vs
Side-by-side financial comparison of NOVAVAX INC (NVAX) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
NOVAVAX INC is the larger business by last-quarter revenue ($147.3M vs $140.6M, roughly 1.0× Shoals Technologies Group, Inc.). NOVAVAX INC runs the higher net margin — 11.9% vs -0.2%, a 12.1% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (74.9% vs 66.8%). Over the past eight quarters, NOVAVAX INC's revenue compounded faster (25.3% CAGR vs 19.0%).
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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
NVAX vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $147.3M | $140.6M |
| Net Profit | $17.5M | $-297.0K |
| Gross Margin | 85.0% | 29.2% |
| Operating Margin | 9.7% | 5.5% |
| Net Margin | 11.9% | -0.2% |
| Revenue YoY | 66.8% | 74.9% |
| Net Profit YoY | 121.6% | -5.3% |
| EPS (diluted) | $0.28 | $0.00 |
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.
| Q1 26 | — | $140.6M | ||
| Q4 25 | $147.3M | $148.3M | ||
| Q3 25 | $70.4M | $135.8M | ||
| Q2 25 | $239.2M | $110.8M | ||
| Q1 25 | $666.5M | $80.4M | ||
| Q4 24 | $88.3M | $107.0M | ||
| Q3 24 | $84.5M | $102.2M | ||
| Q2 24 | $415.5M | $99.2M |
| Q1 26 | — | $-297.0K | ||
| Q4 25 | $17.5M | $8.1M | ||
| Q3 25 | $-202.4M | $11.9M | ||
| Q2 25 | $106.5M | $13.9M | ||
| Q1 25 | $518.6M | $-282.0K | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $-121.3M | $-267.0K | ||
| Q2 24 | $162.4M | $11.8M |
| Q1 26 | — | 29.2% | ||
| Q4 25 | 85.0% | 31.6% | ||
| Q3 25 | 69.5% | 37.0% | ||
| Q2 25 | 93.6% | 37.2% | ||
| Q1 25 | 97.9% | 35.0% | ||
| Q4 24 | 58.5% | 37.6% | ||
| Q3 24 | 28.3% | 24.8% | ||
| Q2 24 | 88.9% | 40.3% |
| Q1 26 | — | 5.5% | ||
| Q4 25 | 9.7% | 11.7% | ||
| Q3 25 | -252.7% | 13.7% | ||
| Q2 25 | 42.2% | 14.4% | ||
| Q1 25 | 77.4% | 5.4% | ||
| Q4 24 | — | 15.4% | ||
| Q3 24 | -158.6% | 4.4% | ||
| Q2 24 | 38.7% | 18.7% |
| Q1 26 | — | -0.2% | ||
| Q4 25 | 11.9% | 5.5% | ||
| Q3 25 | -287.3% | 8.7% | ||
| Q2 25 | 44.5% | 12.5% | ||
| Q1 25 | 77.8% | -0.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | -143.5% | -0.3% | ||
| Q2 24 | 39.1% | 11.9% |
| Q1 26 | — | $0.00 | ||
| Q4 25 | $0.28 | $0.05 | ||
| Q3 25 | $-1.25 | $0.07 | ||
| Q2 25 | $0.62 | $0.08 | ||
| Q1 25 | $2.93 | $0.00 | ||
| Q4 24 | — | $0.04 | ||
| Q3 24 | $-0.76 | $0.00 | ||
| Q2 24 | $0.99 | $0.07 |
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 | $1.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-127.8M | $601.6M |
| Total Assets | $1.2B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.9M | ||
| Q4 25 | $735.1M | $7.3M | ||
| Q3 25 | $762.9M | $8.6M | ||
| Q2 25 | $612.3M | $4.7M | ||
| Q1 25 | $731.5M | $35.6M | ||
| Q4 24 | $923.1M | $23.5M | ||
| Q3 24 | $909.5M | $11.1M | ||
| Q2 24 | $1.0B | $3.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M |
| Q1 26 | — | $601.6M | ||
| Q4 25 | $-127.8M | $600.0M | ||
| Q3 25 | $-156.7M | $589.6M | ||
| Q2 25 | $37.6M | $575.4M | ||
| Q1 25 | $-75.6M | $558.9M | ||
| Q4 24 | $-623.8M | $556.8M | ||
| Q3 24 | $-526.4M | $545.2M | ||
| Q2 24 | $-431.7M | $544.6M |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.2B | $904.1M | ||
| Q3 25 | $1.2B | $851.8M | ||
| Q2 25 | $1.3B | $795.0M | ||
| Q1 25 | $1.3B | $788.4M | ||
| Q4 24 | $1.6B | $793.1M | ||
| Q3 24 | $1.7B | $801.3M | ||
| Q2 24 | $1.8B | $788.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 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 | $-39.5M | — |
| Free Cash FlowOCF − Capex | $-41.6M | — |
| FCF MarginFCF / Revenue | -28.2% | — |
| Capex IntensityCapex / Revenue | 1.4% | — |
| Cash ConversionOCF / Net Profit | -2.25× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-250.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-39.5M | $-4.1M | ||
| Q3 25 | $107.8M | $19.4M | ||
| Q2 25 | $-127.5M | $-13.8M | ||
| Q1 25 | $-185.5M | $15.6M | ||
| Q4 24 | $-87.3M | $14.0M | ||
| Q3 24 | $-144.8M | $15.7M | ||
| Q2 24 | $314.3M | $37.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-41.6M | $-11.3M | ||
| Q3 25 | $105.8M | $9.0M | ||
| Q2 25 | $-127.7M | $-26.0M | ||
| Q1 25 | $-186.7M | $12.3M | ||
| Q4 24 | $-100.3M | $12.5M | ||
| Q3 24 | $-146.2M | $13.3M | ||
| Q2 24 | $311.4M | $35.8M |
| Q1 26 | — | — | ||
| Q4 25 | -28.2% | -7.6% | ||
| Q3 25 | 150.2% | 6.6% | ||
| Q2 25 | -53.4% | -23.5% | ||
| Q1 25 | -28.0% | 15.4% | ||
| Q4 24 | -113.6% | 11.6% | ||
| Q3 24 | -173.0% | 13.0% | ||
| Q2 24 | 74.9% | 36.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 4.8% | ||
| Q3 25 | 2.9% | 7.7% | ||
| Q2 25 | 0.1% | 11.0% | ||
| Q1 25 | 0.2% | 4.0% | ||
| Q4 24 | 14.8% | 1.4% | ||
| Q3 24 | 1.6% | 2.3% | ||
| Q2 24 | 0.7% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | -2.25× | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | -1.20× | -1.00× | ||
| Q1 25 | -0.36× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.94× | 3.21× |
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% |
SHLS
Segment breakdown not available.
