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NOTE vs GOVX vs CSGP vs NVAX vs MRNA

Revenue, margins, valuation, and 5-year total return — side by side.

Live fundamentals10-year financials5-year price chart
NOTE
FiscalNote Holdings, Inc.

Information Technology Services

TechnologyNYSE • US
Market Cap$3M
5Y Perf.-99.8%
GOVX
GeoVax Labs, Inc.

Biotechnology

HealthcareNASDAQ • US
Market Cap$2M
5Y Perf.-96.7%
CSGP
CoStar Group, Inc.

Real Estate - Services

Real EstateNASDAQ • US
Market Cap$13.89B
5Y Perf.-64.5%
NVAX
Novavax, Inc.

Biotechnology

HealthcareNASDAQ • US
Market Cap$1.66B
5Y Perf.-90.9%
MRNA
Moderna, Inc.

Biotechnology

HealthcareNASDAQ • US
Market Cap$21.55B
5Y Perf.-48.0%

NOTE vs GOVX vs CSGP vs NVAX vs MRNA — Key Financials

Market cap, revenue, margins, and valuation side-by-side.

Company Snapshot
NOTE logoNOTE
GOVX logoGOVX
CSGP logoCSGP
NVAX logoNVAX
MRNA logoMRNA
IndustryInformation Technology ServicesBiotechnologyReal Estate - ServicesBiotechnologyBiotechnology
Market Cap$3M$2M$13.89B$1.66B$21.55B
Revenue (TTM)$88M$2M$3.41B$596M$2.23B
Net Income (TTM)$-105M$-21M$25M$-88M$-3.19B
Gross Margin69.9%100.0%77.4%84.6%-13.9%
Operating Margin-74.9%-8.7%-0.8%-11.2%-153.3%
Forward P/E24.1x4.0x
Total Debt$173M$843.17B$1.14B$249M$1.92B
Cash & Equiv.$29M$6M$1.73B$241M$2.60B

NOTE vs GOVX vs CSGP vs NVAX vs MRNALong-Term Stock Performance

Price return indexed to 100 at period start. Dividends excluded.

NOTE
GOVX
CSGP
NVAX
MRNA
StockDec 20May 26Return
FiscalNote Holdings… (NOTE)1000.2-99.8%
GeoVax Labs, Inc. (GOVX)1003.3-96.7%
CoStar Group, Inc. (CSGP)10035.5-64.5%
Novavax, Inc. (NVAX)1009.1-90.9%
Moderna, Inc. (MRNA)10052.0-48.0%

Price return only. Dividends and distributions are not included.

Quick Verdict: NOTE vs GOVX vs CSGP vs NVAX vs MRNA

Each card shows where this stock fits in a portfolio — not just who wins on paper.

Bottom line: CSGP leads in 3 of 7 categories (5-stock set), making it the strongest pick for profitability and margin quality and capital preservation and lower volatility. Novavax, Inc. is the stronger pick specifically for growth and revenue expansion and valuation and capital efficiency. MRNA also leads in specific categories worth noting. This set spans 3 sectors — these stocks serve different portfolio roles, not just different price points.
NOTE
FiscalNote Holdings, Inc.
The Technology Pick

NOTE lags the leaders in this set but could rank higher in a more targeted comparison.

Best for: technology exposure
GOVX
GeoVax Labs, Inc.
The Healthcare Pick

Among these 5 stocks, GOVX doesn't own a clear edge in any measured category.

Best for: healthcare exposure
CSGP
CoStar Group, Inc.
The Real Estate Income Play

CSGP carries the broadest edge in this set and is the clearest fit for sleep-well-at-night and defensive.

  • Lower volatility, beta 0.69, Low D/E 13.7%, current ratio 2.84x
  • Beta 0.69, current ratio 2.84x
  • 0.7% margin vs GOVX's -8.6%
  • Beta 0.69 vs NOTE's 2.66
Best for: sleep-well-at-night and defensive
NVAX
Novavax, Inc.
The Income Pick

NVAX is the #2 pick in this set and the best alternative if income & stability and growth exposure is your priority.

  • Dividend streak 1 yrs, beta 2.22
  • Rev growth 64.7%, EPS growth 306.5%, 3Y rev CAGR -11.1%
  • 64.7% revenue growth vs MRNA's -39.2%
  • Better valuation composite
Best for: income & stability and growth exposure
MRNA
Moderna, Inc.
The Long-Run Compounder

MRNA ranks third and is worth considering specifically for long-term compounding.

  • 192.2% 10Y total return vs CSGP's 66.3%
  • +122.9% vs NOTE's -97.5%
Best for: long-term compounding
See the full category breakdown
CategoryWinnerWhy
GrowthNVAX logoNVAX64.7% revenue growth vs MRNA's -39.2%
ValueNVAX logoNVAXBetter valuation composite
Quality / MarginsCSGP logoCSGP0.7% margin vs GOVX's -8.6%
Stability / SafetyCSGP logoCSGPBeta 0.69 vs NOTE's 2.66
DividendsTieNone of these 5 stocks pay a meaningful dividend
Momentum (1Y)MRNA logoMRNA+122.9% vs NOTE's -97.5%
Efficiency (ROA)CSGP logoCSGP0.2% ROA vs NOTE's -40.6%, ROIC -0.9% vs -0.1%

NOTE vs GOVX vs CSGP vs NVAX vs MRNA — Revenue Breakdown by Segment

How each company's revenue is distributed across its business units

NOTEFiscalNote Holdings, Inc.
FY 2025
Subscription
93.3%$89M
Other Revenue
3.0%$3M
Advisory
2.2%$2M
Advertising
1.6%$1M
Books
0.0%$10,000
GOVXGeoVax Labs, Inc.
FY 2022
NIH Grants
100.0%$81,526
CSGPCoStar Group, Inc.
FY 2024
CoStar Suite
61.1%$1.0B
LoopNet
16.9%$282M
Information services
8.1%$136M
Online Marketplaces
7.8%$130M
Residential
6.0%$101M
NVAXNovavax, Inc.
FY 2025
Product
50.0%$685M
Nuvaxovid Sales
45.6%$625M
Supply Sales
4.4%$60M
MRNAModerna, Inc.
FY 2025
Product Sales
100.0%$3.3B

NOTE vs GOVX vs CSGP vs NVAX vs MRNA — Financial Metrics

Side-by-side numbers across 5 stocks — who leads on profitability, valuation, growth, and risk.

BEST OVERALLCSGPLAGGINGMRNA

Income & Cash Flow (Last 12 Months)

CSGP leads this category, winning 4 of 6 comparable metrics.

CSGP is the larger business by revenue, generating $3.4B annually — 1370.7x GOVX's $2M. CSGP is the more profitable business, keeping 0.7% of every revenue dollar as net income compared to GOVX's -8.6%. On growth, MRNA holds the edge at +2.6% YoY revenue growth, suggesting stronger near-term business momentum.

MetricNOTE logoNOTEFiscalNote Holdin…GOVX logoGOVXGeoVax Labs, Inc.CSGP logoCSGPCoStar Group, Inc.NVAX logoNVAXNovavax, Inc.MRNA logoMRNAModerna, Inc.
RevenueTrailing 12 months$88M$2M$3.4B$596M$2.2B
EBITDAEarnings before interest/tax-$54M-$22M$278M-$47M-$3.2B
Net IncomeAfter-tax profit-$105M-$21M$25M-$88M-$3.2B
Free Cash FlowCash after capex-$19M-$21M$241M-$97M-$1.6B
Gross MarginGross profit ÷ Revenue+69.9%+100.0%+77.4%+84.6%-13.9%
Operating MarginEBIT ÷ Revenue-74.9%-8.7%-0.8%-11.2%-153.3%
Net MarginNet income ÷ Revenue-119.0%-8.6%+0.7%-14.7%-143.6%
FCF MarginFCF ÷ Revenue-21.2%-8.6%+7.1%-16.3%-71.1%
Rev. Growth (YoY)Latest quarter vs prior year-27.2%-100.0%+22.5%-79.1%+2.6%
EPS Growth (YoY)Latest quarter vs prior year-6.0%+86.9%+127.7%-102.0%-34.9%
CSGP leads this category, winning 4 of 6 comparable metrics.

Valuation Metrics

NOTE leads this category, winning 2 of 4 comparable metrics.

At 4.0x trailing earnings, NVAX trades at a 100% valuation discount to CSGP's 1974.1x P/E. On an enterprise value basis, NVAX's 2.8x EV/EBITDA is more attractive than CSGP's 78.2x.

MetricNOTE logoNOTEFiscalNote Holdin…GOVX logoGOVXGeoVax Labs, Inc.CSGP logoCSGPCoStar Group, Inc.NVAX logoNVAXNovavax, Inc.MRNA logoMRNAModerna, Inc.
Market CapShares × price$3M$2M$13.9B$1.7B$21.6B
Enterprise ValueMkt cap + debt − cash$147M$843.2B$13.3B$1.7B$20.9B
Trailing P/EPrice ÷ TTM EPS-0.04x-0.07x1974.10x3.98x-7.49x
Forward P/EPrice ÷ next-FY EPS est.24.05x
PEG RatioP/E ÷ EPS growth rate
EV / EBITDAEnterprise value multiple78.23x2.83x
Price / SalesMarket cap ÷ Revenue0.03x0.64x4.28x1.48x11.09x
Price / BookPrice ÷ Book value/share0.00x0.00x1.65x2.44x
Price / FCFMarket cap ÷ FCF338.75x
NOTE leads this category, winning 2 of 4 comparable metrics.

Profitability & Efficiency

CSGP leads this category, winning 4 of 9 comparable metrics.

CSGP delivers a 0.3% return on equity — every $100 of shareholder capital generates $0 in annual profit, vs $-161 for NOTE. NOTE carries lower financial leverage with a 0.00x debt-to-equity ratio, signaling a more conservative balance sheet compared to MRNA's 0.22x. On the Piotroski fundamental quality scale (0–9), CSGP scores 5/9 vs NOTE's 2/9, reflecting solid financial health.

MetricNOTE logoNOTEFiscalNote Holdin…GOVX logoGOVXGeoVax Labs, Inc.CSGP logoCSGPCoStar Group, Inc.NVAX logoNVAXNovavax, Inc.MRNA logoMRNAModerna, Inc.
ROE (TTM)Return on equity-160.9%-0.0%+0.3%-36.7%
ROA (TTM)Return on assets-40.6%-0.0%+0.2%-7.4%-26.6%
ROICReturn on invested capital-0.1%-0.0%-0.9%-26.1%
ROCEReturn on capital employed-0.0%-0.0%-0.8%+100.4%-27.6%
Piotroski ScoreFundamental quality 0–924553
Debt / EquityFinancial leverage0.00x0.22x0.14x0.22x
Net DebtTotal debt minus cash$144M$843.2B-$589M$8M-$679M
Cash & Equiv.Liquid assets$29M$6M$1.7B$241M$2.6B
Total DebtShort + long-term debt$173M$843.2B$1.1B$249M$1.9B
Interest CoverageEBIT ÷ Interest expense-2.58x1.58x-6.40x-1803.00x
CSGP leads this category, winning 4 of 9 comparable metrics.

Total Returns (Dividends Reinvested)

Evenly matched — NVAX and MRNA each lead in 2 of 6 comparable metrics.

A $10,000 investment in CSGP five years ago would be worth $3,903 today (with dividends reinvested), compared to $16 for NOTE. Over the past 12 months, MRNA leads with a +122.9% total return vs NOTE's -97.5%. The 3-year compound annual growth rate (CAGR) favors NVAX at 10.7% vs NOTE's -78.8% — a key indicator of consistent wealth creation.

MetricNOTE logoNOTEFiscalNote Holdin…GOVX logoGOVXGeoVax Labs, Inc.CSGP logoCSGPCoStar Group, Inc.NVAX logoNVAXNovavax, Inc.MRNA logoMRNAModerna, Inc.
YTD ReturnYear-to-date-88.1%+706.8%-50.1%+41.8%+76.1%
1-Year ReturnPast 12 months-97.5%+72.2%-56.8%+51.8%+122.9%
3-Year ReturnCumulative with dividends-99.0%-83.3%-55.9%+35.7%-58.7%
5-Year ReturnCumulative with dividends-99.8%-98.0%-61.0%-93.7%-65.7%
10-Year ReturnCumulative with dividends-99.8%-96.2%+66.3%-89.4%+192.2%
CAGR (3Y)Annualised 3-year return-78.8%-44.9%-23.9%+10.7%-25.6%
Evenly matched — NVAX and MRNA each lead in 2 of 6 comparable metrics.

Risk & Volatility

Evenly matched — CSGP and MRNA each lead in 1 of 2 comparable metrics.

CSGP is the less volatile stock with a 0.69 beta — it tends to amplify market swings less than NOTE's 2.66 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. MRNA currently trades 91.3% from its 52-week high vs NOTE's 1.9% drawdown — a narrower gap to the peak suggests stronger recent price momentum.

MetricNOTE logoNOTEFiscalNote Holdin…GOVX logoGOVXGeoVax Labs, Inc.CSGP logoCSGPCoStar Group, Inc.NVAX logoNVAXNovavax, Inc.MRNA logoMRNAModerna, Inc.
Beta (5Y)Sensitivity to S&P 5002.66x2.27x0.69x2.22x1.81x
52-Week HighHighest price in past year$10.20$4.40$97.43$11.97$59.55
52-Week LowLowest price in past year$0.15$0.12$32.71$5.80$22.28
% of 52W HighCurrent price vs 52-week peak+1.9%+38.0%+33.6%+84.5%+91.3%
RSI (14)Momentum oscillator 0–10028.771.136.361.846.3
Avg Volume (50D)Average daily shares traded490K227K5.9M4.2M7.2M
Evenly matched — CSGP and MRNA each lead in 1 of 2 comparable metrics.

Analyst Outlook

NVAX leads this category, winning 1 of 1 comparable metric.

Analyst consensus: CSGP as "Buy", NVAX as "Buy", MRNA as "Hold". Consensus price targets imply 86.7% upside for CSGP (target: $61) vs -28.2% for MRNA (target: $39).

MetricNOTE logoNOTEFiscalNote Holdin…GOVX logoGOVXGeoVax Labs, Inc.CSGP logoCSGPCoStar Group, Inc.NVAX logoNVAXNovavax, Inc.MRNA logoMRNAModerna, Inc.
Analyst RatingConsensus buy/hold/sellBuyBuyHold
Price TargetConsensus 12-month target$61.18$18.00$39.00
# AnalystsCovering analysts252327
Dividend YieldAnnual dividend ÷ price
Dividend StreakConsecutive years of raises10
Dividend / ShareAnnual DPS
Buyback YieldShare repurchases ÷ mkt cap0.0%0.0%+4.1%+0.3%0.0%
NVAX leads this category, winning 1 of 1 comparable metric.
Key Takeaway

CSGP leads in 2 of 6 categories (Income & Cash Flow, Profitability & Efficiency). NOTE leads in 1 (Valuation Metrics). 2 tied.

Best OverallCoStar Group, Inc. (CSGP)Leads 2 of 6 categories
Loading custom metrics...

NOTE vs GOVX vs CSGP vs NVAX vs MRNA: Key Questions Answered

10 questions · data-driven answers · updated daily

01

Is NOTE or GOVX or CSGP or NVAX or MRNA a better buy right now?

For growth investors, Novavax, Inc.

(NVAX) is the stronger pick with 64. 7% revenue growth year-over-year, versus -39. 2% for Moderna, Inc. (MRNA). Novavax, Inc. (NVAX) offers the better valuation at 4. 0x trailing P/E, making it the more compelling value choice. Analysts rate CoStar Group, Inc. (CSGP) a "Buy" — based on 25 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

02

Which has the better valuation — NOTE or GOVX or CSGP or NVAX or MRNA?

On trailing P/E, Novavax, Inc.

(NVAX) is the cheapest at 4. 0x versus CoStar Group, Inc. at 1974. 1x.

03

Which is the better long-term investment — NOTE or GOVX or CSGP or NVAX or MRNA?

Over the past 5 years, CoStar Group, Inc.

(CSGP) delivered a total return of -61. 0%, compared to -99. 8% for FiscalNote Holdings, Inc. (NOTE). Over 10 years, the gap is even starker: MRNA returned +192. 2% versus NOTE's -99. 8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

04

Which is safer — NOTE or GOVX or CSGP or NVAX or MRNA?

By beta (market sensitivity over 5 years), CoStar Group, Inc.

(CSGP) is the lower-risk stock at 0. 69β versus FiscalNote Holdings, Inc. 's 2. 66β — meaning NOTE is approximately 287% more volatile than CSGP relative to the S&P 500. On balance sheet safety, FiscalNote Holdings, Inc. (NOTE) carries a lower debt/equity ratio of 0% versus 22% for Moderna, Inc. — giving it more financial flexibility in a downturn.

05

Which is growing faster — NOTE or GOVX or CSGP or NVAX or MRNA?

By revenue growth (latest reported year), Novavax, Inc.

(NVAX) is pulling ahead at 64. 7% versus -39. 2% for Moderna, Inc. (MRNA). On earnings-per-share growth, the picture is similar: Novavax, Inc. grew EPS 306. 5% year-over-year, compared to -660. 2% for FiscalNote Holdings, Inc.. Over a 3-year CAGR, GOVX leads at 212. 5% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

06

Which has better profit margins — NOTE or GOVX or CSGP or NVAX or MRNA?

Novavax, Inc.

(NVAX) is the more profitable company, earning 39. 2% net margin versus -862. 3% for GeoVax Labs, Inc. — meaning it keeps 39. 2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NVAX leads at 50. 1% versus -869. 3% for GOVX. At the gross margin level — before operating expenses — GOVX leads at 100. 0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

07

Is NOTE or GOVX or CSGP or NVAX or MRNA more undervalued right now?

Analyst consensus price targets imply the most upside for CSGP: 86.

7% to $61. 18.

08

Which pays a better dividend — NOTE or GOVX or CSGP or NVAX or MRNA?

None of the stocks in this comparison currently pay a material dividend.

All are effectively zero-yield and should be held for capital appreciation rather than income.

09

Is NOTE or GOVX or CSGP or NVAX or MRNA better for a retirement portfolio?

For long-horizon retirement investors, CoStar Group, Inc.

(CSGP) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 69)). FiscalNote Holdings, Inc. (NOTE) carries a higher beta of 2. 66 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (CSGP: +66. 3%, NOTE: -99. 8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

10

What are the main differences between NOTE and GOVX and CSGP and NVAX and MRNA?

These companies operate in different sectors (NOTE (Technology) and GOVX (Healthcare) and CSGP (Real Estate) and NVAX (Healthcare) and MRNA (Healthcare)), which means they face different economic cycles, regulatory environments, and macro sensitivities — making direct comparison nuanced.

In terms of investment character: NOTE is a small-cap quality compounder stock; GOVX is a small-cap quality compounder stock; CSGP is a mid-cap high-growth stock; NVAX is a small-cap high-growth stock; MRNA is a mid-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.

Find Stocks Like These

Explore pre-built screens for each stock's profile, or build a custom screen to find stocks that outperform all of them.

Stocks Like

NOTE

Quality Business

  • Sector: Technology
  • Market Cap > $100B
  • Gross Margin > 41%
Run This Screen
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GOVX

Quality Business

  • Sector: Healthcare
  • Market Cap > $100B
  • Gross Margin > 60%
Run This Screen
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CSGP

High-Growth Disruptor

  • Sector: Real Estate
  • Market Cap > $100B
  • Revenue Growth > 11%
  • Gross Margin > 46%
Run This Screen
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NVAX

Quality Business

  • Sector: Healthcare
  • Market Cap > $100B
  • Gross Margin > 50%
Run This Screen
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MRNA

High-Growth Disruptor

  • Sector: Healthcare
  • Market Cap > $100B
  • Revenue Growth > 131%
Run This Screen
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Beat Both

Find stocks that outperform NOTE and GOVX and CSGP and NVAX and MRNA on the metrics below

Revenue Growth>
%
(NOTE: -27.2% · GOVX: -100.0%)

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