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Side-by-side financial comparison of Journey Medical Corp (DERM) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
Journey Medical Corp is the larger business by last-quarter revenue ($16.1M vs $8.7M, roughly 1.8× SWK Holdings Corp). On growth, Journey Medical Corp posted the faster year-over-year revenue change (27.3% vs -29.7%). Over the past eight quarters, Journey Medical Corp's revenue compounded faster (11.0% CAGR vs -12.5%).
Journey Medical Corp is a commercial-stage biopharmaceutical company specializing in dermatology treatments. It develops, manufactures and markets prescription and over-the-counter products addressing acne, atopic dermatitis, fungal skin infections and other dermal conditions, primarily serving healthcare providers and patients across the United States.
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.
DERM vs SWKH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $16.1M | $8.7M |
| Net Profit | $-1.2M | $-19.4M |
| Gross Margin | — | — |
| Operating Margin | -2.8% | 9.9% |
| Net Margin | -7.8% | — |
| Revenue YoY | 27.3% | -29.7% |
| Net Profit YoY | -182.0% | -430.2% |
| EPS (diluted) | $-0.04 | $-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 | $16.1M | $8.7M | ||
| Q3 25 | $17.0M | $10.9M | ||
| Q2 25 | $15.0M | $10.1M | ||
| Q1 25 | $13.1M | $11.8M | ||
| Q4 24 | $12.6M | $12.4M | ||
| Q3 24 | $14.6M | $10.4M | ||
| Q2 24 | $14.9M | $10.8M | ||
| Q1 24 | $13.0M | $11.4M |
| Q4 25 | $-1.2M | $-19.4M | ||
| Q3 25 | $-2.3M | $8.8M | ||
| Q2 25 | $-3.8M | $3.5M | ||
| Q1 25 | $-4.1M | $4.5M | ||
| Q4 24 | $1.5M | $5.9M | ||
| Q3 24 | $-2.4M | $3.5M | ||
| Q2 24 | $-3.4M | $3.7M | ||
| Q1 24 | $-10.4M | $468.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 82.3% | — | ||
| Q3 24 | 63.9% | — | ||
| Q2 24 | 56.0% | — | ||
| Q1 24 | 47.7% | — |
| Q4 25 | -2.8% | 9.9% | ||
| Q3 25 | -9.0% | 61.3% | ||
| Q2 25 | -19.2% | 46.1% | ||
| Q1 25 | -25.3% | 68.6% | ||
| Q4 24 | 17.7% | 44.7% | ||
| Q3 24 | -19.8% | 39.2% | ||
| Q2 24 | -19.7% | 8.3% | ||
| Q1 24 | -77.4% | 9.5% |
| Q4 25 | -7.8% | — | ||
| Q3 25 | -13.6% | 80.7% | ||
| Q2 25 | -25.3% | 35.2% | ||
| Q1 25 | -31.0% | 38.4% | ||
| Q4 24 | 12.1% | 47.5% | ||
| Q3 24 | -16.3% | 33.3% | ||
| Q2 24 | -22.6% | 33.9% | ||
| Q1 24 | -80.1% | 4.1% |
| Q4 25 | $-0.04 | $-1.59 | ||
| Q3 25 | $-0.09 | $0.72 | ||
| Q2 25 | $-0.16 | $0.29 | ||
| Q1 25 | $-0.18 | $0.37 | ||
| Q4 24 | $0.10 | $0.47 | ||
| Q3 24 | $-0.12 | $0.28 | ||
| Q2 24 | $-0.17 | $0.30 | ||
| Q1 24 | $-0.53 | $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 | $24.1M | $42.8M |
| Total DebtLower is stronger | $25.3M | $33.0M |
| Stockholders' EquityBook value | $31.9M | $235.1M |
| Total Assets | $94.6M | $272.4M |
| Debt / EquityLower = less leverage | 0.79× | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.1M | $42.8M | ||
| Q3 25 | $24.9M | $10.2M | ||
| Q2 25 | $20.3M | $8.0M | ||
| Q1 25 | $21.1M | $29.8M | ||
| Q4 24 | $20.3M | $5.9M | ||
| Q3 24 | $22.5M | $17.2M | ||
| Q2 24 | $23.9M | $5.5M | ||
| Q1 24 | $24.1M | $5.5M |
| Q4 25 | $25.3M | $33.0M | ||
| Q3 25 | $25.2M | $33.0M | ||
| Q2 25 | $25.1M | $33.0M | ||
| Q1 25 | $25.0M | $33.0M | ||
| Q4 24 | $24.9M | $33.0M | ||
| Q3 24 | $19.8M | $33.0M | ||
| Q2 24 | $19.7M | $33.0M | ||
| Q1 24 | $14.7M | $33.0M |
| Q4 25 | $31.9M | $235.1M | ||
| Q3 25 | $25.9M | $254.2M | ||
| Q2 25 | $19.2M | $246.5M | ||
| Q1 25 | $21.5M | $292.7M | ||
| Q4 24 | $20.1M | $288.7M | ||
| Q3 24 | $10.9M | $283.4M | ||
| Q2 24 | $11.3M | $282.8M | ||
| Q1 24 | $13.0M | $279.9M |
| Q4 25 | $94.6M | $272.4M | ||
| Q3 25 | $85.2M | $289.4M | ||
| Q2 25 | $81.2M | $285.7M | ||
| Q1 25 | $85.0M | $331.3M | ||
| Q4 24 | $80.2M | $332.2M | ||
| Q3 24 | $64.0M | $321.3M | ||
| Q2 24 | $65.2M | $321.0M | ||
| Q1 24 | $66.6M | $322.0M |
| Q4 25 | 0.79× | 0.14× | ||
| Q3 25 | 0.97× | 0.13× | ||
| Q2 25 | 1.30× | 0.13× | ||
| Q1 25 | 1.16× | 0.11× | ||
| Q4 24 | 1.24× | 0.11× | ||
| Q3 24 | 1.81× | 0.12× | ||
| Q2 24 | 1.75× | 0.12× | ||
| Q1 24 | 1.13× | 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 | $-6.3M | $27.3M |
| Free Cash FlowOCF − Capex | — | $26.8M |
| FCF MarginFCF / Revenue | — | 308.1% |
| Capex IntensityCapex / Revenue | — | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.3M | $27.3M | ||
| Q3 25 | $-2.4M | $906.0K | ||
| Q2 25 | $-942.0K | $7.8M | ||
| Q1 25 | $-2.8M | $8.3M | ||
| Q4 24 | $2.2M | $23.0M | ||
| Q3 24 | $-1.2M | $6.3M | ||
| Q2 24 | $-5.2M | $5.4M | ||
| Q1 24 | $-5.0M | $4.4M |
| Q4 25 | — | $26.8M | ||
| Q3 25 | — | $557.0K | ||
| Q2 25 | — | $7.7M | ||
| Q1 25 | — | $8.2M | ||
| Q4 24 | — | $22.9M | ||
| Q3 24 | — | $6.3M | ||
| Q2 24 | — | $5.4M | ||
| Q1 24 | — | — |
| Q4 25 | — | 308.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 69.1% | ||
| Q4 24 | — | 185.3% | ||
| Q3 24 | — | 60.4% | ||
| Q2 24 | — | 49.7% | ||
| Q1 24 | — | — |
| Q4 25 | — | 5.9% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.10× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | 1.46× | 3.93× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 9.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DERM
| Qbrexza | $5.5M | 35% |
| Emrosi | $5.0M | 31% |
| Accutane | $3.1M | 19% |
| Other | $2.5M | 15% |
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
