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Side-by-side financial comparison of CSP INC (CSPI) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
CSP INC is the larger business by last-quarter revenue ($12.0M vs $8.7M, roughly 1.4× SWK Holdings Corp). On growth, CSP INC posted the faster year-over-year revenue change (-23.2% vs -29.7%). SWK Holdings Corp produced more free cash flow last quarter ($26.8M vs $-3.0M). Over the past eight quarters, CSP INC's revenue compounded faster (-6.3% CAGR vs -12.5%).
CSP Inc. is a U.S.-based technology firm offering cybersecurity solutions, managed IT services, high-performance computing systems, and IT consulting support. It serves enterprises across healthcare, finance, manufacturing, and public sectors in North America and select global markets.
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.
CSPI vs SWKH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $8.7M |
| Net Profit | $91.0K | $-19.4M |
| Gross Margin | 39.3% | — |
| Operating Margin | -0.9% | 9.9% |
| Net Margin | 0.8% | — |
| Revenue YoY | -23.2% | -29.7% |
| Net Profit YoY | -80.7% | -430.2% |
| EPS (diluted) | $0.01 | $-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 | $12.0M | $8.7M | ||
| Q3 25 | $14.5M | $10.9M | ||
| Q2 25 | $15.4M | $10.1M | ||
| Q1 25 | $13.1M | $11.8M | ||
| Q4 24 | $15.7M | $12.4M | ||
| Q3 24 | $13.0M | $10.4M | ||
| Q2 24 | $13.1M | $10.8M | ||
| Q1 24 | $13.7M | $11.4M |
| Q4 25 | $91.0K | $-19.4M | ||
| Q3 25 | $-191.0K | $8.8M | ||
| Q2 25 | $-264.0K | $3.5M | ||
| Q1 25 | $-108.0K | $4.5M | ||
| Q4 24 | $472.0K | $5.9M | ||
| Q3 24 | $-1.7M | $3.5M | ||
| Q2 24 | $-185.0K | $3.7M | ||
| Q1 24 | $1.6M | $468.0K |
| Q4 25 | 39.3% | — | ||
| Q3 25 | 36.6% | — | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 32.0% | — | ||
| Q4 24 | 29.1% | — | ||
| Q3 24 | 28.4% | — | ||
| Q2 24 | 35.0% | — | ||
| Q1 24 | 47.3% | — |
| Q4 25 | -0.9% | 9.9% | ||
| Q3 25 | -3.7% | 61.3% | ||
| Q2 25 | -7.9% | 46.1% | ||
| Q1 25 | -7.6% | 68.6% | ||
| Q4 24 | -2.3% | 44.7% | ||
| Q3 24 | -15.7% | 39.2% | ||
| Q2 24 | -5.5% | 8.3% | ||
| Q1 24 | 9.0% | 9.5% |
| Q4 25 | 0.8% | — | ||
| Q3 25 | -1.3% | 80.7% | ||
| Q2 25 | -1.7% | 35.2% | ||
| Q1 25 | -0.8% | 38.4% | ||
| Q4 24 | 3.0% | 47.5% | ||
| Q3 24 | -12.7% | 33.3% | ||
| Q2 24 | -1.4% | 33.9% | ||
| Q1 24 | 11.6% | 4.1% |
| Q4 25 | $0.01 | $-1.59 | ||
| Q3 25 | $-0.02 | $0.72 | ||
| Q2 25 | $-0.03 | $0.29 | ||
| Q1 25 | $-0.01 | $0.37 | ||
| Q4 24 | $0.05 | $0.47 | ||
| Q3 24 | $-0.17 | $0.28 | ||
| Q2 24 | $-0.02 | $0.30 | ||
| Q1 24 | $0.16 | $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 | $24.9M | $42.8M |
| Total DebtLower is stronger | — | $33.0M |
| Stockholders' EquityBook value | $44.8M | $235.1M |
| Total Assets | $69.2M | $272.4M |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.9M | $42.8M | ||
| Q3 25 | $27.4M | $10.2M | ||
| Q2 25 | $26.3M | $8.0M | ||
| Q1 25 | $29.5M | $29.8M | ||
| Q4 24 | $30.7M | $5.9M | ||
| Q3 24 | $30.6M | $17.2M | ||
| Q2 24 | $28.9M | $5.5M | ||
| Q1 24 | $27.1M | $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 | $44.8M | $235.1M | ||
| Q3 25 | $44.6M | $254.2M | ||
| Q2 25 | $47.5M | $246.5M | ||
| Q1 25 | $47.5M | $292.7M | ||
| Q4 24 | $47.5M | $288.7M | ||
| Q3 24 | $47.3M | $283.4M | ||
| Q2 24 | $48.1M | $282.8M | ||
| Q1 24 | $48.2M | $279.9M |
| Q4 25 | $69.2M | $272.4M | ||
| Q3 25 | $71.2M | $289.4M | ||
| Q2 25 | $66.8M | $285.7M | ||
| Q1 25 | $67.1M | $331.3M | ||
| Q4 24 | $67.5M | $332.2M | ||
| Q3 24 | $69.4M | $321.3M | ||
| Q2 24 | $66.8M | $321.0M | ||
| Q1 24 | $64.2M | $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 | $-2.9M | $27.3M |
| Free Cash FlowOCF − Capex | $-3.0M | $26.8M |
| FCF MarginFCF / Revenue | -25.1% | 308.1% |
| Capex IntensityCapex / Revenue | 0.9% | 5.9% |
| Cash ConversionOCF / Net Profit | -32.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-2.8M | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.9M | $27.3M | ||
| Q3 25 | $1.9M | $906.0K | ||
| Q2 25 | $-3.3M | $7.8M | ||
| Q1 25 | $1.9M | $8.3M | ||
| Q4 24 | $1.7M | $23.0M | ||
| Q3 24 | $-1.5M | $6.3M | ||
| Q2 24 | $2.4M | $5.4M | ||
| Q1 24 | $1.7M | $4.4M |
| Q4 25 | $-3.0M | $26.8M | ||
| Q3 25 | $1.7M | $557.0K | ||
| Q2 25 | $-3.3M | $7.7M | ||
| Q1 25 | $1.9M | $8.2M | ||
| Q4 24 | $1.7M | $22.9M | ||
| Q3 24 | $-1.5M | $6.3M | ||
| Q2 24 | $2.4M | $5.4M | ||
| Q1 24 | $1.6M | — |
| Q4 25 | -25.1% | 308.1% | ||
| Q3 25 | 11.5% | 5.1% | ||
| Q2 25 | -21.7% | 77.0% | ||
| Q1 25 | 14.5% | 69.1% | ||
| Q4 24 | 10.8% | 185.3% | ||
| Q3 24 | -11.7% | 60.4% | ||
| Q2 24 | 17.9% | 49.7% | ||
| Q1 24 | 11.9% | — |
| Q4 25 | 0.9% | 5.9% | ||
| Q3 25 | 1.6% | 3.2% | ||
| Q2 25 | 0.4% | 0.6% | ||
| Q1 25 | 0.1% | 0.8% | ||
| Q4 24 | 0.3% | 1.1% | ||
| Q3 24 | 0.1% | 0.3% | ||
| Q2 24 | 0.3% | 0.2% | ||
| Q1 24 | 0.1% | 0.0% |
| Q4 25 | -32.04× | — | ||
| Q3 25 | — | 0.10× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | 3.69× | 3.93× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | 1.04× | 9.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSPI
| Products | $6.7M | 56% |
| Services | $5.3M | 44% |
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
