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Side-by-side financial comparison of SWK Holdings Corp (SWKH) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
TriSalus Life Sciences, Inc. is the larger business by last-quarter revenue ($13.2M vs $8.7M, roughly 1.5× SWK Holdings Corp). On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs -29.7%). SWK Holdings Corp produced more free cash flow last quarter ($26.8M vs $-2.5M). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% 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.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
SWKH vs TLSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.7M | $13.2M |
| Net Profit | $-19.4M | $-9.8M |
| Gross Margin | — | 86.7% |
| Operating Margin | 9.9% | -24.8% |
| Net Margin | — | -73.9% |
| Revenue YoY | -29.7% | 59.8% |
| Net Profit YoY | -430.2% | 3.5% |
| EPS (diluted) | $-1.59 | $-0.22 |
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 | $13.2M | ||
| Q3 25 | $10.9M | $11.6M | ||
| Q2 25 | $10.1M | $11.2M | ||
| Q1 25 | $11.8M | $9.2M | ||
| Q4 24 | $12.4M | $8.3M | ||
| Q3 24 | $10.4M | $7.3M | ||
| Q2 24 | $10.8M | $7.4M | ||
| Q1 24 | $11.4M | $6.5M |
| Q4 25 | $-19.4M | $-9.8M | ||
| Q3 25 | $8.8M | $-10.8M | ||
| Q2 25 | $3.5M | $-8.3M | ||
| Q1 25 | $4.5M | $-10.4M | ||
| Q4 24 | $5.9M | $-10.1M | ||
| Q3 24 | $3.5M | $-2.4M | ||
| Q2 24 | $3.7M | $-4.3M | ||
| Q1 24 | $468.0K | $-13.2M |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 83.5% | ||
| Q2 25 | — | 83.9% | ||
| Q1 25 | — | 83.7% | ||
| Q4 24 | — | 85.3% | ||
| Q3 24 | — | 86.3% | ||
| Q2 24 | — | 87.6% | ||
| Q1 24 | — | 85.0% |
| Q4 25 | 9.9% | -24.8% | ||
| Q3 25 | 61.3% | -77.9% | ||
| Q2 25 | 46.1% | -65.4% | ||
| Q1 25 | 68.6% | -79.9% | ||
| Q4 24 | 44.7% | -91.8% | ||
| Q3 24 | 39.2% | -118.9% | ||
| Q2 24 | 8.3% | -111.0% | ||
| Q1 24 | 9.5% | -180.8% |
| Q4 25 | — | -73.9% | ||
| Q3 25 | 80.7% | -93.5% | ||
| Q2 25 | 35.2% | -73.9% | ||
| Q1 25 | 38.4% | -113.2% | ||
| Q4 24 | 47.5% | -122.4% | ||
| Q3 24 | 33.3% | -32.6% | ||
| Q2 24 | 33.9% | -58.8% | ||
| Q1 24 | 4.1% | -204.5% |
| Q4 25 | $-1.59 | $-0.22 | ||
| Q3 25 | $0.72 | $-0.96 | ||
| Q2 25 | $0.29 | $-0.27 | ||
| Q1 25 | $0.37 | $-0.39 | ||
| Q4 24 | $0.47 | $-0.38 | ||
| Q3 24 | $0.28 | $-0.12 | ||
| Q2 24 | $0.30 | $-0.21 | ||
| Q1 24 | $0.04 | $-0.60 |
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 | $20.4M |
| Total DebtLower is stronger | $33.0M | — |
| Stockholders' EquityBook value | $235.1M | $-33.9M |
| Total Assets | $272.4M | $35.3M |
| Debt / EquityLower = less leverage | 0.14× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.8M | $20.4M | ||
| Q3 25 | $10.2M | $22.7M | ||
| Q2 25 | $8.0M | $26.5M | ||
| Q1 25 | $29.8M | $13.0M | ||
| Q4 24 | $5.9M | $8.5M | ||
| Q3 24 | $17.2M | $11.3M | ||
| Q2 24 | $5.5M | $16.5M | ||
| Q1 24 | $5.5M | $4.0M |
| 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 | $-33.9M | ||
| Q3 25 | $254.2M | $-26.7M | ||
| Q2 25 | $246.5M | $-19.4M | ||
| Q1 25 | $292.7M | $-34.4M | ||
| Q4 24 | $288.7M | $-25.9M | ||
| Q3 24 | $283.4M | $-20.4M | ||
| Q2 24 | $282.8M | $-25.3M | ||
| Q1 24 | $279.9M | $-36.0M |
| Q4 25 | $272.4M | $35.3M | ||
| Q3 25 | $289.4M | $36.5M | ||
| Q2 25 | $285.7M | $41.3M | ||
| Q1 25 | $331.3M | $28.6M | ||
| Q4 24 | $332.2M | $24.0M | ||
| Q3 24 | $321.3M | $27.5M | ||
| Q2 24 | $321.0M | $32.4M | ||
| Q1 24 | $322.0M | $17.9M |
| 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 | $-2.5M |
| Free Cash FlowOCF − Capex | $26.8M | $-2.5M |
| FCF MarginFCF / Revenue | 308.1% | -19.1% |
| Capex IntensityCapex / Revenue | 5.9% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $43.2M | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.3M | $-2.5M | ||
| Q3 25 | $906.0K | $-3.7M | ||
| Q2 25 | $7.8M | $-7.3M | ||
| Q1 25 | $8.3M | $-4.5M | ||
| Q4 24 | $23.0M | $-5.7M | ||
| Q3 24 | $6.3M | $-10.8M | ||
| Q2 24 | $5.4M | $-13.4M | ||
| Q1 24 | $4.4M | $-10.9M |
| Q4 25 | $26.8M | $-2.5M | ||
| Q3 25 | $557.0K | $-3.9M | ||
| Q2 25 | $7.7M | $-7.4M | ||
| Q1 25 | $8.2M | $-5.3M | ||
| Q4 24 | $22.9M | $-5.8M | ||
| Q3 24 | $6.3M | $-11.0M | ||
| Q2 24 | $5.4M | $-13.5M | ||
| Q1 24 | — | $-10.9M |
| Q4 25 | 308.1% | -19.1% | ||
| Q3 25 | 5.1% | -33.9% | ||
| Q2 25 | 77.0% | -66.1% | ||
| Q1 25 | 69.1% | -57.3% | ||
| Q4 24 | 185.3% | -69.7% | ||
| Q3 24 | 60.4% | -149.9% | ||
| Q2 24 | 49.7% | -183.1% | ||
| Q1 24 | — | -169.3% |
| Q4 25 | 5.9% | 0.3% | ||
| Q3 25 | 3.2% | 1.9% | ||
| Q2 25 | 0.6% | 0.8% | ||
| Q1 25 | 0.8% | 8.2% | ||
| Q4 24 | 1.1% | 0.6% | ||
| Q3 24 | 0.3% | 2.3% | ||
| Q2 24 | 0.2% | 0.8% | ||
| Q1 24 | 0.0% | 1.0% |
| 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% |
TLSI
Segment breakdown not available.
