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Side-by-side financial comparison of SWK Holdings Corp (SWKH) and TECOGEN INC. (TGEN). Click either name above to swap in a different company.
SWK Holdings Corp is the larger business by last-quarter revenue ($8.7M vs $5.3M, roughly 1.6× TECOGEN INC.). On growth, TECOGEN INC. posted the faster year-over-year revenue change (-12.5% vs -29.7%). SWK Holdings Corp produced more free cash flow last quarter ($26.8M vs $-2.6M). Over the past eight quarters, TECOGEN INC.'s revenue compounded faster (-7.3% CAGR vs -12.5%).
SWK Holdings Corp is a specialty finance firm focused on the healthcare and life sciences sectors. It provides tailored financing solutions including royalty monetization, structured debt, and asset-backed lending to biotech, pharmaceutical, medical device and diagnostic companies, with its core market centered in North America.
SWKH vs TGEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.7M | $5.3M |
| Net Profit | $-19.4M | $-4.0M |
| Gross Margin | — | 36.8% |
| Operating Margin | 9.9% | -77.8% |
| Net Margin | — | -75.1% |
| Revenue YoY | -29.7% | -12.5% |
| Net Profit YoY | -430.2% | -236.7% |
| EPS (diluted) | $-1.59 | $-0.14 |
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 | $8.7M | $5.3M | ||
| Q3 25 | $10.9M | $7.2M | ||
| Q2 25 | $10.1M | $7.3M | ||
| Q1 25 | $11.8M | $7.3M | ||
| Q4 24 | $12.4M | $6.1M | ||
| Q3 24 | $10.4M | $5.6M | ||
| Q2 24 | $10.8M | $4.7M | ||
| Q1 24 | $11.4M | $6.2M |
| Q4 25 | $-19.4M | $-4.0M | ||
| Q3 25 | $8.8M | $-2.1M | ||
| Q2 25 | $3.5M | $-1.5M | ||
| Q1 25 | $4.5M | $-659.9K | ||
| Q4 24 | $5.9M | $-1.2M | ||
| Q3 24 | $3.5M | $-930.4K | ||
| Q2 24 | $3.7M | $-1.5M | ||
| Q1 24 | $468.0K | $-1.1M |
| Q4 25 | — | 36.8% | ||
| Q3 25 | — | 30.4% | ||
| Q2 25 | — | 33.8% | ||
| Q1 25 | — | 44.3% | ||
| Q4 24 | — | 45.0% | ||
| Q3 24 | — | 44.1% | ||
| Q2 24 | — | 44.0% | ||
| Q1 24 | — | 41.6% |
| Q4 25 | 9.9% | -77.8% | ||
| Q3 25 | 61.3% | -29.2% | ||
| Q2 25 | 46.1% | -19.4% | ||
| Q1 25 | 68.6% | -8.2% | ||
| Q4 24 | 44.7% | -18.7% | ||
| Q3 24 | 39.2% | -15.5% | ||
| Q2 24 | 8.3% | -31.2% | ||
| Q1 24 | 9.5% | -17.0% |
| Q4 25 | — | -75.1% | ||
| Q3 25 | 80.7% | -29.7% | ||
| Q2 25 | 35.2% | -20.1% | ||
| Q1 25 | 38.4% | -9.1% | ||
| Q4 24 | 47.5% | -19.5% | ||
| Q3 24 | 33.3% | -16.5% | ||
| Q2 24 | 33.9% | -32.5% | ||
| Q1 24 | 4.1% | -17.9% |
| Q4 25 | $-1.59 | $-0.14 | ||
| Q3 25 | $0.72 | $-0.07 | ||
| Q2 25 | $0.29 | $-0.06 | ||
| Q1 25 | $0.37 | $-0.03 | ||
| Q4 24 | $0.47 | $-0.05 | ||
| Q3 24 | $0.28 | $-0.04 | ||
| Q2 24 | $0.30 | $-0.06 | ||
| Q1 24 | $0.04 | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $42.8M | $12.4M |
| Total DebtLower is stronger | $33.0M | — |
| Stockholders' EquityBook value | $235.1M | $21.6M |
| Total Assets | $272.4M | $37.0M |
| Debt / EquityLower = less leverage | 0.14× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.8M | $12.4M | ||
| Q3 25 | $10.2M | $15.3M | ||
| Q2 25 | $8.0M | $1.6M | ||
| Q1 25 | $29.8M | $4.1M | ||
| Q4 24 | $5.9M | $5.4M | ||
| Q3 24 | $17.2M | $1.3M | ||
| Q2 24 | $5.5M | $841.9K | ||
| Q1 24 | $5.5M | $1.5M |
| Q4 25 | $33.0M | — | ||
| Q3 25 | $33.0M | — | ||
| Q2 25 | $33.0M | — | ||
| Q1 25 | $33.0M | — | ||
| Q4 24 | $33.0M | — | ||
| Q3 24 | $33.0M | — | ||
| Q2 24 | $33.0M | — | ||
| Q1 24 | $33.0M | — |
| Q4 25 | $235.1M | $21.6M | ||
| Q3 25 | $254.2M | $25.5M | ||
| Q2 25 | $246.5M | $9.1M | ||
| Q1 25 | $292.7M | $9.6M | ||
| Q4 24 | $288.7M | $10.2M | ||
| Q3 24 | $283.4M | $11.3M | ||
| Q2 24 | $282.8M | $12.2M | ||
| Q1 24 | $279.9M | $13.7M |
| Q4 25 | $272.4M | $37.0M | ||
| Q3 25 | $289.4M | $41.5M | ||
| Q2 25 | $285.7M | $28.4M | ||
| Q1 25 | $331.3M | $29.7M | ||
| Q4 24 | $332.2M | $31.1M | ||
| Q3 24 | $321.3M | $27.5M | ||
| Q2 24 | $321.0M | $27.2M | ||
| Q1 24 | $322.0M | $28.5M |
| Q4 25 | 0.14× | — | ||
| Q3 25 | 0.13× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.11× | — | ||
| Q4 24 | 0.11× | — | ||
| Q3 24 | 0.12× | — | ||
| Q2 24 | 0.12× | — | ||
| Q1 24 | 0.12× | — |
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 | $27.3M | $-2.6M |
| Free Cash FlowOCF − Capex | $26.8M | $-2.6M |
| FCF MarginFCF / Revenue | 308.1% | -49.3% |
| Capex IntensityCapex / Revenue | 5.9% | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $43.2M | $-10.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.3M | $-2.6M | ||
| Q3 25 | $906.0K | $-3.6M | ||
| Q2 25 | $7.8M | $-2.6M | ||
| Q1 25 | $8.3M | $-1.2M | ||
| Q4 24 | $23.0M | $4.2M | ||
| Q3 24 | $6.3M | $-207.3K | ||
| Q2 24 | $5.4M | $-157.9K | ||
| Q1 24 | $4.4M | $248.2K |
| Q4 25 | $26.8M | $-2.6M | ||
| Q3 25 | $557.0K | $-3.6M | ||
| Q2 25 | $7.7M | $-2.7M | ||
| Q1 25 | $8.2M | $-1.3M | ||
| Q4 24 | $22.9M | $4.0M | ||
| Q3 24 | $6.3M | $-489.6K | ||
| Q2 24 | $5.4M | $-609.6K | ||
| Q1 24 | — | $143.3K |
| Q4 25 | 308.1% | -49.3% | ||
| Q3 25 | 5.1% | -50.6% | ||
| Q2 25 | 77.0% | -37.7% | ||
| Q1 25 | 69.1% | -17.9% | ||
| Q4 24 | 185.3% | 66.6% | ||
| Q3 24 | 60.4% | -8.7% | ||
| Q2 24 | 49.7% | -12.9% | ||
| Q1 24 | — | 2.3% |
| Q4 25 | 5.9% | 0.9% | ||
| Q3 25 | 3.2% | 1.0% | ||
| Q2 25 | 0.6% | 2.0% | ||
| Q1 25 | 0.8% | 1.8% | ||
| Q4 24 | 1.1% | 2.1% | ||
| Q3 24 | 0.3% | 5.0% | ||
| Q2 24 | 0.2% | 9.6% | ||
| Q1 24 | 0.0% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | 0.10× | — | ||
| Q2 25 | 2.21× | — | ||
| Q1 25 | 1.82× | — | ||
| Q4 24 | 3.93× | — | ||
| Q3 24 | 1.82× | — | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 9.47× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
TGEN
| Installation Services | $4.5M | 84% |
| Products Segment | $460.5K | 9% |
| Other | $394.7K | 7% |
