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NOVAVAX INC（NVAX）与Repay Holdings Corp（RPAY）财务数据对比。点击上方公司名可切换其他公司
NOVAVAX INC的季度营收约是Repay Holdings Corp的1.9倍（$147.3M vs $78.6M），NOVAVAX INC净利率更高（11.9% vs -178.3%，领先190.2%），NOVAVAX INC同比增速更快（66.8% vs 0.4%），Repay Holdings Corp自由现金流更多（$23.2M vs $-41.6M），过去两年NOVAVAX INC的营收复合增速更高（25.3% vs -1.3%）
诺瓦瓦克斯是一家总部位于美国马里兰州盖瑟斯堡的生物科技企业，专注于传染病疫苗研发。其开发的新冠疫苗现由赛诺菲负责商业化，同时还在布局流感、呼吸道合胞病毒（RSV）、禽流感、带状疱疹、艰难梭菌感染、疟疾等多个领域的疫苗管线。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
NVAX vs RPAY — 直观对比
营收规模更大
NVAX
是对方的1.9倍
$78.6M
营收增速更快
NVAX
高出66.4%
0.4%
净利率更高
NVAX
高出190.2%
-178.3%
自由现金流更多
RPAY
多$64.8M
$-41.6M
两年增速更快
NVAX
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $147.3M | $78.6M |
| 净利润 | $17.5M | $-140.1M |
| 毛利率 | 85.0% | 74.2% |
| 营业利润率 | 9.7% | -182.2% |
| 净利率 | 11.9% | -178.3% |
| 营收同比 | 66.8% | 0.4% |
| 净利润同比 | 121.6% | -3304.1% |
| 每股收益（稀释后） | $0.28 | $-1.68 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收NVAXRPAY
| 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 |
净利润NVAXRPAY
| 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 |
毛利率NVAXRPAY
| 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% |
营业利润率NVAXRPAY
| 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% |
净利率NVAXRPAY
| 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% |
每股收益（稀释后）NVAXRPAY
| 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 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $735.1M | $115.7M |
| 总债务越低越好 | — | $280.1M |
| 股东权益账面价值 | $-127.8M | $484.4M |
| 总资产 | $1.2B | $1.2B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资NVAXRPAY
| 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 |
总债务NVAXRPAY
| 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 |
股东权益NVAXRPAY
| 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 |
总资产NVAXRPAY
| 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 |
负债/权益比NVAXRPAY
| 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× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-39.5M | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $-41.6M | $23.2M |
| 自由现金流率自由现金流/营收 | -28.2% | 29.6% |
| 资本支出强度资本支出/营收 | 1.4% | 0.1% |
| 现金转化率经营现金流/净利润 | -2.25× | — |
| 过去12个月自由现金流最近4个季度 | $-250.2M | $90.7M |
8季度趋势，按日历期对齐
经营现金流NVAXRPAY
| 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 |
自由现金流NVAXRPAY
| 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 |
自由现金流率NVAXRPAY
| 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% |
资本支出强度NVAXRPAY
| 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% |
现金转化率NVAXRPAY
| 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 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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% |
