GeoVax Labs, Inc.
GOVX Nasdaq Pharmaceutical Preparations Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$2.5M
37.1%
vs prior year
Operating margin
Operating income as a share of revenue.
−869.4%
233.5 pts
Net income
Profit after all expenses, interest and tax.
−$21.5M
Free cash flow
Cash from operations minus capital spending.
−$21.5M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What GeoVax Labs, Inc. does
No business description yet.
- Legal name
- GeoVax Labs, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Apr 15, 2026
- Accession · CIK
- 0001437749-26-012377
0000832489
Revenue and margins
GeoVax Labs, Inc. had $2.5M of revenue in fiscal 2025, down 37.1% on the year before.
FY16
Revenue $0.8M
FY17
Revenue $1.1M
FY18
Revenue $1.0M
FY19
Revenue $1.2M
FY20
Revenue $1.8M
FY21
Revenue $0.4M
FY22
Revenue $0.1M
FY23
Revenue $0.0M
FY24
Revenue $4.0M
FY25
Revenue $2.5M
Q3 '23
Revenue $0.0M
Q4 '23
Revenue $0.0M
Q1 '24
Revenue $0.0M
Q2 '24
Revenue $0.3M
Q3 '24
Revenue $2.8M
Q4 '24
Revenue $0.9M
Q1 '25
Revenue $1.6M
Q2 '25
Revenue $0.9M
Q3 '25
Revenue $0.0M
Q4 '25
Revenue $0.0M
Q1 '26
Revenue $0.0M
Q2 '26
Revenue $0.0M
FY16
Gross —
Operating −394.9%
Net −394.7%
FCF —
FY17
Gross —
Operating −202.2%
Net −201.8%
FCF −157.4%
FY18
Gross —
Operating −266.1%
Net −265.8%
FCF —
FY19
Gross —
Operating −201.8%
Net −201.6%
FCF −119.6%
FY20
Gross —
Operating −154.5%
Net −162.2%
FCF −159.4%
FY21
Gross —
Operating −4,862.7%
Net −4,817.2%
FCF −2,916.8%
FY22
Gross —
Operating −17,213.0%
Net −17,203.8%
FCF −23,514.7%
FY23
Gross —
Operating —
Net —
FCF —
FY24
Gross —
Operating −635.8%
Net −632.0%
FCF −624.5%
FY25
Gross —
Operating −869.4%
Net −862.4%
FCF −863.8%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net —
FCF —
Q4 '23
Gross —
Operating —
Net —
FCF —
Q1 '24
Gross —
Operating —
Net —
FCF —
Q2 '24
Gross —
Operating −1,683.5%
Net −1,684.1%
FCF −645.5%
Q3 '24
Gross —
Operating −209.9%
Net −208.5%
FCF −334.0%
Q4 '24
Gross —
Operating −965.3%
Net −955.9%
FCF −897.0%
Q1 '25
Gross —
Operating −330.2%
Net −327.3%
FCF −365.5%
Q2 '25
Gross —
Operating −635.8%
Net −630.0%
FCF −509.8%
Q3 '25
Gross —
Operating —
Net —
FCF —
Q4 '25
Gross —
Operating —
Net —
FCF —
Q1 '26
Gross —
Operating —
Net —
FCF —
Q2 '26
Gross —
Operating —
Net —
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$3.3M
FY17
Net income −$2.2M
FY18
Net income −$2.6M
FY19
Net income −$2.4M
FY20
Net income −$3.0M
FY21
Net income −$18.6M
FY22
Net income −$14.0M
FY23
Net income −$26.0M
FY24
Net income −$25.0M
FY25
Net income −$21.5M
Q3 '23
Net income −$8.4M
Q4 '23
Net income −$7.6M
Q1 '24
Net income −$5.9M
Q2 '24
Net income −$5.1M
Q3 '24
Net income −$5.8M
Q4 '24
Net income −$8.3M
Q1 '25
Net income −$5.4M
Q2 '25
Net income −$5.4M
Q3 '25
Net income −$6.3M
Q4 '25
Net income −$4.4M
Q1 '26
Net income −$5.3M
Q2 '26
Net income −$4.4M
FY16
Diluted EPS −$0.08
FY17
Diluted EPS −$0.03
FY18
Diluted EPS −$15,610.33
FY19
Diluted EPS −$781.87
FY20
Diluted EPS −$2.14
FY21
Diluted EPS −$3.04
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity −1,360.9%
Return on assets −536.2%
FY17
Return on capital —
Return on equity —
Return on assets −394.4%
FY18
Return on capital —
Return on equity —
Return on assets −452.2%
FY19
Return on capital —
Return on equity —
Return on assets −426.8%
FY20
Return on capital —
Return on equity −74.0%
Return on assets −54.5%
FY21
Return on capital —
Return on equity −266.6%
Return on assets −167.4%
FY22
Return on capital —
Return on equity −90.6%
Return on assets −65.0%
FY23
Return on capital —
Return on equity −160.5%
Return on assets −127.8%
FY24
Return on capital —
Return on equity −462.3%
Return on assets −286.6%
FY25
Return on capital —
Return on equity −483.8%
Return on assets −296.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$21.5M in fiscal 2025, −863.8% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow −$1.7M
FY18
Free cash flow —
FY19
Free cash flow −$1.4M
FY20
Free cash flow −$2.9M
FY21
Free cash flow −$11.2M
FY22
Free cash flow −$19.2M
FY23
Free cash flow −$25.2M
FY24
Free cash flow −$24.7M
FY25
Free cash flow −$21.5M
Q3 '23
Free cash flow −$5.1M
Q4 '23
Free cash flow −$10.3M
Q1 '24
Free cash flow −$5.7M
Q2 '24
Free cash flow −$1.9M
Q3 '24
Free cash flow −$9.3M
Q4 '24
Free cash flow −$7.8M
Q1 '25
Free cash flow −$6.0M
Q2 '25
Free cash flow −$4.3M
Q3 '25
Free cash flow −$6.2M
Q4 '25
Free cash flow −$5.0M
Q1 '26
Free cash flow −$3.5M
Q2 '26
Free cash flow −$3.7M
FY16
Cash from operations −$1.9M
Capital spending —
FY17
Cash from operations −$1.7M
Capital spending $0.0M
FY18
Cash from operations −$1.5M
Capital spending —
FY19
Cash from operations −$1.4M
Capital spending $0.0M
FY20
Cash from operations −$2.8M
Capital spending $0.2M
FY21
Cash from operations −$11.2M
Capital spending $0.0M
FY22
Cash from operations −$19.0M
Capital spending $0.1M
FY23
Cash from operations −$25.2M
Capital spending $0.0M
FY24
Cash from operations −$24.7M
Capital spending $0.0M
FY25
Cash from operations −$21.5M
Capital spending $0.0M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$5.1M
Capital spending $0.0M
Q4 '23
Cash from operations −$10.3M
Capital spending $0.0M
Q1 '24
Cash from operations −$5.7M
Capital spending $0.0M
Q2 '24
Cash from operations −$1.9M
Capital spending $0.0M
Q3 '24
Cash from operations −$9.3M
Capital spending $0.0M
Q4 '24
Cash from operations −$7.8M
Capital spending $0.0M
Q1 '25
Cash from operations −$6.0M
Capital spending $0.0M
Q2 '25
Cash from operations −$4.3M
Capital spending $0.0M
Q3 '25
Cash from operations −$6.2M
Capital spending $0.0M
Q4 '25
Cash from operations −$5.0M
Capital spending $0.0M
Q1 '26
Cash from operations −$3.5M
Capital spending $0.0M
Q2 '26
Cash from operations −$3.7M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
GeoVax Labs, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.04B
FY17
Diluted shares 0.07B
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.01B
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably GeoVax Labs, Inc. can carry it.
FY16
Cash $0.5M
Debt —
FY17
Cash $0.3M
Debt —
FY18
Cash $0.3M
Debt —
FY19
Cash $0.3M
Debt —
FY20
Cash $9.9M
Debt —
FY21
Cash $11.4M
Debt —
FY22
Cash $27.6M
Debt —
FY23
Cash $6.5M
Debt —
FY24
Cash $5.5M
Debt —
FY25
Cash $3.1M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $11.4M | $27.6M | $6.5M | $5.5M | $3.1M |
| Interest coverage | −14,419.8x | — | — | −1,175.0x | — |
| Current ratio | 2.1x | 6.1x | 2.2x | 2.6x | 2.7x |
| Quick ratio | 2.1x | 6.1x | 2.2x | 2.6x | 2.7x |
| Total assets | $11.8M | $31.3M | $9.3M | $8.2M | $6.3M |
| Total liabilities | $7.4M | $4.7M | $3.5M | $3.1M | $2.5M |
| Shareholders' equity | $4.4M | $26.6M | $5.8M | $5.0M | $3.8M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — | — | — |
| Current ratio rose | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✓ | ✕ | ✕ | ✕ | — | — | — | — |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| F-score | — / 3 | 3 / 7 | 3 / 7 | 2 / 7 | 3 / 7 | 1 / 7 | — / 6 | — / 6 | — / 6 | — / 6 |
| Accruals ratio | −217.2% | −87.6% | −179.7% | −175.0% | −3.8% | −66.5% | 23.2% | −3.9% | −3.6% | 0.1% |
| Altman Z'' | −224.47 | −287.24 | −243.24 | −354.65 | 1.94 | −24.41 | −0.22 | −51.20 | −66.83 | −95.37 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $0.8M | $1.1M | $1.0M | $1.2M | $1.8M | $0.4M | $0.1M | $0.0M | $4.0M | $2.5M |
| Research and development | $2.0M | $2.0M | $1.9M | $1.9M | $2.4M | $15.6M | $9.1M | $20.7M | $23.7M | $18.1M |
| Operating income | −$3.3M | −$2.2M | −$2.6M | −$2.4M | −$2.8M | −$18.7M | −$14.0M | −$26.7M | −$25.1M | −$21.6M |
| Interest expense | — | — | $0.0M | $0.0M | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | — | — | — | $0.0M |
| Net income | −$3.3M | −$2.2M | −$2.6M | −$2.4M | −$3.0M | −$18.6M | −$14.0M | −$26.0M | −$25.0M | −$21.5M |
| Diluted EPS | −$0.08 | −$0.03 | −$15,610.33 | −$781.87 | −$2.14 | −$3.04 | — | — | — | — |
| Diluted shares | 0.04B | 0.07B | 0.00B | 0.00B | 0.00B | 0.01B | — | — | — | — |
| Cash flow | ||||||||||
| Cash from operations | −$1.9M | −$1.7M | −$1.5M | −$1.4M | −$2.8M | −$11.2M | −$19.0M | −$25.2M | −$24.7M | −$21.5M |
| Capital expenditure | — | $0.0M | — | $0.0M | $0.2M | $0.0M | $0.1M | $0.0M | $0.0M | $0.0M |
| Free cash flow | — | −$1.7M | — | −$1.4M | −$2.9M | −$11.2M | −$19.2M | −$25.2M | −$24.7M | −$21.5M |
| Depreciation and amortization | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.1M | $0.1M | $0.1M | $0.1M |
| Stock-based compensation | $1.0M | $0.1M | $0.5M | $0.3M | $0.1M | $0.4M | $0.9M | $1.1M | $0.5M | $1.1M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $0.5M | $0.3M | $0.3M | $0.3M | $9.9M | $11.4M | $27.6M | $6.5M | $5.5M | $3.1M |
| Current assets | $0.5M | $0.4M | $0.6M | $0.4M | $10.2M | $11.6M | $28.9M | $7.9M | $7.9M | $5.3M |
| Current liabilities | $0.4M | $0.8M | $1.6M | $2.0M | $0.8M | $5.4M | $4.7M | $3.5M | $3.1M | $1.9M |
| Property and equipment, net | $0.1M | $0.0M | $0.0M | $0.0M | $0.1M | $0.2M | $0.2M | $0.2M | $0.2M | $0.1M |
| Total assets | $0.6M | $0.5M | $0.6M | $0.5M | $10.4M | $11.8M | $31.3M | $9.3M | $8.2M | $6.3M |
| Total liabilities | $0.4M | $0.8M | $1.7M | $2.0M | $0.8M | $7.4M | $4.7M | $3.5M | $3.1M | $2.5M |
| Preferred stock | — | — | $2.0M | $1.9M | $0.1M | $0.0M | — | — | — | — |
| Shareholders' equity | $0.2M | −$0.3M | −$1.0M | −$1.6M | $9.6M | $4.4M | $26.6M | $5.8M | $5.0M | $3.8M |
| Margins | ||||||||||
| Operating margin | −394.9% | −202.2% | −266.1% | −201.8% | −154.5% | −4,862.7% | −17,213.0% | — | −635.8% | −869.4% |
| EBITDA margin | −391.4% | −199.6% | −264.0% | −201.0% | −153.4% | −4,852.7% | −17,143.9% | — | −633.4% | −866.6% |
| Net margin | −394.7% | −201.8% | −265.8% | −201.6% | −162.2% | −4,817.2% | −17,203.8% | — | −632.0% | −862.4% |
| FCF margin | — | −157.4% | — | −119.6% | −159.4% | −2,916.8% | −23,514.7% | — | −624.5% | −863.8% |
| Returns | ||||||||||
| Return on capital employed | −1,361.6% | 677.2% | 260.8% | 153.3% | −29.4% | −294.7% | −52.7% | −464.0% | −498.0% | −491.2% |
| Return on equity | −1,360.9% | — | — | — | −74.0% | −266.6% | −90.6% | −160.5% | −462.3% | −483.8% |
| Return on assets | −536.2% | −394.4% | −452.2% | −426.8% | −54.5% | −167.4% | −65.0% | −127.8% | −286.6% | −296.1% |
| Return on tangible equity | −1,360.9% | — | — | — | −30.9% | −425.8% | −52.7% | −450.6% | −495.0% | −561.2% |
| Growth | ||||||||||
| Revenue growth | — | 29.7% | −10.4% | 22.1% | 55.1% | −78.9% | −78.9% | −100.0% | — | −37.1% |
| Share count change | — | 65.2% | −100.0% | 1,400.0% | 46,026.7% | 340.8% | — | — | — | — |
| Financial health | ||||||||||
| Interest coverage | — | — | −985.7x | −527.2x | −19.6x | −14,419.8x | — | — | −1,175.0x | — |
| Current ratio | 1.5x | 0.6x | 0.4x | 0.2x | 12.6x | 2.1x | 6.1x | 2.2x | 2.6x | 2.7x |
| Quick ratio | 1.5x | 0.6x | 0.4x | 0.2x | 12.6x | 2.1x | 6.1x | 2.2x | 2.6x | 2.7x |
| Capital allocation | ||||||||||
| Capex / revenue | — | 0.4% | — | 0.6% | 8.6% | 12.4% | 164.8% | — | 0.5% | 1.1% |
| Stock comp / revenue | 116.7% | 5.3% | 48.8% | 27.9% | 3.5% | 96.0% | 1,106.9% | — | 13.4% | 44.8% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 3.0 | 3.0 | 2.0 | 3.0 | 1.0 | — | — | — | — |
| Altman Z'' | −224.5 | −287.2 | −243.2 | −354.7 | 1.9 | −24.4 | −0.2 | −51.2 | −66.8 | −95.4 |
| Accruals ratio | −217.2% | −87.6% | −179.7% | −175.0% | −3.8% | −66.5% | 23.2% | −3.9% | −3.6% | 0.1% |
Source: SEC EDGAR XBRL filings (CIK 0000832489). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.