Sunday 11 October 2026 Export all VXRT data to Excel Powerpack

VAXART, INC.

VAXART, INC.’s revenue for fiscal 2025 (year ended December 2025) was $237.3 million, up 726.7% from fiscal 2024. In the quarter to June 2026, revenue fell 31.6%, EPS grew 14.3% and free cash flow grew 117.4%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.

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Market cap: $92.4M
P/E: 2.8×
Fwd P/E: 2.1×
Dividend yield: —
F-score: 6/9
Altman Z: −1.06
Beneish M: 3.73
Dividend safety: n/a

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

	Jun '17	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
Piotroski F-Score Full definition →	—	—	—	4	4	3	2	3	4	6
P/E ratio Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.83
Altman Z-Score Full definition →	(6.02)	(30.97)	(5.27)	(5.09)	9.29	11.97	(3.10)	(7.29)	(4.57)	(1.06)
P/S ratio Full definition →	0.12	2.68	2.86	0.77	124.61	853.72	315.02	11.97	4.65	0.34
Altman Z″-Score (non-manufacturers) Full definition →	(11.45)	(74.58)	(11.39)	(11.08)	4.95	5.11	(5.78)	(16.58)	(12.33)	(4.73)
P/FCF ratio Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.64
Beneish M-Score Full definition →	—	—	24.45	(2.02)	(4.85)	(4.03)	(4.48)	58.85	(1.09)	3.73
P/Operating CF Full definition →	(0.57)	(14.81)	(2.08)	(1.99)	(46.83)	(48.15)	(4.12)	(6.53)	(18.16)	2.63
P/B ratio Full definition →	0.05	0.00	1.06	0.58	4.09	4.06	1.09	1.53	2.26	0.92
Price to Tangible BV Full definition →	0.05	0.00	0.00	0.00	4.67	4.42	1.19	1.80	2.62	1.00
EV/Sales Full definition →	(4.65)	7.28	0.56	(0.49)	93.54	668.39	66.88	6.75	2.89	0.08
EV/EBITDA Full definition →	3.45	0.00	0.00	0.39	0.00	0.00	0.00	0.00	0.00	0.68
EV/Operating CF Full definition →	1.46	(6.15)	(0.16)	0.37	(15.94)	(9.96)	(0.27)	(0.71)	(1.85)	2.33
EV/FCF Full definition →	1.46	(6.12)	(0.15)	0.34	(15.16)	(9.17)	(0.24)	(0.69)	(1.83)	2.37
Quick Ratio Full definition →	6.64	0.80	1.78	1.87	10.81	15.45	5.34	3.11	0.70	1.33
Current Ratio Full definition →	6.76	0.83	1.96	1.92	10.93	15.69	5.55	3.32	0.75	1.57
Net Debt/EBITDA Full definition →	1.41	(3.77)	0.52	1.11	4.62	2.43	0.88	0.53	0.89	(2.42)
Debt/Assets Full definition →	0.25%	856.11%	5.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt/Equity Full definition →	0.01	(1.00)	0.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asset Turnover Full definition →	0.16	0.26	0.21	0.27	0.04	0.00	0.00	0.06	0.22	1.35
Operating CF/Net income Full definition →	1.02	0.81	0.79	0.70	0.74	0.85	0.88	0.85	0.67	0.47
Capex/Depreciation Full definition →	0.00	(0.09)	(0.22)	(0.24)	(0.45)	(1.20)	(1.70)	(0.22)	(0.07)	(0.02)
Interest Coverage Full definition →	(15.28)	(3.30)	(8.12)	(6.61)	(16.10)	(49.16)	(87.81)	(57.60)	(22.33)	6.40
ROE Full definition →	(90.60%)	124.46%	133.50%	(154.15%)	(47.26%)	(45.33%)	(72.29%)	(97.94%)	(114.71%)	22.26%
ROA Full definition →	(52.13%)	(55.85%)	(92.31%)	(51.61%)	(33.98%)	(37.71%)	(57.47%)	(67.13%)	(51.85%)	9.26%
ROIC Full definition →	0.00%	0.00%	(811.31%)	0.00%	0.00%	(216.07%)	(481.30%)	(287.93%)	(575.30%)	47.09%
Return on Tangible Assets Full definition →	(85.96%)	31,150.00%	(222.75%)	(215.95%)	(27.25%)	(42.71%)	(110.96%)	(189.39%)	481.19%	29.79%
Average Days of Receivables Full definition →	24.61	39.38	157.62	133.94	30.13	29.05	68.22	148.79	152.22	78.99
Research and Development Expense of Revenue Full definition →	317.98%	211.59%	415.36%	147.43%	490.93%	5,465.13%	75,751.40%	923.46%	258.58%	84.96%
Selling, General and Administrative Expense of Revenue Full definition →	89.89%	59.92%	160.64%	62.74%	375.73%	2,454.04%	27,463.55%	306.06%	72.40%	7.42%
Intangible Assets out of Total Assets Full definition →	0.00	0.01	0.55	0.46	0.10	0.07	0.06	0.10	0.05	0.04
Share Based Compensation of Revenue Full definition →	21.35%	8.17%	12.96%	6.36%	107.71%	994.06%	12,698.13%	191.52%	40.07%	3.50%
Graham Net Nets Full definition →	18.50	(1.89)	(0.79)	(0.86)	0.20	0.18	0.47	0.13	(0.29)	0.47
Graham Number Full definition →	0.00	36.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.72
Earnings Yield Full definition →	(113.45%)	(90.75%)	(122.87%)	(291.43%)	(6.13%)	(9.25%)	(89.36%)	(95.08%)	(51.52%)	17.14%
Free Cash Flow Yield Full definition →	(2,561.52%)	(44.31%)	(128.47%)	(184.65%)	(4.95%)	(8.53%)	(86.97%)	(81.73%)	(33.97%)	9.40%
Revenue per Share Full definition →	2.53	42.93	0.66	0.46	0.05	0.01	0.00	0.05	0.14	1.03
Operating CF per Share Full definition →	(8.54)	(73.82)	(2.30)	(0.61)	(0.27)	(0.49)	(0.74)	(0.49)	(0.22)	0.03
Capex per Share Full definition →	0.00	(0.35)	(0.11)	(0.04)	(0.01)	(0.04)	(0.08)	(0.01)	0.00	0.00
Free Cash Flow per Share Full definition →	(8.54)	(74.17)	(2.42)	(0.65)	(0.28)	(0.54)	(0.82)	(0.50)	(0.22)	0.03
Cash per Share Full definition →	10.99	21.96	1.82	0.63	1.44	1.37	0.75	0.27	0.26	0.28
Shareholders Equity per Share Full definition →	5.32	(284.72)	1.78	0.60	1.40	1.54	0.87	0.40	0.29	0.38
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	5.32	(284.72)	1.78	0.60	1.40	1.54	0.87	0.40	0.29	0.38
Free Cash Flow Full definition →	(30.00)	(10.09)	(15.25)	(13.94)	(24.97)	(64.99)	(104.38)	(72.20)	(45.32)	7.57
Working Capital Full definition →	34.00	(0.77)	7.17	8.42	116.77	158.38	81.53	31.81	(22.62)	49.37
Capital Expenditures Full definition →	—	(0.05)	(0.71)	(0.85)	(1.22)	(5.16)	(9.60)	(1.75)	(0.55)	(0.14)
Net Current Asset Value Full definition →	18.50	(39.49)	(9.34)	(6.48)	99.35	135.53	56.20	11.51	(39.20)	37.84
EV/EBIT Full definition →	1.86	0.00	0.00	0.30	0.00	0.00	0.00	0.00	0.00	0.99
Capex to Sales Full definition →	0.00	0.01	0.17	0.09	0.30	5.78	89.73	0.24	0.02	0.00
Price to Operating Income Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.46
Other line items
Depreciation/Fixed assets Full definition →	0.50	0.75	3.02	17.12	1.83	0.65	0.36	0.68	0.93	1.53
Cash ROIC Full definition →	(52.26%)	(337.81%)	(61.79%)	(52.65%)	(9.98%)	(18.36%)	(50.59%)	(74.04%)	(40.96%)	5.00%
Accounts Receivable Turnover Full definition →	13.69	9.49	3.43	3.64	2.05	4.40	2.35	4.87	3.83	7.49
Accounts Payable Turnover Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover Full definition →	—	—	—	—	—	—	0.00	—	—	—
Average Days of Payables Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days of Inventory on Hand Full definition →	—	—	—	—	—	—	0.00	—	—	—
Average Receivables Full definition →	0.65	0.62	1.21	2.71	1.98	0.20	0.05	1.51	7.49	31.66
Average Payables Full definition →	2.65	1.40	1.18	0.91	1.49	3.00	4.69	3.55	4.27	14.23
Average Assets Full definition →	56.40	22.31	19.88	36.13	94.81	186.88	187.51	122.84	129.11	176.23
Average Common Equity Full definition →	32.45	(10.01)	(13.74)	12.10	68.18	155.47	149.06	84.20	58.37	73.36

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