vs
Side-by-side financial comparison of Smith Douglas Homes Corp. (SDHC) 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 $260.4M, roughly 1.1× Smith Douglas Homes Corp.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs 1.4%, a 4.9% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs -9.4%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $8.7M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 17.3%).
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
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.
SDHC vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $260.4M | $296.1M |
| Net Profit | $3.5M | $18.6M |
| Gross Margin | 19.9% | — |
| Operating Margin | 6.5% | 6.4% |
| Net Margin | 1.4% | 6.3% |
| Revenue YoY | -9.4% | 35.2% |
| Net Profit YoY | -14.3% | 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 | $260.4M | $296.1M | ||
| Q3 25 | $262.0M | $277.1M | ||
| Q2 25 | $223.9M | $257.3M | ||
| Q1 25 | $224.7M | $213.4M | ||
| Q4 24 | $287.5M | $219.0M | ||
| Q3 24 | $277.8M | $162.1M | ||
| Q2 24 | $220.9M | $127.6M | ||
| Q1 24 | $189.2M | $127.8M |
| Q4 25 | $3.5M | $18.6M | ||
| Q3 25 | $2.1M | $31.8M | ||
| Q2 25 | $2.4M | $5.6M | ||
| Q1 25 | $2.7M | $-2.4M | ||
| Q4 24 | $4.1M | $-2.8M | ||
| Q3 24 | $5.3M | $-6.8M | ||
| Q2 24 | $3.6M | $-54.5M | ||
| Q1 24 | $3.0M | $-64.6M |
| Q4 25 | 19.9% | — | ||
| Q3 25 | 21.0% | — | ||
| Q2 25 | 23.2% | — | ||
| Q1 25 | 23.8% | — | ||
| Q4 24 | 25.5% | — | ||
| Q3 24 | 26.5% | — | ||
| Q2 24 | 26.7% | — | ||
| Q1 24 | 26.1% | — |
| Q4 25 | 6.5% | 6.4% | ||
| Q3 25 | 6.6% | 8.5% | ||
| Q2 25 | 7.7% | 1.8% | ||
| Q1 25 | 8.7% | -2.1% | ||
| Q4 24 | 10.4% | -2.2% | ||
| Q3 24 | 14.2% | -27.8% | ||
| Q2 24 | 11.7% | -43.5% | ||
| Q1 24 | 11.3% | -52.8% |
| Q4 25 | 1.4% | 6.3% | ||
| Q3 25 | 0.8% | 11.5% | ||
| Q2 25 | 1.1% | 2.2% | ||
| Q1 25 | 1.2% | -1.1% | ||
| Q4 24 | 1.4% | -1.3% | ||
| Q3 24 | 1.9% | -4.2% | ||
| Q2 24 | 1.7% | -42.7% | ||
| Q1 24 | 1.6% | -50.5% |
| Q4 25 | $0.39 | $0.20 | ||
| Q3 25 | $0.24 | $0.23 | ||
| Q2 25 | $0.26 | $0.05 | ||
| Q1 25 | $0.30 | $-0.03 | ||
| Q4 24 | $0.50 | $-0.01 | ||
| Q3 24 | $0.58 | $-0.07 | ||
| Q2 24 | $0.40 | $-0.62 | ||
| Q1 24 | $0.33 | $-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 | $12.7M | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $86.7M | $798.8M |
| Total Assets | $557.6M | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.7M | $652.4M | ||
| Q3 25 | $14.8M | $489.8M | ||
| Q2 25 | $16.8M | $395.9M | ||
| Q1 25 | $12.7M | $599.8M | ||
| Q4 24 | $22.4M | $788.4M | ||
| Q3 24 | $23.7M | — | ||
| Q2 24 | $17.3M | — | ||
| Q1 24 | $32.8M | — |
| Q4 25 | $86.7M | $798.8M | ||
| Q3 25 | $82.2M | $743.7M | ||
| Q2 25 | $80.0M | $722.0M | ||
| Q1 25 | $76.9M | $676.6M | ||
| Q4 24 | $73.6M | $633.2M | ||
| Q3 24 | $68.4M | $595.5M | ||
| Q2 24 | $62.1M | $594.7M | ||
| Q1 24 | $59.7M | $612.8M |
| Q4 25 | $557.6M | $3.0B | ||
| Q3 25 | $571.6M | $2.9B | ||
| Q2 25 | $570.2M | $2.5B | ||
| Q1 25 | $513.9M | $2.3B | ||
| Q4 24 | $475.9M | $2.4B | ||
| Q3 24 | $460.1M | $1.8B | ||
| Q2 24 | $429.3M | $1.8B | ||
| Q1 24 | $401.3M | $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 | $9.8M | $108.6M |
| Free Cash FlowOCF − Capex | $8.7M | $108.4M |
| FCF MarginFCF / Revenue | 3.4% | 36.6% |
| Capex IntensityCapex / Revenue | 0.4% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.77× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $-36.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $9.8M | $108.6M | ||
| Q3 25 | $22.8M | $-122.6M | ||
| Q2 25 | $-28.9M | $-120.2M | ||
| Q1 25 | $-34.9M | $-13.5M | ||
| Q4 24 | $5.5M | $-110.9M | ||
| Q3 24 | $22.9M | $179.3M | ||
| Q2 24 | $39.0K | $65.3M | ||
| Q1 24 | $-9.3M | $52.6M |
| Q4 25 | $8.7M | $108.4M | ||
| Q3 25 | $21.4M | $-122.7M | ||
| Q2 25 | $-31.1M | $-120.3M | ||
| Q1 25 | $-35.9M | — | ||
| Q4 24 | $4.8M | — | ||
| Q3 24 | $22.3M | $179.2M | ||
| Q2 24 | $-2.1M | $65.3M | ||
| Q1 24 | $-9.7M | $51.9M |
| Q4 25 | 3.4% | 36.6% | ||
| Q3 25 | 8.2% | -44.3% | ||
| Q2 25 | -13.9% | -46.7% | ||
| Q1 25 | -16.0% | — | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 8.0% | 110.5% | ||
| Q2 24 | -1.0% | 51.1% | ||
| Q1 24 | -5.1% | 40.6% |
| Q4 25 | 0.4% | 0.1% | ||
| Q3 25 | 0.5% | 0.0% | ||
| Q2 25 | 0.9% | 0.0% | ||
| Q1 25 | 0.5% | 0.0% | ||
| Q4 24 | 0.2% | 0.0% | ||
| Q3 24 | 0.2% | 0.1% | ||
| Q2 24 | 1.0% | 0.0% | ||
| Q1 24 | 0.2% | 0.5% |
| Q4 25 | 2.77× | 5.82× | ||
| Q3 25 | 10.70× | -3.86× | ||
| Q2 25 | -12.24× | -21.43× | ||
| Q1 25 | -13.01× | — | ||
| Q4 24 | 1.33× | — | ||
| Q3 24 | 4.28× | — | ||
| Q2 24 | 0.01× | — | ||
| Q1 24 | -3.12× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SDHC
| Southeast | $164.7M | 63% |
| Central | $95.8M | 37% |
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% |
