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Side-by-side financial comparison of NOVAVAX INC (NVAX) and Purple Innovation, Inc. (PRPL). Click either name above to swap in a different company.
NOVAVAX INC is the larger business by last-quarter revenue ($147.3M vs $140.7M, roughly 1.0× Purple Innovation, Inc.). NOVAVAX INC runs the higher net margin — 11.9% vs -2.3%, a 14.2% gap on every dollar of revenue. On growth, NOVAVAX INC posted the faster year-over-year revenue change (66.8% vs 9.1%). Purple Innovation, Inc. produced more free cash flow last quarter ($-7.8M vs $-41.6M). Over the past eight quarters, NOVAVAX INC's revenue compounded faster (25.3% CAGR vs 8.3%).
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.
Purple Carrot is a Needham, Massachusetts-based, and 100% plant-based meal kit company. Founded by Andy Levitt, it offers both prepared meals as well as meal kits to subscribers weekly. As stated in a 2022 article in Cosmopolitan, “each Purple Carrot meal kit results in 72% less carbon being released into the atmosphere as compared to the standard American meal.”
NVAX vs PRPL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $147.3M | $140.7M |
| Net Profit | $17.5M | $-3.2M |
| Gross Margin | 85.0% | 41.9% |
| Operating Margin | 9.7% | -1.6% |
| Net Margin | 11.9% | -2.3% |
| Revenue YoY | 66.8% | 9.1% |
| Net Profit YoY | 121.6% | 62.1% |
| EPS (diluted) | $0.28 | $0.03 |
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 | $147.3M | $140.7M | ||
| Q3 25 | $70.4M | $118.8M | ||
| Q2 25 | $239.2M | $105.1M | ||
| Q1 25 | $666.5M | $104.2M | ||
| Q4 24 | $88.3M | $129.0M | ||
| Q3 24 | $84.5M | $118.6M | ||
| Q2 24 | $415.5M | $120.3M | ||
| Q1 24 | $93.9M | $120.0M |
| Q4 25 | $17.5M | $-3.2M | ||
| Q3 25 | $-202.4M | $-11.7M | ||
| Q2 25 | $106.5M | $-17.3M | ||
| Q1 25 | $518.6M | $-19.1M | ||
| Q4 24 | — | $-8.5M | ||
| Q3 24 | $-121.3M | $-39.2M | ||
| Q2 24 | $162.4M | $27.0K | ||
| Q1 24 | $-147.6M | $-50.2M |
| Q4 25 | 85.0% | 41.9% | ||
| Q3 25 | 69.5% | 42.8% | ||
| Q2 25 | 93.6% | 35.9% | ||
| Q1 25 | 97.9% | 39.4% | ||
| Q4 24 | 58.5% | 42.9% | ||
| Q3 24 | 28.3% | 29.7% | ||
| Q2 24 | 88.9% | 40.7% | ||
| Q1 24 | 36.9% | 34.8% |
| Q4 25 | 9.7% | -1.6% | ||
| Q3 25 | -252.7% | -10.2% | ||
| Q2 25 | 42.2% | -13.5% | ||
| Q1 25 | 77.4% | -13.9% | ||
| Q4 24 | — | -6.0% | ||
| Q3 24 | -158.6% | -39.5% | ||
| Q2 24 | 38.7% | -12.1% | ||
| Q1 24 | -154.3% | -19.3% |
| Q4 25 | 11.9% | -2.3% | ||
| Q3 25 | -287.3% | -9.9% | ||
| Q2 25 | 44.5% | -16.5% | ||
| Q1 25 | 77.8% | -18.4% | ||
| Q4 24 | — | -6.6% | ||
| Q3 24 | -143.5% | -33.1% | ||
| Q2 24 | 39.1% | 0.0% | ||
| Q1 24 | -157.2% | -41.8% |
| Q4 25 | $0.28 | $0.03 | ||
| Q3 25 | $-1.25 | $0.11 | ||
| Q2 25 | $0.62 | $0.16 | ||
| Q1 25 | $2.93 | $0.18 | ||
| Q4 24 | — | $0.08 | ||
| Q3 24 | $-0.76 | $0.36 | ||
| Q2 24 | $0.99 | $0.00 | ||
| Q1 24 | $-1.05 | $0.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $735.1M | $24.3M |
| Total DebtLower is stronger | — | $126.7M |
| Stockholders' EquityBook value | $-127.8M | $-29.7M |
| Total Assets | $1.2B | $296.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $735.1M | $24.3M | ||
| Q3 25 | $762.9M | $32.4M | ||
| Q2 25 | $612.3M | $34.2M | ||
| Q1 25 | $731.5M | $21.6M | ||
| Q4 24 | $923.1M | $29.0M | ||
| Q3 24 | $909.5M | $23.4M | ||
| Q2 24 | $1.0B | $23.4M | ||
| Q1 24 | $480.6M | $34.5M |
| Q4 25 | — | $126.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $70.7M | ||
| Q3 24 | — | $50.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-127.8M | $-29.7M | ||
| Q3 25 | $-156.7M | $-26.9M | ||
| Q2 25 | $37.6M | $-15.6M | ||
| Q1 25 | $-75.6M | $1.3M | ||
| Q4 24 | $-623.8M | $20.2M | ||
| Q3 24 | $-526.4M | $28.0M | ||
| Q2 24 | $-431.7M | $66.4M | ||
| Q1 24 | $-867.1M | $65.5M |
| Q4 25 | $1.2B | $296.3M | ||
| Q3 25 | $1.2B | $302.1M | ||
| Q2 25 | $1.3B | $303.8M | ||
| Q1 25 | $1.3B | $293.8M | ||
| Q4 24 | $1.6B | $307.8M | ||
| Q3 24 | $1.7B | $309.3M | ||
| Q2 24 | $1.8B | $362.1M | ||
| Q1 24 | $1.4B | $382.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.50× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-39.5M | $-5.8M |
| Free Cash FlowOCF − Capex | $-41.6M | $-7.8M |
| FCF MarginFCF / Revenue | -28.2% | -5.5% |
| Capex IntensityCapex / Revenue | 1.4% | 1.4% |
| Cash ConversionOCF / Net Profit | -2.25× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-250.2M | $-41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-39.5M | $-5.8M | ||
| Q3 25 | $107.8M | $-968.0K | ||
| Q2 25 | $-127.5M | $-4.0M | ||
| Q1 25 | $-185.5M | $-23.1M | ||
| Q4 24 | $-87.3M | $6.8M | ||
| Q3 24 | $-144.8M | $1.1M | ||
| Q2 24 | $314.3M | $-8.9M | ||
| Q1 24 | $-83.6M | $-16.8M |
| Q4 25 | $-41.6M | $-7.8M | ||
| Q3 25 | $105.8M | $-1.8M | ||
| Q2 25 | $-127.7M | $-7.0M | ||
| Q1 25 | $-186.7M | $-25.3M | ||
| Q4 24 | $-100.3M | $5.7M | ||
| Q3 24 | $-146.2M | $101.0K | ||
| Q2 24 | $311.4M | $-11.0M | ||
| Q1 24 | $-90.4M | $-19.9M |
| Q4 25 | -28.2% | -5.5% | ||
| Q3 25 | 150.2% | -1.5% | ||
| Q2 25 | -53.4% | -6.6% | ||
| Q1 25 | -28.0% | -24.3% | ||
| Q4 24 | -113.6% | 4.4% | ||
| Q3 24 | -173.0% | 0.1% | ||
| Q2 24 | 74.9% | -9.2% | ||
| Q1 24 | -96.4% | -16.5% |
| Q4 25 | 1.4% | 1.4% | ||
| Q3 25 | 2.9% | 0.7% | ||
| Q2 25 | 0.1% | 2.8% | ||
| Q1 25 | 0.2% | 2.2% | ||
| Q4 24 | 14.8% | 0.8% | ||
| Q3 24 | 1.6% | 0.9% | ||
| Q2 24 | 0.7% | 1.7% | ||
| Q1 24 | 7.3% | 2.5% |
| Q4 25 | -2.25× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -1.20× | — | ||
| Q1 25 | -0.36× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.94× | -330.22× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NVAX
| Licensing Royalties And Other | $107.9M | 73% |
| Products | $39.2M | 27% |
PRPL
| Cost Of Revenues | $81.7M | 58% |
| Other | $59.0M | 42% |
