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Side-by-side financial comparison of AEHR TEST SYSTEMS (AEHR) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
AEHR TEST SYSTEMS is the larger business by last-quarter revenue ($9.9M vs $8.7M, roughly 1.1× SWK Holdings Corp). On growth, AEHR TEST SYSTEMS posted the faster year-over-year revenue change (-26.5% vs -29.7%). SWK Holdings Corp produced more free cash flow last quarter ($26.8M vs $-1.6M). Over the past eight quarters, AEHR TEST SYSTEMS's revenue compounded faster (14.3% CAGR vs -12.5%).
Aehr Test Systems designs, manufactures and sells advanced test and burn-in systems for the global semiconductor industry. Its products help semiconductor manufacturers, packaging firms and chip designers validate reliability of logic, memory and power semiconductor devices, serving markets across North America, Asia and Europe.
SWK Holdings Corp is a specialty finance firm focused on the healthcare and life sciences sectors. It provides tailored financing solutions including royalty monetization, structured debt, and asset-backed lending to biotech, pharmaceutical, medical device and diagnostic companies, with its core market centered in North America.
AEHR vs SWKH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.9M | $8.7M |
| Net Profit | $-3.2M | $-19.4M |
| Gross Margin | 25.7% | — |
| Operating Margin | -47.0% | 9.9% |
| Net Margin | -32.7% | — |
| Revenue YoY | -26.5% | -29.7% |
| Net Profit YoY | -214.2% | -430.2% |
| EPS (diluted) | $-0.11 | $-1.59 |
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 | $9.9M | $8.7M | ||
| Q3 25 | $11.0M | $10.9M | ||
| Q2 25 | $14.1M | $10.1M | ||
| Q1 25 | $18.3M | $11.8M | ||
| Q4 24 | $13.5M | $12.4M | ||
| Q3 24 | $13.1M | $10.4M | ||
| Q2 24 | $16.6M | $10.8M | ||
| Q1 24 | $7.6M | $11.4M |
| Q4 25 | $-3.2M | $-19.4M | ||
| Q3 25 | $-2.1M | $8.8M | ||
| Q2 25 | $-2.9M | $3.5M | ||
| Q1 25 | $-643.0K | $4.5M | ||
| Q4 24 | $-1.0M | $5.9M | ||
| Q3 24 | $660.0K | $3.5M | ||
| Q2 24 | $23.9M | $3.7M | ||
| Q1 24 | $-1.5M | $468.0K |
| Q4 25 | 25.7% | — | ||
| Q3 25 | 33.9% | — | ||
| Q2 25 | 30.3% | — | ||
| Q1 25 | 39.2% | — | ||
| Q4 24 | 40.1% | — | ||
| Q3 24 | 54.0% | — | ||
| Q2 24 | 50.9% | — | ||
| Q1 24 | 41.7% | — |
| Q4 25 | -47.0% | 9.9% | ||
| Q3 25 | -37.1% | 61.3% | ||
| Q2 25 | -22.7% | 46.1% | ||
| Q1 25 | -6.1% | 68.6% | ||
| Q4 24 | -11.2% | 44.7% | ||
| Q3 24 | 1.2% | 39.2% | ||
| Q2 24 | 15.3% | 8.3% | ||
| Q1 24 | -27.1% | 9.5% |
| Q4 25 | -32.7% | — | ||
| Q3 25 | -19.0% | 80.7% | ||
| Q2 25 | -20.6% | 35.2% | ||
| Q1 25 | -3.5% | 38.4% | ||
| Q4 24 | -7.6% | 47.5% | ||
| Q3 24 | 5.0% | 33.3% | ||
| Q2 24 | 143.8% | 33.9% | ||
| Q1 24 | -19.4% | 4.1% |
| Q4 25 | $-0.11 | $-1.59 | ||
| Q3 25 | $-0.07 | $0.72 | ||
| Q2 25 | $-0.10 | $0.29 | ||
| Q1 25 | $-0.02 | $0.37 | ||
| Q4 24 | $-0.03 | $0.47 | ||
| Q3 24 | $0.02 | $0.28 | ||
| Q2 24 | $0.81 | $0.30 | ||
| Q1 24 | $-0.05 | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $30.8M | $42.8M |
| Total DebtLower is stronger | — | $33.0M |
| Stockholders' EquityBook value | $130.8M | $235.1M |
| Total Assets | $148.7M | $272.4M |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.8M | $42.8M | ||
| Q3 25 | $22.7M | $10.2M | ||
| Q2 25 | $24.5M | $8.0M | ||
| Q1 25 | $29.4M | $29.8M | ||
| Q4 24 | $32.2M | $5.9M | ||
| Q3 24 | $37.8M | $17.2M | ||
| Q2 24 | $49.2M | $5.5M | ||
| Q1 24 | $47.6M | $5.5M |
| Q4 25 | — | $33.0M | ||
| Q3 25 | — | $33.0M | ||
| Q2 25 | — | $33.0M | ||
| Q1 25 | — | $33.0M | ||
| Q4 24 | — | $33.0M | ||
| Q3 24 | — | $33.0M | ||
| Q2 24 | — | $33.0M | ||
| Q1 24 | — | $33.0M |
| Q4 25 | $130.8M | $235.1M | ||
| Q3 25 | $122.4M | $254.2M | ||
| Q2 25 | $122.9M | $246.5M | ||
| Q1 25 | $124.2M | $292.7M | ||
| Q4 24 | $123.2M | $288.7M | ||
| Q3 24 | $122.5M | $283.4M | ||
| Q2 24 | $111.6M | $282.8M | ||
| Q1 24 | $86.5M | $279.9M |
| Q4 25 | $148.7M | $272.4M | ||
| Q3 25 | $144.1M | $289.4M | ||
| Q2 25 | $148.5M | $285.7M | ||
| Q1 25 | $145.6M | $331.3M | ||
| Q4 24 | $142.3M | $332.2M | ||
| Q3 24 | $145.9M | $321.3M | ||
| Q2 24 | $127.9M | $321.0M | ||
| Q1 24 | $101.6M | $322.0M |
| Q4 25 | — | 0.14× | ||
| Q3 25 | — | 0.13× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.11× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $-1.2M | $27.3M |
| Free Cash FlowOCF − Capex | $-1.6M | $26.8M |
| FCF MarginFCF / Revenue | -16.6% | 308.1% |
| Capex IntensityCapex / Revenue | 4.7% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-11.7M | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2M | $27.3M | ||
| Q3 25 | $-282.0K | $906.0K | ||
| Q2 25 | $-2.3M | $7.8M | ||
| Q1 25 | $-1.6M | $8.3M | ||
| Q4 24 | $-5.9M | $23.0M | ||
| Q3 24 | $2.4M | $6.3M | ||
| Q2 24 | $1.2M | $5.4M | ||
| Q1 24 | $-2.8M | $4.4M |
| Q4 25 | $-1.6M | $26.8M | ||
| Q3 25 | $-1.7M | $557.0K | ||
| Q2 25 | $-5.1M | $7.7M | ||
| Q1 25 | $-3.3M | $8.2M | ||
| Q4 24 | $-6.2M | $22.9M | ||
| Q3 24 | $2.2M | $6.3M | ||
| Q2 24 | $1.2M | $5.4M | ||
| Q1 24 | $-3.1M | — |
| Q4 25 | -16.6% | 308.1% | ||
| Q3 25 | -15.3% | 5.1% | ||
| Q2 25 | -36.3% | 77.0% | ||
| Q1 25 | -17.8% | 69.1% | ||
| Q4 24 | -46.0% | 185.3% | ||
| Q3 24 | 16.6% | 60.4% | ||
| Q2 24 | 7.1% | 49.7% | ||
| Q1 24 | -40.8% | — |
| Q4 25 | 4.7% | 5.9% | ||
| Q3 25 | 12.7% | 3.2% | ||
| Q2 25 | 20.0% | 0.6% | ||
| Q1 25 | 9.0% | 0.8% | ||
| Q4 24 | 2.4% | 1.1% | ||
| Q3 24 | 1.5% | 0.3% | ||
| Q2 24 | 0.3% | 0.2% | ||
| Q1 24 | 3.5% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.10× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | — | 3.93× | ||
| Q3 24 | 3.61× | 1.82× | ||
| Q2 24 | 0.05× | 1.47× | ||
| Q1 24 | — | 9.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AEHR
| Systems | $5.0M | 50% |
| Contactors | $3.4M | 35% |
| Services | $1.5M | 15% |
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
