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Friday 6 November 2026
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Vaxcyte, Inc.
PCVX Healthcare Biotechnology
- EPS
- −61.5%
- Free cash flow
- −92.6%
Quarter to June 2026, against a year earlier
64.55
2.63
+4.25%
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Target Price Range
Analyst price targets
Free accountTen years at a glance
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | — | — | — | — | — | 87 | 87 | 98 | +6.0% | |
| Gross margin, % | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | 0.00 | 0.0 pt | ||||||
| EBT | — | — | (29) | (50) | (89) | (100) | (223) | (402) | (464) | (767) | (1,064) | +59.3% | ||||||
| EBT margin, % | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| Net income | — | 0 | (29) | (50) | (89) | (100) | (223) | (402) | (464) | (767) | (1,064) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | n/m | |||||
| Earnings | — | — | (8.12) | (13.25) | (3.02) | (1.93) | (3.44) | (4.14) | (3.80) | (5.63) | (7.63) | (5.1%) | ||||||
| Cash flow | — | — | (8.39) | (12.42) | (1.58) | (2.34) | (2.63) | (3.05) | (3.71) | (4.82) | (6.10) | (7.6%) | ||||||
| Capex | — | — | (0.49) | (0.31) | (0.04) | (0.13) | (0.09) | (0.17) | (0.18) | (0.10) | (0.09) | (20.2%) | ||||||
| Free cash flow | — | — | (8.88) | (12.74) | (1.62) | (2.46) | (2.72) | (3.22) | (3.89) | (4.92) | (6.19) | (8.1%) | ||||||
| Book value | — | — | 16.55 | 14.21 | 11.71 | 5.47 | 14.70 | 12.77 | 27.10 | 19.73 | 19.09 | +2.5% | ||||||
| Shares, m | — | — | 4 | 4 | 30 | 52 | 65 | 97 | 122 | 136 | 139 | +67.8% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | — | — | — | 0 | — | |||||
| P/S | — | — | — | — | — | — | — | — | — | — | 0 | — | ||||||
| P/B | — | — | — | — | — | — | — | — | — | — | 0 | — | ||||||
| EV/Sales | — | — | — | — | — | — | — | — | — | — | 0 | — | ||||||
| EV/FCF | — | — | — | — | — | — | — | — | — | — | 0 | — | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | (30) | (47) | (47) | (121) | (171) | (297) | (453) | (656) | (881) | +55.0% | |||||
| Capex | — | — | (2) | (1) | (1) | (7) | (6) | (16) | (22) | (14) | (13) | +33.9% | ||||||
| Free cash flow | — | — | (32) | (48) | (48) | (128) | (176) | (313) | (475) | (669) | (894) | +54.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | 60 | 51 | 342 | 228 | 902 | 951 | 1,648 | 1,422 | 1,281 | +57.2% | |||||
| Net debt | — | — | (66) | (59) | (386) | (246) | (931) | (1,080) | (1,747) | (1,561) | (1,487) | +57.1% | ||||||
| Shareholders’ equity | — | — | 60 | 54 | 346 | 284 | 954 | 1,240 | 3,306 | 2,686 | 2,758 | +72.1% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | (83.29) | (73.66) | (38.91) | (27.91) | (33.59) | (33.33) | (18.86) | (23.54) | (33.03) | +59.7 pt | |||||
| ROIC | — | — | 0.00 | 0.00 | 0.00 | (170.29) | (652.79) | (182.55) | (22.84) | (51.34) | (57.30) | (51.3) pt | ||||||
| ROE | — | — | 35.94 | 61.27 | (74.51) | (31.78) | (36.11) | (36.67) | (20.41) | (25.59) | (36.51) | (61.5) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | 43 | 58 | 89 | 158 | 254 | 414 | 507 | — | +50.9% | |||||
| Revenue/emp, $m | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | n/m | ||||||
Negative figures in brackets.
estimates
Business profile
Vaxcyte, 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 |
|---|---|---|---|---|---|---|---|---|---|
| TECH Bio-Techne Corp | $11.4B | 62.2× | 54.2× | +1.33% (above 0%: growing) | n/m | −6.83% (below 0%: shrinking) | 65.82% | 23.13% | Compare |
| BMRN BioMarin Pharmaceutical Inc. | $10.9B | — (loss-making) | 32.7× | +32.02% (above 0%: growing) | n/m | −52.25% (below 0%: shrinking) | 79.95% | (8.01%) | Compare |
| PCVX Vaxcyte, Inc. | $9.8B | — (loss-making) | — | — | n/m | −92.55% (below 0%: shrinking) | 0.00% | 0.00% | |
| MDGL Madrigal Pharmaceuticals, Inc. | $9.3B | — (loss-making) | — (loss-making) | +50.13% (above 0%: growing) | n/m | +53.47% (above 0%: growing) | 91.23% | 12.98% | Compare |
| TGTX TG Therapeutics, Inc. | $8.9B | 19.1× | 62.4× | +70.27% (above 0%: growing) | −73.68% (below 0%: shrinking) | +427.05% (above 0%: growing) | 82.86% | 9.02% | Compare |
| PTGX Protagonist Therapeutics, Inc. | $8.8B | 111× | 31.2× | +3,749.17% (above 0%: growing) | n/m | +839.65% (above 0%: growing) | 100.00% | 74.37% | Compare |
| IBRX ImmunityBio, Inc. | $8.5B | — (loss-making) | — (loss-making) | +93.91% (above 0%: growing) | n/m | +13.38% (above 0%: growing) | 99.42% | (120.41%) | Compare |
| TWST Twist Bioscience Corporation | $7.9B | — (loss-making) | — (loss-making) | +23.24% (above 0%: growing) | n/m | −7.23% (below 0%: shrinking) | 52.76% | (30.65%) | Compare |
| CAI Caris Life Sciences,�Inc. | $7.4B | 77.7× | 254× | +26.99% (above 0%: growing) | −40.33% (below 0%: shrinking) | −140.21% (below 0%: shrinking) | 0.00% | 7.01% | Compare |
| Median of peers | $8.8B | 69.9× | 54.2× | +41.07% | — | +3.28% | 81.40% | 8.02% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
115.40%
Held by the ten largest
77.19%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Fidelity (FMR) | 20.85m | 14.40% | +4.36m |
| Jupiter Topco | 17.97m | 12.41% | +17.97m |
| T. Rowe Price | 15.20m | 10.50% | +2.09m |
| Vanguard | 14.09m | 9.73% | +483.55k |
| BlackRock | 12.07m | 8.34% | +1.10m |
| RA CAPITAL MANAGEMENT, L.P. | 11.47m | 7.93% | 0.00 |
| Wellington Management | 7.00m | 4.84% | +1.39m |
| State Street | 5.35m | 3.70% | +911.18k |
| Deep Track Capital, LP | 4.30m | 2.97% | 0.00 |
| Geode Capital Management | 3.46m | 2.39% | +258.08k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 23 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 14.46m | (26.74m) | 176.00 |
| 2024 | 39.64m | 42.67m | 313.00 |
| 2023 | 12.14m | 28.15m | 240.00 |
| 2022 | 13.66m | 29.66m | 183.00 |
| 2021 | 5.29m | 4.29m | 91.00 |
Ownership
Directors and executive officers, together
3.30%
FMR LLC
9.10%
Janus Henderson Group plc
9.10%
RA Capital Management, L.P.
9.00%
T. Rowe Price Investment Management, Inc.
7.80%
BlackRock, Inc.
6.80%
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
Vaxcyte is a clinical-stage biotechnology company developing vaccines against bacterial diseases. It has no products approved for commercial sale. Its candidates are intended for adults and children, with its principal programs targeting pneumococcal disease, an infection that can cause pneumonia, meningitis and other illnesses.
The company uses a cell-free protein synthesis platform called XpressCF to make proteins and antigens used in vaccine candidates. Antigens are components intended to prompt an immune response. Vaxcyte also uses a process that attaches antigens to protein carriers at specified points. The company believes this approach can help it include more bacterial strains in a vaccine without compromising the immune response.