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Side-by-side financial comparison of Ralliant Corp (RAL) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Ralliant Corp is the larger business by last-quarter revenue ($529.1M vs $296.1M, roughly 1.8× Upstart Holdings, Inc.). Ralliant Corp runs the higher net margin — 7.5% vs 6.3%, a 1.2% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs -0.5%). Ralliant Corp produced more free cash flow last quarter ($126.6M vs $108.4M).
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.
RAL vs UPST — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $529.1M | $296.1M |
| Net Profit | $39.9M | $18.6M |
| Gross Margin | 50.8% | — |
| Operating Margin | 9.8% | 6.4% |
| Net Margin | 7.5% | 6.3% |
| Revenue YoY | -0.5% | 35.2% |
| Net Profit YoY | -56.1% | 776.4% |
| EPS (diluted) | $0.35 | $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 | $529.1M | $277.1M | ||
| Q2 25 | $503.3M | $257.3M | ||
| Q1 25 | — | $213.4M | ||
| Q4 24 | — | $219.0M | ||
| Q3 24 | $531.7M | $162.1M | ||
| Q2 24 | $533.7M | $127.6M | ||
| Q1 24 | — | $127.8M |
| Q4 25 | — | $18.6M | ||
| Q3 25 | $39.9M | $31.8M | ||
| Q2 25 | $47.6M | $5.6M | ||
| Q1 25 | — | $-2.4M | ||
| Q4 24 | — | $-2.8M | ||
| Q3 24 | $90.9M | $-6.8M | ||
| Q2 24 | $64.8M | $-54.5M | ||
| Q1 24 | — | $-64.6M |
| Q4 25 | — | — | ||
| Q3 25 | 50.8% | — | ||
| Q2 25 | 49.3% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 52.6% | — | ||
| Q2 24 | 51.5% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 6.4% | ||
| Q3 25 | 9.8% | 8.5% | ||
| Q2 25 | 11.7% | 1.8% | ||
| Q1 25 | — | -2.1% | ||
| Q4 24 | — | -2.2% | ||
| Q3 24 | 20.9% | -27.8% | ||
| Q2 24 | 19.7% | -43.5% | ||
| Q1 24 | — | -52.8% |
| Q4 25 | — | 6.3% | ||
| Q3 25 | 7.5% | 11.5% | ||
| Q2 25 | 9.5% | 2.2% | ||
| Q1 25 | — | -1.1% | ||
| Q4 24 | — | -1.3% | ||
| Q3 24 | 17.1% | -4.2% | ||
| Q2 24 | 12.1% | -42.7% | ||
| Q1 24 | — | -50.5% |
| Q4 25 | — | $0.20 | ||
| Q3 25 | $0.35 | $0.23 | ||
| Q2 25 | $0.42 | $0.05 | ||
| Q1 25 | — | $-0.03 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | $0.81 | $-0.07 | ||
| Q2 24 | $0.57 | $-0.62 | ||
| Q1 24 | — | $-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 | $264.2M | $652.4M |
| Total DebtLower is stronger | $1.1B | — |
| Stockholders' EquityBook value | $3.0B | $798.8M |
| Total Assets | $5.3B | $3.0B |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $652.4M | ||
| Q3 25 | $264.2M | $489.8M | ||
| Q2 25 | $198.6M | $395.9M | ||
| Q1 25 | — | $599.8M | ||
| Q4 24 | — | $788.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $798.8M | ||
| Q3 25 | $3.0B | $743.7M | ||
| Q2 25 | $3.0B | $722.0M | ||
| Q1 25 | — | $676.6M | ||
| Q4 24 | — | $633.2M | ||
| Q3 24 | $4.0B | $595.5M | ||
| Q2 24 | $4.0B | $594.7M | ||
| Q1 24 | — | $612.8M |
| Q4 25 | — | $3.0B | ||
| Q3 25 | $5.3B | $2.9B | ||
| Q2 25 | $5.2B | $2.5B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | — | $1.9B |
| Q4 25 | — | — | ||
| Q3 25 | 0.39× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $138.6M | $108.6M |
| Free Cash FlowOCF − Capex | $126.6M | $108.4M |
| FCF MarginFCF / Revenue | 23.9% | 36.6% |
| Capex IntensityCapex / Revenue | 2.3% | 0.1% |
| Cash ConversionOCF / Net Profit | 3.47× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $108.6M | ||
| Q3 25 | $138.6M | $-122.6M | ||
| Q2 25 | — | $-120.2M | ||
| Q1 25 | — | $-13.5M | ||
| Q4 24 | — | $-110.9M | ||
| Q3 24 | — | $179.3M | ||
| Q2 24 | — | $65.3M | ||
| Q1 24 | — | $52.6M |
| Q4 25 | — | $108.4M | ||
| Q3 25 | $126.6M | $-122.7M | ||
| Q2 25 | — | $-120.3M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $179.2M | ||
| Q2 24 | — | $65.3M | ||
| Q1 24 | — | $51.9M |
| Q4 25 | — | 36.6% | ||
| Q3 25 | 23.9% | -44.3% | ||
| Q2 25 | — | -46.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 110.5% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 40.6% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | 2.3% | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.5% |
| Q4 25 | — | 5.82× | ||
| Q3 25 | 3.47× | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RAL
| Industrial Manufacturing | $111.1M | 21% |
| Defense And Space | $93.6M | 18% |
| Diversified Electronics | $91.0M | 17% |
| Test And Measurement | $76.8M | 15% |
| Communications | $60.7M | 11% |
| Semiconductors | $51.4M | 10% |
| Other Direct End Markets | $44.4M | 8% |
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% |
