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Side-by-side financial comparison of EVERSPIN TECHNOLOGIES INC. (MRAM) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
EVERSPIN TECHNOLOGIES INC. is the larger business by last-quarter revenue ($14.9M vs $8.7M, roughly 1.7× SWK Holdings Corp). On growth, EVERSPIN TECHNOLOGIES INC. posted the faster year-over-year revenue change (13.2% vs -29.7%). Over the past eight quarters, EVERSPIN TECHNOLOGIES INC.'s revenue compounded faster (18.2% CAGR vs -12.5%).
Everspin Technologies, Inc. is a publicly traded semiconductor company headquartered in Chandler, Arizona, United States. It develops and manufactures discrete magnetoresistive RAM or magnetoresistive random-access memory (MRAM) products, including Toggle MRAM and Spin-Transfer Torque MRAM (STT-MRAM) product families. It also licenses its technology for use in embedded MRAM (eMRAM) applications, magnetic sensor applications as well as performs backend foundry services for eMRAM.
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.
MRAM vs SWKH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $14.9M | $8.7M |
| Net Profit | $-296.0K | $-19.4M |
| Gross Margin | 52.7% | — |
| Operating Margin | 29.0% | 9.9% |
| Net Margin | -2.0% | — |
| Revenue YoY | 13.2% | -29.7% |
| Net Profit YoY | — | -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.
| Q1 26 | $14.9M | — | ||
| Q4 25 | $14.8M | $8.7M | ||
| Q3 25 | $14.1M | $10.9M | ||
| Q2 25 | $13.2M | $10.1M | ||
| Q1 25 | $13.1M | $11.8M | ||
| Q4 24 | $13.2M | $12.4M | ||
| Q3 24 | $12.1M | $10.4M | ||
| Q2 24 | $10.6M | $10.8M |
| Q1 26 | $-296.0K | — | ||
| Q4 25 | $1.2M | $-19.4M | ||
| Q3 25 | $54.0K | $8.8M | ||
| Q2 25 | $-670.0K | $3.5M | ||
| Q1 25 | $-1.2M | $4.5M | ||
| Q4 24 | $1.2M | $5.9M | ||
| Q3 24 | $2.3M | $3.5M | ||
| Q2 24 | $-2.5M | $3.7M |
| Q1 26 | 52.7% | — | ||
| Q4 25 | 50.8% | — | ||
| Q3 25 | 51.3% | — | ||
| Q2 25 | 51.3% | — | ||
| Q1 25 | 51.4% | — | ||
| Q4 24 | 51.3% | — | ||
| Q3 24 | 49.2% | — | ||
| Q2 24 | 49.0% | — |
| Q1 26 | 29.0% | — | ||
| Q4 25 | -7.2% | 9.9% | ||
| Q3 25 | -11.0% | 61.3% | ||
| Q2 25 | -14.9% | 46.1% | ||
| Q1 25 | -14.7% | 68.6% | ||
| Q4 24 | -11.8% | 44.7% | ||
| Q3 24 | -17.5% | 39.2% | ||
| Q2 24 | -26.5% | 8.3% |
| Q1 26 | -2.0% | — | ||
| Q4 25 | 8.1% | — | ||
| Q3 25 | 0.4% | 80.7% | ||
| Q2 25 | -5.1% | 35.2% | ||
| Q1 25 | -8.9% | 38.4% | ||
| Q4 24 | 9.2% | 47.5% | ||
| Q3 24 | 18.8% | 33.3% | ||
| Q2 24 | -23.5% | 33.9% |
| Q1 26 | $-0.01 | — | ||
| Q4 25 | $0.05 | $-1.59 | ||
| Q3 25 | $0.00 | $0.72 | ||
| Q2 25 | $-0.03 | $0.29 | ||
| Q1 25 | $-0.05 | $0.37 | ||
| Q4 24 | $0.07 | $0.47 | ||
| Q3 24 | $0.10 | $0.28 | ||
| Q2 24 | $-0.12 | $0.30 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $40.5M | $42.8M |
| Total DebtLower is stronger | — | $33.0M |
| Stockholders' EquityBook value | $70.2M | $235.1M |
| Total Assets | $83.2M | $272.4M |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $40.5M | — | ||
| Q4 25 | $44.5M | $42.8M | ||
| Q3 25 | $45.3M | $10.2M | ||
| Q2 25 | $45.0M | $8.0M | ||
| Q1 25 | $42.2M | $29.8M | ||
| Q4 24 | $42.1M | $5.9M | ||
| Q3 24 | $39.6M | $17.2M | ||
| Q2 24 | $36.8M | $5.5M |
| Q1 26 | — | — | ||
| 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 26 | $70.2M | — | ||
| Q4 25 | $68.9M | $235.1M | ||
| Q3 25 | $65.8M | $254.2M | ||
| Q2 25 | $64.1M | $246.5M | ||
| Q1 25 | $63.0M | $292.7M | ||
| Q4 24 | $62.6M | $288.7M | ||
| Q3 24 | $59.3M | $283.4M | ||
| Q2 24 | $55.4M | $282.8M |
| Q1 26 | $83.2M | — | ||
| Q4 25 | $84.6M | $272.4M | ||
| Q3 25 | $80.3M | $289.4M | ||
| Q2 25 | $78.9M | $285.7M | ||
| Q1 25 | $80.2M | $331.3M | ||
| Q4 24 | $77.8M | $332.2M | ||
| Q3 24 | $72.6M | $321.3M | ||
| Q2 24 | $64.6M | $321.0M |
| Q1 26 | — | — | ||
| 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× |
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 | $570.0K | $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.
| Q1 26 | $570.0K | — | ||
| Q4 25 | $2.6M | $27.3M | ||
| Q3 25 | $881.0K | $906.0K | ||
| Q2 25 | $5.0M | $7.8M | ||
| Q1 25 | $1.4M | $8.3M | ||
| Q4 24 | $3.8M | $23.0M | ||
| Q3 24 | $2.8M | $6.3M | ||
| Q2 24 | $1.7M | $5.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-975.0K | $26.8M | ||
| Q3 25 | $543.0K | $557.0K | ||
| Q2 25 | $3.0M | $7.7M | ||
| Q1 25 | $527.0K | $8.2M | ||
| Q4 24 | $2.1M | $22.9M | ||
| Q3 24 | $2.8M | $6.3M | ||
| Q2 24 | $1.7M | $5.4M |
| Q1 26 | — | — | ||
| Q4 25 | -6.6% | 308.1% | ||
| Q3 25 | 3.9% | 5.1% | ||
| Q2 25 | 22.9% | 77.0% | ||
| Q1 25 | 4.0% | 69.1% | ||
| Q4 24 | 15.8% | 185.3% | ||
| Q3 24 | 22.9% | 60.4% | ||
| Q2 24 | 15.9% | 49.7% |
| Q1 26 | — | — | ||
| Q4 25 | 24.3% | 5.9% | ||
| Q3 25 | 2.4% | 3.2% | ||
| Q2 25 | 15.1% | 0.6% | ||
| Q1 25 | 6.9% | 0.8% | ||
| Q4 24 | 13.2% | 1.1% | ||
| Q3 24 | 0.5% | 0.3% | ||
| Q2 24 | 0.3% | 0.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.19× | — | ||
| Q3 25 | 16.31× | 0.10× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | 3.16× | 3.93× | ||
| Q3 24 | 1.25× | 1.82× | ||
| Q2 24 | — | 1.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MRAM
| Product sales | $14.1M | 95% |
| Licensing, royalty, patent, engineering services and other revenue | $772.0K | 5% |
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
