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Side-by-side financial comparison of Barnes & Noble Education, Inc. (BNED) and PATRICK INDUSTRIES INC (PATK). Click either name above to swap in a different company.
PATRICK INDUSTRIES INC is the larger business by last-quarter revenue ($924.2M vs $598.2M, roughly 1.5× Barnes & Noble Education, Inc.). Barnes & Noble Education, Inc. runs the higher net margin — 4.2% vs 3.1%, a 1.0% gap on every dollar of revenue. On growth, PATRICK INDUSTRIES INC posted the faster year-over-year revenue change (9.2% vs 6.9%). PATRICK INDUSTRIES INC produced more free cash flow last quarter ($112.7M vs $61.9M). Over the past eight quarters, Barnes & Noble Education, Inc.'s revenue compounded faster (20.0% CAGR vs -0.5%).
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.
Anduril Industries, Inc. is an American defense technology company specializing in the development of advanced autonomous systems.
BNED vs PATK — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $598.2M | $924.2M |
| Net Profit | $25.0M | $29.1M |
| Gross Margin | 21.7% | 23.0% |
| Operating Margin | 6.8% | 6.2% |
| Net Margin | 4.2% | 3.1% |
| Revenue YoY | 6.9% | 9.2% |
| Net Profit YoY | -49.7% | 99.7% |
| EPS (diluted) | $0.72 | $0.82 |
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 | $924.2M | ||
| Q3 25 | $274.2M | $975.6M | ||
| Q2 25 | $233.0M | $1.0B | ||
| Q1 25 | $419.7M | $1.0B | ||
| Q4 24 | $559.7M | $846.1M | ||
| Q3 24 | $250.9M | $919.4M | ||
| Q2 24 | $192.7M | $1.0B | ||
| Q1 24 | $415.4M | $933.5M |
| Q4 25 | $25.0M | $29.1M | ||
| Q3 25 | $-18.3M | $35.3M | ||
| Q2 25 | $-23.0M | $32.4M | ||
| Q1 25 | $17.9M | $38.2M | ||
| Q4 24 | $43.2M | $14.6M | ||
| Q3 24 | $-103.9M | $40.9M | ||
| Q2 24 | $-41.9M | $47.9M | ||
| Q1 24 | $-9.3M | $35.1M |
| Q4 25 | 21.7% | 23.0% | ||
| Q3 25 | 20.2% | 22.6% | ||
| Q2 25 | 30.3% | 23.9% | ||
| Q1 25 | 22.3% | 22.8% | ||
| Q4 24 | 23.0% | 22.1% | ||
| Q3 24 | 17.9% | 23.1% | ||
| Q2 24 | 28.7% | 22.8% | ||
| Q1 24 | 24.2% | 21.9% |
| Q4 25 | 6.8% | 6.2% | ||
| Q3 25 | -8.4% | 6.8% | ||
| Q2 25 | -4.9% | 8.3% | ||
| Q1 25 | 4.5% | 6.5% | ||
| Q4 24 | 8.4% | 4.7% | ||
| Q3 24 | -15.4% | 8.1% | ||
| Q2 24 | -16.3% | 8.3% | ||
| Q1 24 | 0.4% | 6.4% |
| Q4 25 | 4.2% | 3.1% | ||
| Q3 25 | -6.7% | 3.6% | ||
| Q2 25 | -9.9% | 3.1% | ||
| Q1 25 | 4.3% | 3.8% | ||
| Q4 24 | 7.7% | 1.7% | ||
| Q3 24 | -41.4% | 4.4% | ||
| Q2 24 | -21.7% | 4.7% | ||
| Q1 24 | -2.2% | 3.8% |
| Q4 25 | $0.72 | $0.82 | ||
| Q3 25 | $-0.54 | $1.01 | ||
| Q2 25 | $2.97 | $0.96 | ||
| Q1 25 | $0.59 | $1.11 | ||
| Q4 24 | $1.63 | $-1.44 | ||
| Q3 24 | $-7.69 | $1.80 | ||
| Q2 24 | $-15.68 | $2.16 | ||
| Q1 24 | $-3.49 | $1.59 |
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 | $26.4M |
| Total DebtLower is stronger | $122.5M | $1.3B |
| Stockholders' EquityBook value | $283.2M | $1.2B |
| Total Assets | $1.1B | $3.1B |
| Debt / EquityLower = less leverage | 0.43× | 1.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.7M | $26.4M | ||
| Q3 25 | $7.3M | $20.7M | ||
| Q2 25 | $9.1M | $22.0M | ||
| Q1 25 | $9.2M | $86.6M | ||
| Q4 24 | $11.6M | $33.6M | ||
| Q3 24 | $8.2M | $52.6M | ||
| Q2 24 | $10.5M | $44.0M | ||
| Q1 24 | $8.1M | $17.6M |
| Q4 25 | $122.5M | $1.3B | ||
| Q3 25 | $170.0M | — | ||
| Q2 25 | $103.1M | — | ||
| Q1 25 | $141.2M | — | ||
| Q4 24 | $177.6M | $1.3B | ||
| Q3 24 | $221.9M | — | ||
| Q2 24 | $196.3M | — | ||
| Q1 24 | $30.2M | — |
| Q4 25 | $283.2M | $1.2B | ||
| Q3 25 | $256.5M | $1.2B | ||
| Q2 25 | $272.2M | $1.1B | ||
| Q1 25 | $292.9M | $1.1B | ||
| Q4 24 | $211.4M | $1.1B | ||
| Q3 24 | $149.8M | $1.1B | ||
| Q2 24 | $80.4M | $1.1B | ||
| Q1 24 | $121.5M | $1.1B |
| Q4 25 | $1.1B | $3.1B | ||
| Q3 25 | $950.8M | $3.1B | ||
| Q2 25 | $790.3M | $3.1B | ||
| Q1 25 | $1.1B | $3.2B | ||
| Q4 24 | $1.0B | $3.0B | ||
| Q3 24 | $973.2M | $3.1B | ||
| Q2 24 | $909.9M | $3.0B | ||
| Q1 24 | $1.2B | $3.0B |
| Q4 25 | 0.43× | 1.10× | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.48× | — | ||
| Q4 24 | 0.84× | 1.18× | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 2.44× | — | ||
| Q1 24 | 0.25× | — |
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 | $130.8M |
| Free Cash FlowOCF − Capex | $61.9M | $112.7M |
| FCF MarginFCF / Revenue | 10.4% | 12.2% |
| Capex IntensityCapex / Revenue | 0.7% | 2.0% |
| Cash ConversionOCF / Net Profit | 2.65× | 4.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-4.6M | $246.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.2M | $130.8M | ||
| Q3 25 | $-67.6M | $9.1M | ||
| Q2 25 | $52.6M | $149.4M | ||
| Q1 25 | $-41.9M | $40.1M | ||
| Q4 24 | $47.4M | $102.7M | ||
| Q3 24 | $-143.5M | $51.5M | ||
| Q2 24 | $81.7M | $137.5M | ||
| Q1 24 | $-35.8M | $35.2M |
| Q4 25 | $61.9M | $112.7M | ||
| Q3 25 | $-71.3M | $-17.2M | ||
| Q2 25 | $49.5M | $131.1M | ||
| Q1 25 | $-44.7M | $19.9M | ||
| Q4 24 | $44.4M | $77.2M | ||
| Q3 24 | $-147.5M | $33.7M | ||
| Q2 24 | $79.1M | $120.6M | ||
| Q1 24 | $-39.0M | $19.7M |
| Q4 25 | 10.4% | 12.2% | ||
| Q3 25 | -26.0% | -1.8% | ||
| Q2 25 | 21.3% | 12.5% | ||
| Q1 25 | -10.7% | 2.0% | ||
| Q4 24 | 7.9% | 9.1% | ||
| Q3 24 | -58.8% | 3.7% | ||
| Q2 24 | 41.1% | 11.9% | ||
| Q1 24 | -9.4% | 2.1% |
| Q4 25 | 0.7% | 2.0% | ||
| Q3 25 | 1.4% | 2.7% | ||
| Q2 25 | 1.3% | 1.7% | ||
| Q1 25 | 0.7% | 2.0% | ||
| Q4 24 | 0.5% | 3.0% | ||
| Q3 24 | 1.6% | 1.9% | ||
| Q2 24 | 1.4% | 1.7% | ||
| Q1 24 | 0.8% | 1.7% |
| Q4 25 | 2.65× | 4.50× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 4.61× | ||
| Q1 25 | -2.34× | 1.05× | ||
| Q4 24 | 1.10× | 7.05× | ||
| Q3 24 | — | 1.26× | ||
| Q2 24 | — | 2.87× | ||
| Q1 24 | — | 1.00× |
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% |
PATK
| Recreational Vehicle | $276.3M | 30% |
| Distribution | $222.4M | 24% |
| Marine | $141.9M | 15% |
| Industrial | $110.8M | 12% |
| Powersports | $104.8M | 11% |
| Manufactured Housing | $67.9M | 7% |
