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Side-by-side financial comparison of NOVAVAX INC (NVAX) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
NOVAVAX INC is the larger business by last-quarter revenue ($147.3M vs $100.0M, roughly 1.5× Latham Group, Inc.). NOVAVAX INC runs the higher net margin — 11.9% vs -7.0%, a 18.9% gap on every dollar of revenue. On growth, NOVAVAX INC posted the faster year-over-year revenue change (66.8% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-41.6M). Over the past eight quarters, NOVAVAX INC's revenue compounded faster (25.3% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
NVAX vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $147.3M | $100.0M |
| Net Profit | $17.5M | $-7.0M |
| Gross Margin | 85.0% | 28.0% |
| Operating Margin | 9.7% | -10.7% |
| Net Margin | 11.9% | -7.0% |
| Revenue YoY | 66.8% | 14.5% |
| Net Profit YoY | 121.6% | 76.0% |
| EPS (diluted) | $0.28 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $70.4M | $161.9M | ||
| Q2 25 | $239.2M | $172.6M | ||
| Q1 25 | $666.5M | $111.4M | ||
| Q4 24 | $88.3M | $87.3M | ||
| Q3 24 | $84.5M | $150.5M | ||
| Q2 24 | $415.5M | $160.1M | ||
| Q1 24 | $93.9M | $110.6M |
| Q4 25 | $17.5M | $-7.0M | ||
| Q3 25 | $-202.4M | $8.1M | ||
| Q2 25 | $106.5M | $16.0M | ||
| Q1 25 | $518.6M | $-6.0M | ||
| Q4 24 | — | $-29.2M | ||
| Q3 24 | $-121.3M | $5.9M | ||
| Q2 24 | $162.4M | $13.3M | ||
| Q1 24 | $-147.6M | $-7.9M |
| Q4 25 | 85.0% | 28.0% | ||
| Q3 25 | 69.5% | 35.4% | ||
| Q2 25 | 93.6% | 37.1% | ||
| Q1 25 | 97.9% | 29.5% | ||
| Q4 24 | 58.5% | 24.6% | ||
| Q3 24 | 28.3% | 32.4% | ||
| Q2 24 | 88.9% | 33.1% | ||
| Q1 24 | 36.9% | 27.7% |
| Q4 25 | 9.7% | -10.7% | ||
| Q3 25 | -252.7% | 13.3% | ||
| Q2 25 | 42.2% | 14.3% | ||
| Q1 25 | 77.4% | -4.4% | ||
| Q4 24 | — | -14.9% | ||
| Q3 24 | -158.6% | 8.9% | ||
| Q2 24 | 38.7% | 12.5% | ||
| Q1 24 | -154.3% | -1.9% |
| Q4 25 | 11.9% | -7.0% | ||
| Q3 25 | -287.3% | 5.0% | ||
| Q2 25 | 44.5% | 9.3% | ||
| Q1 25 | 77.8% | -5.4% | ||
| Q4 24 | — | -33.4% | ||
| Q3 24 | -143.5% | 3.9% | ||
| Q2 24 | 39.1% | 8.3% | ||
| Q1 24 | -157.2% | -7.1% |
| Q4 25 | $0.28 | $-0.06 | ||
| Q3 25 | $-1.25 | $0.07 | ||
| Q2 25 | $0.62 | $0.13 | ||
| Q1 25 | $2.93 | $-0.05 | ||
| Q4 24 | — | $-0.24 | ||
| Q3 24 | $-0.76 | $0.05 | ||
| Q2 24 | $0.99 | $0.11 | ||
| Q1 24 | $-1.05 | $-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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $-127.8M | $405.9M |
| Total Assets | $1.2B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $735.1M | — | ||
| Q3 25 | $762.9M | — | ||
| Q2 25 | $612.3M | — | ||
| Q1 25 | $731.5M | — | ||
| Q4 24 | $923.1M | — | ||
| Q3 24 | $909.5M | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $480.6M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $-127.8M | $405.9M | ||
| Q3 25 | $-156.7M | $408.4M | ||
| Q2 25 | $37.6M | $398.4M | ||
| Q1 25 | $-75.6M | $381.1M | ||
| Q4 24 | $-623.8M | $387.2M | ||
| Q3 24 | $-526.4M | $416.6M | ||
| Q2 24 | $-431.7M | $408.1M | ||
| Q1 24 | $-867.1M | $391.8M |
| Q4 25 | $1.2B | $823.2M | ||
| Q3 25 | $1.2B | $844.4M | ||
| Q2 25 | $1.3B | $822.1M | ||
| Q1 25 | $1.3B | $824.6M | ||
| Q4 24 | $1.6B | $794.2M | ||
| Q3 24 | $1.7B | $853.4M | ||
| Q2 24 | $1.8B | $830.0M | ||
| Q1 24 | $1.4B | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $14.1M |
| FCF MarginFCF / Revenue | -28.2% | 14.1% |
| Capex IntensityCapex / Revenue | 1.4% | 9.2% |
| Cash ConversionOCF / Net Profit | -2.25× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-250.2M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-39.5M | $23.3M | ||
| Q3 25 | $107.8M | $51.0M | ||
| Q2 25 | $-127.5M | $36.0M | ||
| Q1 25 | $-185.5M | $-46.9M | ||
| Q4 24 | $-87.3M | $6.2M | ||
| Q3 24 | $-144.8M | $37.2M | ||
| Q2 24 | $314.3M | $52.4M | ||
| Q1 24 | $-83.6M | $-34.5M |
| Q4 25 | $-41.6M | $14.1M | ||
| Q3 25 | $105.8M | $45.2M | ||
| Q2 25 | $-127.7M | $29.1M | ||
| Q1 25 | $-186.7M | $-50.3M | ||
| Q4 24 | $-100.3M | $-98.0K | ||
| Q3 24 | $-146.2M | $33.2M | ||
| Q2 24 | $311.4M | $47.9M | ||
| Q1 24 | $-90.4M | $-39.9M |
| Q4 25 | -28.2% | 14.1% | ||
| Q3 25 | 150.2% | 27.9% | ||
| Q2 25 | -53.4% | 16.8% | ||
| Q1 25 | -28.0% | -45.2% | ||
| Q4 24 | -113.6% | -0.1% | ||
| Q3 24 | -173.0% | 22.1% | ||
| Q2 24 | 74.9% | 29.9% | ||
| Q1 24 | -96.4% | -36.0% |
| Q4 25 | 1.4% | 9.2% | ||
| Q3 25 | 2.9% | 3.6% | ||
| Q2 25 | 0.1% | 4.0% | ||
| Q1 25 | 0.2% | 3.1% | ||
| Q4 24 | 14.8% | 7.2% | ||
| Q3 24 | 1.6% | 2.7% | ||
| Q2 24 | 0.7% | 2.8% | ||
| Q1 24 | 7.3% | 4.8% |
| Q4 25 | -2.25× | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | -1.20× | 2.25× | ||
| Q1 25 | -0.36× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | 1.94× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
