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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. 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%
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 (at or above 1.5: strong)
Debt/Equity (1.54) (negative: negative equity)
P/E ratio 0.00
Fwd P/E (21.70) (negative: loss-making)
P/S ratio 4.48
P/B ratio 0.00
Past 5Y EPS Growth —
This Y EPS Growth (123.05%) (below 0%: weak)
Next Y EPS Growth 104.41% (at or above 15%: strong)
Next Y revenue growth (65.35%) (below 0%: weak)
Next 5Y EPS Growth 36.59% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, 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 42.90%
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.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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%

All 614 Biotechnology stocks →

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.

Novavax, Inc. (NVAX) Latest News

10 May

Impact 5 ·
stockrow.com/NVAX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com