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Side-by-side financial comparison of NOVAVAX INC (NVAX) and BRC Group Holdings, Inc. (RILY). Click either name above to swap in a different company.
BRC Group Holdings, Inc. is the larger business by last-quarter revenue ($188.3M vs $147.3M, roughly 1.3× NOVAVAX INC). BRC Group Holdings, Inc. runs the higher net margin — 47.9% vs 11.9%, a 36.0% gap on every dollar of revenue. On growth, NOVAVAX INC posted the faster year-over-year revenue change (66.8% vs -21.9%). Over the past eight quarters, NOVAVAX INC's revenue compounded faster (25.3% CAGR vs -15.4%).
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.
NVAX vs RILY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $147.3M | $188.3M |
| Net Profit | $17.5M | $90.3M |
| Gross Margin | 85.0% | 79.5% |
| Operating Margin | 9.7% | 32.3% |
| Net Margin | 11.9% | 47.9% |
| Revenue YoY | 66.8% | -21.9% |
| Net Profit YoY | 121.6% | 1710.8% |
| EPS (diluted) | $0.28 | $2.78 |
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 | $188.3M | ||
| Q3 25 | $70.4M | $215.3M | ||
| Q2 25 | $239.2M | $188.2M | ||
| Q1 25 | $666.5M | $197.2M | ||
| Q4 24 | $88.3M | $241.0M | ||
| Q3 24 | $84.5M | $225.5M | ||
| Q2 24 | $415.5M | $256.0M | ||
| Q1 24 | $93.9M | $263.4M |
| Q4 25 | $17.5M | $90.3M | ||
| Q3 25 | $-202.4M | $91.1M | ||
| Q2 25 | $106.5M | $139.5M | ||
| Q1 25 | $518.6M | $-10.0M | ||
| Q4 24 | — | $-5.6M | ||
| Q3 24 | $-121.3M | $-284.4M | ||
| Q2 24 | $162.4M | $-433.6M | ||
| Q1 24 | $-147.6M | $-49.2M |
| Q4 25 | 85.0% | 79.5% | ||
| Q3 25 | 69.5% | 83.7% | ||
| Q2 25 | 93.6% | 81.3% | ||
| Q1 25 | 97.9% | 81.4% | ||
| Q4 24 | 58.5% | 79.8% | ||
| Q3 24 | 28.3% | 82.1% | ||
| Q2 24 | 88.9% | 84.5% | ||
| Q1 24 | 36.9% | 85.3% |
| Q4 25 | 9.7% | 32.3% | ||
| Q3 25 | -252.7% | 30.4% | ||
| Q2 25 | 42.2% | 5.7% | ||
| Q1 25 | 77.4% | -31.2% | ||
| Q4 24 | — | -69.2% | ||
| Q3 24 | -158.6% | -36.4% | ||
| Q2 24 | 38.7% | -90.8% | ||
| Q1 24 | -154.3% | -6.1% |
| Q4 25 | 11.9% | 47.9% | ||
| Q3 25 | -287.3% | 42.3% | ||
| Q2 25 | 44.5% | 74.1% | ||
| Q1 25 | 77.8% | -5.1% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | -143.5% | -126.1% | ||
| Q2 24 | 39.1% | -169.4% | ||
| Q1 24 | -157.2% | -18.7% |
| Q4 25 | $0.28 | $2.78 | ||
| Q3 25 | $-1.25 | $2.91 | ||
| Q2 25 | $0.62 | $4.50 | ||
| Q1 25 | $2.93 | $-0.39 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | $-0.76 | $-9.39 | ||
| Q2 24 | $0.99 | $-14.35 | ||
| Q1 24 | $-1.05 | $-1.71 |
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 | $226.6M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $-127.8M | $-171.5M |
| Total Assets | $1.2B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $735.1M | $226.6M | ||
| Q3 25 | $762.9M | $184.2M | ||
| Q2 25 | $612.3M | $267.4M | ||
| Q1 25 | $731.5M | $138.3M | ||
| Q4 24 | $923.1M | $146.9M | ||
| Q3 24 | $909.5M | $159.2M | ||
| Q2 24 | $1.0B | $236.9M | ||
| Q1 24 | $480.6M | $190.7M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-127.8M | $-171.5M | ||
| Q3 25 | $-156.7M | $-260.5M | ||
| Q2 25 | $37.6M | $-351.7M | ||
| Q1 25 | $-75.6M | $-496.8M | ||
| Q4 24 | $-623.8M | $-488.2M | ||
| Q3 24 | $-526.4M | $-497.6M | ||
| Q2 24 | $-431.7M | $-218.3M | ||
| Q1 24 | $-867.1M | $228.4M |
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | $1.2B | $1.7B | ||
| Q2 25 | $1.3B | $1.5B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.7B | $2.2B | ||
| Q2 24 | $1.8B | $3.2B | ||
| Q1 24 | $1.4B | $5.0B |
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 | $26.2M |
| Free Cash FlowOCF − Capex | $-41.6M | — |
| FCF MarginFCF / Revenue | -28.2% | — |
| Capex IntensityCapex / Revenue | 1.4% | — |
| Cash ConversionOCF / Net Profit | -2.25× | 0.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-250.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-39.5M | $26.2M | ||
| Q3 25 | $107.8M | $-60.6M | ||
| Q2 25 | $-127.5M | $-25.6M | ||
| Q1 25 | $-185.5M | $184.0K | ||
| Q4 24 | $-87.3M | $-2.7M | ||
| Q3 24 | $-144.8M | $19.5M | ||
| Q2 24 | $314.3M | $111.5M | ||
| Q1 24 | $-83.6M | $135.4M |
| Q4 25 | $-41.6M | — | ||
| Q3 25 | $105.8M | — | ||
| Q2 25 | $-127.7M | — | ||
| Q1 25 | $-186.7M | — | ||
| Q4 24 | $-100.3M | — | ||
| Q3 24 | $-146.2M | — | ||
| Q2 24 | $311.4M | — | ||
| Q1 24 | $-90.4M | — |
| Q4 25 | -28.2% | — | ||
| Q3 25 | 150.2% | — | ||
| Q2 25 | -53.4% | — | ||
| Q1 25 | -28.0% | — | ||
| Q4 24 | -113.6% | — | ||
| Q3 24 | -173.0% | — | ||
| Q2 24 | 74.9% | — | ||
| Q1 24 | -96.4% | — |
| Q4 25 | 1.4% | — | ||
| Q3 25 | 2.9% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 14.8% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 7.3% | — |
| Q4 25 | -2.25× | 0.29× | ||
| Q3 25 | — | -0.66× | ||
| Q2 25 | -1.20× | -0.18× | ||
| Q1 25 | -0.36× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.94× | — | ||
| 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% |
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
