vs
Side-by-side financial comparison of RAYONIER ADVANCED MATERIALS INC. (RYAM) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
RAYONIER ADVANCED MATERIALS INC. is the larger business by last-quarter revenue ($417.5M vs $296.1M, roughly 1.4× Upstart Holdings, Inc.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -5.0%, a 11.3% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs -1.2%). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 3.8%).
Rayonier Advanced Materials recently rebranded as RYAM. RYAM is an American company recognized globally for its cellulose-based technologies. Specializing in high-purity cellulose specialties, RYAM produces natural polymers extensively used in manufacturing filters, food, pharmaceuticals, and various industrial applications. Additionally, the company produces products for the paper and packaging industries. The company is publicly traded on the New York Stock Exchange under the ticker symbol ...
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.
RYAM vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $417.5M | $296.1M |
| Net Profit | $-21.1M | $18.6M |
| Gross Margin | 8.9% | — |
| Operating Margin | 2.6% | 6.4% |
| Net Margin | -5.0% | 6.3% |
| Revenue YoY | -1.2% | 35.2% |
| Net Profit YoY | -31.9% | 776.4% |
| EPS (diluted) | $-0.33 | $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 | $417.5M | $296.1M | ||
| Q3 25 | $352.8M | $277.1M | ||
| Q2 25 | $340.0M | $257.3M | ||
| Q1 25 | $356.0M | $213.4M | ||
| Q4 24 | $422.5M | $219.0M | ||
| Q3 24 | $401.1M | $162.1M | ||
| Q2 24 | $419.0M | $127.6M | ||
| Q1 24 | $387.7M | $127.8M |
| Q4 25 | $-21.1M | $18.6M | ||
| Q3 25 | $-4.5M | $31.8M | ||
| Q2 25 | $-363.2M | $5.6M | ||
| Q1 25 | $-32.0M | $-2.4M | ||
| Q4 24 | $-16.0M | $-2.8M | ||
| Q3 24 | $-32.6M | $-6.8M | ||
| Q2 24 | $11.4M | $-54.5M | ||
| Q1 24 | $-1.6M | $-64.6M |
| Q4 25 | 8.9% | — | ||
| Q3 25 | 9.7% | — | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | 6.8% | — | ||
| Q4 24 | 8.7% | — | ||
| Q3 24 | 10.9% | — | ||
| Q2 24 | 11.5% | — | ||
| Q1 24 | 9.5% | — |
| Q4 25 | 2.6% | 6.4% | ||
| Q3 25 | 2.8% | 8.5% | ||
| Q2 25 | -0.4% | 1.8% | ||
| Q1 25 | -4.2% | -2.1% | ||
| Q4 24 | 2.6% | -2.2% | ||
| Q3 24 | -4.2% | -27.8% | ||
| Q2 24 | 6.7% | -43.5% | ||
| Q1 24 | 4.4% | -52.8% |
| Q4 25 | -5.0% | 6.3% | ||
| Q3 25 | -1.3% | 11.5% | ||
| Q2 25 | -106.8% | 2.2% | ||
| Q1 25 | -9.0% | -1.1% | ||
| Q4 24 | -3.8% | -1.3% | ||
| Q3 24 | -8.1% | -4.2% | ||
| Q2 24 | 2.7% | -42.7% | ||
| Q1 24 | -0.4% | -50.5% |
| Q4 25 | $-0.33 | $0.20 | ||
| Q3 25 | $-0.07 | $0.23 | ||
| Q2 25 | $-5.44 | $0.05 | ||
| Q1 25 | $-0.49 | $-0.03 | ||
| Q4 24 | $-0.25 | $-0.01 | ||
| Q3 24 | $-0.49 | $-0.07 | ||
| Q2 24 | $0.17 | $-0.62 | ||
| Q1 24 | $-0.02 | $-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 | $75.4M | $652.4M |
| Total DebtLower is stronger | $758.1M | — |
| Stockholders' EquityBook value | $316.6M | $798.8M |
| Total Assets | $1.8B | $3.0B |
| Debt / EquityLower = less leverage | 2.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.4M | $652.4M | ||
| Q3 25 | $77.0M | $489.8M | ||
| Q2 25 | $70.7M | $395.9M | ||
| Q1 25 | $129.9M | $599.8M | ||
| Q4 24 | $125.2M | $788.4M | ||
| Q3 24 | $136.1M | — | ||
| Q2 24 | $114.1M | — | ||
| Q1 24 | $54.6M | — |
| Q4 25 | $758.1M | — | ||
| Q3 25 | $763.5M | — | ||
| Q2 25 | $720.4M | — | ||
| Q1 25 | $707.0M | — | ||
| Q4 24 | $706.4M | — | ||
| Q3 24 | $747.7M | — | ||
| Q2 24 | $752.8M | — | ||
| Q1 24 | $755.6M | — |
| Q4 25 | $316.6M | $798.8M | ||
| Q3 25 | $338.2M | $743.7M | ||
| Q2 25 | $342.3M | $722.0M | ||
| Q1 25 | $688.1M | $676.6M | ||
| Q4 24 | $713.9M | $633.2M | ||
| Q3 24 | $732.7M | $595.5M | ||
| Q2 24 | $755.1M | $594.7M | ||
| Q1 24 | $741.8M | $612.8M |
| Q4 25 | $1.8B | $3.0B | ||
| Q3 25 | $1.8B | $2.9B | ||
| Q2 25 | $1.8B | $2.5B | ||
| Q1 25 | $2.1B | $2.3B | ||
| Q4 24 | $2.1B | $2.4B | ||
| Q3 24 | $2.2B | $1.8B | ||
| Q2 24 | $2.2B | $1.8B | ||
| Q1 24 | $2.1B | $1.9B |
| Q4 25 | 2.39× | — | ||
| Q3 25 | 2.26× | — | ||
| Q2 25 | 2.10× | — | ||
| Q1 25 | 1.03× | — | ||
| Q4 24 | 0.99× | — | ||
| Q3 24 | 1.02× | — | ||
| Q2 24 | 1.00× | — | ||
| Q1 24 | 1.02× | — |
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 | $32.3M | $108.6M |
| Free Cash FlowOCF − Capex | — | $108.4M |
| FCF MarginFCF / Revenue | — | 36.6% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.3M | $108.6M | ||
| Q3 25 | $-17.8M | $-122.6M | ||
| Q2 25 | $-30.2M | $-120.2M | ||
| Q1 25 | $39.6M | $-13.5M | ||
| Q4 24 | $54.9M | $-110.9M | ||
| Q3 24 | $49.8M | $179.3M | ||
| Q2 24 | $87.6M | $65.3M | ||
| Q1 24 | $11.3M | $52.6M |
| Q4 25 | — | $108.4M | ||
| Q3 25 | — | $-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 | — | -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 | — | 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 | — | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 7.69× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
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% |
