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Side-by-side financial comparison of FUEL TECH, INC. (FTEK) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
SWK Holdings Corp is the larger business by last-quarter revenue ($8.7M vs $7.2M, roughly 1.2× FUEL TECH, INC.). On growth, FUEL TECH, INC. posted the faster year-over-year revenue change (37.2% vs -29.7%). SWK Holdings Corp produced more free cash flow last quarter ($26.8M vs $-2.0M). Over the past eight quarters, FUEL TECH, INC.'s revenue compounded faster (20.9% CAGR vs -12.5%).
Rocket Fuel was an ad technology company based in Redwood City, California. It was founded in 2008 by alumni of Yahoo!.
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.
FTEK vs SWKH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.2M | $8.7M |
| Net Profit | — | $-19.4M |
| Gross Margin | 44.6% | — |
| Operating Margin | -19.7% | 9.9% |
| Net Margin | — | — |
| Revenue YoY | 37.2% | -29.7% |
| Net Profit YoY | — | -430.2% |
| EPS (diluted) | $-0.05 | $-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 | $7.2M | $8.7M | ||
| Q3 25 | $7.5M | $10.9M | ||
| Q2 25 | $5.6M | $10.1M | ||
| Q1 25 | $6.4M | $11.8M | ||
| Q4 24 | $5.3M | $12.4M | ||
| Q3 24 | $7.9M | $10.4M | ||
| Q2 24 | $7.0M | $10.8M | ||
| Q1 24 | $5.0M | $11.4M |
| Q4 25 | — | $-19.4M | ||
| Q3 25 | $303.0K | $8.8M | ||
| Q2 25 | $-689.0K | $3.5M | ||
| Q1 25 | $-739.0K | $4.5M | ||
| Q4 24 | — | $5.9M | ||
| Q3 24 | $80.0K | $3.5M | ||
| Q2 24 | $-421.0K | $3.7M | ||
| Q1 24 | $281.0K | $468.0K |
| Q4 25 | 44.6% | — | ||
| Q3 25 | 48.9% | — | ||
| Q2 25 | 45.5% | — | ||
| Q1 25 | 46.4% | — | ||
| Q4 24 | 42.3% | — | ||
| Q3 24 | 43.4% | — | ||
| Q2 24 | 41.9% | — | ||
| Q1 24 | 40.9% | — |
| Q4 25 | -19.7% | 9.9% | ||
| Q3 25 | 0.1% | 61.3% | ||
| Q2 25 | -23.5% | 46.1% | ||
| Q1 25 | -14.9% | 68.6% | ||
| Q4 24 | -40.1% | 44.7% | ||
| Q3 24 | -2.3% | 39.2% | ||
| Q2 24 | -10.2% | 8.3% | ||
| Q1 24 | -34.1% | 9.5% |
| Q4 25 | — | — | ||
| Q3 25 | 4.0% | 80.7% | ||
| Q2 25 | -12.4% | 35.2% | ||
| Q1 25 | -11.6% | 38.4% | ||
| Q4 24 | — | 47.5% | ||
| Q3 24 | 1.0% | 33.3% | ||
| Q2 24 | -6.0% | 33.9% | ||
| Q1 24 | 5.7% | 4.1% |
| Q4 25 | $-0.05 | $-1.59 | ||
| Q3 25 | $0.01 | $0.72 | ||
| Q2 25 | $-0.02 | $0.29 | ||
| Q1 25 | $-0.02 | $0.37 | ||
| Q4 24 | $-0.06 | $0.47 | ||
| Q3 24 | $0.00 | $0.28 | ||
| Q2 24 | $-0.01 | $0.30 | ||
| Q1 24 | $0.01 | $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 | $39.9M | $235.1M |
| Total Assets | $47.2M | $272.4M |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.9M | $42.8M | ||
| Q3 25 | $25.9M | $10.2M | ||
| Q2 25 | $23.0M | $8.0M | ||
| Q1 25 | $21.8M | $29.8M | ||
| Q4 24 | $18.7M | $5.9M | ||
| Q3 24 | $20.4M | $17.2M | ||
| Q2 24 | $20.1M | $5.5M | ||
| Q1 24 | $23.3M | $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 | $39.9M | $235.1M | ||
| Q3 25 | $41.0M | $254.2M | ||
| Q2 25 | $40.7M | $246.5M | ||
| Q1 25 | $41.4M | $292.7M | ||
| Q4 24 | $42.0M | $288.7M | ||
| Q3 24 | $43.9M | $283.4M | ||
| Q2 24 | $43.6M | $282.8M | ||
| Q1 24 | $44.0M | $279.9M |
| Q4 25 | $47.2M | $272.4M | ||
| Q3 25 | $47.9M | $289.4M | ||
| Q2 25 | $47.0M | $285.7M | ||
| Q1 25 | $46.7M | $331.3M | ||
| Q4 24 | $48.8M | $332.2M | ||
| Q3 24 | $50.1M | $321.3M | ||
| Q2 24 | $49.0M | $321.0M | ||
| Q1 24 | $49.4M | $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 | $-1.6M | $27.3M |
| Free Cash FlowOCF − Capex | $-2.0M | $26.8M |
| FCF MarginFCF / Revenue | -27.7% | 308.1% |
| Capex IntensityCapex / Revenue | 6.1% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.3M | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.6M | $27.3M | ||
| Q3 25 | $3.1M | $906.0K | ||
| Q2 25 | $-21.0K | $7.8M | ||
| Q1 25 | $1.5M | $8.3M | ||
| Q4 24 | $-1.6M | $23.0M | ||
| Q3 24 | $879.0K | $6.3M | ||
| Q2 24 | $-1.6M | $5.4M | ||
| Q1 24 | $-1.1M | $4.4M |
| Q4 25 | $-2.0M | $26.8M | ||
| Q3 25 | $3.0M | $557.0K | ||
| Q2 25 | $-57.0K | $7.7M | ||
| Q1 25 | $1.4M | $8.2M | ||
| Q4 24 | $-1.7M | $22.9M | ||
| Q3 24 | $767.0K | $6.3M | ||
| Q2 24 | $-1.7M | $5.4M | ||
| Q1 24 | $-1.2M | — |
| Q4 25 | -27.7% | 308.1% | ||
| Q3 25 | 39.6% | 5.1% | ||
| Q2 25 | -1.0% | 77.0% | ||
| Q1 25 | 22.6% | 69.1% | ||
| Q4 24 | -32.4% | 185.3% | ||
| Q3 24 | 9.8% | 60.4% | ||
| Q2 24 | -23.8% | 49.7% | ||
| Q1 24 | -24.0% | — |
| Q4 25 | 6.1% | 5.9% | ||
| Q3 25 | 1.7% | 3.2% | ||
| Q2 25 | 0.6% | 0.6% | ||
| Q1 25 | 1.0% | 0.8% | ||
| Q4 24 | 1.2% | 1.1% | ||
| Q3 24 | 1.4% | 0.3% | ||
| Q2 24 | 1.3% | 0.2% | ||
| Q1 24 | 2.3% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | 10.22× | 0.10× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | — | 3.93× | ||
| Q3 24 | 10.99× | 1.82× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | -3.83× | 9.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FTEK
| Transferred At Point In Time | $5.3M | 73% |
| Other | $2.0M | 27% |
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
