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Side-by-side financial comparison of OCULAR THERAPEUTIX, INC (OCUL) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
OCULAR THERAPEUTIX, INC is the larger business by last-quarter revenue ($13.3M vs $8.7M, roughly 1.5× SWK Holdings Corp). On growth, OCULAR THERAPEUTIX, INC posted the faster year-over-year revenue change (-22.4% vs -29.7%). SWK Holdings Corp produced more free cash flow last quarter ($26.8M vs $-57.1M). Over the past eight quarters, OCULAR THERAPEUTIX, INC's revenue compounded faster (-5.3% CAGR vs -12.5%).
Ocular Therapeutix, Inc. is a biopharmaceutical firm specializing in developing and commercializing innovative ophthalmic therapies. Its products treat acute and chronic eye conditions including post-surgical pain, glaucoma, and dry eye, serving patients and ophthalmology providers primarily across the U.S. and select global markets.
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.
OCUL vs SWKH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.3M | $8.7M |
| Net Profit | $-64.7M | $-19.4M |
| Gross Margin | 88.0% | — |
| Operating Margin | -526.5% | 9.9% |
| Net Margin | -488.0% | — |
| Revenue YoY | -22.4% | -29.7% |
| Net Profit YoY | -33.6% | -430.2% |
| EPS (diluted) | $-0.27 | $-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 | $13.3M | $8.7M | ||
| Q3 25 | $14.5M | $10.9M | ||
| Q2 25 | $13.5M | $10.1M | ||
| Q1 25 | $10.7M | $11.8M | ||
| Q4 24 | $17.1M | $12.4M | ||
| Q3 24 | $15.4M | $10.4M | ||
| Q2 24 | $16.4M | $10.8M | ||
| Q1 24 | $14.8M | $11.4M |
| Q4 25 | $-64.7M | $-19.4M | ||
| Q3 25 | $-69.4M | $8.8M | ||
| Q2 25 | $-67.8M | $3.5M | ||
| Q1 25 | $-64.1M | $4.5M | ||
| Q4 24 | $-48.4M | $5.9M | ||
| Q3 24 | $-36.5M | $3.5M | ||
| Q2 24 | $-43.8M | $3.7M | ||
| Q1 24 | $-64.8M | $468.0K |
| Q4 25 | 88.0% | — | ||
| Q3 25 | 87.8% | — | ||
| Q2 25 | 85.6% | — | ||
| Q1 25 | 88.2% | — | ||
| Q4 24 | 92.8% | — | ||
| Q3 24 | 89.9% | — | ||
| Q2 24 | 90.8% | — | ||
| Q1 24 | 91.0% | — |
| Q4 25 | -526.5% | 9.9% | ||
| Q3 25 | -472.3% | 61.3% | ||
| Q2 25 | -502.6% | 46.1% | ||
| Q1 25 | -597.5% | 68.6% | ||
| Q4 24 | -296.1% | 44.7% | ||
| Q3 24 | -298.2% | 39.2% | ||
| Q2 24 | -265.1% | 8.3% | ||
| Q1 24 | -214.0% | 9.5% |
| Q4 25 | -488.0% | — | ||
| Q3 25 | -477.3% | 80.7% | ||
| Q2 25 | -503.9% | 35.2% | ||
| Q1 25 | -598.7% | 38.4% | ||
| Q4 24 | -283.3% | 47.5% | ||
| Q3 24 | -236.6% | 33.3% | ||
| Q2 24 | -266.3% | 33.9% | ||
| Q1 24 | -438.9% | 4.1% |
| Q4 25 | $-0.27 | $-1.59 | ||
| Q3 25 | $-0.38 | $0.72 | ||
| Q2 25 | $-0.39 | $0.29 | ||
| Q1 25 | $-0.38 | $0.37 | ||
| Q4 24 | $-0.25 | $0.47 | ||
| Q3 24 | $-0.22 | $0.28 | ||
| Q2 24 | $-0.26 | $0.30 | ||
| Q1 24 | $-0.49 | $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 | $737.1M | $42.8M |
| Total DebtLower is stronger | — | $33.0M |
| Stockholders' EquityBook value | $654.3M | $235.1M |
| Total Assets | $808.1M | $272.4M |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $737.1M | $42.8M | ||
| Q3 25 | $344.8M | $10.2M | ||
| Q2 25 | $391.1M | $8.0M | ||
| Q1 25 | $349.7M | $29.8M | ||
| Q4 24 | $392.1M | $5.9M | ||
| Q3 24 | $427.2M | $17.2M | ||
| Q2 24 | $459.7M | $5.5M | ||
| Q1 24 | $482.9M | $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 | $654.3M | $235.1M | ||
| Q3 25 | $258.2M | $254.2M | ||
| Q2 25 | $305.9M | $246.5M | ||
| Q1 25 | $265.9M | $292.7M | ||
| Q4 24 | $315.3M | $288.7M | ||
| Q3 24 | $352.0M | $283.4M | ||
| Q2 24 | $377.7M | $282.8M | ||
| Q1 24 | $408.0M | $279.9M |
| Q4 25 | $808.1M | $272.4M | ||
| Q3 25 | $410.9M | $289.4M | ||
| Q2 25 | $451.3M | $285.7M | ||
| Q1 25 | $405.9M | $331.3M | ||
| Q4 24 | $457.9M | $332.2M | ||
| Q3 24 | $490.4M | $321.3M | ||
| Q2 24 | $517.1M | $321.0M | ||
| Q1 24 | $538.9M | $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 | $-54.2M | $27.3M |
| Free Cash FlowOCF − Capex | $-57.1M | $26.8M |
| FCF MarginFCF / Revenue | -430.9% | 308.1% |
| Capex IntensityCapex / Revenue | 21.4% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-216.9M | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-54.2M | $27.3M | ||
| Q3 25 | $-50.7M | $906.0K | ||
| Q2 25 | $-55.2M | $7.8M | ||
| Q1 25 | $-44.7M | $8.3M | ||
| Q4 24 | $-39.4M | $23.0M | ||
| Q3 24 | $-36.6M | $6.3M | ||
| Q2 24 | $-24.8M | $5.4M | ||
| Q1 24 | $-33.9M | $4.4M |
| Q4 25 | $-57.1M | $26.8M | ||
| Q3 25 | $-56.7M | $557.0K | ||
| Q2 25 | $-56.5M | $7.7M | ||
| Q1 25 | $-46.6M | $8.2M | ||
| Q4 24 | $-39.6M | $22.9M | ||
| Q3 24 | $-36.6M | $6.3M | ||
| Q2 24 | $-25.5M | $5.4M | ||
| Q1 24 | $-34.1M | — |
| Q4 25 | -430.9% | 308.1% | ||
| Q3 25 | -390.0% | 5.1% | ||
| Q2 25 | -419.7% | 77.0% | ||
| Q1 25 | -435.6% | 69.1% | ||
| Q4 24 | -232.0% | 185.3% | ||
| Q3 24 | -237.6% | 60.4% | ||
| Q2 24 | -155.4% | 49.7% | ||
| Q1 24 | -231.1% | — |
| Q4 25 | 21.4% | 5.9% | ||
| Q3 25 | 41.2% | 3.2% | ||
| Q2 25 | 9.3% | 0.6% | ||
| Q1 25 | 18.1% | 0.8% | ||
| Q4 24 | 1.2% | 1.1% | ||
| Q3 24 | 0.6% | 0.3% | ||
| Q2 24 | 4.5% | 0.2% | ||
| Q1 24 | 1.7% | 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
OCUL
Segment breakdown not available.
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
