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Side-by-side financial comparison of Phathom Pharmaceuticals, Inc. (PHAT) and TSS, Inc. (TSSI). Click either name above to swap in a different company.
TSS, Inc. is the larger business by last-quarter revenue ($60.9M vs $57.6M, roughly 1.1× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 21.8%). TSS, Inc. produced more free cash flow last quarter ($15.8M 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.
PHAT vs TSSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $57.6M | $60.9M |
| Net Profit | — | $12.2M |
| Gross Margin | 86.7% | 17.6% |
| Operating Margin | — | 1.5% |
| Net Margin | — | 20.0% |
| Revenue YoY | 94.1% | 21.8% |
| Net Profit YoY | 71.6% | 535.7% |
| EPS (diluted) | — | $0.44 |
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 | $60.9M | ||
| Q3 25 | $49.5M | $41.9M | ||
| Q2 25 | $39.5M | $44.0M | ||
| Q1 25 | $28.5M | $99.0M | ||
| Q4 24 | $29.7M | $50.0M | ||
| Q3 24 | $16.4M | $70.1M | ||
| Q2 24 | $7.3M | $12.2M | ||
| Q1 24 | — | $15.9M |
| Q4 25 | — | $12.2M | ||
| Q3 25 | $-30.0M | $-1.5M | ||
| Q2 25 | $-75.8M | $1.5M | ||
| Q1 25 | $-94.3M | $3.0M | ||
| Q4 24 | — | $1.9M | ||
| Q3 24 | $-85.6M | $2.6M | ||
| Q2 24 | $-91.4M | $1.4M | ||
| Q1 24 | — | $15.0K |
| Q4 25 | 86.7% | 17.6% | ||
| Q3 25 | 87.5% | 11.1% | ||
| Q2 25 | 87.2% | 17.8% | ||
| Q1 25 | 86.9% | 9.3% | ||
| Q4 24 | 87.1% | 14.4% | ||
| Q3 24 | 85.6% | 11.3% | ||
| Q2 24 | 81.2% | 37.3% | ||
| Q1 24 | — | 17.1% |
| Q4 25 | — | 1.5% | ||
| Q3 25 | -30.8% | -2.2% | ||
| Q2 25 | -151.7% | 5.1% | ||
| Q1 25 | -276.5% | 4.2% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | -433.0% | 5.4% | ||
| Q2 24 | -1055.4% | 14.0% | ||
| Q1 24 | — | 1.6% |
| Q4 25 | — | 20.0% | ||
| Q3 25 | -60.5% | -3.6% | ||
| Q2 25 | -191.9% | 3.4% | ||
| Q1 25 | -330.7% | 3.0% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | -523.3% | 3.8% | ||
| Q2 24 | -1248.6% | 11.5% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | — | $0.44 | ||
| Q3 25 | $-0.41 | $-0.06 | ||
| Q2 25 | $-1.05 | $0.06 | ||
| Q1 25 | $-1.31 | $0.12 | ||
| Q4 24 | — | $0.08 | ||
| Q3 24 | $-1.32 | $0.10 | ||
| Q2 24 | $-1.56 | $0.06 | ||
| Q1 24 | — | $0.00 |
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 | $85.5M |
| Total DebtLower is stronger | $209.1M | — |
| Stockholders' EquityBook value | $-438.2M | $76.6M |
| Total Assets | $259.1M | $184.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.0M | $85.5M | ||
| Q3 25 | $135.2M | $70.7M | ||
| Q2 25 | $149.6M | — | ||
| Q1 25 | $212.3M | — | ||
| Q4 24 | $297.3M | $23.2M | ||
| Q3 24 | $334.7M | $46.4M | ||
| Q2 24 | $276.2M | $8.3M | ||
| Q1 24 | — | $14.4M |
| Q4 25 | $209.1M | — | ||
| Q3 25 | $207.1M | — | ||
| Q2 25 | $205.1M | — | ||
| Q1 25 | $203.2M | — | ||
| Q4 24 | $201.4M | — | ||
| Q3 24 | $175.7M | — | ||
| Q2 24 | $174.4M | — | ||
| Q1 24 | — | — |
| Q4 25 | $-438.2M | $76.6M | ||
| Q3 25 | $-422.5M | $63.4M | ||
| Q2 25 | $-405.8M | $9.5M | ||
| Q1 25 | $-338.4M | $9.4M | ||
| Q4 24 | $-253.6M | $7.1M | ||
| Q3 24 | $-187.1M | $7.7M | ||
| Q2 24 | $-233.8M | $5.2M | ||
| Q1 24 | — | $3.7M |
| Q4 25 | $259.1M | $184.9M | ||
| Q3 25 | $240.3M | $165.4M | ||
| Q2 25 | $250.2M | $139.5M | ||
| Q1 25 | $294.2M | $113.5M | ||
| Q4 24 | $378.3M | $96.6M | ||
| Q3 24 | $387.0M | $67.3M | ||
| Q2 24 | $319.4M | $28.9M | ||
| Q1 24 | — | $26.8M |
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 | $16.3M |
| Free Cash FlowOCF − Capex | $-167.0M | $15.8M |
| FCF MarginFCF / Revenue | -290.0% | 25.9% |
| Capex IntensityCapex / Revenue | 0.4% | 0.9% |
| Cash ConversionOCF / Net Profit | — | 1.34× |
| TTM Free Cash FlowTrailing 4 quarters | $-328.9M | $2.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-166.8M | $16.3M | ||
| Q3 25 | $-14.1M | $-18.4M | ||
| Q2 25 | $-62.7M | $16.3M | ||
| Q1 25 | $-84.9M | $20.6M | ||
| Q4 24 | $-266.8M | $-21.6M | ||
| Q3 24 | $-63.6M | $38.6M | ||
| Q2 24 | $-70.7M | $-4.3M | ||
| Q1 24 | — | $2.6M |
| Q4 25 | $-167.0M | $15.8M | ||
| Q3 25 | $-14.1M | $-24.9M | ||
| Q2 25 | $-62.8M | $5.4M | ||
| Q1 25 | $-84.9M | $5.8M | ||
| Q4 24 | $-266.9M | $-28.4M | ||
| Q3 24 | $-63.6M | $38.6M | ||
| Q2 24 | $-70.8M | $-6.0M | ||
| Q1 24 | — | $2.6M |
| Q4 25 | -290.0% | 25.9% | ||
| Q3 25 | -28.6% | -59.3% | ||
| Q2 25 | -159.0% | 12.3% | ||
| Q1 25 | -297.9% | 5.8% | ||
| Q4 24 | -899.8% | -56.7% | ||
| Q3 24 | -389.0% | 55.1% | ||
| Q2 24 | -966.2% | -49.4% | ||
| Q1 24 | — | 16.4% |
| Q4 25 | 0.4% | 0.9% | ||
| Q3 25 | 0.1% | 15.3% | ||
| Q2 25 | 0.2% | 24.8% | ||
| Q1 25 | 0.1% | 15.0% | ||
| Q4 24 | 0.5% | 13.4% | ||
| Q3 24 | 0.3% | 0.1% | ||
| Q2 24 | 0.6% | 13.8% | ||
| Q1 24 | — | 0.2% |
| Q4 25 | — | 1.34× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 11.02× | ||
| Q1 25 | — | 6.93× | ||
| Q4 24 | — | -11.32× | ||
| Q3 24 | — | 14.60× | ||
| Q2 24 | — | -3.09× | ||
| Q1 24 | — | 176.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PHAT
Segment breakdown not available.
TSSI
| Procurement Revenues Segment | $43.2M | 71% |
| System Integration Services Segment | $14.2M | 23% |
| Facilities Segment | $3.5M | 6% |
