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Side-by-side financial comparison of Phathom Pharmaceuticals, Inc. (PHAT) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
Repay Holdings Corp is the larger business by last-quarter revenue ($78.6M vs $57.6M, roughly 1.4× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 0.4%). Repay Holdings Corp produced more free cash flow last quarter ($23.2M vs $-167.0M).
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
PHAT vs RPAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $57.6M | $78.6M |
| Net Profit | — | $-140.1M |
| Gross Margin | 86.7% | 74.2% |
| Operating Margin | — | -182.2% |
| Net Margin | — | -178.3% |
| Revenue YoY | 94.1% | 0.4% |
| Net Profit YoY | 71.6% | -3304.1% |
| EPS (diluted) | — | $-1.68 |
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 | $57.6M | $78.6M | ||
| Q3 25 | $49.5M | $77.7M | ||
| Q2 25 | $39.5M | $75.6M | ||
| Q1 25 | $28.5M | $77.3M | ||
| Q4 24 | $29.7M | $78.3M | ||
| Q3 24 | $16.4M | $79.1M | ||
| Q2 24 | $7.3M | $74.9M | ||
| Q1 24 | — | $80.7M |
| Q4 25 | — | $-140.1M | ||
| Q3 25 | $-30.0M | $-6.4M | ||
| Q2 25 | $-75.8M | $-102.3M | ||
| Q1 25 | $-94.3M | $-7.9M | ||
| Q4 24 | — | $-4.1M | ||
| Q3 24 | $-85.6M | $3.2M | ||
| Q2 24 | $-91.4M | $-4.1M | ||
| Q1 24 | — | $-5.2M |
| Q4 25 | 86.7% | 74.2% | ||
| Q3 25 | 87.5% | 74.4% | ||
| Q2 25 | 87.2% | 75.7% | ||
| Q1 25 | 86.9% | 75.9% | ||
| Q4 24 | 87.1% | 76.3% | ||
| Q3 24 | 85.6% | 77.8% | ||
| Q2 24 | 81.2% | 78.2% | ||
| Q1 24 | — | 76.2% |
| Q4 25 | — | -182.2% | ||
| Q3 25 | -30.8% | -3.9% | ||
| Q2 25 | -151.7% | -138.7% | ||
| Q1 25 | -276.5% | -4.7% | ||
| Q4 24 | — | -1.5% | ||
| Q3 24 | -433.0% | -0.9% | ||
| Q2 24 | -1055.4% | -4.6% | ||
| Q1 24 | — | -3.1% |
| Q4 25 | — | -178.3% | ||
| Q3 25 | -60.5% | -8.3% | ||
| Q2 25 | -191.9% | -135.2% | ||
| Q1 25 | -330.7% | -10.3% | ||
| Q4 24 | — | -5.3% | ||
| Q3 24 | -523.3% | 4.1% | ||
| Q2 24 | -1248.6% | -5.4% | ||
| Q1 24 | — | -6.5% |
| Q4 25 | — | $-1.68 | ||
| Q3 25 | $-0.41 | $-0.08 | ||
| Q2 25 | $-1.05 | $-1.15 | ||
| Q1 25 | $-1.31 | $-0.09 | ||
| Q4 24 | — | $-0.04 | ||
| Q3 24 | $-1.32 | $0.03 | ||
| Q2 24 | $-1.56 | $-0.04 | ||
| Q1 24 | — | $-0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $130.0M | $115.7M |
| Total DebtLower is stronger | $209.1M | $280.1M |
| Stockholders' EquityBook value | $-438.2M | $484.4M |
| Total Assets | $259.1M | $1.2B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.0M | $115.7M | ||
| Q3 25 | $135.2M | $95.7M | ||
| Q2 25 | $149.6M | $162.6M | ||
| Q1 25 | $212.3M | $165.5M | ||
| Q4 24 | $297.3M | $189.5M | ||
| Q3 24 | $334.7M | $168.7M | ||
| Q2 24 | $276.2M | $147.1M | ||
| Q1 24 | — | $128.3M |
| Q4 25 | $209.1M | $280.1M | ||
| Q3 25 | $207.1M | $279.5M | ||
| Q2 25 | $205.1M | $279.0M | ||
| Q1 25 | $203.2M | $497.6M | ||
| Q4 24 | $201.4M | $496.8M | ||
| Q3 24 | $175.7M | $496.2M | ||
| Q2 24 | $174.4M | $435.6M | ||
| Q1 24 | — | $434.9M |
| Q4 25 | $-438.2M | $484.4M | ||
| Q3 25 | $-422.5M | $616.9M | ||
| Q2 25 | $-405.8M | $633.7M | ||
| Q1 25 | $-338.4M | $755.7M | ||
| Q4 24 | $-253.6M | $761.3M | ||
| Q3 24 | $-187.1M | $754.7M | ||
| Q2 24 | $-233.8M | $815.4M | ||
| Q1 24 | — | $813.8M |
| Q4 25 | $259.1M | $1.2B | ||
| Q3 25 | $240.3M | $1.3B | ||
| Q2 25 | $250.2M | $1.4B | ||
| Q1 25 | $294.2M | $1.5B | ||
| Q4 24 | $378.3M | $1.6B | ||
| Q3 24 | $387.0M | $1.6B | ||
| Q2 24 | $319.4M | $1.5B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $-166.8M | $23.3M |
| Free Cash FlowOCF − Capex | $-167.0M | $23.2M |
| FCF MarginFCF / Revenue | -290.0% | 29.6% |
| Capex IntensityCapex / Revenue | 0.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-328.9M | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-166.8M | $23.3M | ||
| Q3 25 | $-14.1M | $32.2M | ||
| Q2 25 | $-62.7M | $33.1M | ||
| Q1 25 | $-84.9M | $2.5M | ||
| Q4 24 | $-266.8M | $34.3M | ||
| Q3 24 | $-63.6M | $60.1M | ||
| Q2 24 | $-70.7M | $31.0M | ||
| Q1 24 | — | $24.8M |
| Q4 25 | $-167.0M | $23.2M | ||
| Q3 25 | $-14.1M | $32.1M | ||
| Q2 25 | $-62.8M | $33.0M | ||
| Q1 25 | $-84.9M | $2.4M | ||
| Q4 24 | $-266.9M | $34.0M | ||
| Q3 24 | $-63.6M | $59.8M | ||
| Q2 24 | $-70.8M | $30.5M | ||
| Q1 24 | — | $24.7M |
| Q4 25 | -290.0% | 29.6% | ||
| Q3 25 | -28.6% | 41.3% | ||
| Q2 25 | -159.0% | 43.6% | ||
| Q1 25 | -297.9% | 3.0% | ||
| Q4 24 | -899.8% | 43.5% | ||
| Q3 24 | -389.0% | 75.6% | ||
| Q2 24 | -966.2% | 40.7% | ||
| Q1 24 | — | 30.6% |
| Q4 25 | 0.4% | 0.1% | ||
| Q3 25 | 0.1% | 0.2% | ||
| Q2 25 | 0.2% | 0.1% | ||
| Q1 25 | 0.1% | 0.2% | ||
| Q4 24 | 0.5% | 0.3% | ||
| Q3 24 | 0.3% | 0.3% | ||
| Q2 24 | 0.6% | 0.6% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PHAT
Segment breakdown not available.
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
