vs
Side-by-side financial comparison of Perella Weinberg Partners (PWP) 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 $219.2M, roughly 1.4× Perella Weinberg Partners). Perella Weinberg Partners runs the higher net margin — 6.3% vs 6.3%, a 0.0% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs -2.9%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $30.5M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 46.5%).
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
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.
PWP vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.2M | $296.1M |
| Net Profit | $13.8M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | 8.5% | 6.4% |
| Net Margin | 6.3% | 6.3% |
| Revenue YoY | -2.9% | 35.2% |
| Net Profit YoY | — | 776.4% |
| EPS (diluted) | $0.11 | $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 | $219.2M | $296.1M | ||
| Q3 25 | $164.6M | $277.1M | ||
| Q2 25 | $155.3M | $257.3M | ||
| Q1 25 | $211.8M | $213.4M | ||
| Q4 24 | $225.7M | $219.0M | ||
| Q3 24 | $278.2M | $162.1M | ||
| Q2 24 | $272.0M | $127.6M | ||
| Q1 24 | $102.1M | $127.8M |
| Q4 25 | $13.8M | $18.6M | ||
| Q3 25 | $6.0M | $31.8M | ||
| Q2 25 | $2.7M | $5.6M | ||
| Q1 25 | $17.3M | $-2.4M | ||
| Q4 24 | — | $-2.8M | ||
| Q3 24 | $16.4M | $-6.8M | ||
| Q2 24 | $-66.0M | $-54.5M | ||
| Q1 24 | $-35.8M | $-64.6M |
| Q4 25 | 8.5% | 6.4% | ||
| Q3 25 | 5.4% | 8.5% | ||
| Q2 25 | 5.8% | 1.8% | ||
| Q1 25 | 5.5% | -2.1% | ||
| Q4 24 | — | -2.2% | ||
| Q3 24 | 12.9% | -27.8% | ||
| Q2 24 | -30.2% | -43.5% | ||
| Q1 24 | -52.4% | -52.8% |
| Q4 25 | 6.3% | 6.3% | ||
| Q3 25 | 3.6% | 11.5% | ||
| Q2 25 | 1.8% | 2.2% | ||
| Q1 25 | 8.2% | -1.1% | ||
| Q4 24 | — | -1.3% | ||
| Q3 24 | 5.9% | -4.2% | ||
| Q2 24 | -24.3% | -42.7% | ||
| Q1 24 | -35.1% | -50.5% |
| Q4 25 | $0.11 | $0.20 | ||
| Q3 25 | $0.08 | $0.23 | ||
| Q2 25 | $0.04 | $0.05 | ||
| Q1 25 | $0.24 | $-0.03 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | $0.24 | $-0.07 | ||
| Q2 24 | $-1.21 | $-0.62 | ||
| Q1 24 | $-0.91 | $-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 | $255.9M | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-127.4M | $798.8M |
| Total Assets | $797.6M | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $255.9M | $652.4M | ||
| Q3 25 | $185.5M | $489.8M | ||
| Q2 25 | $145.0M | $395.9M | ||
| Q1 25 | $111.2M | $599.8M | ||
| Q4 24 | $407.4M | $788.4M | ||
| Q3 24 | $335.1M | — | ||
| Q2 24 | $185.3M | — | ||
| Q1 24 | $156.7M | — |
| Q4 25 | $-127.4M | $798.8M | ||
| Q3 25 | $-302.4M | $743.7M | ||
| Q2 25 | $-318.4M | $722.0M | ||
| Q1 25 | $-323.1M | $676.6M | ||
| Q4 24 | $-421.4M | $633.2M | ||
| Q3 24 | $-360.8M | $595.5M | ||
| Q2 24 | $-283.0M | $594.7M | ||
| Q1 24 | $161.9M | $612.8M |
| Q4 25 | $797.6M | $3.0B | ||
| Q3 25 | $650.2M | $2.9B | ||
| Q2 25 | $606.7M | $2.5B | ||
| Q1 25 | $570.5M | $2.3B | ||
| Q4 24 | $876.8M | $2.4B | ||
| Q3 24 | $810.9M | $1.8B | ||
| Q2 24 | $645.5M | $1.8B | ||
| Q1 24 | $583.6M | $1.9B |
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 | $34.8M | $108.6M |
| Free Cash FlowOCF − Capex | $30.5M | $108.4M |
| FCF MarginFCF / Revenue | 13.9% | 36.6% |
| Capex IntensityCapex / Revenue | 2.0% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.52× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.8M | $108.6M | ||
| Q3 25 | $59.2M | $-122.6M | ||
| Q2 25 | $56.1M | $-120.2M | ||
| Q1 25 | $-176.5M | $-13.5M | ||
| Q4 24 | $223.4M | $-110.9M | ||
| Q3 24 | $200.3M | $179.3M | ||
| Q2 24 | $90.0M | $65.3M | ||
| Q1 24 | $-206.3M | $52.6M |
| Q4 25 | $30.5M | $108.4M | ||
| Q3 25 | $57.6M | $-122.7M | ||
| Q2 25 | $55.3M | $-120.3M | ||
| Q1 25 | $-177.6M | — | ||
| Q4 24 | $207.0M | — | ||
| Q3 24 | $199.3M | $179.2M | ||
| Q2 24 | $83.7M | $65.3M | ||
| Q1 24 | $-214.8M | $51.9M |
| Q4 25 | 13.9% | 36.6% | ||
| Q3 25 | 35.0% | -44.3% | ||
| Q2 25 | 35.6% | -46.7% | ||
| Q1 25 | -83.8% | — | ||
| Q4 24 | 91.7% | — | ||
| Q3 24 | 71.6% | 110.5% | ||
| Q2 24 | 30.8% | 51.1% | ||
| Q1 24 | -210.3% | 40.6% |
| Q4 25 | 2.0% | 0.1% | ||
| Q3 25 | 0.9% | 0.0% | ||
| Q2 25 | 0.5% | 0.0% | ||
| Q1 25 | 0.5% | 0.0% | ||
| Q4 24 | 7.3% | 0.0% | ||
| Q3 24 | 0.4% | 0.1% | ||
| Q2 24 | 2.3% | 0.0% | ||
| Q1 24 | 8.3% | 0.5% |
| Q4 25 | 2.52× | 5.82× | ||
| Q3 25 | 9.85× | -3.86× | ||
| Q2 25 | 20.50× | -21.43× | ||
| Q1 25 | -10.18× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 12.23× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PWP
Segment breakdown not available.
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% |
