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Side-by-side financial comparison of ARGENX SE (ARGX) and Brightstar Lottery PLC (BRSL). Click either name above to swap in a different company.

Brightstar Lottery PLC is the larger business by last-quarter revenue ($2.5B vs $2.5B, roughly 1.0× ARGENX SE). ARGENX SE runs the higher net margin — 35.5% vs 5.9%, a 29.6% gap on every dollar of revenue. ARGENX SE produced more free cash flow last quarter ($322.4M vs $-415.0M).

ARGX vs BRSL — Head-to-Head

Bigger by revenue
BRSL
BRSL
1.0× larger
BRSL
$2.5B
$2.5B
ARGX
Higher net margin
ARGX
ARGX
29.6% more per $
ARGX
35.5%
5.9%
BRSL
More free cash flow
ARGX
ARGX
$737.4M more FCF
ARGX
$322.4M
$-415.0M
BRSL

Income Statement — Q4 FY2025 vs Q4 FY2025

Metric
ARGX
ARGX
BRSL
BRSL
Revenue
$2.5B
$2.5B
Net Profit
$877.2M
$147.0M
Gross Margin
89.5%
Operating Margin
28.9%
11.9%
Net Margin
35.5%
5.9%
Revenue YoY
83.2%
Net Profit YoY
1.3%
EPS (diluted)
$13.25
$0.74

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue
ARGX
ARGX
BRSL
BRSL
Q4 25
$2.5B
$2.5B
Q2 25
$1.8B
Q4 24
$1.4B
Q2 24
$901.9M
Q4 23
$2.5B
Q2 23
$510.9M
Q4 22
$2.6B
Net Profit
ARGX
ARGX
BRSL
BRSL
Q4 25
$877.2M
$147.0M
Q2 25
$414.8M
Q4 24
$865.6M
Q2 24
$-32.5M
Q4 23
$156.0M
Q2 23
$-123.2M
Q4 22
$275.0M
Gross Margin
ARGX
ARGX
BRSL
BRSL
Q4 25
89.5%
Q2 25
89.2%
Q4 24
90.2%
Q2 24
89.4%
Q4 23
Q2 23
91.7%
Q4 22
Operating Margin
ARGX
ARGX
BRSL
BRSL
Q4 25
28.9%
11.9%
Q2 25
19.2%
Q4 24
8.7%
Q2 24
-15.4%
Q4 23
29.7%
Q2 23
-40.3%
Q4 22
28.6%
Net Margin
ARGX
ARGX
BRSL
BRSL
Q4 25
35.5%
5.9%
Q2 25
23.4%
Q4 24
64.1%
Q2 24
-3.6%
Q4 23
6.2%
Q2 23
-24.1%
Q4 22
10.6%
EPS (diluted)
ARGX
ARGX
BRSL
BRSL
Q4 25
$13.25
$0.74
Q2 25
$6.32
Q4 24
$13.33
Q2 24
$-0.55
Q4 23
$0.77
Q2 23
$-2.21
Q4 22
$1.35

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
ARGX
ARGX
BRSL
BRSL
Cash + ST InvestmentsLiquidity on hand
$3.5B
$1.4B
Total DebtLower is stronger
$4.1B
Stockholders' EquityBook value
$7.3B
$875.0M
Total Assets
$8.7B
$9.2B
Debt / EquityLower = less leverage
4.64×

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
ARGX
ARGX
BRSL
BRSL
Q4 25
$3.5B
$1.4B
Q2 25
$2.1B
Q4 24
$1.5B
Q2 24
$1.4B
Q4 23
$508.0M
Q2 23
$1.1B
Q4 22
$590.0M
Total Debt
ARGX
ARGX
BRSL
BRSL
Q4 25
$4.1B
Q2 25
Q4 24
Q2 24
$11.0M
Q4 23
$5.7B
Q2 23
Q4 22
$5.7B
Stockholders' Equity
ARGX
ARGX
BRSL
BRSL
Q4 25
$7.3B
$875.0M
Q2 25
$6.1B
Q4 24
$5.5B
Q2 24
$4.3B
Q4 23
$1.4B
Q2 23
$2.9B
Q4 22
$1.4B
Total Assets
ARGX
ARGX
BRSL
BRSL
Q4 25
$8.7B
$9.2B
Q2 25
$7.2B
Q4 24
$6.2B
Q2 24
$4.8B
Q4 23
$10.5B
Q2 23
$3.2B
Q4 22
$10.4B
Debt / Equity
ARGX
ARGX
BRSL
BRSL
Q4 25
4.64×
Q2 25
Q4 24
Q2 24
0.00×
Q4 23
3.92×
Q2 23
Q4 22
3.98×

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
ARGX
ARGX
BRSL
BRSL
Operating Cash FlowLast quarter
$323.3M
$-99.0M
Free Cash FlowOCF − Capex
$322.4M
$-415.0M
FCF MarginFCF / Revenue
13.0%
-16.5%
Capex IntensityCapex / Revenue
0.0%
12.6%
Cash ConversionOCF / Net Profit
0.37×
-0.67×
TTM Free Cash FlowTrailing 4 quarters
$594.5M

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
ARGX
ARGX
BRSL
BRSL
Q4 25
$323.3M
$-99.0M
Q2 25
$361.8M
Q4 24
$41.9M
Q2 24
$-124.7M
Q4 23
$1.0B
Q2 23
$-285.4M
Q4 22
$899.0M
Free Cash Flow
ARGX
ARGX
BRSL
BRSL
Q4 25
$322.4M
$-415.0M
Q2 25
$356.6M
Q4 24
$40.9M
Q2 24
$-125.5M
Q4 23
$865.0M
Q2 23
$-285.9M
Q4 22
$737.0M
FCF Margin
ARGX
ARGX
BRSL
BRSL
Q4 25
13.0%
-16.5%
Q2 25
20.1%
Q4 24
3.0%
Q2 24
-13.9%
Q4 23
34.2%
Q2 23
-56.0%
Q4 22
28.4%
Capex Intensity
ARGX
ARGX
BRSL
BRSL
Q4 25
0.0%
12.6%
Q2 25
0.3%
Q4 24
0.1%
Q2 24
0.1%
Q4 23
5.8%
Q2 23
0.1%
Q4 22
6.2%
Cash Conversion
ARGX
ARGX
BRSL
BRSL
Q4 25
0.37×
-0.67×
Q2 25
0.87×
Q4 24
0.05×
Q2 24
Q4 23
6.49×
Q2 23
Q4 22
3.27×

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

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