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VAXART, INC.

VXRT Healthcare Biotechnology

VAXART, INC.’s revenue for fiscal 2025 (year ended December 2025) was $237.3 million, up 726.7% from fiscal 2024.

Revenue
−85.3%
EPS
−75.0%
Free cash flow
−57.2%

Quarter to September 2026, against a year earlier

0.37 0.03 −7.50%
Market cap
$92.4M
P/E
2.8×
Fwd P/E
−2.7×
Dividend yield
—
F-score
6/9
Altman Z
−1.06
Beneish M
3.73
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.01
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 6.67%

Capital & Financial Ratios $m

Size
Market Cap 92.41
Revenue ttm 181.27
Net income ttm 29.04
Free cash flow ttm 31.98
Net debt Q (65.55)
Valuation
P/E 2.85
Forward P/E (2.69) (negative: loss-making)
Price / sales 0.50
Forward P/S Powerpack
Price / FCF 2.81
Price / book 1.36
Financial health
Current ratio Q 1.71 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (24.48)
Growth
Revenue growth Q −85.33% (below 0%: shrinking)
Operating income growth Q −121.26% (below 0%: shrinking)
EPS, this year +12.12%
EPS, next year A −17.24% (below 0%: weak)
Revenue, next year A −50.01% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −6.35% (below 0%: weak)

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 0.1×, against a ten-year median of 1.5×; over the ten years it ranged from −4.7× in 2017 to 1,035× in 2022.
P/S against its own 10 years 8.14%
10-year low 10-year high
P/B against its own 10 years 40.44%
10-year low 10-year high
EV/Sales against its own 10 years 2.06%
10-year low 10-year high
EV/FCF against its own 10 years 44.19%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 40 52 64 66
Receivables 3 12 51 30
Inventory — — — —
Other — — — —
46 68 136 126
2023 2024 2025 Q'26
Payables 2 7 21 30
ST’ Debt — — — —
Other 4 4 1 —
14 91 87 74

Compound Annual Growth %

10y 5y 3y
Sales 38.25% 125.76% 1,204.00%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 6.63% (6.58%) (7.41%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.21 Actual −0.06

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY25 −0.07 −0.07 Met by 0.00
Q2 FY25 −0.09 −0.07 Beat by 0.02
Q3 FY25 −0.07 −0.04 Beat by 0.03
Q2 FY26 −0.21 −0.06 Beat by 0.15
Q3 FY26 −0.31 — Reports 12 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.02 (0.06) (0.07) — —
’25 (0.07) (0.07) (0.04) 0.24 0.07
’24 (0.14) (0.09) (0.06) (0.05) (0.33)
’23 (0.19) (0.16) (0.11) (0.12) (0.57)
’22 (0.20) (0.23) (0.23) (0.18) (0.84)
’21 (0.14) (0.13) (0.14) (0.17) (0.58)
’20 (0.02) (0.12) (0.08) (0.13) (0.36)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 39 27 11 — —
’25 21 40 72 104 237
’24 2 6 5 15 29
’23 1 1 2 3 7
’22 0 — — 0 0
’21 1 0 0 0 1
’20 3 1 0 0 4
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (2) 3 1 — —
’25 (10) (16) 3 31 8
’24 (21) (12) (4) (7) (45)
’23 (24) (17) (15) (14) (70)
’22 (25) (26) (15) (29) (95)
’21 (17) (13) (14) (16) (60)
’20 (3) (1) (9) (11) (24)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (2) 3 1 — —
’25 (10) (16) 2 31 8
’24 (21) (12) (4) (7) (45)
’23 (26) (18) (15) (13) (72)
’22 (26) (28) (17) (33) (104)
’21 (17) (15) (16) (17) (65)
’20 (3) (1) (10) (12) (25)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
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 9 6 4 10 4 1 0 7 29 237 181 +43.3% 119 2 13 (61.7%)
Gross margin, % 98.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 +1.1 pt
EBT (25) (10) (18) (18) (32) (70) (108) (82) (67) 17 30 n/m
EBT margin, % (273.12) (164.10) (430.34) (184.09) (790.46) (7,888.23) (100,645.79) (1,114.03) (232.36) 7.08 16.41 +280.2 pt
Net income (25) (10) (18) (19) (32) (70) (108) (82) (67) 16 29 n/m
Per share, $
Per share, $ Revenue 2.65 42.93 0.66 0.46 0.05 0.01 0.00 0.05 0.14 1.03 0.75 (10.0%)
Earnings (7.26) (91.65) (2.90) (0.86) (0.36) (0.58) (0.84) (0.57) (0.33) 0.07 0.13 n/m
Cash flow (4.01) (73.82) (2.30) (0.61) (0.27) (0.49) (0.74) (0.49) (0.22) 0.03 0.14 n/m
Capex 0.00 (0.35) (0.11) (0.04) (0.01) (0.04) (0.08) (0.01) 0.00 0.00 0.00 n/m
Free cash flow (4.01) (74.17) (2.42) (0.65) (0.28) (0.54) (0.82) (0.50) (0.22) 0.03 0.13 n/m
Book value 13.15 (284.72) 1.78 0.60 1.40 1.54 0.87 0.40 0.29 0.38 0.27 (32.5%)
Shares, m 4 0 6 22 88 121 128 145 202 230 239 +59.2%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.83 2.85 0.6
P/S 4.29 2.67 2.86 0.77 124.61 853.72 315.02 11.97 4.65 0.34 0.50 132.1
P/B 1.67 0.00 1.06 0.58 4.09 4.06 1.09 1.53 2.26 0.92 1.36 1.7
EV/Sales (0.21) 7.26 0.56 (0.49) 93.54 668.39 66.88 6.75 2.89 0.08 0.14 84.6
EV/FCF 0.05 (6.11) (0.15) 0.34 (15.16) (9.17) (0.24) (0.69) (1.83) 2.37 0.80 (3.1)
Cash, $m
Cash, $m Operating cash flow (14) (10) (15) (13) (24) (60) (95) (70) (45) 8 33 n/m
Capex 0 0 (1) (1) (1) (5) (10) (2) (1) 0 (1) (3.9%)
Free cash flow (14) (10) (15) (14) (25) (65) (104) (72) (45) 8 32 n/m
Balance, $m
Balance, $m Working capital 63 (1) 7 8 117 158 82 32 (23) 49 52 (2.7%)
Net debt (69) 36 (10) (14) (127) (166) (96) (40) (52) (64) (66) (0.8%)
Shareholders’ equity 46 (39) 11 13 123 188 111 58 59 88 66 +7.4%
Returns, %
Returns, % ROA (34.94) (55.85) (92.31) (51.61) (33.98) (37.71) (57.47) (67.13) (51.85) 9.26 16.26 +44.2 pt
ROIC 0.00 0.00 (811.31) 0.00 0.00 (216.07) (481.30) (287.93) (575.30) 47.09 2,542.26 +47.1 pt
ROE (54.98) 124.46 133.50 (154.15) (47.26) (45.33) (72.29) (97.94) (114.71) 22.26 62.42 +77.2 pt
People
People Employees 21 16 34 14 28 15 164 109 105 65 — +13.4%
Revenue/emp, $m 0.00 0.00 0.12 0.70 0.14 0.06 0.00 0.07 0.27 3.65 — n/m
Negative figures in brackets.
estimates

All 10 years →

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

VAXART, 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
MIST Milestone Pharmaceuticals Inc. $96.2M — (loss-making) — (loss-making) −62.73% (below 0%: shrinking) n/m −80.81% (below 0%: shrinking) 94.28% (4,584.97%) Compare
VTVT vTv Therapeutics Inc. $95.0M — (loss-making) — (loss-making) +409,222.22% (above 0%: growing) n/m −124.59% (below 0%: shrinking) 100.00% 0.00% Compare
CBUS Cibus, Inc. $94.8M — (loss-making) — (loss-making) +6.54% (above 0%: growing) n/m +31.62% (above 0%: growing) 100.00% (1,300.30%) Compare
ICCC ImmuCell Corporation $94.2M 117× — (loss-making) +11.50% (above 0%: growing) +233.33% (above 0%: growing) +54.86% (above 0%: growing) 33.92% 26.93% Compare
SEER Seer, Inc. $94.1M — (loss-making) — (loss-making) −23.43% (below 0%: shrinking) n/m +36.73% (above 0%: growing) 48.55% (542.91%) Compare
VXRT VAXART, INC. $92.4M 2.8× — (loss-making) −85.33% (below 0%: shrinking) n/m +117.38% (above 0%: growing) 100.00% (162.74%)
KZIA Novogen Limited $92.4M — (loss-making) — (loss-making) — −32.67% (below 0%: shrinking) −51.71% (below 0%: shrinking) 0.00% 0.00% Compare
PLYX Polaryx Therapeutics, Inc. $89.7M — (loss-making) — — n/m −93.09% (below 0%: shrinking) — 0.00% Compare
EQ Equillium, Inc. $88.8M — (loss-making) — (loss-making) −52.32% (below 0%: shrinking) n/m −38.67% (below 0%: shrinking) 100.00% 0.00% Compare
Median of peers $94.2M — — −8.44% — −45.19% 94.28% 0.00%

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 6 August 2025

Ownership

Directors and executive officers, together 2.80%
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

VAXART, INC. (VXRT) Latest News

5 Nov

Impact 4 · · PR Newswire
Impact 3 · · GlobeNewswire

29 Oct

Impact 3 · · GlobeNewswire

19 Oct

Impact 3 · · GlobeNewswire

8 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · GlobeNewswire

15 Sep

Impact 3 · · MarketBeat

26 Aug

Impact 3 ·

10 Aug

Impact 4 · transcript

9 Aug

Impact 3 · · MarketBeat transcript

7 Aug

Impact 3 · · Moby transcript

6 Aug

Impact 3 ·

6 Jul

Impact 3 ·

7 May

Impact 3 · · GlobeNewswire

17 Apr

Impact 3 · · GlobeNewswire

13 Mar

Impact 4 · · MarketBeat
Impact 3 · · Moby

12 Mar

Impact 4 · · GuruFocus.com
Impact 3 · · GlobeNewswire

27 Jan

Impact 4 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

18 Jan

Impact 3 · · MarketBeat

15 Jan

Impact 4 · · GlobeNewswire

14 Nov

Impact 4 · · GuruFocus.com

13 Nov

Impact 3 · · GlobeNewswire

7 Nov

Impact 4 · · GlobeNewswireQuartzAssociated Press FinanceDetroit Free PressTheStreetAFPMT NewswiresMoney Digest

18 Sep

Impact 3 ·

17 Sep

Impact 3 ·

10 Sep

Impact 4 · · GlobeNewswire
Impact 3 ·

2 Sep

Impact 3 ·
stockrow.com/VXRT · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com