vs
Side-by-side financial comparison of SWK Holdings Corp (SWKH) and X3 Holdings Co., Ltd. (XTKG). Click either name above to swap in a different company.
SWK Holdings Corp is the larger business by last-quarter revenue ($8.7M vs $5.0M, roughly 1.7× X3 Holdings Co., Ltd.). SWK Holdings Corp produced more free cash flow last quarter ($26.8M vs $-1.7M).
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 XTKG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.7M | $5.0M |
| Net Profit | $-19.4M | — |
| Gross Margin | — | — |
| Operating Margin | 9.9% | — |
| Net Margin | — | — |
| Revenue YoY | -29.7% | — |
| Net Profit YoY | -430.2% | — |
| EPS (diluted) | $-1.59 | — |
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 | — | ||
| Q3 25 | $10.9M | — | ||
| Q2 25 | $10.1M | $5.0M | ||
| Q1 25 | $11.8M | — | ||
| Q4 24 | $12.4M | — | ||
| Q3 24 | $10.4M | — | ||
| Q2 24 | $10.8M | $6.6M | ||
| Q1 24 | $11.4M | — |
| Q4 25 | $-19.4M | — | ||
| Q3 25 | $8.8M | — | ||
| Q2 25 | $3.5M | — | ||
| Q1 25 | $4.5M | — | ||
| Q4 24 | $5.9M | — | ||
| Q3 24 | $3.5M | — | ||
| Q2 24 | $3.7M | $-57.6M | ||
| Q1 24 | $468.0K | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 28.0% | ||
| Q1 24 | — | — |
| Q4 25 | 9.9% | — | ||
| Q3 25 | 61.3% | — | ||
| Q2 25 | 46.1% | — | ||
| Q1 25 | 68.6% | — | ||
| Q4 24 | 44.7% | — | ||
| Q3 24 | 39.2% | — | ||
| Q2 24 | 8.3% | -219.1% | ||
| Q1 24 | 9.5% | — |
| Q4 25 | — | — | ||
| Q3 25 | 80.7% | — | ||
| Q2 25 | 35.2% | — | ||
| Q1 25 | 38.4% | — | ||
| Q4 24 | 47.5% | — | ||
| Q3 24 | 33.3% | — | ||
| Q2 24 | 33.9% | -874.1% | ||
| Q1 24 | 4.1% | — |
| Q4 25 | $-1.59 | — | ||
| Q3 25 | $0.72 | — | ||
| Q2 25 | $0.29 | — | ||
| Q1 25 | $0.37 | — | ||
| Q4 24 | $0.47 | — | ||
| Q3 24 | $0.28 | — | ||
| Q2 24 | $0.30 | — | ||
| Q1 24 | $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 | $2.6M |
| Total DebtLower is stronger | $33.0M | — |
| Stockholders' EquityBook value | $235.1M | $42.6M |
| Total Assets | $272.4M | $71.7M |
| Debt / EquityLower = less leverage | 0.14× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.8M | — | ||
| Q3 25 | $10.2M | — | ||
| Q2 25 | $8.0M | $2.6M | ||
| Q1 25 | $29.8M | — | ||
| Q4 24 | $5.9M | — | ||
| Q3 24 | $17.2M | — | ||
| Q2 24 | $5.5M | $1.5M | ||
| Q1 24 | $5.5M | — |
| 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 | — | ||
| Q3 25 | $254.2M | — | ||
| Q2 25 | $246.5M | $42.6M | ||
| Q1 25 | $292.7M | — | ||
| Q4 24 | $288.7M | — | ||
| Q3 24 | $283.4M | — | ||
| Q2 24 | $282.8M | $125.5M | ||
| Q1 24 | $279.9M | — |
| Q4 25 | $272.4M | — | ||
| Q3 25 | $289.4M | — | ||
| Q2 25 | $285.7M | $71.7M | ||
| Q1 25 | $331.3M | — | ||
| Q4 24 | $332.2M | — | ||
| Q3 24 | $321.3M | — | ||
| Q2 24 | $321.0M | $171.3M | ||
| Q1 24 | $322.0M | — |
| 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 | $-1.1M |
| Free Cash FlowOCF − Capex | $26.8M | $-1.7M |
| FCF MarginFCF / Revenue | 308.1% | -34.1% |
| Capex IntensityCapex / Revenue | 5.9% | 12.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $43.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.3M | — | ||
| Q3 25 | $906.0K | — | ||
| Q2 25 | $7.8M | $-1.1M | ||
| Q1 25 | $8.3M | — | ||
| Q4 24 | $23.0M | — | ||
| Q3 24 | $6.3M | — | ||
| Q2 24 | $5.4M | $-7.0M | ||
| Q1 24 | $4.4M | — |
| Q4 25 | $26.8M | — | ||
| Q3 25 | $557.0K | — | ||
| Q2 25 | $7.7M | $-1.7M | ||
| Q1 25 | $8.2M | — | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $6.3M | — | ||
| Q2 24 | $5.4M | $-7.0M | ||
| Q1 24 | — | — |
| Q4 25 | 308.1% | — | ||
| Q3 25 | 5.1% | — | ||
| Q2 25 | 77.0% | -34.1% | ||
| Q1 25 | 69.1% | — | ||
| Q4 24 | 185.3% | — | ||
| Q3 24 | 60.4% | — | ||
| Q2 24 | 49.7% | -106.9% | ||
| Q1 24 | — | — |
| Q4 25 | 5.9% | — | ||
| Q3 25 | 3.2% | — | ||
| Q2 25 | 0.6% | 12.1% | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 0.2% | 0.3% | ||
| Q1 24 | 0.0% | — |
| 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% |
XTKG
| Consulting and technical support services | $2.4M | 48% |
| Other | $1.5M | 30% |
| Application development services | $884.5K | 18% |
| Subscription services | $215.4K | 4% |
