SWK Holdings Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SWK Holdings Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	22.4	37.5	26	30.7	36.7	56.2	41.5	37.8	45	41.5
Research and development				1.18	4.27	7.35	6.95	3.44	2.2	1.55
General and administrative	2.83	4.1	4.87	7.43	10.5	13.6	13	11.2	11.5	14.8
Operating income								14.7	11.6	20.3
Interest expense			0.16	0.34	0.46	0.37	0.34	1.85	1.1	1.1
Interest income	0.09
Pre-tax income	10.4	24	6.24	16.8	3.67	33	9.49	14.6	18.4	20.1
Income tax	-21.6	15.8	0.04	-6.99	-1.54	7.08	-4	-1.27	4.88	22.6
Net income to minority interests	3.15	5.2
Net income	28.9	3.05	6.2	23.8	5.2	25.9	13.5	15.9	13.5	-2.53
EBITDA								17.2	13	20.3
EPS, basic	2.22	0.23	0.47	1.85	0.40	2.03	1.05	1.26	1.09	-0.21
EPS, diluted	2.22	0.23	0.47	1.85	0.40	2.02	1.05	1.25	1.09	-0.21
Shares, basic (weighted)	13	13	13.1	12.9	12.9	12.8	12.8	12.7	12.4	12.2
Shares, diluted (weighted)	13	13	13.1	12.9	12.9	12.8	12.9	12.7	12.4	12.2
Dividend per share										4.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	32.2	30.6	20.2	11.2	3.01	42.9	6.16	4.5	5.93	42.8
Other current assets			0.14	0.78	0.54	1.73	1.11	1.9	2.14	0.16
Total current assets			22.6	16.3	6.67	47.4	10.4	11.9	20.3	46.8
Property, plant and equipment			0.03	1.29	5.21	5.78	5.84	5.44	5.44	0.05
Lease right-of-use assets							1.69	2.09	0.52	0
Goodwill				8.4	8.4	8.4	8.4
Intangible assets				25.1	13.5	9.96	8.19	6.49	0.2
Other non-current assets					1.48	1.97	1.74	3.11	3.04	0
Total assets	209	210	216	254	274	283	300	334	332	272
Accounts payable	0.68	1.84	2.58	3.06	3.65	5.09	3.9	3.94	2.81	4.97
Deferred revenue								0.01	1.5	0
Total current liabilities			2.58	3.06	15.4	5.1	6.35	3.94	5.57	4.97
Lease liabilities							1.51	1.86
Other non-current liabilities			0.01	0.2	1.08	1.8	2.15	1.96	0.34	0.24
Total liabilities	0.87	1.93	2.61	17.8	33.4	15.4	19.7	53.9	43.5	37.3
Total debt								33	33	33
Paid-in capital	4,433	4,434	4,432	4,432	4,431	4,432	4,431	4,425	4,420	4,418
Retained earnings	-4,229	-4,226	-4,219	-4,196	-4,190	-4,164	-4,151	-4,145	-4,131	-4,183
Other comprehensive income	-0.09	0.21
Shareholders' equity	204	208	213	237	241	267	280	280	289	235
Minority interests	3.76
Total equity	208	208	213	237	241	267	280	280	289	235
Total liabilities and equity	209	210	216	254	274	283	300	334	332	272
Shares outstanding	13.1	13.1	12.9	12.9	12.8	12.8	12.8	12.5	12.2	12.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	32	8.25	6.2	23.8	5.2	25.9	13.5	15.9	13.5	-2.53
Depreciation and amortization			0.02	4.95	12.1	4.06	2.6	2.58	1.4	0.04
Stock-based compensation	0.36	0.3	0.27	0.53	0.73	1.16	0.5	0.51	0.94	1.18
Deferred income tax	-21.6	15.7	0.03	-7.1	-1.71	6.95	-3.94	-1.29	4.81	22.6
Change in receivables	-0.06	-0.58	-0.56
Change in payables	-0.11	1.16	-1.3	1.73	1.53	2.16	-1.6	0.37	-1.33	1.59
Cash from operations	9.64	19.5	19.6	18.5	19.3	34.3	8.2	14.9	23	27.3
Capital expenditures				-0.05	-3.94	-1.08	-0.3	-0.5	-0.14	-0.51
Acquisitions				-19.7
Sales and maturities of investments		0.35	0.22	0.2
Cash from investing	-21.1	-12.1	-28.1	-26.7	-35.2	25.8	-43.5	-48.9	-10.1	68.1
Share buybacks			-1.36	-0.88	-2.01		-1.14	-6.33	-6.01	-3.07
Dividends paid									0	-49.1
Cash from financing	-3.7	-8.96	-1.83	-0.88	7.75	-20.2	-1.36	33.1	-12.2	-58.5
Net change in cash	-15.1	-1.63	-10.3	-9.07	-8.15	39.9	-36.7	-0.92	0.69	36.8
Free cash flow				18.5	15.3	33.2	7.91	14.4	22.9	26.8
Interest paid						0.11	0.27	1.35	3.08	2.97

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $25.05 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	48.9%	Operating income / revenue.
EBITDA margin	49.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	48.5%	Pre-tax income / revenue.
Net margin	-6.1%	Net income / revenue.
FCF margin	64.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	65.8%	Cash from operations / revenue.
Effective tax rate	112.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-1.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.8%	Net income / average total assets.
Return on invested capital (ROIC)	5.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	3.7%	Research and development expense / revenue.
Stock-based pay / revenue	2.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	0.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-7.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	75.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	56.4%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-118.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-119.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	18.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	49.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	16.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	50.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	11.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-18.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-18.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	9.41x	Current assets / current liabilities.
Quick ratio	8.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	8.60x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.14x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	12.1%	Total debt / total assets.
Liabilities / assets	13.7%	Total liabilities / total assets.
Net debt	-$9.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.48x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	18.4x	Operating income / interest expense.
Working capital	$41.8M	Current assets - current liabilities.
Tangible book value	$235.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.14x	Revenue / average total assets.
Fixed asset turnover	15.1x	Revenue / average property, plant and equipment.
Capex / operating cash flow	1.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.21	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.21	Net income per basic share, as reported (split-adjusted).
Revenue per share	$3.41	Revenue / diluted weighted shares.
FCF per share	$2.20	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.24	Cash from operations / diluted weighted shares.
Book value per share	$19.44	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.44	Tangible book value / shares outstanding.
Cash per share	$3.54	(Cash + short-term investments) / shares outstanding.
Dividend per share	$4.00	Dividend declared per common share (paid, when declared is not tagged).
Dividends / FCF	183.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	11.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$304.3M	Share price x shares outstanding.
Enterprise value	$294.5M	Market cap + total debt - cash - short-term investments.
P/S	7.34x	Market cap / revenue.
P/B	1.29x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.29x	Market cap / tangible book value, when positive.
P/FCF	11.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.2x	Market cap / cash from operations, when positive.
EV/Sales	7.10x	Enterprise value / revenue.
EV/EBIT	14.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.8%	Free cash flow / market cap.
Earnings yield	-0.8%	Net income / market cap (the inverse of P/E).
Dividend yield	16.1%	Dividends paid over the period / market cap.
Shareholder yield	17.1%	(Dividends paid + share buybacks) / market cap.

What was SWK Holdings Corp's revenue in fiscal 2025?

SWK Holdings Corp reported revenue of $41.5M for fiscal 2025, 7.8% lower than the year before.

Was SWK Holdings Corp profitable in fiscal 2025?

No. It reported a net loss of $2.5M.

How much free cash flow did SWK Holdings Corp generate in fiscal 2025?

Cash from operations of $27.3M minus capital expenditures of $512.0K left free cash flow of $26.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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