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Side-by-side financial comparison of LiveWire Group, Inc. (LVWR) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
LiveWire Group, Inc. is the larger business by last-quarter revenue ($11.4M vs $8.7M, roughly 1.3× SWK Holdings Corp). On growth, LiveWire Group, Inc. posted the faster year-over-year revenue change (5.5% vs -29.7%). SWK Holdings Corp produced more free cash flow last quarter ($26.8M vs $-8.9M). Over the past eight quarters, LiveWire Group, Inc.'s revenue compounded faster (51.0% CAGR vs -12.5%).
LiveWire is an American electric motorcycle manufacturer. It was initially launched as a dedicated electric vehicle (EV) division for Harley Davidson in July 2021. The company was spun-off from its parent and went public on September 27, 2022, via merger with a special-purpose acquisition company (SPAC). It was the first publicly traded electric motorcycle company in 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.
LVWR vs SWKH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.4M | $8.7M |
| Net Profit | $-17.6M | $-19.4M |
| Gross Margin | 0.8% | — |
| Operating Margin | -156.2% | 9.9% |
| Net Margin | -155.2% | — |
| Revenue YoY | 5.5% | -29.7% |
| Net Profit YoY | 22.6% | -430.2% |
| EPS (diluted) | $-0.09 | $-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 | $11.4M | $8.7M | ||
| Q3 25 | $5.7M | $10.9M | ||
| Q2 25 | $5.9M | $10.1M | ||
| Q1 25 | $2.7M | $11.8M | ||
| Q4 24 | $10.8M | $12.4M | ||
| Q3 24 | $4.4M | $10.4M | ||
| Q2 24 | $6.4M | $10.8M | ||
| Q1 24 | $5.0M | $11.4M |
| Q4 25 | $-17.6M | $-19.4M | ||
| Q3 25 | $-19.4M | $8.8M | ||
| Q2 25 | $-18.8M | $3.5M | ||
| Q1 25 | $-19.3M | $4.5M | ||
| Q4 24 | $-22.8M | $5.9M | ||
| Q3 24 | $-22.7M | $3.5M | ||
| Q2 24 | $-24.8M | $3.7M | ||
| Q1 24 | $-23.6M | $468.0K |
| Q4 25 | 0.8% | — | ||
| Q3 25 | -50.9% | — | ||
| Q2 25 | 9.3% | — | ||
| Q1 25 | -79.0% | — | ||
| Q4 24 | -49.8% | — | ||
| Q3 24 | -34.2% | — | ||
| Q2 24 | -27.6% | — | ||
| Q1 24 | -82.9% | — |
| Q4 25 | -156.2% | 9.9% | ||
| Q3 25 | -330.0% | 61.3% | ||
| Q2 25 | -311.0% | 46.1% | ||
| Q1 25 | -753.4% | 68.6% | ||
| Q4 24 | -234.6% | 44.7% | ||
| Q3 24 | -596.7% | 39.2% | ||
| Q2 24 | -436.7% | 8.3% | ||
| Q1 24 | -611.1% | 9.5% |
| Q4 25 | -155.2% | — | ||
| Q3 25 | -340.2% | 80.7% | ||
| Q2 25 | -320.6% | 35.2% | ||
| Q1 25 | -702.6% | 38.4% | ||
| Q4 24 | -211.7% | 47.5% | ||
| Q3 24 | -510.6% | 33.3% | ||
| Q2 24 | -384.6% | 33.9% | ||
| Q1 24 | -475.0% | 4.1% |
| Q4 25 | $-0.09 | $-1.59 | ||
| Q3 25 | $-0.10 | $0.72 | ||
| Q2 25 | $-0.09 | $0.29 | ||
| Q1 25 | $-0.09 | $0.37 | ||
| Q4 24 | $-0.11 | $0.47 | ||
| Q3 24 | $-0.11 | $0.28 | ||
| Q2 24 | $-0.12 | $0.30 | ||
| Q1 24 | $-0.12 | $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 | $82.8M | $42.8M |
| Total DebtLower is stronger | — | $33.0M |
| Stockholders' EquityBook value | $46.0M | $235.1M |
| Total Assets | $146.4M | $272.4M |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $82.8M | $42.8M | ||
| Q3 25 | $16.3M | $10.2M | ||
| Q2 25 | $29.3M | $8.0M | ||
| Q1 25 | $46.2M | $29.8M | ||
| Q4 24 | $64.4M | $5.9M | ||
| Q3 24 | $88.4M | $17.2M | ||
| Q2 24 | $113.0M | $5.5M | ||
| Q1 24 | $141.0M | $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 | $46.0M | $235.1M | ||
| Q3 25 | $61.8M | $254.2M | ||
| Q2 25 | $79.7M | $246.5M | ||
| Q1 25 | $97.2M | $292.7M | ||
| Q4 24 | $115.1M | $288.7M | ||
| Q3 24 | $137.7M | $283.4M | ||
| Q2 24 | $159.0M | $282.8M | ||
| Q1 24 | $183.8M | $279.9M |
| Q4 25 | $146.4M | $272.4M | ||
| Q3 25 | $89.2M | $289.4M | ||
| Q2 25 | $109.8M | $285.7M | ||
| Q1 25 | $128.3M | $331.3M | ||
| Q4 24 | $148.0M | $332.2M | ||
| Q3 24 | $178.3M | $321.3M | ||
| Q2 24 | $204.9M | $321.0M | ||
| Q1 24 | $237.1M | $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 | $-7.9M | $27.3M |
| Free Cash FlowOCF − Capex | $-8.9M | $26.8M |
| FCF MarginFCF / Revenue | -78.7% | 308.1% |
| Capex IntensityCapex / Revenue | 9.1% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-57.4M | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.9M | $27.3M | ||
| Q3 25 | $-13.3M | $906.0K | ||
| Q2 25 | $-14.9M | $7.8M | ||
| Q1 25 | $-17.5M | $8.3M | ||
| Q4 24 | $-21.9M | $23.0M | ||
| Q3 24 | $-23.1M | $6.3M | ||
| Q2 24 | $-26.0M | $5.4M | ||
| Q1 24 | $-22.9M | $4.4M |
| Q4 25 | $-8.9M | $26.8M | ||
| Q3 25 | $-14.0M | $557.0K | ||
| Q2 25 | $-16.3M | $7.7M | ||
| Q1 25 | $-18.1M | $8.2M | ||
| Q4 24 | $-23.3M | $22.9M | ||
| Q3 24 | $-24.7M | $6.3M | ||
| Q2 24 | $-27.8M | $5.4M | ||
| Q1 24 | $-26.2M | — |
| Q4 25 | -78.7% | 308.1% | ||
| Q3 25 | -245.9% | 5.1% | ||
| Q2 25 | -277.7% | 77.0% | ||
| Q1 25 | -660.0% | 69.1% | ||
| Q4 24 | -216.3% | 185.3% | ||
| Q3 24 | -555.3% | 60.4% | ||
| Q2 24 | -431.1% | 49.7% | ||
| Q1 24 | -525.6% | — |
| Q4 25 | 9.1% | 5.9% | ||
| Q3 25 | 12.9% | 3.2% | ||
| Q2 25 | 24.3% | 0.6% | ||
| Q1 25 | 22.3% | 0.8% | ||
| Q4 24 | 13.1% | 1.1% | ||
| Q3 24 | 35.6% | 0.3% | ||
| Q2 24 | 28.5% | 0.2% | ||
| Q1 24 | 65.1% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.10× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | — | 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
LVWR
| STACYC Segment | $7.5M | 66% |
| Other | $3.8M | 34% |
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
