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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
Bitcoin Depot Inc. is the larger business by last-quarter revenue ($162.5M vs $124.7M, roughly 1.3× SMITH & WESSON BRANDS, INC.). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs 1.5%, a 1.9% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs -3.9%). SMITH & WESSON BRANDS, INC. produced more free cash flow last quarter ($16.3M vs $2.5M). Over the past eight quarters, SMITH & WESSON BRANDS, INC.'s revenue compounded faster (-4.8% CAGR vs -4.9%).
Bitcoin Depot Inc. is one of the largest cryptocurrency ATM operators across North America. It provides retail consumers with accessible in-person kiosks to buy and sell Bitcoin and other leading digital assets, alongside online crypto purchase services via bank transfer. Its self-service kiosks are located in high-traffic retail spaces including grocery stores, gas stations and convenience stores.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
BTM vs SWBI — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $124.7M |
| Net Profit | $5.5M | $1.9M |
| Gross Margin | — | 24.3% |
| Operating Margin | 7.3% | 3.3% |
| Net Margin | 3.4% | 1.5% |
| Revenue YoY | 20.1% | -3.9% |
| Net Profit YoY | 690.4% | -53.6% |
| EPS (diluted) | $0.08 | $0.04 |
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 | — | $124.7M | ||
| Q3 25 | $162.5M | $85.1M | ||
| Q2 25 | $172.1M | $140.8M | ||
| Q1 25 | $164.2M | $115.9M | ||
| Q4 24 | — | $129.7M | ||
| Q3 24 | $135.3M | $88.3M | ||
| Q2 24 | $163.1M | $159.1M | ||
| Q1 24 | $138.5M | $137.5M |
| Q4 25 | — | $1.9M | ||
| Q3 25 | $5.5M | $-3.4M | ||
| Q2 25 | $6.1M | $8.6M | ||
| Q1 25 | $4.2M | $2.1M | ||
| Q4 24 | — | $4.5M | ||
| Q3 24 | $-939.0K | $-1.9M | ||
| Q2 24 | $-2.6M | $27.9M | ||
| Q1 24 | $-1.5M | $7.9M |
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | — | 27.4% | ||
| Q2 24 | — | 35.5% | ||
| Q1 24 | — | 28.7% |
| Q4 25 | — | 3.3% | ||
| Q3 25 | 7.3% | -3.5% | ||
| Q2 25 | 9.2% | 9.3% | ||
| Q1 25 | 10.8% | 4.1% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | 4.1% | -1.7% | ||
| Q2 24 | 4.7% | 17.4% | ||
| Q1 24 | 0.5% | 8.2% |
| Q4 25 | — | 1.5% | ||
| Q3 25 | 3.4% | -4.0% | ||
| Q2 25 | 3.5% | 6.1% | ||
| Q1 25 | 2.6% | 1.8% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | -0.7% | -2.1% | ||
| Q2 24 | -1.6% | 17.5% | ||
| Q1 24 | -1.1% | 5.7% |
| Q4 25 | — | $0.04 | ||
| Q3 25 | $0.08 | $-0.08 | ||
| Q2 25 | $0.16 | $0.19 | ||
| Q1 25 | $0.20 | $0.05 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | $-0.05 | $-0.04 | ||
| Q2 24 | $-0.13 | $0.60 | ||
| Q1 24 | $-0.25 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $59.3M | $22.4M |
| Total DebtLower is stronger | $67.5M | — |
| Stockholders' EquityBook value | $21.0M | $363.2M |
| Total Assets | $125.3M | $548.6M |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $22.4M | ||
| Q3 25 | $59.3M | $18.0M | ||
| Q2 25 | $48.0M | $25.2M | ||
| Q1 25 | $35.0M | $26.7M | ||
| Q4 24 | — | $39.1M | ||
| Q3 24 | $32.2M | $35.5M | ||
| Q2 24 | $43.9M | $60.8M | ||
| Q1 24 | $42.2M | $47.4M |
| Q4 25 | — | — | ||
| Q3 25 | $67.5M | — | ||
| Q2 25 | $66.5M | — | ||
| Q1 25 | $56.2M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $44.5M | — | ||
| Q2 24 | $41.2M | — | ||
| Q1 24 | $37.6M | — |
| Q4 25 | — | $363.2M | ||
| Q3 25 | $21.0M | $364.4M | ||
| Q2 25 | $4.7M | $372.5M | ||
| Q1 25 | $-4.6M | $366.9M | ||
| Q4 24 | — | $371.5M | ||
| Q3 24 | $-7.9M | $380.0M | ||
| Q2 24 | $4.4M | $399.9M | ||
| Q1 24 | $5.0M | $376.4M |
| Q4 25 | — | $548.6M | ||
| Q3 25 | $125.3M | $554.6M | ||
| Q2 25 | $109.1M | $559.6M | ||
| Q1 25 | $89.7M | $578.9M | ||
| Q4 24 | — | $587.4M | ||
| Q3 24 | $87.4M | $571.3M | ||
| Q2 24 | $97.5M | $577.4M | ||
| Q1 24 | $90.1M | $570.6M |
| Q4 25 | — | — | ||
| Q3 25 | 3.21× | — | ||
| Q2 25 | 14.18× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 9.27× | — | ||
| Q1 24 | 7.54× | — |
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 | $6.6M | $27.3M |
| Free Cash FlowOCF − Capex | $2.5M | $16.3M |
| FCF MarginFCF / Revenue | 1.6% | 13.1% |
| Capex IntensityCapex / Revenue | 2.5% | 8.8% |
| Cash ConversionOCF / Net Profit | 1.20× | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.3M | ||
| Q3 25 | $6.6M | $-8.1M | ||
| Q2 25 | $10.2M | $40.8M | ||
| Q1 25 | $16.3M | $-9.8M | ||
| Q4 24 | — | $-7.4M | ||
| Q3 24 | $5.8M | $-30.8M | ||
| Q2 24 | $10.1M | $43.7M | ||
| Q1 24 | $1.3M | $25.2M |
| Q4 25 | — | $16.3M | ||
| Q3 25 | $2.5M | $-12.4M | ||
| Q2 25 | $9.8M | $33.5M | ||
| Q1 25 | $15.9M | $-16.1M | ||
| Q4 24 | — | $-10.7M | ||
| Q3 24 | $-1.0M | $-35.5M | ||
| Q2 24 | $7.6M | $38.2M | ||
| Q1 24 | $789.0K | $7.0M |
| Q4 25 | — | 13.1% | ||
| Q3 25 | 1.6% | -14.6% | ||
| Q2 25 | 5.7% | 23.8% | ||
| Q1 25 | 9.7% | -13.9% | ||
| Q4 24 | — | -8.3% | ||
| Q3 24 | -0.8% | -40.2% | ||
| Q2 24 | 4.7% | 24.0% | ||
| Q1 24 | 0.6% | 5.1% |
| Q4 25 | — | 8.8% | ||
| Q3 25 | 2.5% | 5.0% | ||
| Q2 25 | 0.2% | 5.2% | ||
| Q1 25 | 0.2% | 5.4% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | 5.0% | 5.3% | ||
| Q2 24 | 1.5% | 3.5% | ||
| Q1 24 | 0.4% | 13.2% |
| Q4 25 | — | 14.22× | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | 1.67× | 4.73× | ||
| Q1 25 | 3.88× | -4.68× | ||
| Q4 24 | — | -1.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.57× | ||
| Q1 24 | — | 3.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
