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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Bitcoin Depot Inc. is the larger business by last-quarter revenue ($162.5M vs $100.0M, roughly 1.6× Latham Group, Inc.). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs -7.0%, a 10.4% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $2.5M). Over the past eight quarters, Bitcoin Depot Inc.'s revenue compounded faster (-4.9% 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.
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.
BTM vs SWIM — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $100.0M |
| Net Profit | $5.5M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | 7.3% | -10.7% |
| Net Margin | 3.4% | -7.0% |
| Revenue YoY | 20.1% | 14.5% |
| Net Profit YoY | 690.4% | 76.0% |
| EPS (diluted) | $0.08 | $-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 | — | $100.0M | ||
| Q3 25 | $162.5M | $161.9M | ||
| Q2 25 | $172.1M | $172.6M | ||
| Q1 25 | $164.2M | $111.4M | ||
| Q4 24 | — | $87.3M | ||
| Q3 24 | $135.3M | $150.5M | ||
| Q2 24 | $163.1M | $160.1M | ||
| Q1 24 | $138.5M | $110.6M |
| Q4 25 | — | $-7.0M | ||
| Q3 25 | $5.5M | $8.1M | ||
| Q2 25 | $6.1M | $16.0M | ||
| Q1 25 | $4.2M | $-6.0M | ||
| Q4 24 | — | $-29.2M | ||
| Q3 24 | $-939.0K | $5.9M | ||
| Q2 24 | $-2.6M | $13.3M | ||
| Q1 24 | $-1.5M | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | — | -10.7% | ||
| Q3 25 | 7.3% | 13.3% | ||
| Q2 25 | 9.2% | 14.3% | ||
| Q1 25 | 10.8% | -4.4% | ||
| Q4 24 | — | -14.9% | ||
| Q3 24 | 4.1% | 8.9% | ||
| Q2 24 | 4.7% | 12.5% | ||
| Q1 24 | 0.5% | -1.9% |
| Q4 25 | — | -7.0% | ||
| Q3 25 | 3.4% | 5.0% | ||
| Q2 25 | 3.5% | 9.3% | ||
| Q1 25 | 2.6% | -5.4% | ||
| Q4 24 | — | -33.4% | ||
| Q3 24 | -0.7% | 3.9% | ||
| Q2 24 | -1.6% | 8.3% | ||
| Q1 24 | -1.1% | -7.1% |
| Q4 25 | — | $-0.06 | ||
| Q3 25 | $0.08 | $0.07 | ||
| Q2 25 | $0.16 | $0.13 | ||
| Q1 25 | $0.20 | $-0.05 | ||
| Q4 24 | — | $-0.24 | ||
| Q3 24 | $-0.05 | $0.05 | ||
| Q2 24 | $-0.13 | $0.11 | ||
| Q1 24 | $-0.25 | $-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 | $59.3M | — |
| Total DebtLower is stronger | $67.5M | $279.8M |
| Stockholders' EquityBook value | $21.0M | $405.9M |
| Total Assets | $125.3M | $823.2M |
| Debt / EquityLower = less leverage | 3.21× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $59.3M | — | ||
| Q2 25 | $48.0M | — | ||
| Q1 25 | $35.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $32.2M | — | ||
| Q2 24 | $43.9M | — | ||
| Q1 24 | $42.2M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | $67.5M | $281.1M | ||
| Q2 25 | $66.5M | $281.5M | ||
| Q1 25 | $56.2M | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | $44.5M | $282.8M | ||
| Q2 24 | $41.2M | $282.4M | ||
| Q1 24 | $37.6M | $282.8M |
| Q4 25 | — | $405.9M | ||
| Q3 25 | $21.0M | $408.4M | ||
| Q2 25 | $4.7M | $398.4M | ||
| Q1 25 | $-4.6M | $381.1M | ||
| Q4 24 | — | $387.2M | ||
| Q3 24 | $-7.9M | $416.6M | ||
| Q2 24 | $4.4M | $408.1M | ||
| Q1 24 | $5.0M | $391.8M |
| Q4 25 | — | $823.2M | ||
| Q3 25 | $125.3M | $844.4M | ||
| Q2 25 | $109.1M | $822.1M | ||
| Q1 25 | $89.7M | $824.6M | ||
| Q4 24 | — | $794.2M | ||
| Q3 24 | $87.4M | $853.4M | ||
| Q2 24 | $97.5M | $830.0M | ||
| Q1 24 | $90.1M | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | 3.21× | 0.69× | ||
| Q2 25 | 14.18× | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | 9.27× | 0.69× | ||
| Q1 24 | 7.54× | 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 | $6.6M | $23.3M |
| Free Cash FlowOCF − Capex | $2.5M | $14.1M |
| FCF MarginFCF / Revenue | 1.6% | 14.1% |
| Capex IntensityCapex / Revenue | 2.5% | 9.2% |
| Cash ConversionOCF / Net Profit | 1.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.3M | ||
| Q3 25 | $6.6M | $51.0M | ||
| Q2 25 | $10.2M | $36.0M | ||
| Q1 25 | $16.3M | $-46.9M | ||
| Q4 24 | — | $6.2M | ||
| Q3 24 | $5.8M | $37.2M | ||
| Q2 24 | $10.1M | $52.4M | ||
| Q1 24 | $1.3M | $-34.5M |
| Q4 25 | — | $14.1M | ||
| Q3 25 | $2.5M | $45.2M | ||
| Q2 25 | $9.8M | $29.1M | ||
| Q1 25 | $15.9M | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | $-1.0M | $33.2M | ||
| Q2 24 | $7.6M | $47.9M | ||
| Q1 24 | $789.0K | $-39.9M |
| Q4 25 | — | 14.1% | ||
| Q3 25 | 1.6% | 27.9% | ||
| Q2 25 | 5.7% | 16.8% | ||
| Q1 25 | 9.7% | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | -0.8% | 22.1% | ||
| Q2 24 | 4.7% | 29.9% | ||
| Q1 24 | 0.6% | -36.0% |
| Q4 25 | — | 9.2% | ||
| Q3 25 | 2.5% | 3.6% | ||
| Q2 25 | 0.2% | 4.0% | ||
| Q1 25 | 0.2% | 3.1% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | 5.0% | 2.7% | ||
| Q2 24 | 1.5% | 2.8% | ||
| Q1 24 | 0.4% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | 1.20× | 6.29× | ||
| Q2 25 | 1.67× | 2.25× | ||
| Q1 25 | 3.88× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTM
Segment breakdown not available.
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
