vs
Side-by-side financial comparison of NovaBay Pharmaceuticals, Inc. (NBY) 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 $4.8M, roughly 1.8× NovaBay Pharmaceuticals, Inc.). On growth, NovaBay Pharmaceuticals, Inc. posted the faster year-over-year revenue change (126.1% vs -29.7%). SWK Holdings Corp produced more free cash flow last quarter ($26.8M vs $-1.7M). Over the past eight quarters, NovaBay Pharmaceuticals, Inc.'s revenue compounded faster (42.5% CAGR vs -12.5%).
NovaBay Pharmaceuticals, Inc. is an Emeryville, California based clinical-stage biopharmaceutical company, focused on products for eye care. Major products include Avenova, cleared by FDA for lid and lash cleansing as part of a regimen for Blepharitis. and NeutroPhase, used in treatment of Necrotizing Fasciitis
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.
NBY vs SWKH — Head-to-Head
Income Statement — Q4 FY2024 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $8.7M |
| Net Profit | $-1.2M | $-19.4M |
| Gross Margin | 65.2% | — |
| Operating Margin | -37.2% | 9.9% |
| Net Margin | -25.5% | — |
| Revenue YoY | 126.1% | -29.7% |
| Net Profit YoY | 70.5% | -430.2% |
| EPS (diluted) | — | $-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 | — | $8.7M | ||
| Q3 25 | — | $10.9M | ||
| Q2 25 | — | $10.1M | ||
| Q1 25 | — | $11.8M | ||
| Q4 24 | $4.8M | $12.4M | ||
| Q3 24 | $0 | $10.4M | ||
| Q2 24 | $2.4M | $10.8M | ||
| Q1 24 | $2.6M | $11.4M |
| Q4 25 | — | $-19.4M | ||
| Q3 25 | — | $8.8M | ||
| Q2 25 | — | $3.5M | ||
| Q1 25 | — | $4.5M | ||
| Q4 24 | $-1.2M | $5.9M | ||
| Q3 24 | $-1.2M | $3.5M | ||
| Q2 24 | $-1.6M | $3.7M | ||
| Q1 24 | $-3.2M | $468.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 65.2% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 66.3% | — | ||
| Q1 24 | 68.2% | — |
| Q4 25 | — | 9.9% | ||
| Q3 25 | — | 61.3% | ||
| Q2 25 | — | 46.1% | ||
| Q1 25 | — | 68.6% | ||
| Q4 24 | -37.2% | 44.7% | ||
| Q3 24 | — | 39.2% | ||
| Q2 24 | -67.4% | 8.3% | ||
| Q1 24 | -87.1% | 9.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 80.7% | ||
| Q2 25 | — | 35.2% | ||
| Q1 25 | — | 38.4% | ||
| Q4 24 | -25.5% | 47.5% | ||
| Q3 24 | — | 33.3% | ||
| Q2 24 | -66.0% | 33.9% | ||
| Q1 24 | -122.2% | 4.1% |
| Q4 25 | — | $-1.59 | ||
| Q3 25 | — | $0.72 | ||
| Q2 25 | — | $0.29 | ||
| Q1 25 | — | $0.37 | ||
| Q4 24 | — | $0.47 | ||
| Q3 24 | $-1.92 | $0.28 | ||
| Q2 24 | $-1.37 | $0.30 | ||
| Q1 24 | $-29.95 | $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 | $430.0K | $42.8M |
| Total DebtLower is stronger | — | $33.0M |
| Stockholders' EquityBook value | $-129.0K | $235.1M |
| Total Assets | $3.4M | $272.4M |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $42.8M | ||
| Q3 25 | — | $10.2M | ||
| Q2 25 | — | $8.0M | ||
| Q1 25 | — | $29.8M | ||
| Q4 24 | $430.0K | $5.9M | ||
| Q3 24 | $776.0K | $17.2M | ||
| Q2 24 | $751.0K | $5.5M | ||
| Q1 24 | $1.8M | $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 | — | $235.1M | ||
| Q3 25 | — | $254.2M | ||
| Q2 25 | — | $246.5M | ||
| Q1 25 | — | $292.7M | ||
| Q4 24 | $-129.0K | $288.7M | ||
| Q3 24 | $1.1M | $283.4M | ||
| Q2 24 | $-617.0K | $282.8M | ||
| Q1 24 | $160.0K | $279.9M |
| Q4 25 | — | $272.4M | ||
| Q3 25 | — | $289.4M | ||
| Q2 25 | — | $285.7M | ||
| Q1 25 | — | $331.3M | ||
| Q4 24 | $3.4M | $332.2M | ||
| Q3 24 | $3.9M | $321.3M | ||
| Q2 24 | $3.9M | $321.0M | ||
| Q1 24 | $5.4M | $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 | $-1.7M | $27.3M |
| Free Cash FlowOCF − Capex | $-1.7M | $26.8M |
| FCF MarginFCF / Revenue | -35.4% | 308.1% |
| Capex IntensityCapex / Revenue | 0.1% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.3M | ||
| Q3 25 | — | $906.0K | ||
| Q2 25 | — | $7.8M | ||
| Q1 25 | — | $8.3M | ||
| Q4 24 | $-1.7M | $23.0M | ||
| Q3 24 | $-2.4M | $6.3M | ||
| Q2 24 | $-1.4M | $5.4M | ||
| Q1 24 | $-2.0M | $4.4M |
| Q4 25 | — | $26.8M | ||
| Q3 25 | — | $557.0K | ||
| Q2 25 | — | $7.7M | ||
| Q1 25 | — | $8.2M | ||
| Q4 24 | $-1.7M | $22.9M | ||
| Q3 24 | — | $6.3M | ||
| Q2 24 | — | $5.4M | ||
| Q1 24 | $-2.0M | — |
| Q4 25 | — | 308.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 69.1% | ||
| Q4 24 | -35.4% | 185.3% | ||
| Q3 24 | — | 60.4% | ||
| Q2 24 | — | 49.7% | ||
| Q1 24 | -75.3% | — |
| Q4 25 | — | 5.9% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | 0.1% | 1.1% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | 0.0% | 0.2% | ||
| Q1 24 | 0.1% | 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
NBY
| Other | $2.4M | 51% |
| Total Product Revenue | $2.3M | 49% |
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
