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Side-by-side financial comparison of Barnes & Noble Education, Inc. (BNED) and LifeStance Health Group, Inc. (LFST). Click either name above to swap in a different company.
Barnes & Noble Education, Inc. is the larger business by last-quarter revenue ($598.2M vs $382.2M, roughly 1.6× LifeStance Health Group, Inc.). Barnes & Noble Education, Inc. runs the higher net margin — 4.2% vs 3.1%, a 1.1% gap on every dollar of revenue. On growth, LifeStance Health Group, Inc. posted the faster year-over-year revenue change (17.4% vs 6.9%). Barnes & Noble Education, Inc. produced more free cash flow last quarter ($61.9M vs $46.6M). Over the past eight quarters, Barnes & Noble Education, Inc.'s revenue compounded faster (20.0% CAGR vs 12.8%).
Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 700+ retail stores across the United States.
Lifestance Health (Lifestance) is an American outpatient behavioral health services provider. They provide their services in person and via tele-health. Their services include therapy, psychiatry, TMS, and ketamine therapies. They have landed in lawsuits multiple times over labor violations, leaking of customer information, and misleading investors.
BNED vs LFST — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $598.2M | $382.2M |
| Net Profit | $25.0M | $11.7M |
| Gross Margin | 21.7% | — |
| Operating Margin | 6.8% | 4.7% |
| Net Margin | 4.2% | 3.1% |
| Revenue YoY | 6.9% | 17.4% |
| Net Profit YoY | -49.7% | 264.1% |
| EPS (diluted) | $0.72 | — |
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.
| Q4 25 | $598.2M | $382.2M | ||
| Q3 25 | $274.2M | $363.8M | ||
| Q2 25 | $233.0M | $345.3M | ||
| Q1 25 | $419.7M | $333.0M | ||
| Q4 24 | $559.7M | $325.5M | ||
| Q3 24 | $250.9M | $312.7M | ||
| Q2 24 | $192.7M | $312.3M | ||
| Q1 24 | $415.4M | $300.4M |
| Q4 25 | $25.0M | $11.7M | ||
| Q3 25 | $-18.3M | $1.1M | ||
| Q2 25 | $-23.0M | $-3.8M | ||
| Q1 25 | $17.9M | $709.0K | ||
| Q4 24 | $43.2M | $-7.1M | ||
| Q3 24 | $-103.9M | $-6.0M | ||
| Q2 24 | $-41.9M | $-23.3M | ||
| Q1 24 | $-9.3M | $-21.1M |
| Q4 25 | 21.7% | — | ||
| Q3 25 | 20.2% | — | ||
| Q2 25 | 30.3% | — | ||
| Q1 25 | 22.3% | — | ||
| Q4 24 | 23.0% | — | ||
| Q3 24 | 17.9% | — | ||
| Q2 24 | 28.7% | — | ||
| Q1 24 | 24.2% | — |
| Q4 25 | 6.8% | 4.7% | ||
| Q3 25 | -8.4% | 2.0% | ||
| Q2 25 | -4.9% | -0.9% | ||
| Q1 25 | 4.5% | 0.5% | ||
| Q4 24 | 8.4% | 0.3% | ||
| Q3 24 | -15.4% | 0.0% | ||
| Q2 24 | -16.3% | -5.1% | ||
| Q1 24 | 0.4% | -5.6% |
| Q4 25 | 4.2% | 3.1% | ||
| Q3 25 | -6.7% | 0.3% | ||
| Q2 25 | -9.9% | -1.1% | ||
| Q1 25 | 4.3% | 0.2% | ||
| Q4 24 | 7.7% | -2.2% | ||
| Q3 24 | -41.4% | -1.9% | ||
| Q2 24 | -21.7% | -7.5% | ||
| Q1 24 | -2.2% | -7.0% |
| Q4 25 | $0.72 | — | ||
| Q3 25 | $-0.54 | — | ||
| Q2 25 | $2.97 | — | ||
| Q1 25 | $0.59 | — | ||
| Q4 24 | $1.63 | — | ||
| Q3 24 | $-7.69 | — | ||
| Q2 24 | $-15.68 | — | ||
| Q1 24 | $-3.49 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $11.7M | $248.6M |
| Total DebtLower is stronger | $122.5M | $282.8M |
| Stockholders' EquityBook value | $283.2M | $1.5B |
| Total Assets | $1.1B | $2.2B |
| Debt / EquityLower = less leverage | 0.43× | 0.19× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.7M | $248.6M | ||
| Q3 25 | $7.3M | $203.9M | ||
| Q2 25 | $9.1M | $188.9M | ||
| Q1 25 | $9.2M | $134.3M | ||
| Q4 24 | $11.6M | $154.6M | ||
| Q3 24 | $8.2M | $102.6M | ||
| Q2 24 | $10.5M | $87.0M | ||
| Q1 24 | $8.1M | $49.5M |
| Q4 25 | $122.5M | $282.8M | ||
| Q3 25 | $170.0M | $284.6M | ||
| Q2 25 | $103.1M | $286.4M | ||
| Q1 25 | $141.2M | $288.2M | ||
| Q4 24 | $177.6M | $290.0M | ||
| Q3 24 | $221.9M | $287.3M | ||
| Q2 24 | $196.3M | $288.0M | ||
| Q1 24 | $30.2M | $288.8M |
| Q4 25 | $283.2M | $1.5B | ||
| Q3 25 | $256.5M | $1.5B | ||
| Q2 25 | $272.2M | $1.5B | ||
| Q1 25 | $292.9M | $1.5B | ||
| Q4 24 | $211.4M | $1.4B | ||
| Q3 24 | $149.8M | $1.4B | ||
| Q2 24 | $80.4M | $1.4B | ||
| Q1 24 | $121.5M | $1.4B |
| Q4 25 | $1.1B | $2.2B | ||
| Q3 25 | $950.8M | $2.1B | ||
| Q2 25 | $790.3M | $2.1B | ||
| Q1 25 | $1.1B | $2.1B | ||
| Q4 24 | $1.0B | $2.1B | ||
| Q3 24 | $973.2M | $2.1B | ||
| Q2 24 | $909.9M | $2.1B | ||
| Q1 24 | $1.2B | $2.1B |
| Q4 25 | 0.43× | 0.19× | ||
| Q3 25 | 0.66× | 0.19× | ||
| Q2 25 | 0.38× | 0.19× | ||
| Q1 25 | 0.48× | 0.20× | ||
| Q4 24 | 0.84× | 0.20× | ||
| Q3 24 | 1.48× | 0.20× | ||
| Q2 24 | 2.44× | 0.20× | ||
| Q1 24 | 0.25× | 0.20× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $66.2M | $57.6M |
| Free Cash FlowOCF − Capex | $61.9M | $46.6M |
| FCF MarginFCF / Revenue | 10.4% | 12.2% |
| Capex IntensityCapex / Revenue | 0.7% | 2.9% |
| Cash ConversionOCF / Net Profit | 2.65× | 4.93× |
| TTM Free Cash FlowTrailing 4 quarters | $-4.6M | $110.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.2M | $57.6M | ||
| Q3 25 | $-67.6M | $27.3M | ||
| Q2 25 | $52.6M | $64.4M | ||
| Q1 25 | $-41.9M | $-3.1M | ||
| Q4 24 | $47.4M | $62.3M | ||
| Q3 24 | $-143.5M | $22.7M | ||
| Q2 24 | $81.7M | $44.1M | ||
| Q1 24 | $-35.8M | $-21.8M |
| Q4 25 | $61.9M | $46.6M | ||
| Q3 25 | $-71.3M | $17.0M | ||
| Q2 25 | $49.5M | $56.6M | ||
| Q1 25 | $-44.7M | $-10.3M | ||
| Q4 24 | $44.4M | $56.0M | ||
| Q3 24 | $-147.5M | $17.7M | ||
| Q2 24 | $79.1M | $39.0M | ||
| Q1 24 | $-39.0M | $-26.9M |
| Q4 25 | 10.4% | 12.2% | ||
| Q3 25 | -26.0% | 4.7% | ||
| Q2 25 | 21.3% | 16.4% | ||
| Q1 25 | -10.7% | -3.1% | ||
| Q4 24 | 7.9% | 17.2% | ||
| Q3 24 | -58.8% | 5.7% | ||
| Q2 24 | 41.1% | 12.5% | ||
| Q1 24 | -9.4% | -9.0% |
| Q4 25 | 0.7% | 2.9% | ||
| Q3 25 | 1.4% | 2.8% | ||
| Q2 25 | 1.3% | 2.2% | ||
| Q1 25 | 0.7% | 2.2% | ||
| Q4 24 | 0.5% | 1.9% | ||
| Q3 24 | 1.6% | 1.6% | ||
| Q2 24 | 1.4% | 1.6% | ||
| Q1 24 | 0.8% | 1.7% |
| Q4 25 | 2.65× | 4.93× | ||
| Q3 25 | — | 25.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | -2.34× | -4.36× | ||
| Q4 24 | 1.10× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNED
| Course Materials Product | $459.3M | 77% |
| General Merchandise Product | $112.9M | 19% |
| Serviceand Other | $26.1M | 4% |
LFST
Segment breakdown not available.
