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Side-by-side financial comparison of SOLAREDGE TECHNOLOGIES, INC. (SEDG) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
SOLAREDGE TECHNOLOGIES, INC. is the larger business by last-quarter revenue ($335.4M vs $308.2M, roughly 1.1× Upstart Holdings, Inc.). Upstart Holdings, Inc. runs the higher net margin — -2.2% vs -39.4%, a 37.2% gap on every dollar of revenue. On growth, SOLAREDGE TECHNOLOGIES, INC. posted the faster year-over-year revenue change (70.9% vs 44.4%). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (55.4% CAGR vs 28.1%).
SolarEdge Technologies, Inc. is an Israeli company that developed a DC optimized inverter system.
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.
SEDG vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $335.4M | $308.2M |
| Net Profit | $-132.1M | $-6.6M |
| Gross Margin | 22.2% | — |
| Operating Margin | -14.4% | -2.4% |
| Net Margin | -39.4% | -2.2% |
| Revenue YoY | 70.9% | 44.4% |
| Net Profit YoY | 54.0% | -171.6% |
| EPS (diluted) | $-2.21 | $-0.07 |
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.
| Q1 26 | — | $308.2M | ||
| Q4 25 | $335.4M | $296.1M | ||
| Q3 25 | $340.2M | $277.1M | ||
| Q2 25 | $289.4M | $257.3M | ||
| Q1 25 | $219.5M | $213.4M | ||
| Q4 24 | $196.2M | $219.0M | ||
| Q3 24 | $235.4M | $162.1M | ||
| Q2 24 | $265.4M | $127.6M |
| Q1 26 | — | $-6.6M | ||
| Q4 25 | $-132.1M | $18.6M | ||
| Q3 25 | $-50.1M | $31.8M | ||
| Q2 25 | $-124.7M | $5.6M | ||
| Q1 25 | $-98.5M | $-2.4M | ||
| Q4 24 | $-287.4M | $-2.8M | ||
| Q3 24 | $-1.2B | $-6.8M | ||
| Q2 24 | $-130.8M | $-54.5M |
| Q1 26 | — | — | ||
| Q4 25 | 22.2% | — | ||
| Q3 25 | 21.2% | — | ||
| Q2 25 | 11.1% | — | ||
| Q1 25 | 8.0% | — | ||
| Q4 24 | -57.2% | — | ||
| Q3 24 | -309.1% | — | ||
| Q2 24 | -4.1% | — |
| Q1 26 | — | -2.4% | ||
| Q4 25 | -14.4% | 6.4% | ||
| Q3 25 | -10.3% | 8.5% | ||
| Q2 25 | -39.9% | 1.8% | ||
| Q1 25 | -46.8% | -2.1% | ||
| Q4 24 | -134.4% | -2.2% | ||
| Q3 24 | -471.8% | -27.8% | ||
| Q2 24 | -60.4% | -43.5% |
| Q1 26 | — | -2.2% | ||
| Q4 25 | -39.4% | 6.3% | ||
| Q3 25 | -14.7% | 11.5% | ||
| Q2 25 | -43.1% | 2.2% | ||
| Q1 25 | -44.9% | -1.1% | ||
| Q4 24 | -146.5% | -1.3% | ||
| Q3 24 | -522.8% | -4.2% | ||
| Q2 24 | -49.3% | -42.7% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $-2.21 | $0.20 | ||
| Q3 25 | $-0.84 | $0.23 | ||
| Q2 25 | $-2.13 | $0.05 | ||
| Q1 25 | $-1.70 | $-0.03 | ||
| Q4 24 | $-5.00 | $-0.01 | ||
| Q3 24 | $-21.58 | $-0.07 | ||
| Q2 24 | $-2.31 | $-0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $493.2M | $472.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $427.5M | $733.2M |
| Total Assets | $2.2B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $472.9M | ||
| Q4 25 | $493.2M | $652.4M | ||
| Q3 25 | $498.6M | $489.8M | ||
| Q2 25 | $758.0M | $395.9M | ||
| Q1 25 | $651.6M | $599.8M | ||
| Q4 24 | $585.9M | $788.4M | ||
| Q3 24 | $678.8M | — | ||
| Q2 24 | $689.8M | — |
| Q1 26 | — | $733.2M | ||
| Q4 25 | $427.5M | $798.8M | ||
| Q3 25 | $479.8M | $743.7M | ||
| Q2 25 | $513.2M | $722.0M | ||
| Q1 25 | $594.2M | $676.6M | ||
| Q4 24 | $658.3M | $633.2M | ||
| Q3 24 | $930.9M | $595.5M | ||
| Q2 24 | $2.1B | $594.7M |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $2.2B | $3.0B | ||
| Q3 25 | $2.2B | $2.9B | ||
| Q2 25 | $2.5B | $2.5B | ||
| Q1 25 | $2.5B | $2.3B | ||
| Q4 24 | $2.6B | $2.4B | ||
| Q3 24 | $2.8B | $1.8B | ||
| Q2 24 | $3.9B | $1.8B |
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 | $52.6M | $-133.3M |
| Free Cash FlowOCF − Capex | $43.3M | — |
| FCF MarginFCF / Revenue | 12.9% | — |
| Capex IntensityCapex / Revenue | 2.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $80.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-133.3M | ||
| Q4 25 | $52.6M | $108.6M | ||
| Q3 25 | $25.6M | $-122.6M | ||
| Q2 25 | $-7.8M | $-120.2M | ||
| Q1 25 | $33.8M | $-13.5M | ||
| Q4 24 | $37.8M | $-110.9M | ||
| Q3 24 | $-89.3M | $179.3M | ||
| Q2 24 | $-44.8M | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | $43.3M | $108.4M | ||
| Q3 25 | $22.8M | $-122.7M | ||
| Q2 25 | $-9.1M | $-120.3M | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $25.5M | — | ||
| Q3 24 | $-136.7M | $179.2M | ||
| Q2 24 | $-67.0M | $65.3M |
| Q1 26 | — | — | ||
| Q4 25 | 12.9% | 36.6% | ||
| Q3 25 | 6.7% | -44.3% | ||
| Q2 25 | -3.1% | -46.7% | ||
| Q1 25 | 10.8% | — | ||
| Q4 24 | 13.0% | — | ||
| Q3 24 | -58.1% | 110.5% | ||
| Q2 24 | -25.2% | 51.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 0.1% | ||
| Q3 25 | 0.8% | 0.0% | ||
| Q2 25 | 0.4% | 0.0% | ||
| Q1 25 | 4.6% | 0.0% | ||
| Q4 24 | 6.2% | 0.0% | ||
| Q3 24 | 20.1% | 0.1% | ||
| Q2 24 | 8.4% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.82× | ||
| Q3 25 | — | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SEDG
| Other | $197.7M | 59% |
| Europe Except Netherlands | $99.4M | 30% |
| Others | $38.2M | 11% |
UPST
| Platform and referral fees, net | $224.6M | 73% |
| Servicing and other fees, net | $52.4M | 17% |
| Other | $31.2M | 10% |
