flat Panel Displays | $53.5M | 25% |
| KR | $43.7M | 21% |
| Other | $42.1M | 20% |
| Mainstream Flat Panel Displays | $9.1M | 4% |
| Transferred At Point In Time | $8.4M | 4% |
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% |
