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South African state universities provide aspiring professionals with pertinent undergraduate and postgraduate qualifications that enable youth to follow particular career paths. The obstacle for public colleges lies in their need to sustain financial viability amidst restricted public financing. There exists proof of enduring structural disparities between historically disadvantaged institutions (HDIs) and historically advantaged institutions (HAIs). These disparities have not been investigated in existing research through longitudinal studies. This research evaluates the fiscal viability of two Higher Degree Institutions and two Higher Education Institutions by analysing audited financial reports from 2019 to 2023. Financial ratios assessing liquidity, solvency, efficiency, and operational sustainability were computed and analysed via Resource Dependence Theory (RDT). The findings indicate persistent discrepancies between HDIs and HAIs. HDIs had diminished liquidity standings, increased borrowing, and constrained capacity to produce operating surpluses. Healthcare-associated infections typically possess more robust financial statements due to their varied revenue sources and increased reserves. Nevertheless, all institutions are experiencing heightened financial strain, accompanied by diminished surpluses over the duration. The results suggest a reliance on a limited number of financing sources. This intense dependence on restricted funding sources correlates with diminished financial robustness and increased vulnerability to operational risk. The research indicates that enhancing financial sustainability requires an evaluation of institutional regulations and a novel strategy for generating revenue streams. Universities are advised to enhance their financial governance and diversify their income streams beyond a limited number of sources. If structural reforms are not implemented, financial disparities among these universities are expected to continue, threatening the long-term stability of the higher education industry. These results indicate that in the absence of a significant alteration in income allocation, the inherent financial disparity between HDIs and HAIs would intensify, jeopardising the enduring institutional stability of South Africa's higher education system.