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Side-by-side financial comparison of HCW Biologics Inc. (HCWB) and HWH International Inc. (HWH). Click either name above to swap in a different company.
HCW Biologics Inc. is the larger business by last-quarter revenue ($394.8K vs $206.8K, roughly 1.9× HWH International Inc.). HWH International Inc. runs the higher net margin — -140.7% vs -854.4%, a 713.7% gap on every dollar of revenue. On growth, HWH International Inc. posted the faster year-over-year revenue change (-40.2% vs -70.2%). HWH International Inc. produced more free cash flow last quarter ($-217.9K vs $-2.9M).
HCW Biologics Inc. is a clinical-stage biotechnology company focused on researching and developing novel immunotherapies and biological products targeting unmet medical needs in oncology, chronic inflammatory disorders, and autoimmune diseases. It primarily operates in the U.S., advancing multiple pipeline candidates through early to mid-stage clinical trials.
HWH International Inc operates in the global luxury hospitality and lifestyle services industry, providing premium travel membership programs, curated high-end travel experiences, and exclusive access to luxury resorts, fine dining venues, and premium leisure facilities. Its key markets include North America, Asia Pacific, and Europe, serving high-net-worth individuals and corporate clients.
HCWB vs HWH — Head-to-Head
Income Statement — Q4 FY2024 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $394.8K | $206.8K |
| Net Profit | $-3.4M | $-291.0K |
| Gross Margin | 20.0% | 59.8% |
| Operating Margin | -795.9% | -142.7% |
| Net Margin | -854.4% | -140.7% |
| Revenue YoY | -70.2% | -40.2% |
| Net Profit YoY | 68.4% | 46.9% |
| EPS (diluted) | $-10.47 | — |
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.
| Q3 25 | — | $206.8K | ||
| Q2 25 | — | $310.4K | ||
| Q4 24 | $394.8K | $287.1K | ||
| Q3 24 | $426.4K | $345.5K | ||
| Q2 24 | $618.9K | $334.9K | ||
| Q1 24 | $1.1M | $286.1K | ||
| Q4 23 | $1.3M | — | ||
| Q3 23 | $853.1K | — |
| Q3 25 | — | $-291.0K | ||
| Q2 25 | — | $83.4K | ||
| Q4 24 | $-3.4M | $-476.7K | ||
| Q3 24 | $-3.9M | $-548.5K | ||
| Q2 24 | $-15.3M | $-387.9K | ||
| Q1 24 | $-7.5M | $-1.3M | ||
| Q4 23 | $-10.7M | — | ||
| Q3 23 | $-4.9M | — |
| Q3 25 | — | 59.8% | ||
| Q2 25 | — | 48.0% | ||
| Q4 24 | 20.0% | 39.6% | ||
| Q3 24 | 20.0% | 46.3% | ||
| Q2 24 | 29.2% | 49.2% | ||
| Q1 24 | 54.6% | 57.1% | ||
| Q4 23 | 19.1% | — | ||
| Q3 23 | 20.5% | — |
| Q3 25 | — | -142.7% | ||
| Q2 25 | — | 24.5% | ||
| Q4 24 | -795.9% | -170.2% | ||
| Q3 24 | -864.1% | -155.5% | ||
| Q2 24 | -2445.8% | -120.5% | ||
| Q1 24 | -665.1% | -467.1% | ||
| Q4 23 | -813.3% | — | ||
| Q3 23 | -595.2% | — |
| Q3 25 | — | -140.7% | ||
| Q2 25 | — | 26.9% | ||
| Q4 24 | -854.4% | -166.1% | ||
| Q3 24 | -915.1% | -158.7% | ||
| Q2 24 | -2469.1% | -115.8% | ||
| Q1 24 | -662.8% | -467.2% | ||
| Q4 23 | -806.7% | — | ||
| Q3 23 | -578.9% | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | $-10.47 | — | ||
| Q3 24 | $-4.13 | — | ||
| Q2 24 | $-16.16 | — | ||
| Q1 24 | $-0.20 | — | ||
| Q4 23 | $-0.30 | — | ||
| Q3 23 | $-0.14 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.7M | $2.9M |
| Total DebtLower is stronger | $7.4M | — |
| Stockholders' EquityBook value | $-6.8M | $2.8M |
| Total Assets | $30.2M | $5.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $2.9M | ||
| Q2 25 | — | $3.7M | ||
| Q4 24 | $4.7M | $4.4M | ||
| Q3 24 | $998.2K | $836.3K | ||
| Q2 24 | $1.2M | $958.9K | ||
| Q1 24 | $4.1M | $1.1M | ||
| Q4 23 | $3.6M | — | ||
| Q3 23 | $11.2M | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | $7.4M | — | ||
| Q3 24 | $6.5M | — | ||
| Q2 24 | $9.9M | — | ||
| Q1 24 | $8.3M | — | ||
| Q4 23 | $6.3M | — | ||
| Q3 23 | $6.3M | — |
| Q3 25 | — | $2.8M | ||
| Q2 25 | — | $3.2M | ||
| Q4 24 | $-6.8M | $2.8M | ||
| Q3 24 | $-10.0M | $-374.9K | ||
| Q2 24 | $-6.3M | $-3.6M | ||
| Q1 24 | $8.7M | $-3.1M | ||
| Q4 23 | $13.5M | — | ||
| Q3 23 | $23.9M | — |
| Q3 25 | — | $5.2M | ||
| Q2 25 | — | $10.6M | ||
| Q4 24 | $30.2M | $6.4M | ||
| Q3 24 | $26.6M | $2.9M | ||
| Q2 24 | $26.8M | $3.1M | ||
| Q1 24 | $30.4M | $2.6M | ||
| Q4 23 | $28.5M | — | ||
| Q3 23 | $35.6M | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.95× | — | ||
| Q4 23 | 0.47× | — | ||
| Q3 23 | 0.27× | — |
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 | $-2.8M | $-199.9K |
| Free Cash FlowOCF − Capex | $-2.9M | $-217.9K |
| FCF MarginFCF / Revenue | -746.8% | -105.4% |
| Capex IntensityCapex / Revenue | 28.7% | 8.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-14.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $-199.9K | ||
| Q2 25 | — | $26.9K | ||
| Q4 24 | $-2.8M | $-415.2K | ||
| Q3 24 | $-2.9M | $-275.0K | ||
| Q2 24 | $-4.9M | $-490.8K | ||
| Q1 24 | $-3.6M | $-638.2K | ||
| Q4 23 | $-3.9M | — | ||
| Q3 23 | $-5.6M | — |
| Q3 25 | — | $-217.9K | ||
| Q2 25 | — | — | ||
| Q4 24 | $-2.9M | $-415.5K | ||
| Q3 24 | $-3.0M | $-277.1K | ||
| Q2 24 | $-4.9M | $-516.8K | ||
| Q1 24 | $-3.7M | $-640.3K | ||
| Q4 23 | $-7.6M | — | ||
| Q3 23 | $-6.2M | — |
| Q3 25 | — | -105.4% | ||
| Q2 25 | — | — | ||
| Q4 24 | -746.8% | -144.7% | ||
| Q3 24 | -695.0% | -80.2% | ||
| Q2 24 | -788.7% | -154.3% | ||
| Q1 24 | -331.4% | -223.8% | ||
| Q4 23 | -574.8% | — | ||
| Q3 23 | -729.0% | — |
| Q3 25 | — | 8.7% | ||
| Q2 25 | — | — | ||
| Q4 24 | 28.7% | 0.1% | ||
| Q3 24 | 8.7% | 0.6% | ||
| Q2 24 | 3.0% | 7.7% | ||
| Q1 24 | 11.5% | 0.7% | ||
| Q4 23 | 280.6% | — | ||
| Q3 23 | 73.9% | — |
| Q3 25 | — | — | ||
| Q2 25 | — | 0.32× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
