SWK Holdings Corp
SWKH, SWKHL · Miscellaneous Business Credit Institution · 12.1M shares · -1%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $5M (gross $6M, SBC $944K)
Grade
C58Niche life-sciences royalty/credit lender with a pristine balance sheet but a loss year and negative returns after exiting its pharma-development segment.
Strengths
- Fortress liquidity: current/quick ratio 9.4 (91st+ pct), low debt/equity, net cash, and strong FCF/OCF margins (97th/96th pct)
- High EBITDA/operating margins (96th/98th pct) on its monetization-of-royalty model
Risks
- Net income swung negative (growth -119%, 9.8th pct); ROE/ROA slightly negative and revenue fell 20%
- Highly speculative small/middle-market life-science credit exposure with concentrated, binary borrower risk
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -6.1%)
- Revenue declineRevenue -20.1% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
48.9%
Net margin
-6.1%
Return on equity
-1.1%
Return on assets
-0.9%
ROIC
6.0%
Revenue growth (QoQ)
-20.1%
Net-income growth
-118.8%
Debt / equity
0.1×
Net debt / EBITDA
-0.5×
Current ratio
9.4×
Free cash flow
$27M
EBITDA
$20M
Tangible book value
$235M
Cash & investments
$43M
Stock comp / revenue
2.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-06 | Carlson Capital, L.P. | Other | 8.5M | — |
| 2026-04-06 | Carlson Capital, L.P. | Other | 12K | — |
| 2026-04-06 | Carlson Capital, L.P. | Other | 400K | — |
| 2026-04-06 | Carlson Capital, L.P. | Other | 62K | — |
| 2026-04-06 | Carlson Capital, L.P. | Other | 62K | — |
| 2026-04-06 | Carlson Capital, L.P. | Other | 62K | — |
| 2026-04-06 | Carlson Capital, L.P. | Other | 2.5K | — |
| 2026-04-06 | Carlson Capital, L.P. | Other | 8.5M | — |
| 2026-04-06 | Carlson Capital, L.P. | Other | 8.5M | — |
| 2026-04-06 | Carlson Capital, L.P. | Other | 8.6M | — |
| 2025-06-16 | Hatcher Robert K. | Grant | 3.9K | $14.26 |
| 2025-06-16 | Albright Jerry | Grant | 3.9K | $14.26 |
| 2025-06-16 | Dotter Laurie L. | Grant | 3.9K | $14.26 |
| 2025-04-15 | Staggs Joe David JR | Option exercise | 15K | $9.61 |
| 2025-04-15 | Staggs Joe David JR | Option exercise | 19K | $12.50 |
| 2025-04-15 | Staggs Joe David JR | Tax withheld | 26K | $18.10 |
| 2025-01-31 | Staggs Joe David JR | Grant | 37K | — |
| 2025-01-31 | Rice Adam | Grant | 9.2K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-04-06 | Material agreement1.02Acquisition/dispositionDelisting notice3.035.01Exec/director change5.03Exhibits | filing ↗ |
| 2026-03-31 | Shareholder vote | filing ↗ |
| 2026-02-13 | Debt obligation | filing ↗ |
| 2025-12-05 | Debt obligationExhibits | filing ↗ |
| 2025-12-04 | OtherExhibits | filing ↗ |
| 2025-11-06 | Results | filing ↗ |
| 2025-10-10 | Material agreementExhibits | filing ↗ |
| 2025-10-09 | OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-04-06 | 2026-04-06 | 0001552781-26-000198 ↗ |
| 8-K | 2026-03-31 | 2026-03-31 | 0001552781-26-000183 ↗ |
| 10-K | 2026-03-20 | 2025-12-31 | 0001089907-26-000004 ↗ |
| 8-K | 2026-02-13 | 2026-02-13 | 0001628280-26-008158 ↗ |
| 8-K | 2025-12-05 | 2025-12-04 | 0001628280-25-055596 ↗ |
| 8-K | 2025-12-04 | 2025-12-02 | 0001552781-25-000439 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001628280-25-050155 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001628280-25-050153 ↗ |
| 8-K | 2025-10-10 | 2025-10-09 | 0001552781-25-000317 ↗ |
| 8-K | 2025-10-09 | 2025-10-09 | 0001552781-25-000315 ↗ |
| 8-K | 2025-10-01 | 2025-10-01 | 0001628280-25-043460 ↗ |
| 8-K | 2025-08-14 | 2025-08-14 | 0001628280-25-040422 ↗ |