SWK Holdings Corp is a US-listed company in the asset management & custody banks industry. Its financial year ends in December.
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SWK Holdings Corp valuation: adjust assumptions and compare models →
Revenue for the twelve months to December 2025 was $41m, down 7.8% on a year earlier, against growth of 6.1% a quarter earlier.
Our model value for SWK Holdings is under review, so past values are not shown until it is resolved.
Source: 10-K filed March 20, 2026 on SEC EDGAR · Financials · Valuation
Revenue for the twelve months was $41m, down 7.8% on a year earlier, against growth of 6.1% a quarter earlier.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
SWK Holdings Corp's trailing-twelve-month revenue fell 7.8% year on year, with a free-cash-flow margin of 64.6%.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -7.8% (-14.0pp vs the prior quarter), the 4th consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for SWKHL from the sources we follow. See filings →
Strong moat
How hard SWK Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 4.3% of total assets over 10 years.
Operating margin has been a median 48.9%; its worst year was -4253.7%.
The diluted share count fell 5.8% over five years; stock-based pay has been a median 1.7% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (81 before it).
No analyst estimates are published for SWK Holdings Corp: too few analysts cover it.
Last 12 months +8.0%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $45m | $41m | −7.2% |
| P/S multiple | 6.4x | 7.4x | +15.5% |
| Share count | 12m | 12m | +0.8% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2024 | 2025 | 2026 to date |
|---|---|---|---|
| Return | |||
| SWKHL | +10% | +11% | +6% |
| Industry peers (median) | +15% | −4% | −6% |
| S&P 500 | +25% | +18% | +11% |
| Months that ended higher | |||
| SWKHL | 83% | 83% | 91% |
| S&P 500 | 75% | 75% | 46% |
| Largest fall from a high during the year | |||
| SWKHL | −2% | −3% | −1% |
| S&P 500 | −8% | −19% | −9% |
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| November 6, 2025 | −0.2% | −1.0% | +0.2% | +0.9% |
| August 14, 2025 | +0.3% | −0.2% | +0.2% | +0.7% |
| May 15, 2025 | −0.2% | +1.1% | +0.1% | +1.3% |
| March 20, 2025 | +0.1% | −0.3% | −0.5% | +1.0% |
| November 14, 2024 | −0.3% | −1.9% | −0.6% | +0.8% |
| August 15, 2024 | −0.6% | +1.9% | +1.0% | +2.7% |
| July 19, 2024 | −0.2% | +0.4% | +0.2% | 0.0% |
| May 15, 2024 | 0.0% | +1.0% | −0.2% | +1.7% |
| March 21, 2024 | +0.6% | +0.1% | +0.9% | +0.7% |
| November 9, 2023 | 0.0% | +0.8% | 0.0% | +0.4% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q1 | $39.8M |
| FY23 Q2 | $42.3M |
| FY23 Q3 | $37.7M |
| FY23 Q4 | $37.8M |
| FY24 Q1 | $39.7M |
| FY24 Q2 | $41.1M |
| FY24 Q3 | $42.5M |
| FY24 Q4 | $45M |
| FY25 Q1 | $45.5M |
| FY25 Q2 | $44.7M |
| FY25 Q3 | $45.1M |
| FY25 Q4 | $41.5M |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q1 | -31.3% |
| FY23 Q2 | -0.6% |
| FY23 Q3 | -19.2% |
| FY23 Q4 | -9.0% |
| FY24 Q1 | -0.1% |
| FY24 Q2 | -3.0% |
| FY24 Q3 | 12.9% |
| FY24 Q4 | 19.1% |
| FY25 Q1 | 14.5% |
| FY25 Q2 | 8.8% |
| FY25 Q3 | 6.1% |
| FY25 Q4 | -7.8% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY13 Q4 | 72.9% |
| FY14 Q1 | 79.1% |
| FY14 Q2 | 80.5% |
| FY14 Q3 | 78.8% |
| FY14 Q4 | 81.2% |
| FY24 Q2 | 16.2% |
| FY24 Q3 | 15.0% |
| FY24 Q4 | 25.8% |
| FY25 Q1 | 41.0% |
| FY25 Q2 | 50.0% |
| FY25 Q3 | 55.3% |
| FY25 Q4 | 48.9% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q1 | 10.8% |
| FY23 Q2 | 22.9% |
| FY23 Q3 | 31.1% |
| FY23 Q4 | 38.1% |
| FY24 Q1 | 45.7% |
| FY24 Q2 | 46.3% |
| FY24 Q3 | 50.8% |
| FY24 Q4 | 50.9% |
| FY25 Q1 | 58.6% |
| FY25 Q2 | 64.9% |
| FY25 Q3 | 51.6% |
| FY25 Q4 | 64.6% |
| Fiscal year | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||
| Revenue | 0 | 0 | 1 | 6 | 17 | 23 | 22 | 37 | 26 | 31 | 37 | 56 | 41 | 38 | 45 | 41 |
| EBITDA | — | −2 | −2 | 5 | 14 | — | — | — | — | — | — | — | — | 17 | 13 | 20 |
| Operating income | −2 | −2 | −2 | 5 | 14 | — | — | — | — | — | — | — | — | 15 | 12 | 20 |
| Net income | −1 | −1 | −1 | 13 | 21 | −7 | 29 | 3 | 6 | 24 | 5 | 26 | 13 | 16 | 13 | −3 |
| Diluted EPS | −$0.02 | −$0.03 | −$0.03 | $0.31 | $3.20 | −$0.57 | $2.22 | $0.23 | $0.47 | $1.85 | $0.40 | $2.02 | $1.05 | $1.25 | $1.09 | −$0.21 |
| Growth (year on year) | ||||||||||||||||
| Revenue | — | — | — | +912.1% | +169.9% | +34.8% | −4.6% | +67.5% | −30.7% | +18.3% | +19.4% | +53.0% | −26.1% | −9.0% | +19.1% | −7.8% |
| EBITDA | — | — | — | — | +200.5% | — | — | — | — | — | — | — | — | — | −24.6% | +56.4% |
| Operating income | — | — | — | — | +200.5% | — | — | — | — | — | — | — | — | — | −20.9% | +75.0% |
| Net income | — | — | — | — | +61.4% | −135.5% | — | −89.5% | +103.3% | +284.6% | −78.2% | +398.4% | −48.0% | +17.8% | −15.1% | −118.8% |
| Diluted EPS | — | — | — | — | +932.3% | −117.8% | — | −89.6% | +104.3% | +293.6% | −78.4% | +405.0% | −48.0% | +19.0% | −12.8% | −119.3% |
| Margins | ||||||||||||||||
| EBITDA margin | — | — | −250.9% | 72.9% | 81.2% | — | — | — | — | — | — | — | — | 45.6% | 28.9% | 49.0% |
| Operating margin | — | — | −251.6% | 72.9% | 81.2% | — | — | — | — | — | — | — | — | 38.8% | 25.8% | 48.9% |
| Net margin | — | — | −223.1% | 199.5% | 119.3% | −31.4% | 129.1% | 8.1% | 23.8% | 77.5% | 14.2% | 46.2% | 32.5% | 42.1% | 30.0% | −6.1% |
| Free-cash-flow margin | — | — | −175.7% | 20.8% | 29.4% | 47.6% | — | — | — | 60.1% | 41.8% | 59.2% | 19.1% | 38.1% | 50.9% | 64.6% |
| Cash flow | ||||||||||||||||
| Cash from operations | −1 | −1 | −1 | 1 | 5 | 11 | 10 | 19 | 20 | 19 | 19 | 34 | 8 | 15 | 23 | 27 |
| Capital spending | 0 | — | 0 | 0 | 0 | 0 | — | — | — | 0 | 4 | 1 | 0 | 0 | 0 | 1 |
| Free cash flow | −1 | — | −1 | 1 | 5 | 11 | — | — | — | 18 | 15 | 33 | 8 | 14 | 23 | 27 |
| Stock-based pay | 0 | 0 | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Free cash flow after stock pay | −1 | — | −2 | 1 | 4 | 11 | — | — | — | 18 | 15 | 32 | 7 | 14 | 22 | 26 |
| Balance sheet | ||||||||||||||||
| Cash | 39 | 38 | 25 | 8 | 59 | 47 | 32 | 31 | 20 | 11 | 3 | 43 | 6 | 5 | 6 | 43 |
| Total debt | 0 | 0 | 0 | 5 | — | 0 | 0 | 0 | 0 | 0 | 12 | 0 | 2 | 33 | 33 | 33 |
| Net debt (negative = net cash) | −39 | −38 | −25 | −3 | −59 | −47 | −32 | −30 | −20 | −11 | 9 | −43 | −4 | 28 | 27 | −10 |
| Diluted shares | 41m | 41m | 41m | 41m | — | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 12m | 12m |
| Returned to shareholders | ||||||||||||||||
| Dividends | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 0 | 49 |
| Buybacks | — | — | — | — | — | — | — | — | 1 | 1 | 2 | — | 1 | 6 | 6 | 3 |
| Total returned | — | — | — | — | — | — | — | — | 1 | 1 | 2 | — | 1 | 6 | 6 | 52 |
| Quarter | 2024 Q1 Mar 2024 | 2024 Q2 Jun 2024 | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 11 | 11 | 10 | 12 | 12 | 10 | 11 | 9 |
| EBITDA | 2 | 1 | 4 | 6 | 8 | 5 | 7 | 1 |
| Operating income | 1 | 1 | 4 | 6 | 8 | 5 | 7 | 1 |
| Net income | 0 | 4 | 3 | 6 | 5 | 4 | 9 | −19 |
| Diluted EPS | $0.04 | $0.30 | $0.28 | $0.48 | $0.37 | $0.29 | $0.72 | −$1.59 |
| Growth (year on year) | ||||||||
| Revenue | +20.7% | +14.2% | +16.2% | +25.0% | +4.2% | −7.3% | +4.5% | −29.7% |
| EBITDA | — | — | −13.3% | +493.8% | +410.5% | +251.6% | +54.7% | −85.1% |
| Operating income | — | — | −5.6% | +>999% | +651.9% | +413.8% | +63.5% | −84.5% |
| Net income | −89.9% | −6.5% | −22.5% | +106.5% | +869.9% | −3.9% | +153.2% | −430.2% |
| Diluted EPS | −88.9% | −3.2% | −22.2% | +108.7% | +825.0% | −3.3% | +157.1% | −431.3% |
| Margins | ||||||||
| EBITDA margin | 14.0% | 12.2% | 41.4% | 46.5% | 68.7% | 46.2% | 61.4% | 9.9% |
| Operating margin | 9.5% | 8.3% | 39.2% | 44.7% | 68.6% | 46.1% | 61.3% | 9.9% |
| Net margin | 4.1% | 33.9% | 33.3% | 47.5% | 38.4% | 35.2% | 80.7% | −223.1% |
| Free-cash-flow margin | 39.0% | 49.7% | 60.4% | 55.0% | 69.1% | 77.0% | 5.1% | 118.5% |
| Cash flow | ||||||||
| Cash from operations | 4 | 5 | 6 | 7 | 8 | 8 | 1 | 10 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 4 | 5 | 6 | 7 | 8 | 8 | 1 | 10 |
| Stock-based pay | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow after stock pay | 4 | 5 | 6 | 7 | 8 | 7 | 0 | 10 |
| Last 12 months unless stated | SWKHL | HNNA | VALU | TONX | NAKA | GEG | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $41m | $33m | $33m | $30m | $28m | $28m | $842m |
| Revenue growth, last 12 months | −7.8% | −6.9% | −5.5% | 592.3% | >999% | 70.2% | 15.3% |
| Revenue growth, 3-year average | −0.0% | 11.2% | −5.9% | 163.9% | — | 3.0% | 10.2% |
| Revenue growth, latest quarter | −29.7% | 4.2% | −6.4% | 607.4% | >999% | 88.3% | 14.4% |
| Operating margin | 48.9% | 33.4% | 10.8% | −115.6% | <−999% | −50.4% | 26.4% |
| Operating margin, 3-year average | 51.1% | 32.7% | 16.5% | <−999% | −664.9% | −47.8% | 19.1% |
| Net margin | −6.1% | 24.8% | 60.3% | −532.8% | <−999% | −127.6% | 15.0% |
| Cash from operations / revenue | 65.8% | 31.5% | 53.9% | −94.7% | −169.5% | 56.4% | 26.8% |
| Free-cash-flow margin | 64.6% | 30.5% | 55.6% | −94.8% | −169.5% | 51.8% | 22.9% |
| Free-cash-flow margin, 3-year average | 51.2% | 32.2% | 53.5% | <−999% | −140.9% | −34.8% | 18.6% |
| Stock pay / revenue | 2.8% | 3.7% | — | 78.4% | 20.2% | 8.2% | 3.7% |
| Change in share count | −1.8% | 0.2% | −0.3% | >999% | 937.0% | 19.8% | −0.2% |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around January 19, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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