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Side-by-side financial comparison of SkyWater Technology, Inc (SKYT) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
SkyWater Technology, Inc is the larger business by last-quarter revenue ($171.0M vs $117.3M, roughly 1.5× Latham Group, Inc.). SkyWater Technology, Inc runs the higher net margin — -4.5% vs -7.3%, a 2.7% gap on every dollar of revenue. On growth, SkyWater Technology, Inc posted the faster year-over-year revenue change (126.6% vs 5.3%). Over the past eight quarters, SkyWater Technology, Inc's revenue compounded faster (46.6% CAGR vs -14.4%).
SkyWater Technology, Inc. is an American semiconductor engineering and fabrication foundry, based in Bloomington, Minnesota. It is the only US-owned pure-play silicon foundry.
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.
SKYT vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $171.0M | $117.3M |
| Net Profit | $-7.8M | $-8.5M |
| Gross Margin | 14.9% | 31.7% |
| Operating Margin | 0.0% | — |
| Net Margin | -4.5% | -7.3% |
| Revenue YoY | 126.6% | 5.3% |
| Net Profit YoY | -1045.8% | -43.1% |
| EPS (diluted) | $-0.15 | $-0.07 |
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.
| Q1 26 | — | $117.3M | ||
| Q4 25 | $171.0M | $100.0M | ||
| Q3 25 | $150.7M | $161.9M | ||
| Q2 25 | $59.1M | $172.6M | ||
| Q1 25 | $61.3M | $111.4M | ||
| Q4 24 | $75.5M | $87.3M | ||
| Q3 24 | $93.8M | $150.5M | ||
| Q2 24 | $93.3M | $160.1M |
| Q1 26 | — | $-8.5M | ||
| Q4 25 | $-7.8M | $-7.0M | ||
| Q3 25 | $144.0M | $8.1M | ||
| Q2 25 | $-10.0M | $16.0M | ||
| Q1 25 | $-7.3M | $-6.0M | ||
| Q4 24 | $-679.0K | $-29.2M | ||
| Q3 24 | $1.5M | $5.9M | ||
| Q2 24 | $-1.9M | $13.3M |
| Q1 26 | — | 31.7% | ||
| Q4 25 | 14.9% | 28.0% | ||
| Q3 25 | 24.0% | 35.4% | ||
| Q2 25 | 18.5% | 37.1% | ||
| Q1 25 | 23.3% | 29.5% | ||
| Q4 24 | 25.6% | 24.6% | ||
| Q3 24 | 21.6% | 32.4% | ||
| Q2 24 | 18.3% | 33.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.0% | -10.7% | ||
| Q3 25 | 5.2% | 13.3% | ||
| Q2 25 | -11.0% | 14.3% | ||
| Q1 25 | -6.6% | -4.4% | ||
| Q4 24 | 3.5% | -14.9% | ||
| Q3 24 | 5.0% | 8.9% | ||
| Q2 24 | 1.5% | 12.5% |
| Q1 26 | — | -7.3% | ||
| Q4 25 | -4.5% | -7.0% | ||
| Q3 25 | 95.5% | 5.0% | ||
| Q2 25 | -16.9% | 9.3% | ||
| Q1 25 | -12.0% | -5.4% | ||
| Q4 24 | -0.9% | -33.4% | ||
| Q3 24 | 1.6% | 3.9% | ||
| Q2 24 | -2.0% | 8.3% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $-0.15 | $-0.06 | ||
| Q3 25 | $2.95 | $0.07 | ||
| Q2 25 | $-0.21 | $0.13 | ||
| Q1 25 | $-0.15 | $-0.05 | ||
| Q4 24 | $-0.01 | $-0.24 | ||
| Q3 24 | $0.03 | $0.05 | ||
| Q2 24 | $-0.04 | $0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $23.2M | — |
| Total DebtLower is stronger | $38.9M | $3.3M |
| Stockholders' EquityBook value | $187.8M | $396.7M |
| Total Assets | $733.9M | $856.4M |
| Debt / EquityLower = less leverage | 0.21× | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $23.2M | — | ||
| Q3 25 | $30.9M | — | ||
| Q2 25 | $49.4M | — | ||
| Q1 25 | $51.2M | — | ||
| Q4 24 | $18.8M | — | ||
| Q3 24 | $20.7M | — | ||
| Q2 24 | $18.4M | — |
| Q1 26 | — | $3.3M | ||
| Q4 25 | $38.9M | $279.8M | ||
| Q3 25 | $40.4M | $281.1M | ||
| Q2 25 | $42.1M | $281.5M | ||
| Q1 25 | $38.6M | $306.9M | ||
| Q4 24 | $39.8M | $281.5M | ||
| Q3 24 | $41.3M | $282.8M | ||
| Q2 24 | $42.4M | $282.4M |
| Q1 26 | — | $396.7M | ||
| Q4 25 | $187.8M | $405.9M | ||
| Q3 25 | $192.8M | $408.4M | ||
| Q2 25 | $45.2M | $398.4M | ||
| Q1 25 | $53.4M | $381.1M | ||
| Q4 24 | $55.6M | $387.2M | ||
| Q3 24 | $56.2M | $416.6M | ||
| Q2 24 | $51.5M | $408.1M |
| Q1 26 | — | $856.4M | ||
| Q4 25 | $733.9M | $823.2M | ||
| Q3 25 | $787.0M | $844.4M | ||
| Q2 25 | $334.7M | $822.1M | ||
| Q1 25 | $326.8M | $824.6M | ||
| Q4 24 | $311.8M | $794.2M | ||
| Q3 24 | $315.1M | $853.4M | ||
| Q2 24 | $290.4M | $830.0M |
| Q1 26 | — | 0.01× | ||
| Q4 25 | 0.21× | 0.69× | ||
| Q3 25 | 0.21× | 0.69× | ||
| Q2 25 | 0.93× | 0.71× | ||
| Q1 25 | 0.72× | 0.81× | ||
| Q4 24 | 0.71× | 0.73× | ||
| Q3 24 | 0.73× | 0.68× | ||
| Q2 24 | 0.82× | 0.69× |
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 | $-36.1M | $-47.7M |
| Free Cash FlowOCF − Capex | $-42.2M | — |
| FCF MarginFCF / Revenue | -24.7% | — |
| Capex IntensityCapex / Revenue | 3.6% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-53.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-47.7M | ||
| Q4 25 | $-36.1M | $23.3M | ||
| Q3 25 | $-47.2M | $51.0M | ||
| Q2 25 | $-1.7M | $36.0M | ||
| Q1 25 | $56.0M | $-46.9M | ||
| Q4 24 | $-1.3M | $6.2M | ||
| Q3 24 | $14.3M | $37.2M | ||
| Q2 24 | $9.3M | $52.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-42.2M | $14.1M | ||
| Q3 25 | $-48.0M | $45.2M | ||
| Q2 25 | $-4.3M | $29.1M | ||
| Q1 25 | $41.2M | $-50.3M | ||
| Q4 24 | $-2.0M | $-98.0K | ||
| Q3 24 | $9.1M | $33.2M | ||
| Q2 24 | $8.5M | $47.9M |
| Q1 26 | — | — | ||
| Q4 25 | -24.7% | 14.1% | ||
| Q3 25 | -31.9% | 27.9% | ||
| Q2 25 | -7.3% | 16.8% | ||
| Q1 25 | 67.2% | -45.2% | ||
| Q4 24 | -2.6% | -0.1% | ||
| Q3 24 | 9.7% | 22.1% | ||
| Q2 24 | 9.1% | 29.9% |
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | 9.2% | ||
| Q3 25 | 0.6% | 3.6% | ||
| Q2 25 | 4.5% | 4.0% | ||
| Q1 25 | 24.1% | 3.1% | ||
| Q4 24 | 0.9% | 7.2% | ||
| Q3 24 | 5.5% | 2.7% | ||
| Q2 24 | 0.9% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | -0.33× | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 9.47× | 6.32× | ||
| Q2 24 | — | 3.95× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SKYT
| Advanced Technology Services Time And Materials And Cost Plus Fixed Fee Contracts | $140.9M | 82% |
| Tool | $28.9M | 17% |
| Overbilling Of ATS Development Revenues | $2.0M | 1% |
SWIM
Segment breakdown not available.
