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Side-by-side financial comparison of NOVAVAX INC (NVAX) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
NOVAVAX INC is the larger business by last-quarter revenue ($147.3M vs $78.6M, roughly 1.9× Repay Holdings Corp). NOVAVAX INC runs the higher net margin — 11.9% vs -178.3%, a 190.2% gap on every dollar of revenue. On growth, NOVAVAX INC posted the faster year-over-year revenue change (66.8% vs 0.4%). Repay Holdings Corp produced more free cash flow last quarter ($23.2M vs $-41.6M). Over the past eight quarters, NOVAVAX INC's revenue compounded faster (25.3% CAGR vs -1.3%).
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.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
NVAX vs RPAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $147.3M | $78.6M |
| Net Profit | $17.5M | $-140.1M |
| Gross Margin | 85.0% | 74.2% |
| Operating Margin | 9.7% | -182.2% |
| Net Margin | 11.9% | -178.3% |
| Revenue YoY | 66.8% | 0.4% |
| Net Profit YoY | 121.6% | -3304.1% |
| EPS (diluted) | $0.28 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $70.4M | $77.7M | ||
| Q2 25 | $239.2M | $75.6M | ||
| Q1 25 | $666.5M | $77.3M | ||
| Q4 24 | $88.3M | $78.3M | ||
| Q3 24 | $84.5M | $79.1M | ||
| Q2 24 | $415.5M | $74.9M | ||
| Q1 24 | $93.9M | $80.7M |
| Q4 25 | $17.5M | $-140.1M | ||
| Q3 25 | $-202.4M | $-6.4M | ||
| Q2 25 | $106.5M | $-102.3M | ||
| Q1 25 | $518.6M | $-7.9M | ||
| Q4 24 | — | $-4.1M | ||
| Q3 24 | $-121.3M | $3.2M | ||
| Q2 24 | $162.4M | $-4.1M | ||
| Q1 24 | $-147.6M | $-5.2M |
| Q4 25 | 85.0% | 74.2% | ||
| Q3 25 | 69.5% | 74.4% | ||
| Q2 25 | 93.6% | 75.7% | ||
| Q1 25 | 97.9% | 75.9% | ||
| Q4 24 | 58.5% | 76.3% | ||
| Q3 24 | 28.3% | 77.8% | ||
| Q2 24 | 88.9% | 78.2% | ||
| Q1 24 | 36.9% | 76.2% |
| Q4 25 | 9.7% | -182.2% | ||
| Q3 25 | -252.7% | -3.9% | ||
| Q2 25 | 42.2% | -138.7% | ||
| Q1 25 | 77.4% | -4.7% | ||
| Q4 24 | — | -1.5% | ||
| Q3 24 | -158.6% | -0.9% | ||
| Q2 24 | 38.7% | -4.6% | ||
| Q1 24 | -154.3% | -3.1% |
| Q4 25 | 11.9% | -178.3% | ||
| Q3 25 | -287.3% | -8.3% | ||
| Q2 25 | 44.5% | -135.2% | ||
| Q1 25 | 77.8% | -10.3% | ||
| Q4 24 | — | -5.3% | ||
| Q3 24 | -143.5% | 4.1% | ||
| Q2 24 | 39.1% | -5.4% | ||
| Q1 24 | -157.2% | -6.5% |
| Q4 25 | $0.28 | $-1.68 | ||
| Q3 25 | $-1.25 | $-0.08 | ||
| Q2 25 | $0.62 | $-1.15 | ||
| Q1 25 | $2.93 | $-0.09 | ||
| Q4 24 | — | $-0.04 | ||
| Q3 24 | $-0.76 | $0.03 | ||
| Q2 24 | $0.99 | $-0.04 | ||
| Q1 24 | $-1.05 | $-0.06 |
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 | $115.7M |
| Total DebtLower is stronger | — | $280.1M |
| Stockholders' EquityBook value | $-127.8M | $484.4M |
| Total Assets | $1.2B | $1.2B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $735.1M | $115.7M | ||
| Q3 25 | $762.9M | $95.7M | ||
| Q2 25 | $612.3M | $162.6M | ||
| Q1 25 | $731.5M | $165.5M | ||
| Q4 24 | $923.1M | $189.5M | ||
| Q3 24 | $909.5M | $168.7M | ||
| Q2 24 | $1.0B | $147.1M | ||
| Q1 24 | $480.6M | $128.3M |
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
| Q4 25 | $-127.8M | $484.4M | ||
| Q3 25 | $-156.7M | $616.9M | ||
| Q2 25 | $37.6M | $633.7M | ||
| Q1 25 | $-75.6M | $755.7M | ||
| Q4 24 | $-623.8M | $761.3M | ||
| Q3 24 | $-526.4M | $754.7M | ||
| Q2 24 | $-431.7M | $815.4M | ||
| Q1 24 | $-867.1M | $813.8M |
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.6B | $1.6B | ||
| Q3 24 | $1.7B | $1.6B | ||
| Q2 24 | $1.8B | $1.5B | ||
| Q1 24 | $1.4B | $1.5B |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-41.6M | $23.2M |
| FCF MarginFCF / Revenue | -28.2% | 29.6% |
| Capex IntensityCapex / Revenue | 1.4% | 0.1% |
| Cash ConversionOCF / Net Profit | -2.25× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-250.2M | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-39.5M | $23.3M | ||
| Q3 25 | $107.8M | $32.2M | ||
| Q2 25 | $-127.5M | $33.1M | ||
| Q1 25 | $-185.5M | $2.5M | ||
| Q4 24 | $-87.3M | $34.3M | ||
| Q3 24 | $-144.8M | $60.1M | ||
| Q2 24 | $314.3M | $31.0M | ||
| Q1 24 | $-83.6M | $24.8M |
| Q4 25 | $-41.6M | $23.2M | ||
| Q3 25 | $105.8M | $32.1M | ||
| Q2 25 | $-127.7M | $33.0M | ||
| Q1 25 | $-186.7M | $2.4M | ||
| Q4 24 | $-100.3M | $34.0M | ||
| Q3 24 | $-146.2M | $59.8M | ||
| Q2 24 | $311.4M | $30.5M | ||
| Q1 24 | $-90.4M | $24.7M |
| Q4 25 | -28.2% | 29.6% | ||
| Q3 25 | 150.2% | 41.3% | ||
| Q2 25 | -53.4% | 43.6% | ||
| Q1 25 | -28.0% | 3.0% | ||
| Q4 24 | -113.6% | 43.5% | ||
| Q3 24 | -173.0% | 75.6% | ||
| Q2 24 | 74.9% | 40.7% | ||
| Q1 24 | -96.4% | 30.6% |
| Q4 25 | 1.4% | 0.1% | ||
| Q3 25 | 2.9% | 0.2% | ||
| Q2 25 | 0.1% | 0.1% | ||
| Q1 25 | 0.2% | 0.2% | ||
| Q4 24 | 14.8% | 0.3% | ||
| Q3 24 | 1.6% | 0.3% | ||
| Q2 24 | 0.7% | 0.6% | ||
| Q1 24 | 7.3% | 0.1% |
| Q4 25 | -2.25× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -1.20× | — | ||
| Q1 25 | -0.36× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
