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Side-by-side financial comparison of Phathom Pharmaceuticals, Inc. (PHAT) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $57.6M, roughly 1.7× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M 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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
PHAT vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $57.6M | $100.0M |
| Net Profit | — | $-7.0M |
| Gross Margin | 86.7% | 28.0% |
| Operating Margin | — | -10.7% |
| Net Margin | — | -7.0% |
| Revenue YoY | 94.1% | 14.5% |
| Net Profit YoY | 71.6% | 76.0% |
| EPS (diluted) | — | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $49.5M | $161.9M | ||
| Q2 25 | $39.5M | $172.6M | ||
| Q1 25 | $28.5M | $111.4M | ||
| Q4 24 | $29.7M | $87.3M | ||
| Q3 24 | $16.4M | $150.5M | ||
| Q2 24 | $7.3M | $160.1M | ||
| Q1 24 | — | $110.6M |
| Q4 25 | — | $-7.0M | ||
| Q3 25 | $-30.0M | $8.1M | ||
| Q2 25 | $-75.8M | $16.0M | ||
| Q1 25 | $-94.3M | $-6.0M | ||
| Q4 24 | — | $-29.2M | ||
| Q3 24 | $-85.6M | $5.9M | ||
| Q2 24 | $-91.4M | $13.3M | ||
| Q1 24 | — | $-7.9M |
| Q4 25 | 86.7% | 28.0% | ||
| Q3 25 | 87.5% | 35.4% | ||
| Q2 25 | 87.2% | 37.1% | ||
| Q1 25 | 86.9% | 29.5% | ||
| Q4 24 | 87.1% | 24.6% | ||
| Q3 24 | 85.6% | 32.4% | ||
| Q2 24 | 81.2% | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | — | -10.7% | ||
| Q3 25 | -30.8% | 13.3% | ||
| Q2 25 | -151.7% | 14.3% | ||
| Q1 25 | -276.5% | -4.4% | ||
| Q4 24 | — | -14.9% | ||
| Q3 24 | -433.0% | 8.9% | ||
| Q2 24 | -1055.4% | 12.5% | ||
| Q1 24 | — | -1.9% |
| Q4 25 | — | -7.0% | ||
| Q3 25 | -60.5% | 5.0% | ||
| Q2 25 | -191.9% | 9.3% | ||
| Q1 25 | -330.7% | -5.4% | ||
| Q4 24 | — | -33.4% | ||
| Q3 24 | -523.3% | 3.9% | ||
| Q2 24 | -1248.6% | 8.3% | ||
| Q1 24 | — | -7.1% |
| Q4 25 | — | $-0.06 | ||
| Q3 25 | $-0.41 | $0.07 | ||
| Q2 25 | $-1.05 | $0.13 | ||
| Q1 25 | $-1.31 | $-0.05 | ||
| Q4 24 | — | $-0.24 | ||
| Q3 24 | $-1.32 | $0.05 | ||
| Q2 24 | $-1.56 | $0.11 | ||
| Q1 24 | — | $-0.07 |
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 | — |
| Total DebtLower is stronger | $209.1M | $279.8M |
| Stockholders' EquityBook value | $-438.2M | $405.9M |
| Total Assets | $259.1M | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.0M | — | ||
| Q3 25 | $135.2M | — | ||
| Q2 25 | $149.6M | — | ||
| Q1 25 | $212.3M | — | ||
| Q4 24 | $297.3M | — | ||
| Q3 24 | $334.7M | — | ||
| Q2 24 | $276.2M | — | ||
| Q1 24 | — | — |
| Q4 25 | $209.1M | $279.8M | ||
| Q3 25 | $207.1M | $281.1M | ||
| Q2 25 | $205.1M | $281.5M | ||
| Q1 25 | $203.2M | $306.9M | ||
| Q4 24 | $201.4M | $281.5M | ||
| Q3 24 | $175.7M | $282.8M | ||
| Q2 24 | $174.4M | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $-438.2M | $405.9M | ||
| Q3 25 | $-422.5M | $408.4M | ||
| Q2 25 | $-405.8M | $398.4M | ||
| Q1 25 | $-338.4M | $381.1M | ||
| Q4 24 | $-253.6M | $387.2M | ||
| Q3 24 | $-187.1M | $416.6M | ||
| Q2 24 | $-233.8M | $408.1M | ||
| Q1 24 | — | $391.8M |
| Q4 25 | $259.1M | $823.2M | ||
| Q3 25 | $240.3M | $844.4M | ||
| Q2 25 | $250.2M | $822.1M | ||
| Q1 25 | $294.2M | $824.6M | ||
| Q4 24 | $378.3M | $794.2M | ||
| Q3 24 | $387.0M | $853.4M | ||
| Q2 24 | $319.4M | $830.0M | ||
| Q1 24 | — | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $14.1M |
| FCF MarginFCF / Revenue | -290.0% | 14.1% |
| Capex IntensityCapex / Revenue | 0.4% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-328.9M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-166.8M | $23.3M | ||
| Q3 25 | $-14.1M | $51.0M | ||
| Q2 25 | $-62.7M | $36.0M | ||
| Q1 25 | $-84.9M | $-46.9M | ||
| Q4 24 | $-266.8M | $6.2M | ||
| Q3 24 | $-63.6M | $37.2M | ||
| Q2 24 | $-70.7M | $52.4M | ||
| Q1 24 | — | $-34.5M |
| Q4 25 | $-167.0M | $14.1M | ||
| Q3 25 | $-14.1M | $45.2M | ||
| Q2 25 | $-62.8M | $29.1M | ||
| Q1 25 | $-84.9M | $-50.3M | ||
| Q4 24 | $-266.9M | $-98.0K | ||
| Q3 24 | $-63.6M | $33.2M | ||
| Q2 24 | $-70.8M | $47.9M | ||
| Q1 24 | — | $-39.9M |
| Q4 25 | -290.0% | 14.1% | ||
| Q3 25 | -28.6% | 27.9% | ||
| Q2 25 | -159.0% | 16.8% | ||
| Q1 25 | -297.9% | -45.2% | ||
| Q4 24 | -899.8% | -0.1% | ||
| Q3 24 | -389.0% | 22.1% | ||
| Q2 24 | -966.2% | 29.9% | ||
| Q1 24 | — | -36.0% |
| Q4 25 | 0.4% | 9.2% | ||
| Q3 25 | 0.1% | 3.6% | ||
| Q2 25 | 0.2% | 4.0% | ||
| Q1 25 | 0.1% | 3.1% | ||
| Q4 24 | 0.5% | 7.2% | ||
| Q3 24 | 0.3% | 2.7% | ||
| Q2 24 | 0.6% | 2.8% | ||
| Q1 24 | — | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PHAT
Segment breakdown not available.
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
