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Side-by-side financial comparison of Upstart Holdings, Inc. (UPST) and VALVOLINE INC (VVV). Click either name above to swap in a different company.
VALVOLINE INC is the larger business by last-quarter revenue ($461.8M vs $308.2M, roughly 1.5× Upstart Holdings, Inc.). Upstart Holdings, Inc. runs the higher net margin — -2.2% vs -7.1%, a 4.9% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (44.4% vs 11.5%). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (55.4% CAGR vs 9.0%).
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.
Valvoline Inc. is an American retail automotive services company based in Lexington, Kentucky. It licenses the name for a number of Valvoline-labeled automotive oil, additives, and lubricants. It also owns the Valvoline Instant Oil Change, Great Canadian Oil Change and Valvoline Express Care car repair chains. As of 2023, it is the second largest oil change service provider in the United States with 10% market share and over 1,650 locations.
UPST vs VVV — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $308.2M | $461.8M |
| Net Profit | $-6.6M | $-32.8M |
| Gross Margin | — | 37.4% |
| Operating Margin | -2.4% | 4.0% |
| Net Margin | -2.2% | -7.1% |
| Revenue YoY | 44.4% | 11.5% |
| Net Profit YoY | -171.6% | -135.8% |
| EPS (diluted) | $-0.07 | $-0.26 |
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 | $296.1M | $461.8M | ||
| Q3 25 | $277.1M | $453.8M | ||
| Q2 25 | $257.3M | $439.0M | ||
| Q1 25 | $213.4M | $403.2M | ||
| Q4 24 | $219.0M | $414.3M | ||
| Q3 24 | $162.1M | $435.5M | ||
| Q2 24 | $127.6M | $421.4M |
| Q1 26 | $-6.6M | — | ||
| Q4 25 | $18.6M | $-32.8M | ||
| Q3 25 | $31.8M | $25.0M | ||
| Q2 25 | $5.6M | $56.5M | ||
| Q1 25 | $-2.4M | $37.6M | ||
| Q4 24 | $-2.8M | $91.6M | ||
| Q3 24 | $-6.8M | $92.3M | ||
| Q2 24 | $-54.5M | $45.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 37.4% | ||
| Q3 25 | — | 39.1% | ||
| Q2 25 | — | 40.5% | ||
| Q1 25 | — | 37.3% | ||
| Q4 24 | — | 36.9% | ||
| Q3 24 | — | 39.1% | ||
| Q2 24 | — | 39.7% |
| Q1 26 | -2.4% | — | ||
| Q4 25 | 6.4% | 4.0% | ||
| Q3 25 | 8.5% | 18.6% | ||
| Q2 25 | 1.8% | 21.6% | ||
| Q1 25 | -2.1% | 16.6% | ||
| Q4 24 | -2.2% | 34.7% | ||
| Q3 24 | -27.8% | 30.9% | ||
| Q2 24 | -43.5% | 22.2% |
| Q1 26 | -2.2% | — | ||
| Q4 25 | 6.3% | -7.1% | ||
| Q3 25 | 11.5% | 5.5% | ||
| Q2 25 | 2.2% | 12.9% | ||
| Q1 25 | -1.1% | 9.3% | ||
| Q4 24 | -1.3% | 22.1% | ||
| Q3 24 | -4.2% | 21.2% | ||
| Q2 24 | -42.7% | 10.9% |
| Q1 26 | $-0.07 | — | ||
| Q4 25 | $0.20 | $-0.26 | ||
| Q3 25 | $0.23 | $0.20 | ||
| Q2 25 | $0.05 | $0.44 | ||
| Q1 25 | $-0.03 | $0.29 | ||
| Q4 24 | $-0.01 | $0.71 | ||
| Q3 24 | $-0.07 | $0.70 | ||
| Q2 24 | $-0.62 | $0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $472.9M | $69.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $733.2M | $307.6M |
| Total Assets | $3.0B | $3.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $472.9M | — | ||
| Q4 25 | $652.4M | $69.9M | ||
| Q3 25 | $489.8M | $51.6M | ||
| Q2 25 | $395.9M | $68.3M | ||
| Q1 25 | $599.8M | $61.9M | ||
| Q4 24 | $788.4M | $60.0M | ||
| Q3 24 | — | $68.3M | ||
| Q2 24 | — | $65.7M |
| Q1 26 | $733.2M | — | ||
| Q4 25 | $798.8M | $307.6M | ||
| Q3 25 | $743.7M | $338.5M | ||
| Q2 25 | $722.0M | $313.6M | ||
| Q1 25 | $676.6M | $248.7M | ||
| Q4 24 | $633.2M | $229.8M | ||
| Q3 24 | $595.5M | $185.6M | ||
| Q2 24 | $594.7M | $106.5M |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.0B | $3.4B | ||
| Q3 25 | $2.9B | $2.7B | ||
| Q2 25 | $2.5B | $2.6B | ||
| Q1 25 | $2.3B | $2.5B | ||
| Q4 24 | $2.4B | $2.3B | ||
| Q3 24 | $1.8B | $2.4B | ||
| Q2 24 | $1.8B | $2.4B |
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 | $-133.3M | $64.8M |
| Free Cash FlowOCF − Capex | — | $7.4M |
| FCF MarginFCF / Revenue | — | 1.6% |
| Capex IntensityCapex / Revenue | — | 12.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $57.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-133.3M | — | ||
| Q4 25 | $108.6M | $64.8M | ||
| Q3 25 | $-122.6M | $121.9M | ||
| Q2 25 | $-120.2M | $86.9M | ||
| Q1 25 | $-13.5M | $47.2M | ||
| Q4 24 | $-110.9M | $41.2M | ||
| Q3 24 | $179.3M | $101.3M | ||
| Q2 24 | $65.3M | $75.6M |
| Q1 26 | — | — | ||
| Q4 25 | $108.4M | $7.4M | ||
| Q3 25 | $-122.7M | $23.0M | ||
| Q2 25 | $-120.3M | $32.0M | ||
| Q1 25 | — | $-4.6M | ||
| Q4 24 | — | $-12.4M | ||
| Q3 24 | $179.2M | $29.9M | ||
| Q2 24 | $65.3M | $9.8M |
| Q1 26 | — | — | ||
| Q4 25 | 36.6% | 1.6% | ||
| Q3 25 | -44.3% | 5.1% | ||
| Q2 25 | -46.7% | 7.3% | ||
| Q1 25 | — | -1.1% | ||
| Q4 24 | — | -3.0% | ||
| Q3 24 | 110.5% | 6.9% | ||
| Q2 24 | 51.1% | 2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 12.4% | ||
| Q3 25 | 0.0% | 21.8% | ||
| Q2 25 | 0.0% | 12.5% | ||
| Q1 25 | 0.0% | 12.8% | ||
| Q4 24 | 0.0% | 12.9% | ||
| Q3 24 | 0.1% | 16.4% | ||
| Q2 24 | 0.0% | 15.6% |
| Q1 26 | — | — | ||
| Q4 25 | 5.82× | — | ||
| Q3 25 | -3.86× | 4.88× | ||
| Q2 25 | -21.43× | 1.54× | ||
| Q1 25 | — | 1.26× | ||
| Q4 24 | — | 0.45× | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 1.65× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
UPST
| Platform and referral fees, net | $224.6M | 73% |
| Servicing and other fees, net | $52.4M | 17% |
| Other | $31.2M | 10% |
VVV
| Oil Change And Related Fees | $337.7M | 73% |
| Non Oil Change And Related Fees | $100.5M | 22% |
| Franchise Fees And Other | $23.6M | 5% |
