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Side-by-side financial comparison of Latham Group, Inc. (SWIM) and Vanda Pharmaceuticals Inc. (VNDA). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $57.2M, roughly 1.7× Vanda Pharmaceuticals Inc.). Latham Group, Inc. runs the higher net margin — -7.0% vs -246.8%, a 239.7% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 7.6%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-29.5M). Over the past eight quarters, Vanda Pharmaceuticals Inc.'s revenue compounded faster (9.8% CAGR vs -4.9%).
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.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for central nervous system disorders. Its key marketed products cover indications including sleep-wake cycle disturbances and schizophrenia, with core operations and primary sales markets concentrated in North America, catering to patient groups with significant unmet medical needs.
SWIM vs VNDA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $100.0M | $57.2M |
| Net Profit | $-7.0M | $-141.2M |
| Gross Margin | 28.0% | — |
| Operating Margin | -10.7% | -70.5% |
| Net Margin | -7.0% | -246.8% |
| Revenue YoY | 14.5% | 7.6% |
| Net Profit YoY | 76.0% | -2774.3% |
| EPS (diluted) | $-0.06 | $-2.40 |
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 | $100.0M | $57.2M | ||
| Q3 25 | $161.9M | $56.3M | ||
| Q2 25 | $172.6M | $52.6M | ||
| Q1 25 | $111.4M | $50.0M | ||
| Q4 24 | $87.3M | $53.2M | ||
| Q3 24 | $150.5M | $47.7M | ||
| Q2 24 | $160.1M | $50.5M | ||
| Q1 24 | $110.6M | $47.5M |
| Q4 25 | $-7.0M | $-141.2M | ||
| Q3 25 | $8.1M | $-22.6M | ||
| Q2 25 | $16.0M | $-27.2M | ||
| Q1 25 | $-6.0M | $-29.5M | ||
| Q4 24 | $-29.2M | $-4.9M | ||
| Q3 24 | $5.9M | $-5.3M | ||
| Q2 24 | $13.3M | $-4.5M | ||
| Q1 24 | $-7.9M | $-4.1M |
| Q4 25 | 28.0% | — | ||
| Q3 25 | 35.4% | — | ||
| Q2 25 | 37.1% | — | ||
| Q1 25 | 29.5% | — | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 32.4% | — | ||
| Q2 24 | 33.1% | — | ||
| Q1 24 | 27.7% | — |
| Q4 25 | -10.7% | -70.5% | ||
| Q3 25 | 13.3% | -55.6% | ||
| Q2 25 | 14.3% | -73.2% | ||
| Q1 25 | -4.4% | -82.0% | ||
| Q4 24 | -14.9% | -19.3% | ||
| Q3 24 | 8.9% | -23.1% | ||
| Q2 24 | 12.5% | -20.1% | ||
| Q1 24 | -1.9% | -19.5% |
| Q4 25 | -7.0% | -246.8% | ||
| Q3 25 | 5.0% | -40.1% | ||
| Q2 25 | 9.3% | -51.7% | ||
| Q1 25 | -5.4% | -58.9% | ||
| Q4 24 | -33.4% | -9.2% | ||
| Q3 24 | 3.9% | -11.2% | ||
| Q2 24 | 8.3% | -9.0% | ||
| Q1 24 | -7.1% | -8.7% |
| Q4 25 | $-0.06 | $-2.40 | ||
| Q3 25 | $0.07 | $-0.38 | ||
| Q2 25 | $0.13 | $-0.46 | ||
| Q1 25 | $-0.05 | $-0.50 | ||
| Q4 24 | $-0.24 | $-0.09 | ||
| Q3 24 | $0.05 | $-0.09 | ||
| Q2 24 | $0.11 | $-0.08 | ||
| Q1 24 | $-0.07 | $-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 | — | $84.9M |
| Total DebtLower is stronger | $279.8M | — |
| Stockholders' EquityBook value | $405.9M | $327.2M |
| Total Assets | $823.2M | $488.9M |
| Debt / EquityLower = less leverage | 0.69× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $84.9M | ||
| Q3 25 | — | $70.0M | ||
| Q2 25 | — | $81.0M | ||
| Q1 25 | — | $111.8M | ||
| Q4 24 | — | $102.3M | ||
| Q3 24 | — | $100.5M | ||
| Q2 24 | — | $103.0M | ||
| Q1 24 | — | $125.2M |
| Q4 25 | $279.8M | — | ||
| Q3 25 | $281.1M | — | ||
| Q2 25 | $281.5M | — | ||
| Q1 25 | $306.9M | — | ||
| Q4 24 | $281.5M | — | ||
| Q3 24 | $282.8M | — | ||
| Q2 24 | $282.4M | — | ||
| Q1 24 | $282.8M | — |
| Q4 25 | $405.9M | $327.2M | ||
| Q3 25 | $408.4M | $466.0M | ||
| Q2 25 | $398.4M | $486.3M | ||
| Q1 25 | $381.1M | $511.4M | ||
| Q4 24 | $387.2M | $538.5M | ||
| Q3 24 | $416.6M | $541.2M | ||
| Q2 24 | $408.1M | $542.5M | ||
| Q1 24 | $391.8M | $544.0M |
| Q4 25 | $823.2M | $488.9M | ||
| Q3 25 | $844.4M | $601.1M | ||
| Q2 25 | $822.1M | $624.7M | ||
| Q1 25 | $824.6M | $631.9M | ||
| Q4 24 | $794.2M | $656.2M | ||
| Q3 24 | $853.4M | $645.1M | ||
| Q2 24 | $830.0M | $651.4M | ||
| Q1 24 | $808.6M | $652.7M |
| 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 | $23.3M | $-29.4M |
| Free Cash FlowOCF − Capex | $14.1M | $-29.5M |
| FCF MarginFCF / Revenue | 14.1% | -51.6% |
| Capex IntensityCapex / Revenue | 9.2% | 0.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $38.0M | $-110.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $-29.4M | ||
| Q3 25 | $51.0M | $-31.6M | ||
| Q2 25 | $36.0M | $-15.3M | ||
| Q1 25 | $-46.9M | $-33.1M | ||
| Q4 24 | $6.2M | $-1.8M | ||
| Q3 24 | $37.2M | $-14.6M | ||
| Q2 24 | $52.4M | $-6.9M | ||
| Q1 24 | $-34.5M | $7.6M |
| Q4 25 | $14.1M | $-29.5M | ||
| Q3 25 | $45.2M | $-31.8M | ||
| Q2 25 | $29.1M | $-15.6M | ||
| Q1 25 | $-50.3M | $-33.6M | ||
| Q4 24 | $-98.0K | $-2.0M | ||
| Q3 24 | $33.2M | $-14.7M | ||
| Q2 24 | $47.9M | $-7.0M | ||
| Q1 24 | $-39.9M | $7.6M |
| Q4 25 | 14.1% | -51.6% | ||
| Q3 25 | 27.9% | -56.5% | ||
| Q2 25 | 16.8% | -29.6% | ||
| Q1 25 | -45.2% | -67.1% | ||
| Q4 24 | -0.1% | -3.8% | ||
| Q3 24 | 22.1% | -30.9% | ||
| Q2 24 | 29.9% | -13.9% | ||
| Q1 24 | -36.0% | 15.9% |
| Q4 25 | 9.2% | 0.2% | ||
| Q3 25 | 3.6% | 0.3% | ||
| Q2 25 | 4.0% | 0.6% | ||
| Q1 25 | 3.1% | 0.9% | ||
| Q4 24 | 7.2% | 0.4% | ||
| Q3 24 | 2.7% | 0.3% | ||
| Q2 24 | 2.8% | 0.2% | ||
| Q1 24 | 4.8% | 0.0% |
| 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
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
