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Friday 6 November 2026
Export VXRT’s income statement to Excel — free account
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%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Jun '17 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
6 | 4 | 3 | 2 | 3 | 4 | 4 | — | — | — |
P/E ratio |
5.83 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Altman Z-Score |
(1.06) | (4.57) | (7.28) | (3.10) | 11.97 | 9.29 | (5.09) | (5.27) | (30.97) | (6.02) |
P/S ratio |
0.34 | 4.65 | 11.97 | 315.02 | 853.72 | 124.61 | 0.77 | 2.86 | 2.67 | 0.12 |
Altman Z″-Score (non-manufacturers) |
(4.73) | (12.33) | (16.58) | (5.78) | 5.11 | 4.95 | (11.08) | (11.39) | (74.58) | (11.45) |
P/FCF ratio |
10.64 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Beneish M-Score |
3.73 | (1.09) | 58.85 | (4.48) | (4.03) | (4.85) | (2.02) | 24.45 | — | — |
P/Operating CF |
2.63 | (18.16) | (6.53) | (4.12) | (48.15) | (46.83) | (1.99) | (2.08) | (14.74) | (0.57) |
P/B ratio |
0.92 | 2.26 | 1.53 | 1.09 | 4.06 | 4.09 | 0.58 | 1.06 | 0.00 | 0.05 |
Price to Tangible BV |
1.00 | 2.62 | 1.80 | 1.19 | 4.42 | 4.67 | 0.00 | 0.00 | 0.00 | 0.05 |
EV/Sales |
0.08 | 2.89 | 6.75 | 66.88 | 668.39 | 93.54 | (0.49) | 0.56 | 7.26 | (4.65) |
EV/EBITDA |
0.68 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.39 | 0.00 | 0.00 | 3.45 |
EV/Operating CF |
2.33 | (1.85) | (0.71) | (0.27) | (9.96) | (15.94) | 0.37 | (0.16) | (6.14) | 1.46 |
EV/FCF |
2.37 | (1.83) | (0.69) | (0.24) | (9.17) | (15.16) | 0.34 | (0.15) | (6.11) | 1.46 |
Quick Ratio |
1.33 | 0.70 | 3.11 | 5.34 | 15.45 | 10.81 | 1.87 | 1.78 | 0.80 | 6.64 |
Current Ratio |
1.57 | 0.75 | 3.32 | 5.55 | 15.69 | 10.93 | 1.92 | 1.96 | 0.83 | 6.76 |
Net Debt/EBITDA |
(2.42) | 0.89 | 0.53 | 0.88 | 2.43 | 4.62 | 1.11 | 0.52 | (3.77) | 1.41 |
Debt/Assets |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.52% | 856.11% | 0.25% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.17 | (1.00) | 0.01 |
Asset Turnover |
1.35 | 0.22 | 0.06 | 0.00 | 0.00 | 0.04 | 0.27 | 0.21 | 0.26 | 0.16 |
Operating CF/Net income |
0.47 | 0.67 | 0.85 | 0.88 | 0.85 | 0.74 | 0.70 | 0.79 | 0.81 | 1.02 |
Capex/Depreciation |
(0.02) | (0.07) | (0.22) | (1.70) | (1.20) | (0.45) | (0.24) | (0.22) | (0.09) | 0.00 |
Interest Coverage |
6.40 | (22.33) | (57.60) | (87.81) | (49.16) | (16.10) | (6.61) | (8.12) | (3.30) | (15.28) |
| 22.26% | (114.71%) | (97.94%) | (72.29%) | (45.33%) | (47.26%) | (154.15%) | 133.50% | 124.46% | (90.60%) | |
| 9.26% | (51.85%) | (67.13%) | (57.47%) | (37.71%) | (33.98%) | (51.61%) | (92.31%) | (55.85%) | (52.13%) | |
ROIC |
47.09% | (575.30%) | (287.93%) | (481.30%) | (216.07%) | 0.00% | 0.00% | (811.31%) | 0.00% | 0.00% |
Return on Tangible Assets |
29.79% | 481.19% | (189.39%) | (110.96%) | (42.71%) | (27.25%) | (215.95%) | (222.75%) | 31,150.00% | (85.96%) |
Average Days of Receivables |
78.99 | 152.22 | 148.79 | 68.22 | 29.05 | 30.13 | 133.94 | 157.62 | 39.38 | 24.61 |
Research and Development Expense of Revenue |
84.96% | 258.58% | 923.46% | 75,751.40% | 5,465.13% | 490.93% | 147.43% | 415.36% | 211.59% | 317.98% |
Selling, General and Administrative Expense of Revenue |
7.42% | 72.40% | 306.06% | 27,463.55% | 2,454.04% | 375.73% | 62.74% | 160.64% | 59.92% | 89.89% |
Intangible Assets out of Total Assets |
0.04 | 0.05 | 0.10 | 0.06 | 0.07 | 0.10 | 0.46 | 0.55 | 0.01 | 0.00 |
Share Based Compensation of Revenue |
3.50% | 40.07% | 191.52% | 12,698.13% | 994.06% | 107.71% | 6.36% | 12.96% | 8.17% | 21.35% |
Graham Net Nets |
0.47 | (0.29) | 0.13 | 0.47 | 0.18 | 0.20 | (0.86) | (0.79) | (1.90) | 18.52 |
Graham Number |
0.72 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 36.56 | 0.00 |
Earnings Yield |
17.14% | (51.52%) | (95.08%) | (89.36%) | (9.25%) | (6.13%) | (291.43%) | (122.87%) | (91.21%) | (113.60%) |
Free Cash Flow Yield |
9.40% | (33.97%) | (81.73%) | (86.97%) | (8.53%) | (4.95%) | (184.65%) | (128.47%) | (44.54%) | (2,565.00%) |
Revenue per Share |
1.03 | 0.14 | 0.05 | 0.00 | 0.01 | 0.05 | 0.46 | 0.66 | 42.93 | 2.53 |
Operating CF per Share |
0.03 | (0.22) | (0.49) | (0.74) | (0.49) | (0.27) | (0.61) | (2.30) | (73.82) | (8.54) |
Capex per Share |
0.00 | 0.00 | (0.01) | (0.08) | (0.04) | (0.01) | (0.04) | (0.11) | (0.35) | 0.00 |
Free Cash Flow per Share |
0.03 | (0.22) | (0.50) | (0.82) | (0.54) | (0.28) | (0.65) | (2.42) | (74.17) | (8.54) |
Cash per Share |
0.28 | 0.26 | 0.27 | 0.75 | 1.37 | 1.44 | 0.63 | 1.82 | 21.96 | 10.99 |
Shareholders Equity per Share |
0.38 | 0.29 | 0.40 | 0.87 | 1.54 | 1.40 | 0.60 | 1.78 | (284.72) | 5.32 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
0.38 | 0.29 | 0.40 | 0.87 | 1.54 | 1.40 | 0.60 | 1.78 | (284.72) | 5.32 |
Free Cash Flow |
7.57 | (45.32) | (72.20) | (104.38) | (64.99) | (24.97) | (13.94) | (15.25) | (10.09) | (30.00) |
Working Capital |
49.37 | (22.62) | 31.81 | 81.53 | 158.38 | 116.77 | 8.42 | 7.17 | (0.77) | 34.00 |
Capital Expenditures |
(0.14) | (0.55) | (1.75) | (9.60) | (5.16) | (1.22) | (0.85) | (0.71) | (0.05) | — |
Net Current Asset Value |
37.84 | (39.20) | 11.51 | 56.20 | 135.53 | 99.35 | (6.48) | (9.34) | (39.49) | 18.50 |
EV/EBIT |
0.99 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.30 | 0.00 | 0.00 | 1.86 |
Capex to Sales |
0.00 | 0.02 | 0.24 | 89.73 | 5.78 | 0.30 | 0.09 | 0.17 | 0.01 | 0.00 |
Price to Operating Income |
4.46 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
1.53 | 0.93 | 0.68 | 0.36 | 0.65 | 1.83 | 17.12 | 3.02 | 0.75 | 0.50 |
Cash ROIC |
5.00% | (40.96%) | (74.04%) | (50.59%) | (18.36%) | (9.98%) | (52.65%) | (61.79%) | (337.81%) | (52.26%) |
Accounts Receivable Turnover |
7.49 | 3.83 | 4.87 | 2.35 | 4.40 | 2.05 | 3.64 | 3.43 | 9.49 | 13.69 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Inventory Turnover |
— | — | — | 0.00 | — | — | — | — | — | — |
Average Days of Payables |
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 |
— | — | — | 0.00 | — | — | — | — | — | — |
Average Receivables |
31.66 | 7.49 | 1.51 | 0.05 | 0.20 | 1.98 | 2.71 | 1.21 | 0.62 | 0.65 |
Average Payables |
14.23 | 4.27 | 3.55 | 4.69 | 3.00 | 1.49 | 0.91 | 1.18 | 1.40 | 2.65 |
Average Assets |
176.23 | 129.11 | 122.84 | 187.51 | 186.88 | 94.81 | 36.13 | 19.88 | 22.31 | 56.40 |
Average Common Equity |
73.36 | 58.37 | 84.20 | 149.06 | 155.47 | 68.18 | 12.10 | (13.74) | (10.01) | 32.45 |
Columns are period end dates · fundamentals updated 5 Nov 2026