vs
Side-by-side financial comparison of Upstart Holdings, Inc. (UPST) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $296.1M, roughly 1.3× Upstart Holdings, Inc.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -1.9%, a 8.2% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 35.2%). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 10.2%).
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.
Innovate Corp. is an American public financial services company founded in 1994.
UPST vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $296.1M | $382.7M |
| Net Profit | $18.6M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 6.4% | 3.7% |
| Net Margin | 6.3% | -1.9% |
| Revenue YoY | 35.2% | 61.7% |
| Net Profit YoY | 776.4% | 55.4% |
| EPS (diluted) | $0.20 | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $277.1M | $347.1M | ||
| Q2 25 | $257.3M | $242.0M | ||
| Q1 25 | $213.4M | $274.2M | ||
| Q4 24 | $219.0M | $236.6M | ||
| Q3 24 | $162.1M | $242.2M | ||
| Q2 24 | $127.6M | $313.1M | ||
| Q1 24 | $127.8M | $315.2M |
| Q4 25 | $18.6M | $-7.4M | ||
| Q3 25 | $31.8M | $-8.9M | ||
| Q2 25 | $5.6M | $-19.8M | ||
| Q1 25 | $-2.4M | $-24.5M | ||
| Q4 24 | $-2.8M | $-16.6M | ||
| Q3 24 | $-6.8M | $-15.0M | ||
| Q2 24 | $-54.5M | $14.4M | ||
| Q1 24 | $-64.6M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | 6.4% | 3.7% | ||
| Q3 25 | 8.5% | 1.8% | ||
| Q2 25 | 1.8% | 2.0% | ||
| Q1 25 | -2.1% | 1.2% | ||
| Q4 24 | -2.2% | 1.1% | ||
| Q3 24 | -27.8% | 2.4% | ||
| Q2 24 | -43.5% | 9.2% | ||
| Q1 24 | -52.8% | 0.9% |
| Q4 25 | 6.3% | -1.9% | ||
| Q3 25 | 11.5% | -2.6% | ||
| Q2 25 | 2.2% | -8.2% | ||
| Q1 25 | -1.1% | -8.9% | ||
| Q4 24 | -1.3% | -7.0% | ||
| Q3 24 | -4.2% | -6.2% | ||
| Q2 24 | -42.7% | 4.6% | ||
| Q1 24 | -50.5% | -5.5% |
| Q4 25 | $0.20 | $-0.57 | ||
| Q3 25 | $0.23 | $-0.71 | ||
| Q2 25 | $0.05 | $-1.67 | ||
| Q1 25 | $-0.03 | $-1.89 | ||
| Q4 24 | $-0.01 | $-0.72 | ||
| Q3 24 | $-0.07 | $-1.18 | ||
| Q2 24 | $-0.62 | $1.03 | ||
| Q1 24 | $-0.74 | $-2.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $652.4M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $798.8M | $-240.1M |
| Total Assets | $3.0B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $652.4M | $112.1M | ||
| Q3 25 | $489.8M | $35.5M | ||
| Q2 25 | $395.9M | $33.4M | ||
| Q1 25 | $599.8M | $33.3M | ||
| Q4 24 | $788.4M | $48.8M | ||
| Q3 24 | — | $51.0M | ||
| Q2 24 | — | $80.2M | ||
| Q1 24 | — | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $798.8M | $-240.1M | ||
| Q3 25 | $743.7M | $-233.3M | ||
| Q2 25 | $722.0M | $-224.8M | ||
| Q1 25 | $676.6M | $-204.2M | ||
| Q4 24 | $633.2M | $-180.4M | ||
| Q3 24 | $595.5M | $-163.1M | ||
| Q2 24 | $594.7M | $-149.0M | ||
| Q1 24 | $612.8M | $-184.4M |
| Q4 25 | $3.0B | $950.1M | ||
| Q3 25 | $2.9B | $913.2M | ||
| Q2 25 | $2.5B | $890.9M | ||
| Q1 25 | $2.3B | $868.0M | ||
| Q4 24 | $2.4B | $891.1M | ||
| Q3 24 | $1.8B | $897.2M | ||
| Q2 24 | $1.8B | $898.9M | ||
| Q1 24 | $1.9B | $943.5M |
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 | $108.6M | $101.1M |
| 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 | $108.6M | $101.1M | ||
| Q3 25 | $-122.6M | $19.2M | ||
| Q2 25 | $-120.2M | $40.4M | ||
| Q1 25 | $-13.5M | $-14.1M | ||
| Q4 24 | $-110.9M | $41.4M | ||
| Q3 24 | $179.3M | $-28.4M | ||
| Q2 24 | $65.3M | $21.5M | ||
| Q1 24 | $52.6M | $-25.4M |
| Q4 25 | $108.4M | — | ||
| Q3 25 | $-122.7M | $19.0M | ||
| Q2 25 | $-120.3M | — | ||
| Q1 25 | — | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | $179.2M | $-31.5M | ||
| Q2 24 | $65.3M | $18.4M | ||
| Q1 24 | $51.9M | $-31.0M |
| Q4 25 | 36.6% | — | ||
| Q3 25 | -44.3% | 5.5% | ||
| Q2 25 | -46.7% | — | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 110.5% | -13.0% | ||
| Q2 24 | 51.1% | 5.9% | ||
| Q1 24 | 40.6% | -9.8% |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | 0.1% | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | 1.7% | ||
| Q4 24 | 0.0% | 3.0% | ||
| Q3 24 | 0.1% | 1.3% | ||
| Q2 24 | 0.0% | 1.0% | ||
| Q1 24 | 0.5% | 1.8% |
| Q4 25 | 5.82× | — | ||
| Q3 25 | -3.86× | — | ||
| Q2 25 | -21.43× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
