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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and NOVAVAX INC (NVAX). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $147.3M, roughly 1.6× NOVAVAX INC). NOVAVAX INC runs the higher net margin — 11.9% vs 4.4%, a 7.5% gap on every dollar of revenue. On growth, NOVAVAX INC posted the faster year-over-year revenue change (66.8% vs 20.3%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $-41.6M). Over the past eight quarters, NOVAVAX INC's revenue compounded faster (25.3% CAGR vs 5.1%).
Novavax, Inc., based in Gaithersburg, Maryland, develops vaccines to counter infectious diseases. The company developed the Novavax COVID-19 vaccine, now commercialized by Sanofi. The company also develops vaccines for influenza, respiratory syncytial virus (RSV), avian flu, shingles, Clostridioides difficile, and malaria.
CSW vs NVAX — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $147.3M |
| Net Profit | $10.3M | $17.5M |
| Gross Margin | 39.7% | 85.0% |
| Operating Margin | 7.4% | 9.7% |
| Net Margin | 4.4% | 11.9% |
| Revenue YoY | 20.3% | 66.8% |
| Net Profit YoY | -61.9% | 121.6% |
| EPS (diluted) | $0.62 | $0.28 |
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 | $233.0M | $147.3M | ||
| Q3 25 | $277.0M | $70.4M | ||
| Q2 25 | $263.6M | $239.2M | ||
| Q1 25 | $230.5M | $666.5M | ||
| Q4 24 | $193.6M | $88.3M | ||
| Q3 24 | $227.9M | $84.5M | ||
| Q2 24 | $226.2M | $415.5M | ||
| Q1 24 | $210.9M | $93.9M |
| Q4 25 | $10.3M | $17.5M | ||
| Q3 25 | $40.7M | $-202.4M | ||
| Q2 25 | $40.9M | $106.5M | ||
| Q1 25 | $35.1M | $518.6M | ||
| Q4 24 | $26.9M | — | ||
| Q3 24 | $36.1M | $-121.3M | ||
| Q2 24 | $38.6M | $162.4M | ||
| Q1 24 | $31.8M | $-147.6M |
| Q4 25 | 39.7% | 85.0% | ||
| Q3 25 | 43.0% | 69.5% | ||
| Q2 25 | 43.8% | 93.6% | ||
| Q1 25 | 44.2% | 97.9% | ||
| Q4 24 | 41.4% | 58.5% | ||
| Q3 24 | 45.6% | 28.3% | ||
| Q2 24 | 47.5% | 88.9% | ||
| Q1 24 | 44.4% | 36.9% |
| Q4 25 | 7.4% | 9.7% | ||
| Q3 25 | 20.5% | -252.7% | ||
| Q2 25 | 20.8% | 42.2% | ||
| Q1 25 | 19.5% | 77.4% | ||
| Q4 24 | 15.3% | — | ||
| Q3 24 | 22.6% | -158.6% | ||
| Q2 24 | 24.3% | 38.7% | ||
| Q1 24 | 21.0% | -154.3% |
| Q4 25 | 4.4% | 11.9% | ||
| Q3 25 | 14.7% | -287.3% | ||
| Q2 25 | 15.5% | 44.5% | ||
| Q1 25 | 15.2% | 77.8% | ||
| Q4 24 | 13.9% | — | ||
| Q3 24 | 15.8% | -143.5% | ||
| Q2 24 | 17.1% | 39.1% | ||
| Q1 24 | 15.1% | -157.2% |
| Q4 25 | $0.62 | $0.28 | ||
| Q3 25 | $2.41 | $-1.25 | ||
| Q2 25 | $2.43 | $0.62 | ||
| Q1 25 | $2.05 | $2.93 | ||
| Q4 24 | $1.60 | — | ||
| Q3 24 | $2.26 | $-0.76 | ||
| Q2 24 | $2.47 | $0.99 | ||
| Q1 24 | $2.03 | $-1.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $40.2M | $735.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $-127.8M |
| Total Assets | $2.3B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.2M | $735.1M | ||
| Q3 25 | $31.5M | $762.9M | ||
| Q2 25 | $38.0M | $612.3M | ||
| Q1 25 | $225.8M | $731.5M | ||
| Q4 24 | $213.8M | $923.1M | ||
| Q3 24 | $273.2M | $909.5M | ||
| Q2 24 | $18.9M | $1.0B | ||
| Q1 24 | $22.2M | $480.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $800.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $166.0M | — |
| Q4 25 | $1.1B | $-127.8M | ||
| Q3 25 | $1.1B | $-156.7M | ||
| Q2 25 | $1.1B | $37.6M | ||
| Q1 25 | $1.1B | $-75.6M | ||
| Q4 24 | $1.0B | $-623.8M | ||
| Q3 24 | $1.0B | $-526.4M | ||
| Q2 24 | $650.2M | $-431.7M | ||
| Q1 24 | $615.7M | $-867.1M |
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.1B | $1.8B | ||
| Q1 24 | $1.0B | $1.4B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.27× | — |
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 | $28.9M | $-39.5M |
| Free Cash FlowOCF − Capex | $22.7M | $-41.6M |
| FCF MarginFCF / Revenue | 9.8% | -28.2% |
| Capex IntensityCapex / Revenue | 2.6% | 1.4% |
| Cash ConversionOCF / Net Profit | 2.81× | -2.25× |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $-250.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.9M | $-39.5M | ||
| Q3 25 | $61.8M | $107.8M | ||
| Q2 25 | $60.6M | $-127.5M | ||
| Q1 25 | $27.3M | $-185.5M | ||
| Q4 24 | $11.6M | $-87.3M | ||
| Q3 24 | $66.8M | $-144.8M | ||
| Q2 24 | $62.7M | $314.3M | ||
| Q1 24 | $22.4M | $-83.6M |
| Q4 25 | $22.7M | $-41.6M | ||
| Q3 25 | $58.7M | $105.8M | ||
| Q2 25 | $57.7M | $-127.7M | ||
| Q1 25 | $22.8M | $-186.7M | ||
| Q4 24 | $8.5M | $-100.3M | ||
| Q3 24 | $61.3M | $-146.2M | ||
| Q2 24 | $59.6M | $311.4M | ||
| Q1 24 | $17.5M | $-90.4M |
| Q4 25 | 9.8% | -28.2% | ||
| Q3 25 | 21.2% | 150.2% | ||
| Q2 25 | 21.9% | -53.4% | ||
| Q1 25 | 9.9% | -28.0% | ||
| Q4 24 | 4.4% | -113.6% | ||
| Q3 24 | 26.9% | -173.0% | ||
| Q2 24 | 26.3% | 74.9% | ||
| Q1 24 | 8.3% | -96.4% |
| Q4 25 | 2.6% | 1.4% | ||
| Q3 25 | 1.1% | 2.9% | ||
| Q2 25 | 1.1% | 0.1% | ||
| Q1 25 | 2.0% | 0.2% | ||
| Q4 24 | 1.6% | 14.8% | ||
| Q3 24 | 2.4% | 1.6% | ||
| Q2 24 | 1.4% | 0.7% | ||
| Q1 24 | 2.3% | 7.3% |
| Q4 25 | 2.81× | -2.25× | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 1.48× | -1.20× | ||
| Q1 25 | 0.78× | -0.36× | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | 1.94× | ||
| Q1 24 | 0.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
NVAX
| Licensing Royalties And Other | $107.9M | 73% |
| Products | $39.2M | 27% |
