MeritValue

SWK Holdings Corp

SWKHLdata completeness 100%16 fiscal years on file
The thesis, from the filings

SWK Holdings Corp earns about 6% on invested capital, below its ~9% cost of capital, and has bought back 5% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $11.5 and $74.32 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$56.2M1$41.5M2$1.2M3$3.62M4$2.15M4
Net income$25.9M5$13.5M6$15.9M7$13.5M8−$2.53M8
Operating cash flow$34.3M9$8.2M10$14.9M11$23M12$27.3M12
Capital expenditure$1.08M13$297,00014$496,00015$138,00016$512,00016
Free cash flow (derived)$33.2M9$7.91M10$14.4M11$22.9M12$26.8M12
Total debt——$33M17$33M18$33M19
Cash & equivalents$42.9M20$6.16M21$4.5M22$5.93M23$42.8M23
Diluted shares12.8M12.9M12.7M12.4M12.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$193.31
your share of equity
Profit it earned you last year
−$2.08
Free cash flow it threw off
$22.01
Debt you’d be carrying
$27.11

10 shares is a claim on $193.31 of net worth that earned you −$2.08 and generated $22.01 of cash last year, against $27.11 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 12%FY22 4%FY23 5%FY24 5%FY25 5%

It earned about 6% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−5% shares · 5y

Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $11.5 and $74.32 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$74.32
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth14.3%
  • fcfBase$22.9M
DCF · Growth Exit 5Y
$49.96
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth14.3%
  • fcfBase$22.9M
Earnings Power Value
$11.5
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$13.5M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years14.3%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $49.96
The three cases
Bear0.0%$27.72
Base14.3%$49.96
Bull19.3%$60.65

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 14.3%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001552781-23-000219 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001552781-24-000162 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-013989 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001089907-26-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001552781-23-000219 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001552781-24-000162 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-013989 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001089907-26-000004 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001552781-23-000219 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001552781-24-000162 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-013989 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001089907-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001552781-23-000219 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001552781-24-000162 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-013989 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001089907-26-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2023-12-31 · accession 0001552781-24-000162 (LongTermDebt)
  18. 10-K · period ending 2024-12-31 · accession 0001628280-25-013989 (LongTermDebt)
  19. 10-K · period ending 2025-12-31 · accession 0001089907-26-000004 (LongTermDebt)
  20. 10-K · period ending 2021-12-31 · accession 0001552781-23-000219 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001552781-24-000162 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001628280-25-013989 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001089907-26-000004 (CashAndCashEquivalentsAtCarryingValue)