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. 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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VAXART, INC. (VXRT) Piotroski F-score
VAXART, INC.'s Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, up from 4 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | 2.00 |
| FY2024 | 4 | 1.00 |
| FY2023 | 3 | 1.00 |
| FY2022 | 2 | (1.00) |
| FY2021 | 3 | (1.00) |
| FY2020 | 4 | 0.00 |
| FY2019 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 9.26% | (51.85%) | Pass | 1 |
| Positive operating cash flow | 7.71m | (44.76m) | Pass | 1 |
| Rising return on assets | 9.26% | (51.85%) | Pass | 1 |
| Cash flow above net income | (8.61m) | 22.18m | Fail | 0 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 1.57 | 0.75 | Pass | 1 |
| No new shares issued | 230,270,000 | 202,138,000 | Fail | 0 |
| Rising gross margin | 100.00% | 100.00% | Fail | 0 |
| Rising asset turnover | 1.35 | 0.22 | Pass | 1 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| ICCC ImmuCell Corporation compare | 7 |
| VXRT VAXART, INC. | 6 |
| ATRA Atara Biotherapeutics, Inc. compare | 5 |
| EQ Equillium, Inc. compare | 3 |
| CLLS Cellectis S.A. compare | 2 |
| MIST Milestone Pharmaceuticals Inc. compare | — |
| OKUR OnKure Therapeutics, Inc. compare | — |
| NMRA Neumora Therapeutics, Inc. compare | — |
| RLYB Rallybio Corporation compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover