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Side-by-side financial comparison of Seadrill Ltd (SDRL) 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 $273.0M, roughly 1.1× Seadrill Ltd). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -3.7%, a 10.0% gap on every dollar of revenue. Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs -8.9%).
Seadrill is an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. Its primary business is the ownership and operation of drillships, semi-submersible rigs, and jack-up rigs for operations in shallow to ultra-deep water in both benign and harsh environments. It provides a contract-based service and primarily serves the oil super-majors, integrated oil and gas, state-owned national oil, and independent oil and gas companies.
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.
SDRL vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $273.0M | $296.1M |
| Net Profit | $-10.0M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | -1.1% | 6.4% |
| Net Margin | -3.7% | 6.3% |
| Revenue YoY | — | 35.2% |
| Net Profit YoY | — | 776.4% |
| EPS (diluted) | — | $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 | $273.0M | $296.1M | ||
| Q3 25 | $280.0M | $277.1M | ||
| Q2 25 | $288.0M | $257.3M | ||
| Q1 25 | $248.0M | $213.4M | ||
| Q4 24 | — | $219.0M | ||
| Q3 24 | $263.0M | $162.1M | ||
| Q2 24 | $267.0M | $127.6M | ||
| Q1 24 | $275.0M | $127.8M |
| Q4 25 | $-10.0M | $18.6M | ||
| Q3 25 | $-11.0M | $31.8M | ||
| Q2 25 | $-42.0M | $5.6M | ||
| Q1 25 | $-14.0M | $-2.4M | ||
| Q4 24 | — | $-2.8M | ||
| Q3 24 | $32.0M | $-6.8M | ||
| Q2 24 | $253.0M | $-54.5M | ||
| Q1 24 | $60.0M | $-64.6M |
| Q4 25 | -1.1% | 6.4% | ||
| Q3 25 | 9.3% | 8.5% | ||
| Q2 25 | 2.1% | 1.8% | ||
| Q1 25 | 7.3% | -2.1% | ||
| Q4 24 | — | -2.2% | ||
| Q3 24 | 17.9% | -27.8% | ||
| Q2 24 | — | -43.5% | ||
| Q1 24 | 29.1% | -52.8% |
| Q4 25 | -3.7% | 6.3% | ||
| Q3 25 | -3.9% | 11.5% | ||
| Q2 25 | -14.6% | 2.2% | ||
| Q1 25 | -5.6% | -1.1% | ||
| Q4 24 | — | -1.3% | ||
| Q3 24 | 12.2% | -4.2% | ||
| Q2 24 | 94.8% | -42.7% | ||
| Q1 24 | 21.8% | -50.5% |
| Q4 25 | — | $0.20 | ||
| Q3 25 | $-0.17 | $0.23 | ||
| Q2 25 | $-0.68 | $0.05 | ||
| Q1 25 | $-0.23 | $-0.03 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | $0.49 | $-0.07 | ||
| Q2 24 | $3.49 | $-0.62 | ||
| Q1 24 | $0.81 | $-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 | $339.0M | $652.4M |
| Total DebtLower is stronger | $613.0M | — |
| Stockholders' EquityBook value | $2.9B | $798.8M |
| Total Assets | $3.9B | $3.0B |
| Debt / EquityLower = less leverage | 0.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $339.0M | $652.4M | ||
| Q3 25 | $402.0M | $489.8M | ||
| Q2 25 | $393.0M | $395.9M | ||
| Q1 25 | $404.0M | $599.8M | ||
| Q4 24 | — | $788.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | $835.0M | — | ||
| Q1 24 | — | — |
| Q4 25 | $613.0M | — | ||
| Q3 25 | $612.0M | — | ||
| Q2 25 | $612.0M | — | ||
| Q1 25 | $611.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $609.0M | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.9B | $798.8M | ||
| Q3 25 | $2.9B | $743.7M | ||
| Q2 25 | $2.9B | $722.0M | ||
| Q1 25 | $2.9B | $676.6M | ||
| Q4 24 | — | $633.2M | ||
| Q3 24 | $2.9B | $595.5M | ||
| Q2 24 | $3.1B | $594.7M | ||
| Q1 24 | $2.9B | $612.8M |
| Q4 25 | $3.9B | $3.0B | ||
| Q3 25 | $4.1B | $2.9B | ||
| Q2 25 | $4.1B | $2.5B | ||
| Q1 25 | $4.1B | $2.3B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | $4.3B | $1.8B | ||
| Q1 24 | — | $1.9B |
| Q4 25 | 0.21× | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | 0.21× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.20× | — | ||
| 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 | $-40.0M | $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 | $-40.0M | $108.6M | ||
| Q3 25 | $28.0M | $-122.6M | ||
| Q2 25 | $11.0M | $-120.2M | ||
| Q1 25 | $-27.0M | $-13.5M | ||
| Q4 24 | — | $-110.9M | ||
| Q3 24 | $-27.0M | $179.3M | ||
| Q2 24 | $79.0M | $65.3M | ||
| Q1 24 | $29.0M | $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 | -0.84× | — | ||
| Q2 24 | 0.31× | — | ||
| Q1 24 | 0.48× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SDRL
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% |
