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Side-by-side financial comparison of BRC Inc. (BRCC) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
BRC Inc. is the larger business by last-quarter revenue ($112.7M vs $100.0M, roughly 1.1× Latham Group, Inc.). BRC Inc. runs the higher net margin — -2.8% vs -7.0%, a 4.2% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 6.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-9.4M). Over the past eight quarters, BRC Inc.'s revenue compounded faster (7.0% CAGR vs -4.9%).
BRC Inc., operating under the Black Rifle Coffee brand, is a U.S.-headquartered premium coffee and lifestyle brand. It sells roasted coffee beans, ready-to-drink coffee products, branded apparel, and outdoor gear, targeting primarily veteran, first responder, and outdoor enthusiast consumer segments across North America, via both e-commerce and physical retail channels.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
BRCC vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $112.7M | $100.0M |
| Net Profit | $-3.2M | $-7.0M |
| Gross Margin | 32.1% | 28.0% |
| Operating Margin | -6.3% | -10.7% |
| Net Margin | -2.8% | -7.0% |
| Revenue YoY | 6.5% | 14.5% |
| Net Profit YoY | -29.3% | 76.0% |
| EPS (diluted) | $-0.02 | $-0.06 |
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 | $112.7M | $100.0M | ||
| Q3 25 | $100.7M | $161.9M | ||
| Q2 25 | $94.8M | $172.6M | ||
| Q1 25 | $90.0M | $111.4M | ||
| Q4 24 | $105.9M | $87.3M | ||
| Q3 24 | $98.2M | $150.5M | ||
| Q2 24 | $89.0M | $160.1M | ||
| Q1 24 | $98.4M | $110.6M |
| Q4 25 | $-3.2M | $-7.0M | ||
| Q3 25 | $-486.0K | $8.1M | ||
| Q2 25 | $-5.3M | $16.0M | ||
| Q1 25 | $-2.9M | $-6.0M | ||
| Q4 24 | $-2.5M | $-29.2M | ||
| Q3 24 | $-535.0K | $5.9M | ||
| Q2 24 | $-482.0K | $13.3M | ||
| Q1 24 | $548.0K | $-7.9M |
| Q4 25 | 32.1% | 28.0% | ||
| Q3 25 | 36.9% | 35.4% | ||
| Q2 25 | 33.9% | 37.1% | ||
| Q1 25 | 36.1% | 29.5% | ||
| Q4 24 | 38.1% | 24.6% | ||
| Q3 24 | 42.1% | 32.4% | ||
| Q2 24 | 41.9% | 33.1% | ||
| Q1 24 | 42.9% | 27.7% |
| Q4 25 | -6.3% | -10.7% | ||
| Q3 25 | 0.5% | 13.3% | ||
| Q2 25 | -13.3% | 14.3% | ||
| Q1 25 | -6.0% | -4.4% | ||
| Q4 24 | -2.1% | -14.9% | ||
| Q3 24 | 1.1% | 8.9% | ||
| Q2 24 | 1.1% | 12.5% | ||
| Q1 24 | 4.0% | -1.9% |
| Q4 25 | -2.8% | -7.0% | ||
| Q3 25 | -0.5% | 5.0% | ||
| Q2 25 | -5.6% | 9.3% | ||
| Q1 25 | -3.2% | -5.4% | ||
| Q4 24 | -2.3% | -33.4% | ||
| Q3 24 | -0.5% | 3.9% | ||
| Q2 24 | -0.5% | 8.3% | ||
| Q1 24 | 0.6% | -7.1% |
| Q4 25 | $-0.02 | $-0.06 | ||
| Q3 25 | $0.00 | $0.07 | ||
| Q2 25 | $-0.07 | $0.13 | ||
| Q1 25 | $-0.04 | $-0.05 | ||
| Q4 24 | $-0.03 | $-0.24 | ||
| Q3 24 | $-0.01 | $0.05 | ||
| Q2 24 | $-0.01 | $0.11 | ||
| Q1 24 | $0.01 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.3M | — |
| Total DebtLower is stronger | $34.7M | $279.8M |
| Stockholders' EquityBook value | $45.7M | $405.9M |
| Total Assets | $209.2M | $823.2M |
| Debt / EquityLower = less leverage | 0.76× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.3M | — | ||
| Q3 25 | $9.5M | — | ||
| Q2 25 | $4.3M | — | ||
| Q1 25 | $3.9M | — | ||
| Q4 24 | $6.8M | — | ||
| Q3 24 | $7.3M | — | ||
| Q2 24 | $9.6M | — | ||
| Q1 24 | $4.0M | — |
| Q4 25 | $34.7M | $279.8M | ||
| Q3 25 | $35.0M | $281.1M | ||
| Q2 25 | $72.7M | $281.5M | ||
| Q1 25 | $68.8M | $306.9M | ||
| Q4 24 | $65.1M | $281.5M | ||
| Q3 24 | $64.9M | $282.8M | ||
| Q2 24 | $66.5M | $282.4M | ||
| Q1 24 | $61.5M | $282.8M |
| Q4 25 | $45.7M | $405.9M | ||
| Q3 25 | $48.0M | $408.4M | ||
| Q2 25 | $10.1M | $398.4M | ||
| Q1 25 | $11.2M | $381.1M | ||
| Q4 24 | $13.2M | $387.2M | ||
| Q3 24 | $14.5M | $416.6M | ||
| Q2 24 | $14.9M | $408.1M | ||
| Q1 24 | $14.6M | $391.8M |
| Q4 25 | $209.2M | $823.2M | ||
| Q3 25 | $222.4M | $844.4M | ||
| Q2 25 | $225.3M | $822.1M | ||
| Q1 25 | $222.9M | $824.6M | ||
| Q4 24 | $227.4M | $794.2M | ||
| Q3 24 | $233.7M | $853.4M | ||
| Q2 24 | $229.9M | $830.0M | ||
| Q1 24 | $227.2M | $808.6M |
| Q4 25 | 0.76× | 0.69× | ||
| Q3 25 | 0.73× | 0.69× | ||
| Q2 25 | 7.19× | 0.71× | ||
| Q1 25 | 6.15× | 0.81× | ||
| Q4 24 | 4.94× | 0.73× | ||
| Q3 24 | 4.47× | 0.68× | ||
| Q2 24 | 4.46× | 0.69× | ||
| Q1 24 | 4.21× | 0.72× |
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 | $-8.7M | $23.3M |
| Free Cash FlowOCF − Capex | $-9.4M | $14.1M |
| FCF MarginFCF / Revenue | -8.3% | 14.1% |
| Capex IntensityCapex / Revenue | 0.6% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-13.5M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.7M | $23.3M | ||
| Q3 25 | $6.4M | $51.0M | ||
| Q2 25 | $-3.3M | $36.0M | ||
| Q1 25 | $-4.1M | $-46.9M | ||
| Q4 24 | $2.2M | $6.2M | ||
| Q3 24 | $1.9M | $37.2M | ||
| Q2 24 | $2.3M | $52.4M | ||
| Q1 24 | $4.9M | $-34.5M |
| Q4 25 | $-9.4M | $14.1M | ||
| Q3 25 | $5.6M | $45.2M | ||
| Q2 25 | $-4.3M | $29.1M | ||
| Q1 25 | $-5.3M | $-50.3M | ||
| Q4 24 | $504.0K | $-98.0K | ||
| Q3 24 | $-205.0K | $33.2M | ||
| Q2 24 | $147.0K | $47.9M | ||
| Q1 24 | $2.2M | $-39.9M |
| Q4 25 | -8.3% | 14.1% | ||
| Q3 25 | 5.5% | 27.9% | ||
| Q2 25 | -4.5% | 16.8% | ||
| Q1 25 | -5.9% | -45.2% | ||
| Q4 24 | 0.5% | -0.1% | ||
| Q3 24 | -0.2% | 22.1% | ||
| Q2 24 | 0.2% | 29.9% | ||
| Q1 24 | 2.2% | -36.0% |
| Q4 25 | 0.6% | 9.2% | ||
| Q3 25 | 0.8% | 3.6% | ||
| Q2 25 | 1.0% | 4.0% | ||
| Q1 25 | 1.3% | 3.1% | ||
| Q4 24 | 1.6% | 7.2% | ||
| Q3 24 | 2.2% | 2.7% | ||
| Q2 24 | 2.4% | 2.8% | ||
| Q1 24 | 2.8% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| Q1 24 | 8.97× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRCC
| Sales Channel Through Intermediary | $72.9M | 65% |
| Sales Channel Directly To Consumer | $34.4M | 31% |
| Outpost | $5.4M | 5% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
