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Novavax, Inc.

NVAX Healthcare Biotechnology

Novavax, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, up 64.7% from fiscal 2024.

Revenue
−3.05%
EPS
+84.8%
Free cash flow
−189.1%
Total debt
+31.5%

Quarter to September 2026, against a year earlier

10.76 0.98 +10.02%
Market cap
$1.6B
P/E
0.0×
Fwd P/E
110×
Dividend yield
—
F-score
5/9
Altman Z
−2.18
Beneish M
0.39
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 4.95%

Capital & Financial Ratios $m

Size
Market Cap 1,610.00
Revenue ttm 411.65
Net income ttm (76.73)
Free cash flow ttm (238.95)
Net debt Q (426.13)
Valuation
P/E 0.00
Forward P/E 110.00 (above 35: high)
Price / sales 4.31
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.00
Financial health
Current ratio Q 2.15 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (5.79)
Growth
Revenue growth Q −3.05% (below 0%: shrinking)
Operating income growth Q +82.43% (above 0%: growing)
EPS, this year −116.07% (below 0%: weak)
EPS, next year A +45.70% (at or above 15%: strong)
Revenue, next year A −65.83% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +36.59% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.3×, against a ten-year median of 11.6×; over the ten years it ranged from −0.2× in 2022 to 161× in 2020.
P/S against its own 10 years 42.60%
10-year low 10-year high
EV/Sales against its own 10 years 40.10%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 579 934 746 —
Receivables 297 108 106 49
Inventory 42 9 12 19
Other — — 88 —
1,144 1,129 978 708
2023 2024 2025 Q'26
Payables 133 42 25 25
ST’ Debt — — — —
Other 861 220 186 124
1,635 1,154 460 330

Compound Annual Growth %

10y 5y 3y
Sales 40.97% 18.76% (17.24%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.37 Actual −0.19

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.66 0.11 Beat by 0.77
Q1 FY26 −0.25 −0.06 Beat by 0.19
Q2 FY26 −0.36 −0.32 Beat by 0.04
Q3 FY26 −0.37 −0.19 Beat by 0.18
Q4 FY26 0.28 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.06) (0.32) (0.19) — —
’25 2.93 0.62 (1.25) 0.11 2.58
’24 (1.05) 0.99 (0.76) (0.51) (1.23)
’23 (3.41) 0.58 (1.26) (1.63) (5.41)
’22 2.56 (6.53) (2.15) (2.28) (8.42)
’21 (3.05) (4.75) (4.31) (11.18) (23.44)
’20 (0.58) (0.30) (3.21) (2.70) (7.27)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 140 57 68 — —
’25 667 239 70 147 1,123
’24 94 415 85 88 682
’23 81 424 187 291 984
’22 704 186 735 357 1,982
’21 447 298 179 222 1,146
’20 3 36 157 280 476
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (32) (73) (94) — —
’25 (186) (127) 108 (39) (245)
’24 (84) 314 (145) (173) (87)
’23 (326) (172) (40) (177) (714)
’22 (89) (171) (39) (118) (416)
’21 663 144 (142) (342) 323
’20 (23) 116 (6) (129) (43)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (34) (73) (94) — —
’25 (187) (129) 106 (42) (251)
’24 (91) 311 (147) 17 91
’23 (349) (180) (58) (186) (773)
’22 (105) (195) (68) (140) (509)
’21 649 129 (154) (359) 265
’20 (23) 112 (15) (171) (97)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 15 31 34 19 476 1,146 1,982 984 682 1,123 412 +61.1% 384 282 253 (39.2%)
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 54.46 65.05 70.28 93.50 78.01 (6.5) pt
EBT (280) (184) (185) (133) (418) (1,715) (654) (543) (177) 442 (72) n/m
EBT margin, % (1,823.53) (589.46) (538.81) (711.04) (87.94) (149.57) (32.98) (55.20) (25.89) 39.36 (17.47) +1,862.9 pt
Net income (280) (184) (185) (133) (418) (1,744) (658) (545) (187) 440 (77) n/m
Per share, $
Per share, $ Revenue 1.13 2.13 1.85 0.77 8.26 15.41 25.35 9.76 4.48 6.94 2.50 +22.3%
Earnings (20.60) (12.60) (10.00) (5.51) (7.27) (23.44) (8.42) (5.41) (1.23) 2.72 (0.46) n/m
Cash flow (19.11) (9.87) (10.00) (5.67) (0.74) 4.34 (5.32) (7.09) (0.57) (1.51) (1.45) (24.6%)
Capex (1.34) (0.29) (0.07) 0.68 (0.95) (0.77) (1.19) (0.58) 1.17 (0.04) 0.00 (32.4%)
Free cash flow (20.46) (10.16) (10.07) (4.99) (1.69) 3.57 (6.51) (7.67) 0.60 (1.55) (1.45) (24.9%)
Book value (0.41) (6.95) (9.08) (7.72) 10.90 (4.73) (8.11) (7.11) (4.10) (0.79) (1.31) +7.6%
Shares, m 14 15 18 24 58 74 78 101 152 162 164 +31.8%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.45 0.00 0.2
P/S 22.40 12.20 19.84 5.14 13.49 9.29 0.39 0.63 1.79 0.97 4.31 8.6
P/B 0.00 0.00 0.00 0.00 10.23 0.00 0.00 0.00 0.00 0.00 0.00 1.0
EV/Sales 25.69 16.44 26.15 17.94 12.56 8.24 (0.19) 0.27 0.75 0.52 3.28 10.8
EV/FCF (1.42) (3.45) (4.82) (2.79) (61.59) 35.17 0.75 (0.35) 5.66 (2.34) (5.48) (3.5)
Cash, $m
Cash, $m Operating cash flow (259) (144) (185) (137) (43) 323 (416) (714) (87) (245) (239) (0.6%)
Capex (18) (4) (1) 16 (55) (57) (93) (59) 178 (6) (5) (11.0%)
Free cash flow (277) (149) (186) (120) (97) 265 (509) (773) 91 (251) (239) (1.1%)
Balance, $m
Balance, $m Working capital 221 130 74 71 669 (235) (757) (491) (25) 518 378 +9.9%
Net debt 51 132 216 239 (443) (1,203) (1,149) (355) (710) (500) (426) n/m
Shareholders’ equity (6) (102) (168) (186) 627 (352) (634) (717) (624) (128) (217) +41.7%
Returns, %
Returns, % ROA (71.75) (52.75) (72.38) (69.67) (47.65) (83.85) (27.21) (26.88) (11.17) 32.17 (7.42) +103.9 pt
ROIC (373.77) (351.93) (225.18) (142.67) (141.24) 0.00 0.00 0.00 0.00 0.00 0.00 +373.8 pt
ROE (195.01) 342.60 137.02 74.98 (189.60) (1,265.71) 133.49 80.69 27.97 (117.16) 41.08 +77.9 pt
People
People Employees 355 347 379 165 791 1,541 1,992 1,543 952 749 — +8.6%
Revenue/emp, $m 0.04 0.09 0.09 0.11 0.60 0.74 0.99 0.64 0.72 1.50 — +48.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Novavax, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LYCA Lycia Therapeutics Inc. $1.7B — — — — — — — Compare
NRIX Nurix Therapeutics, Inc. $1.6B 6.1× 5.5× +8,426.27% (above 0%: growing) n/m +1,122.10% (above 0%: growing) 100.00% 83.12% Compare
NVAX Novavax, Inc. $1.6B — (loss-making) 110× −3.05% (below 0%: shrinking) n/m −189.09% (below 0%: shrinking) 65.61% (45.80%)
ABSI Absci Corporation $1.6B — (loss-making) — (loss-making) −46.37% (below 0%: shrinking) n/m −71.74% (below 0%: shrinking) 100.00% (10,741.51%) Compare
GENB Generate Biomedicines, Inc. $1.6B — (loss-making) — (loss-making) — n/m −224.24% (below 0%: shrinking) 100.00% (1,134.21%) Compare
SLS SELLAS Life Sciences Group, Inc. $1.6B — (loss-making) — (loss-making) −57.10% (below 0%: shrinking) n/m −3.52% (below 0%: shrinking) 0.00% 0.00% Compare
KLRA Kailera Therapeutics, Inc. $1.6B — (loss-making) — — n/m −325.95% (below 0%: shrinking) — 0.00% Compare
BRVE Braveheart Bio, Inc. $1.6B — — — n/m — — 0.00% Compare
NTLA Intellia Therapeutics, Inc. $1.6B — (loss-making) — (loss-making) −48.03% (below 0%: shrinking) n/m −11.05% (below 0%: shrinking) 100.00% (1,707.73%) Compare
Median of peers $1.6B — — −47.20% — −41.40% 100.00% 0.00%

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 27 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.86m 6.31m 6.03

Ownership

Directors and executive officers, together 1.60%
The Vanguard Group 9.40%
Shah Capital Management 9.00%
BlackRock, Inc. 8.20%
State Street Corporation 5.80%
Bank of America Corp. 5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Novavax, Inc. (NVAX) Latest News

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stockrow.com/NVAX · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com