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Side-by-side financial comparison of PURE CYCLE CORP (PCYO) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
PURE CYCLE CORP is the larger business by last-quarter revenue ($9.1M vs $8.7M, roughly 1.1× SWK Holdings Corp). On growth, PURE CYCLE CORP posted the faster year-over-year revenue change (58.8% vs -29.7%). Over the past eight quarters, PURE CYCLE CORP's revenue compounded faster (69.0% CAGR vs -12.5%).
Pure Cycles, is a bicycle company based in Los Angeles, California that was founded by Michael Fishman, Jordan Schau, Zachary Schau and Austin Stoffers in 2010, as Pure Fix Cycles.
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.
PCYO vs SWKH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.1M | $8.7M |
| Net Profit | $4.6M | $-19.4M |
| Gross Margin | 68.4% | — |
| Operating Margin | 48.0% | 9.9% |
| Net Margin | 50.0% | — |
| Revenue YoY | 58.8% | -29.7% |
| Net Profit YoY | 16.0% | -430.2% |
| EPS (diluted) | $0.19 | $-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 | $9.1M | $8.7M | ||
| Q3 25 | $11.2M | $10.9M | ||
| Q2 25 | $5.1M | $10.1M | ||
| Q1 25 | $4.0M | $11.8M | ||
| Q4 24 | $5.8M | $12.4M | ||
| Q3 24 | $12.6M | $10.4M | ||
| Q2 24 | $7.6M | $10.8M | ||
| Q1 24 | $3.2M | $11.4M |
| Q4 25 | $4.6M | $-19.4M | ||
| Q3 25 | $6.1M | $8.8M | ||
| Q2 25 | $2.3M | $3.5M | ||
| Q1 25 | $809.0K | $4.5M | ||
| Q4 24 | $3.9M | $5.9M | ||
| Q3 24 | $6.6M | $3.5M | ||
| Q2 24 | $2.8M | $3.7M | ||
| Q1 24 | $118.0K | $468.0K |
| Q4 25 | 68.4% | — | ||
| Q3 25 | 67.7% | — | ||
| Q2 25 | 63.4% | — | ||
| Q1 25 | 38.2% | — | ||
| Q4 24 | 63.8% | — | ||
| Q3 24 | 77.8% | — | ||
| Q2 24 | 64.0% | — | ||
| Q1 24 | 55.6% | — |
| Q4 25 | 48.0% | 9.9% | ||
| Q3 25 | 53.1% | 61.3% | ||
| Q2 25 | 26.0% | 46.1% | ||
| Q1 25 | -33.2% | 68.6% | ||
| Q4 24 | 29.9% | 44.7% | ||
| Q3 24 | 62.0% | 39.2% | ||
| Q2 24 | 40.3% | 8.3% | ||
| Q1 24 | -11.5% | 9.5% |
| Q4 25 | 50.0% | — | ||
| Q3 25 | 54.5% | 80.7% | ||
| Q2 25 | 43.9% | 35.2% | ||
| Q1 25 | 20.3% | 38.4% | ||
| Q4 24 | 68.4% | 47.5% | ||
| Q3 24 | 52.6% | 33.3% | ||
| Q2 24 | 37.2% | 33.9% | ||
| Q1 24 | 3.7% | 4.1% |
| Q4 25 | $0.19 | $-1.59 | ||
| Q3 25 | $0.26 | $0.72 | ||
| Q2 25 | $0.09 | $0.29 | ||
| Q1 25 | $0.03 | $0.37 | ||
| Q4 24 | $0.16 | $0.47 | ||
| Q3 24 | $0.27 | $0.28 | ||
| Q2 24 | $0.12 | $0.30 | ||
| Q1 24 | $0.00 | $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 | $17.1M | $42.8M |
| Total DebtLower is stronger | $8.0M | $33.0M |
| Stockholders' EquityBook value | $147.5M | $235.1M |
| Total Assets | $168.1M | $272.4M |
| Debt / EquityLower = less leverage | 0.05× | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.1M | $42.8M | ||
| Q3 25 | $21.9M | $10.2M | ||
| Q2 25 | $14.4M | $8.0M | ||
| Q1 25 | $16.5M | $29.8M | ||
| Q4 24 | $19.0M | $5.9M | ||
| Q3 24 | $22.1M | $17.2M | ||
| Q2 24 | $20.5M | $5.5M | ||
| Q1 24 | $20.6M | $5.5M |
| Q4 25 | $8.0M | $33.0M | ||
| Q3 25 | $6.8M | $33.0M | ||
| Q2 25 | $6.9M | $33.0M | ||
| Q1 25 | $6.9M | $33.0M | ||
| Q4 24 | $6.9M | $33.0M | ||
| Q3 24 | $6.9M | $33.0M | ||
| Q2 24 | — | $33.0M | ||
| Q1 24 | — | $33.0M |
| Q4 25 | $147.5M | $235.1M | ||
| Q3 25 | $142.7M | $254.2M | ||
| Q2 25 | $136.7M | $246.5M | ||
| Q1 25 | $134.4M | $292.7M | ||
| Q4 24 | $133.6M | $288.7M | ||
| Q3 24 | $129.7M | $283.4M | ||
| Q2 24 | $123.2M | $282.8M | ||
| Q1 24 | $120.4M | $279.9M |
| Q4 25 | $168.1M | $272.4M | ||
| Q3 25 | $162.3M | $289.4M | ||
| Q2 25 | $151.7M | $285.7M | ||
| Q1 25 | $149.7M | $331.3M | ||
| Q4 24 | $149.7M | $332.2M | ||
| Q3 24 | $147.4M | $321.3M | ||
| Q2 24 | $140.4M | $321.0M | ||
| Q1 24 | $135.2M | $322.0M |
| Q4 25 | 0.05× | 0.14× | ||
| Q3 25 | 0.05× | 0.13× | ||
| Q2 25 | 0.05× | 0.13× | ||
| Q1 25 | 0.05× | 0.11× | ||
| Q4 24 | 0.05× | 0.11× | ||
| Q3 24 | 0.05× | 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 | $-979.0K | $27.3M |
| Free Cash FlowOCF − Capex | — | $26.8M |
| FCF MarginFCF / Revenue | — | 308.1% |
| Capex IntensityCapex / Revenue | — | 5.9% |
| Cash ConversionOCF / Net Profit | -0.21× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-979.0K | $27.3M | ||
| Q3 25 | $9.4M | $906.0K | ||
| Q2 25 | $-503.0K | $7.8M | ||
| Q1 25 | $-1.4M | $8.3M | ||
| Q4 24 | $5.7M | $23.0M | ||
| Q3 24 | $3.1M | $6.3M | ||
| Q2 24 | $892.0K | $5.4M | ||
| Q1 24 | $-457.0K | $4.4M |
| Q4 25 | — | $26.8M | ||
| Q3 25 | — | $557.0K | ||
| Q2 25 | — | $7.7M | ||
| Q1 25 | — | $8.2M | ||
| Q4 24 | — | $22.9M | ||
| Q3 24 | — | $6.3M | ||
| Q2 24 | — | $5.4M | ||
| Q1 24 | — | — |
| Q4 25 | — | 308.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 69.1% | ||
| Q4 24 | — | 185.3% | ||
| Q3 24 | — | 60.4% | ||
| Q2 24 | — | 49.7% | ||
| Q1 24 | — | — |
| Q4 25 | — | 5.9% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | -0.21× | — | ||
| Q3 25 | 1.53× | 0.10× | ||
| Q2 25 | -0.22× | 2.21× | ||
| Q1 25 | -1.70× | 1.82× | ||
| Q4 24 | 1.44× | 3.93× | ||
| Q3 24 | 0.47× | 1.82× | ||
| Q2 24 | 0.32× | 1.47× | ||
| Q1 24 | -3.87× | 9.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PCYO
| Construction | $6.5M | 71% |
| Water And Wastewater Resource Development Segment | $2.5M | 27% |
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
