Sunday 18 October 2026
Export NVAX’s income statement to Excel — free account
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. In the quarter to June 2026, revenue fell 76.3%, EPS fell 148.5%, free cash flow grew 43.0% and total debt rose 31.5%, each against the same quarter a year earlier.
11.26
1.56
−12.17%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
2.45 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Piotroski F-Score |
5 | 4 | 3 | 4 | 4 | 4 | 2 | 1 | 3 | 2 |
P/S ratio |
0.97 | 1.79 | 0.52 | 0.39 | 9.29 | 13.49 | 5.14 | 19.84 | 12.20 | 22.40 |
Altman Z-Score |
(2.18) | (4.27) | (4.46) | (2.95) | (1.61) | 2.31 | (13.13) | (9.83) | (5.87) | (4.33) |
P/FCF ratio |
0.00 | 13.48 | 0.00 | 0.00 | 39.65 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Altman Z″-Score (non-manufacturers) |
(7.28) | (11.94) | (12.95) | (10.52) | (9.70) | (2.17) | (29.51) | (24.13) | (13.28) | (8.61) |
Beneish M-Score |
0.39 | (3.56) | 3.32 | (2.58) | (5.61) | 19.99 | — | — | — | (5.91) |
P/Operating CF |
(27.58) | (7.07) | (2.87) | (6.50) | (31.09) | (49.92) | (4.04) | (15.03) | (8.77) | (5.33) |
P/B ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 10.23 | 0.00 | 0.00 | 0.00 | 0.00 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 13.20 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
0.52 | 0.75 | 0.15 | (0.19) | 8.24 | 12.56 | 17.94 | 26.15 | 16.44 | 25.69 |
EV/EBITDA |
1.23 | 0.00 | 0.00 | 0.62 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Operating CF |
(2.41) | (5.88) | (0.21) | 0.92 | 29.23 | (140.45) | (2.45) | (4.85) | (3.55) | (1.52) |
EV/FCF |
(2.34) | 5.66 | (0.20) | 0.75 | 35.17 | (61.59) | (2.79) | (4.82) | (3.45) | (1.42) |
Quick Ratio |
1.85 | 0.90 | 0.54 | 0.58 | 0.83 | 1.84 | 3.46 | 2.26 | 2.52 | 4.00 |
Current Ratio |
2.13 | 0.98 | 0.70 | 0.69 | 0.90 | 2.15 | 3.77 | 2.62 | 2.76 | 4.33 |
Net Debt/EBITDA |
(1.04) | 3.54 | 0.68 | 1.87 | 0.72 | 1.08 | (2.08) | (1.32) | (0.82) | (0.19) |
Debt/Assets |
20.94% | 14.32% | 12.46% | 8.75% | 12.55% | 22.88% | 185.37% | 153.47% | 105.05% | 80.23% |
Debt/Equity |
(1.93) | (0.36) | (0.31) | (0.31) | (0.92) | 0.58 | (1.72) | (1.90) | (3.12) | (57.04) |
Asset Turnover |
0.82 | 0.41 | 0.49 | 0.82 | 0.55 | 0.54 | 0.10 | 0.13 | 0.09 | 0.04 |
Operating CF/Net income |
(0.56) | 0.47 | 1.31 | 0.63 | (0.19) | 0.10 | 1.03 | 1.00 | 0.79 | 0.92 |
Capex/Depreciation |
(0.23) | 3.67 | (1.43) | (3.20) | (4.54) | (11.18) | 2.90 | (0.14) | (0.37) | (1.86) |
Interest Coverage |
20.08 | (12.40) | (39.30) | (32.43) | (79.83) | (27.52) | (8.86) | (12.78) | (12.20) | (20.76) |
| (117.16%) | 27.97% | 80.69% | 133.49% | (1,265.71%) | (189.60%) | 74.98% | 137.02% | 342.60% | (195.01%) | |
| 32.17% | (11.17%) | (26.88%) | (27.21%) | (83.85%) | (47.65%) | (69.67%) | (72.38%) | (52.75%) | (71.75%) | |
ROIC |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | (141.24%) | (142.67%) | (225.18%) | (351.93%) | (373.77%) |
Return on Tangible Assets |
78.19% | (166.02%) | 293.87% | 142.32% | 18,434.83% | (49.29%) | (160.07%) | (180.84%) | (110.96%) | (107.02%) |
Average Days of Receivables |
34.58 | 57.94 | 110.29 | 15.17 | 144.88 | 201.08 | 146.69 | 0.00 | 0.00 | 0.00 |
Research and Development Expense of Revenue |
30.47% | 57.34% | 74.97% | 62.33% | 221.11% | 157.07% | 610.02% | 506.87% | 540.27% | 1,549.79% |
Selling, General and Administrative Expense of Revenue |
14.02% | 49.43% | 47.67% | 24.66% | 26.03% | 30.55% | 184.42% | 100.35% | 110.50% | 303.05% |
Intangible Assets out of Total Assets |
0.10 | 0.07 | 0.07 | 0.06 | 0.05 | 0.09 | 0.33 | 0.28 | 0.20 | 0.15 |
Share Based Compensation of Revenue |
3.21% | 7.06% | 8.68% | 6.57% | 16.02% | 26.92% | 91.35% | 53.41% | 63.54% | 124.80% |
Graham Net Nets |
(0.30) | (0.86) | (2.70) | (1.55) | (0.07) | 0.05 | (2.73) | (0.38) | (0.53) | (0.33) |
Graham Number |
0.00 | 10.65 | 29.56 | 38.92 | 49.77 | 0.00 | 31.63 | 45.66 | 44.40 | 13.78 |
Earnings Yield |
40.77% | (15.30%) | (108.55%) | (84.78%) | (16.28%) | (6.09%) | (144.72%) | (27.72%) | (48.46%) | (81.10%) |
Free Cash Flow Yield |
(23.15%) | 7.42% | (152.46%) | (66.90%) | 2.52% | (1.51%) | (125.26%) | (27.37%) | (39.08%) | (80.53%) |
Revenue per Share |
6.94 | 4.48 | 9.76 | 25.35 | 15.41 | 8.26 | 0.77 | 1.85 | 2.13 | 1.13 |
Operating CF per Share |
(1.51) | (0.57) | (7.09) | (5.32) | 4.34 | (0.74) | (5.67) | (10.00) | (9.87) | (19.11) |
Capex per Share |
(0.04) | 1.17 | (0.58) | (1.19) | (0.77) | (0.95) | 0.68 | (0.07) | (0.29) | (1.34) |
Free Cash Flow per Share |
(1.55) | 0.60 | (7.67) | (6.51) | 3.57 | (1.69) | (4.99) | (10.07) | (10.16) | (20.46) |
Cash per Share |
4.60 | 6.14 | 5.75 | 17.23 | 20.52 | 13.99 | 3.39 | 5.57 | 12.68 | 19.63 |
Shareholders Equity per Share |
(0.79) | (4.10) | (7.11) | (8.11) | (4.73) | 10.90 | (7.72) | (9.08) | (6.95) | (0.41) |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
(0.79) | (4.10) | (7.11) | (8.11) | (4.73) | 10.90 | (7.72) | (9.08) | (6.95) | (0.41) |
Free Cash Flow |
(251.02) | 90.74 | (772.77) | (508.92) | 265.46 | (97.16) | (120.15) | (186.20) | (148.66) | (276.97) |
Working Capital |
518.33 | (25.47) | (491.25) | (756.55) | (235.20) | 668.53 | 71.45 | 73.74 | 129.64 | 221.42 |
Capital Expenditures |
(6.39) | 178.00 | (58.81) | (92.98) | (57.49) | (54.62) | 16.48 | (1.37) | (4.19) | (18.20) |
Net Current Asset Value |
(325.99) | (1,055.32) | (1,370.53) | (1,189.37) | (773.31) | 292.93 | (261.73) | (256.64) | (200.91) | (112.02) |
EV/EBIT |
1.30 | 0.00 | 0.00 | 0.60 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.01 | (0.26) | 0.06 | 0.05 | 0.05 | 0.11 | (0.88) | 0.04 | 0.13 | 1.19 |
Price to Operating Income |
2.40 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.62 | 0.35 | 0.13 | 0.10 | 0.06 | 0.03 | 0.50 | 0.34 | 0.31 | 0.24 |
Cash ROIC |
(29.04%) | 17.01% | (899.19%) | (55.88%) | 17.72% | (5.42%) | (55.53%) | (73.24%) | (37.02%) | (48.04%) |
Accounts Receivable Turnover |
10.46 | 3.36 | 5.18 | 7.38 | 3.20 | 3.53 | 4.98 | 0.00 | 0.00 | 13.24 |
Accounts Payable Turnover |
2.21 | 2.33 | 1.97 | 5.25 | 0.14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Inventory Turnover |
7.20 | 8.04 | 8.77 | 39.63 | 0.00 | — | — | — | — | — |
Average Days of Payables |
122.82 | 74.86 | 140.80 | 87.55 | 3,567.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Days of Inventory on Hand |
57.69 | 15.75 | 44.27 | 14.83 | 249.10 | — | — | — | — | — |
Average Receivables |
107.37 | 202.76 | 189.81 | 268.68 | 358.50 | 134.76 | 3.75 | — | — | 1.16 |
Average Payables |
33.08 | 87.09 | 174.56 | 171.78 | 90.69 | 28.62 | 6.11 | 7.46 | 5.65 | 8.79 |
Average Inventory |
10.15 | 25.22 | 39.19 | 22.78 | — | — | — | — | — | — |
Average Assets |
1,368.47 | 1,678.95 | 2,028.08 | 2,417.72 | 2,079.62 | 877.72 | 190.47 | 255.24 | 348.40 | 390.17 |
Average Common Equity |
(375.80) | (670.38) | (675.50) | (492.88) | 137.77 | 220.60 | (176.98) | (134.83) | (53.64) | 143.56 |
Columns are period end dates