Latest Ratios: P/E Ratio -75.7x · EV/EBITDA 8.9x · ROE -1.0%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $192M | $209M | $157M | $176M | $180M | $200M | $147M | $123M | $98M | $113M | $107M |
| Enterprise Value | $182M | $199M | $188M | $215M | $176M | $157M | $155M | $112M | $78M | $82M | $75M |
| P/E Ratio → | -75.71 | — | 11.64 | 11.11 | 13.31 | 7.70 | 28.50 | 5.14 | 16.02 | 37.57 | 3.71 |
| P/S Ratio | 4.64 | 5.13 | 3.48 | 4.67 | 4.34 | 3.55 | 3.99 | 3.99 | — | 3.01 | 4.79 |
| P/B Ratio | 0.82 | 0.89 | 0.54 | 0.63 | 0.64 | 0.75 | 0.61 | 0.52 | 0.46 | 0.64 | 0.52 |
| P/FCF | 7.05 | 7.81 | 6.83 | 12.25 | 22.78 | 6.01 | 9.56 | 6.64 | 5.01 | 5.79 | 11.12 |
| P/OCF | 7.05 | 7.67 | 6.79 | 11.84 | 21.95 | 5.82 | 7.61 | 6.62 | 5.01 | 5.79 | 11.12 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.87 | 4.18 | 5.69 | 4.25 | 2.79 | 4.23 | 3.63 | — | 2.19 | 3.36 |
| EV / EBITDA | 8.94 | 8.20 | 14.05 | 12.24 | 13.78 | 4.43 | 7.10 | 5.60 | 12.46 | 3.42 | 4.21 |
| EV / EBIT | 8.96 | 7.97 | 8.16 | 13.06 | 17.94 | 4.69 | 37.71 | 6.50 | 12.20 | 3.42 | 4.21 |
| EV / FCF | — | 7.42 | 8.22 | 14.94 | 22.31 | 4.72 | 10.13 | 6.04 | 3.98 | 4.22 | 7.81 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 95.3% | 95.3% | 95.1% | 90.9% | 83.2% | 86.9% | 88.4% | 96.2% | — | 100.0% | 100.0% |
| Operating Margin | 58.9% | 58.9% | 25.8% | 38.8% | 24.0% | 55.3% | 26.7% | 48.7% | — | 89.1% | 79.9% |
| Net Profit Margin | -6.2% | -6.2% | 30.0% | 42.1% | 32.5% | 46.2% | 14.2% | 77.5% | — | 8.1% | 129.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.0% | -1.0% | 4.7% | 5.7% | 4.9% | 10.2% | 2.2% | 10.6% | 3.2% | 1.6% | 14.9% |
| ROA | -0.8% | -0.8% | 4.0% | 5.0% | 4.6% | 9.3% | 2.0% | 10.1% | 2.9% | 1.5% | 14.8% |
| ROIC | 6.1% | 6.1% | 2.7% | 3.6% | 2.7% | 9.0% | 3.0% | 5.0% | 2.4% | 13.0% | 6.9% |
| ROCE | 8.1% | 8.1% | 3.5% | 4.7% | 3.5% | 11.6% | 3.8% | 6.5% | 3.0% | 16.0% | 9.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 0.13 | 0.15 | 0.01 | 0.00 | 0.05 | — | — | 0.00 | 0.00 |
| Debt / EBITDA | 1.33 | 1.33 | 2.81 | 2.46 | 0.19 | 0.00 | 0.54 | — | — | 0.00 | 0.01 |
| Net Debt / Equity | — | -0.05 | 0.11 | 0.14 | -0.01 | -0.16 | 0.04 | -0.05 | -0.09 | -0.17 | -0.15 |
| Net Debt / EBITDA | -0.44 | -0.44 | 2.37 | 2.20 | -0.29 | -1.21 | 0.40 | -0.56 | -3.23 | -1.27 | -1.79 |
| Debt / FCF | — | -0.40 | 1.38 | 2.68 | -0.47 | -1.29 | 0.57 | -0.60 | -1.03 | -1.57 | -3.32 |
| Interest Coverage | 5.19 | 5.19 | 4.92 | 8.90 | 28.91 | 89.26 | 9.05 | 50.83 | 39.98 | — | — |
Net cash position: cash ($43M) exceeds total debt ($32M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.41 | 9.41 | 3.64 | 3.01 | 1.63 | 9.31 | 0.43 | 5.32 | 8.74 | 100.10 | 234.02 |
| Quick Ratio | 9.41 | 9.41 | 3.64 | 3.01 | 1.63 | 9.31 | 0.43 | 5.32 | 8.74 | 100.10 | 234.02 |
| Cash Ratio | 8.60 | 8.60 | 1.07 | 1.14 | 0.97 | 8.41 | 0.20 | 3.65 | 7.84 | 16.61 | 47.19 |
| Asset Turnover | — | 0.15 | 0.14 | 0.11 | 0.14 | 0.20 | 0.13 | 0.12 | — | 0.18 | 0.11 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 8.6% | 9.0% | 7.5% | 13.0% | 3.5% | 19.5% | 6.2% | 2.7% | 26.9% |
| FCF Yield | 14.2% | 12.8% | 14.6% | 8.2% | 4.4% | 16.6% | 10.5% | 15.1% | 20.0% | 17.3% | 9.0% |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $12M | $12M | $13M | $13M | $13M | $13M | $13M | $13M | $13M | $13M |
Capital Deployment Stagnation
As reported in recent financial filings, SWKH trades at a P/B of 0.82, suggesting that the market is applying a significant discount to the company's book value, likely reflecting investor skepticism regarding the long-term viability of the dual-segment business model and the quality of its royalty assets.
The forward P/E of 7.58 appears to price in a permanent state of stagnation, failing to account for the potential upside of the Peptelligence platform or the tax-shielded nature of the finance receivables. Investors should monitor whether this valuation gap narrows as the company potentially pivots toward more efficient capital deployment or if the market continues to penalize the lack of clear strategic focus.
Based on the provided financial data, SWKH's ROIC has struggled to maintain momentum, hovering near 1.2% in 2025Q4, which indicates that the firm is currently failing to generate meaningful returns on its invested capital compared to historical performance and broader specialty finance sector benchmarks.
The low ROIC appears to be a direct consequence of the company's inability to deploy its substantial cash reserves into accretive new royalty or lending opportunities. This trend warrants further investigation, as it suggests that the firm's competitive moat in small-ticket life science financing may be narrowing due to a lack of deal flow rather than a lack of technical expertise.
According to recent quarterly reports, SWKH's asset turnover remains consistently low at approximately 0.03, reflecting the inherent nature of a royalty-based business model where revenue is derived from long-term contractual streams rather than high-velocity inventory turnover or rapid asset recycling.
While the lack of inventory turnover is expected for this industry, the stability of the DSO metric around 50 days suggests that the company is managing its receivables collection with reasonable consistency. However, the absence of clear DPO or CCC data makes it difficult to assess the company's leverage over its own suppliers, suggesting that investors should focus on the yield of the receivables rather than traditional working capital metrics.
As evidenced by the latest financial statements, SWKH maintains a conservative D/E ratio of 0.14, which provides a significant buffer against market volatility but simultaneously limits the company's ability to amplify returns through debt-financed acquisitions or larger-scale royalty deployments in the current interest rate environment.
The low interest coverage ratio of 0.28 in 2025Q4 appears to be an outlier driven by non-operating charges, yet the overall debt profile remains exceptionally light compared to BDC peers like HRZN or TRIN. This suggests that while the company is shielded from refinancing risk, it may be missing opportunities to optimize its capital structure for higher shareholder returns.
Based on an analysis of the company's unique structure, the P/E ratio is the most commonly misapplied metric for SWKH, as it fails to account for the significant non-cash valuation adjustments and tax-related accounting that frequently distort the reported net income of royalty-based specialty finance firms.
Investors should instead focus on cash-on-cash yields and adjusted EBITDA, which provide a clearer picture of the underlying cash generation of the finance receivables segment. Relying on P/E risks misinterpreting accounting volatility as operational distress, potentially leading to an incorrect assessment of the company's true earning power and intrinsic value.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying SWKH stock.
SWK Holdings Corporation's current P/E ratio is -75.7x. The historical average is 11.8x.
SWK Holdings Corporation's current EV/EBITDA is 8.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.9x.
SWK Holdings Corporation's return on equity (ROE) is -1.0%. The historical average is -44.5%.
Based on historical data, SWK Holdings Corporation is trading at a P/E of -75.7x. Compare with industry peers and growth rates for a complete picture.
SWK Holdings Corporation has 95.3% gross margin and 58.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
SWK Holdings Corporation's Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.