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Side-by-side financial comparison of Upstart Holdings, Inc. (UPST) and OLYMPIC STEEL INC (ZEUS). Click either name above to swap in a different company.
OLYMPIC STEEL INC is the larger business by last-quarter revenue ($490.7M vs $308.2M, roughly 1.6× Upstart Holdings, Inc.). OLYMPIC STEEL INC runs the higher net margin — 0.4% vs -2.2%, a 2.6% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (44.4% vs 4.4%). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (55.4% CAGR vs 0.1%).
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.
Olympic Steel, Inc. is a metals service center based in Cleveland, Ohio. The company processes and distributes carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminium alloy, tin plate, and metal-intensive branded products primarily in the United States. Metals processing and value added services include tempering, stretch leveling, cutting-to-length, slitting, edging, shearing, blanking, burning, forming, shot blasting, laser punching, plate rolling, fabricating, machi...
UPST vs ZEUS — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $308.2M | $490.7M |
| Net Profit | $-6.6M | $2.2M |
| Gross Margin | — | — |
| Operating Margin | -2.4% | 1.5% |
| Net Margin | -2.2% | 0.4% |
| Revenue YoY | 44.4% | 4.4% |
| Net Profit YoY | -171.6% | -21.2% |
| EPS (diluted) | $-0.07 | $0.18 |
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 | — | ||
| Q3 25 | $277.1M | $490.7M | ||
| Q2 25 | $257.3M | $496.5M | ||
| Q1 25 | $213.4M | $492.9M | ||
| Q4 24 | $219.0M | $418.8M | ||
| Q3 24 | $162.1M | $470.0M | ||
| Q2 24 | $127.6M | $526.3M |
| Q1 26 | $-6.6M | — | ||
| Q4 25 | $18.6M | — | ||
| Q3 25 | $31.8M | $2.2M | ||
| Q2 25 | $5.6M | $5.2M | ||
| Q1 25 | $-2.4M | $2.5M | ||
| Q4 24 | $-2.8M | $3.9M | ||
| Q3 24 | $-6.8M | $2.7M | ||
| Q2 24 | $-54.5M | $7.7M |
| Q1 26 | -2.4% | — | ||
| Q4 25 | 6.4% | — | ||
| Q3 25 | 8.5% | 1.5% | ||
| Q2 25 | 1.8% | 2.3% | ||
| Q1 25 | -2.1% | 1.6% | ||
| Q4 24 | -2.2% | 2.1% | ||
| Q3 24 | -27.8% | 1.7% | ||
| Q2 24 | -43.5% | 2.9% |
| Q1 26 | -2.2% | — | ||
| Q4 25 | 6.3% | — | ||
| Q3 25 | 11.5% | 0.4% | ||
| Q2 25 | 2.2% | 1.1% | ||
| Q1 25 | -1.1% | 0.5% | ||
| Q4 24 | -1.3% | 0.9% | ||
| Q3 24 | -4.2% | 0.6% | ||
| Q2 24 | -42.7% | 1.5% |
| Q1 26 | $-0.07 | — | ||
| Q4 25 | $0.20 | — | ||
| Q3 25 | $0.23 | $0.18 | ||
| Q2 25 | $0.05 | $0.45 | ||
| Q1 25 | $-0.03 | $0.21 | ||
| Q4 24 | $-0.01 | $0.33 | ||
| Q3 24 | $-0.07 | $0.23 | ||
| Q2 24 | $-0.62 | $0.66 |
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 | $7.5M |
| Total DebtLower is stronger | — | $240.9M |
| Stockholders' EquityBook value | $733.2M | $579.1M |
| Total Assets | $3.0B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $472.9M | — | ||
| Q4 25 | $652.4M | — | ||
| Q3 25 | $489.8M | $7.5M | ||
| Q2 25 | $395.9M | $14.8M | ||
| Q1 25 | $599.8M | $13.3M | ||
| Q4 24 | $788.4M | $11.9M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | — | $9.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $240.9M | ||
| Q2 25 | — | $233.2M | ||
| Q1 25 | — | $235.4M | ||
| Q4 24 | — | $272.5M | ||
| Q3 24 | — | $197.3M | ||
| Q2 24 | — | $209.2M |
| Q1 26 | $733.2M | — | ||
| Q4 25 | $798.8M | — | ||
| Q3 25 | $743.7M | $579.1M | ||
| Q2 25 | $722.0M | $578.2M | ||
| Q1 25 | $676.6M | $574.2M | ||
| Q4 24 | $633.2M | $573.9M | ||
| Q3 24 | $595.5M | $570.6M | ||
| Q2 24 | $594.7M | $569.5M |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.0B | — | ||
| Q3 25 | $2.9B | $1.1B | ||
| Q2 25 | $2.5B | $1.1B | ||
| Q1 25 | $2.3B | $1.1B | ||
| Q4 24 | $2.4B | $1.0B | ||
| Q3 24 | $1.8B | $1.0B | ||
| Q2 24 | $1.8B | $1.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.40× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.35× | ||
| Q2 24 | — | 0.37× |
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 | $-5.4M |
| Free Cash FlowOCF − Capex | — | $-12.9M |
| FCF MarginFCF / Revenue | — | -2.6% |
| Capex IntensityCapex / Revenue | — | 1.5% |
| Cash ConversionOCF / Net Profit | — | -2.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-133.3M | — | ||
| Q4 25 | $108.6M | — | ||
| Q3 25 | $-122.6M | $-5.4M | ||
| Q2 25 | $-120.2M | $15.5M | ||
| Q1 25 | $-13.5M | $49.4M | ||
| Q4 24 | $-110.9M | $14.6M | ||
| Q3 24 | $179.3M | $24.6M | ||
| Q2 24 | $65.3M | $-2.9M |
| Q1 26 | — | — | ||
| Q4 25 | $108.4M | — | ||
| Q3 25 | $-122.7M | $-12.9M | ||
| Q2 25 | $-120.3M | $6.8M | ||
| Q1 25 | — | $40.6M | ||
| Q4 24 | — | $7.4M | ||
| Q3 24 | $179.2M | $15.6M | ||
| Q2 24 | $65.3M | $-11.3M |
| Q1 26 | — | — | ||
| Q4 25 | 36.6% | — | ||
| Q3 25 | -44.3% | -2.6% | ||
| Q2 25 | -46.7% | 1.4% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 1.8% | ||
| Q3 24 | 110.5% | 3.3% | ||
| Q2 24 | 51.1% | -2.2% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | 1.5% | ||
| Q2 25 | 0.0% | 1.7% | ||
| Q1 25 | 0.0% | 1.8% | ||
| Q4 24 | 0.0% | 1.7% | ||
| Q3 24 | 0.1% | 1.9% | ||
| Q2 24 | 0.0% | 1.6% |
| Q1 26 | — | — | ||
| Q4 25 | 5.82× | — | ||
| Q3 25 | -3.86× | -2.50× | ||
| Q2 25 | -21.43× | 2.96× | ||
| Q1 25 | — | 19.70× | ||
| Q4 24 | — | 3.75× | ||
| Q3 24 | — | 9.01× | ||
| Q2 24 | — | -0.38× |
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% |
ZEUS
| Carbon Flat Products | $268.2M | 55% |
| Specialty Metals Flat Products | $140.9M | 29% |
| Tubular And Pipe Products | $81.6M | 17% |
