Sunday 18 October 2026 Export NVAX’s income statement to Excel — free account

Novavax, Inc.

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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Market cap: $2.1B
P/E: 0.0×
Fwd P/E: −21.7×
Dividend yield: —
F-score: 5/9
Altman Z: −2.18
Beneish M: 0.39
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 4.76%

Capital & Financial Ratios $m

Market Cap 2,110.00

Revenue 413.80

Net Income (247.73)

Free Cash Flow (42.20)

Net Debt (426.13)

Current Ratio 2.33

Debt/Equity (1.54)

P/E ratio 0.00

Fwd P/E (21.70)

P/S ratio 4.48

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth (123.05%)

Next Y EPS Growth 104.41%

Next Y revenue growth (65.35%)

Next 5Y EPS Growth 36.59%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 42.90%

10-year low 10-year high

EV/Sales against its own 10 years 40.14%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	579	934	746	719
Receivables	297	108	106	19
Inventory	42	9	12	10
Other	—	—	88	—
	1,144	1,129	978	771

	2023	2024	2025	Q'26
Payables	133	42	25	23
ST’ Debt	—	—	—	—
Other	861	220	186	136
	1,635	1,154	460	331

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	140	57	—	—	—
’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)	—	—	—
’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)	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.06)	(0.32)	—	—	—
’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)	(1.44)	(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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	23.20	14.60	23.00	3.54	3.65	109.01	8.75	4.80	3.53	5.01	Analyst estimates 2026–2028 Powerpack
	High	169.80	35.60	55.00	48.80	189.40	331.68	145.20	13.70	23.86	11.55
People
People	Employees	355	347	379	165	791	1,541	1,992	1,543	952	749
	Revenue/emp, $m	0.04	0.09	0.09	0.11	0.60	0.74	0.99	0.64	0.72	1.50
Income, $m
Income, $m	Revenue	15	31	34	19	476	1,146	1,982	984	682	1,123
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	54.46	65.05	70.28	93.50
	EBT	(280)	(184)	(185)	(133)	(418)	(1,715)	(654)	(543)	(177)	442
	EBT margin, %	(1,823.53)	(589.46)	(538.81)	(711.04)	(87.94)	(149.57)	(32.98)	(55.20)	(25.89)	39.36
	Net income	(280)	(184)	(185)	(133)	(418)	(1,744)	(658)	(545)	(187)	440
	Depreciation	10	11	10	6	5	13	29	41	48	28
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
	Earnings	(20.60)	(12.60)	(10.00)	(5.51)	(7.27)	(23.44)	(8.42)	(5.41)	(1.23)	2.72
	Cash flow	(19.11)	(9.87)	(10.00)	(5.67)	(0.74)	4.34	(5.32)	(7.09)	(0.57)	(1.51)
	Capex	(1.34)	(0.29)	(0.07)	0.68	(0.95)	(0.77)	(1.19)	(0.58)	1.17	(0.04)
	Free cash flow	(20.46)	(10.16)	(10.07)	(4.99)	(1.69)	3.57	(6.51)	(7.67)	0.60	(1.55)
	Book value	(0.41)	(6.95)	(9.08)	(7.72)	10.90	(4.73)	(8.11)	(7.11)	(4.10)	(0.79)
	Shares, m	14	15	18	24	58	74	78	101	152	162
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.45
	P/S	22.40	12.20	19.84	5.14	13.49	9.29	0.39	0.52	1.79	0.97
	P/B	0.00	0.00	0.00	0.00	10.23	0.00	0.00	0.00	0.00	0.00
	EV/Sales	25.69	16.44	26.15	17.94	12.56	8.24	(0.19)	0.15	0.75	0.52
	EV/FCF	(1.42)	(3.45)	(4.82)	(2.79)	(61.59)	35.17	0.75	(0.20)	5.66	(2.34)
Cash, $m
Cash, $m	Operating cash flow	(259)	(144)	(185)	(137)	(43)	323	(416)	(714)	(87)	(245)
	Capex	(18)	(4)	(1)	16	(55)	(57)	(93)	(59)	178	(6)
	Free cash flow	(277)	(149)	(186)	(120)	(97)	265	(509)	(773)	91	(251)
Balance, $m
Balance, $m	Working capital	221	130	74	71	669	(235)	(757)	(491)	(25)	518
	Total debt	316	318	319	321	362	323	198	224	223	246
	Net debt	51	132	216	239	(443)	(1,203)	(1,149)	(355)	(710)	(500)
	Shareholders’ equity	(6)	(102)	(168)	(186)	627	(352)	(634)	(717)	(624)	(128)
Returns, %
Returns, %	ROA	(71.75)	(52.75)	(72.38)	(69.67)	(47.65)	(83.85)	(27.21)	(26.88)	(11.17)	32.17
	ROIC	(373.77)	(351.93)	(225.18)	(142.67)	(141.24)	0.00	0.00	0.00	0.00	0.00
	ROE	(195.01)	342.60	137.02	74.98	(189.60)	(1,265.71)	133.49	80.69	27.97	(117.16)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
AUPH Aurinia Pharmaceuticals Inc	$2.2B	6.9×	17.5×	+18.87% (above 0%: growing)	+81.25% (above 0%: growing)	+19.08% (above 0%: growing)	92.12%	48.19%	Compare
VRDN Viridian Therapeutics, Inc.	$2.2B	— (loss-making)	— (loss-making)	+278.67% (above 0%: growing)	n/m	−41.39% (below 0%: shrinking)	100.00%	(44,460.56%)	Compare
IRON Disc Medicine, Inc.	$2.2B	— (loss-making)	—	—	n/m	+7.83% (above 0%: growing)	0.00%	0.00%	Compare
FTRE Fortrea Holdings Inc.	$2.2B	— (loss-making)	— (loss-making)	−4.52% (below 0%: shrinking)	n/m	+53.15% (above 0%: growing)	20.52%	2.18%	Compare
NVAX Novavax, Inc.	$2.1B	— (loss-making)	— (loss-making)	−76.30% (below 0%: shrinking)	n/m	+42.95% (above 0%: growing)	74.87%	(96.84%)
VCEL Vericel Corporation	$2.1B	83.6×	72.6×	+22.48% (above 0%: growing)	n/m	+17,503.70% (above 0%: growing)	72.82%	0.56%	Compare
PHVS Pharvaris N.V.	$2.1B	— (loss-making)	—	—	n/m	−17.31% (below 0%: shrinking)	0.00%	0.00%	Compare
VERA Vera Therapeutics, Inc.	$2.1B	— (loss-making)	—	—	n/m	−82.47% (below 0%: shrinking)	0.00%	0.00%	Compare
IMNM Immunome, Inc.	$2.1B	— (loss-making)	— (loss-making)	+69.84% (above 0%: growing)	n/m	−26.96% (below 0%: shrinking)	100.00%	0.00%	Compare
Median of peers	$2.1B	—	—	+22.48%	—	−4.74%	46.67%	0.00%

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Novavax, Inc. (NVAX) key facts

Strength: Novavax, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, up 64.7% from fiscal 2024.
Novavax, Inc. (NVAX) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, NVAX traded at $11.26, a market capitalization of $2.1 billion.
Return on equity was −117.2% and debt-to-equity -1.54.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is −2.18 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.