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Novavax Inc

NVAX Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2016–FY2025

Revenue Total sales reported in the income statement.
$1.1B
64.7% vs prior year
Operating margin Operating income as a share of revenue.
40.3%
76.8 pts
Net income Profit after all expenses, interest and tax.
$440M
Free cash flow Cash from operations minus capital spending.
—
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.
—
On −$1.35 EPS (TTM)

What Novavax Inc does

No business description yet.

Legal name
NOVAVAX INC
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 26, 2026
Accession · CIK
0001000694-26-000007
0001000694

Revenue and margins

Novavax Inc had $1.1B of revenue in fiscal 2025, up 64.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Novavax Inc returned — to shareholders in fiscal 2025. The diluted share count rose 13.7%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Novavax Inc can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.5B$1.3B$569M$923M$735M
Debt incl. finance leases ————$249M
Net debt / EBITDA ————−1.0x
Interest coverage −79.8x−32.4x−39.3x−12.4x20.1x
Current ratio 0.9x0.7x0.7x1.0x2.1x
Quick ratio 0.9x0.7x0.7x1.0x2.1x
Total assets $2.6B$2.3B$1.8B$1.6B$1.2B
Total liabilities $2.9B$2.9B$2.5B$2.2B$1.3B
Shareholders' equity −$352M−$634M−$717M−$624M−$128M
Net debt (− = net cash) ————−$486M

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.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
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 — / 34 / 71 / 72 / 73 / 73 / 83 / 82 / 84 / 85 / 8
Accruals ratio −5.4%−11.3%0.0%2.1%−42.8%−99.4%−10.0%8.3%−6.0%50.1%
Altman Z'' −8.61−13.28−24.13−29.51−2.17−9.70−10.52−12.95−11.94−7.28

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $15.4M $31.2M $34.3M $18.7M $476M $1.1B $2.0B $984M $682M $1.1B
Gross profit — — — — $476M $1.1B $1.1B $640M $479M $1.1B
Research and development $238M $168M $174M $114M $747M $2.5B $1.2B $738M $391M $342M
Operating income −$269M −$172M −$174M −$121M −$417M −$1.7B −$645M −$567M −$249M $453M
Interest expense $13.0M $14.1M $13.6M $13.6M $15.1M $21.1M $19.9M $14.4M $20.1M $22.5M
Pretax income — — — −$133M −$418M −$1.7B −$654M −$543M −$177M $442M
Income tax — — — $0.0M $0.0M $29.2M $4.3M $2.0M $10.9M $1.9M
Net income −$280M −$184M −$185M −$133M −$418M −$1.7B −$658M −$545M −$187M $440M
Net income to common — — — — — — — −$545M −$187M $440M
Diluted EPS −$1.03 −$12.56 −$9.99 −$5.51 −$7.27 −$23.44 −$8.42 −$5.41 −$1.23 $2.58
Diluted shares 0.27B 0.01B 0.02B 0.02B 0.06B 0.07B 0.08B 0.10B 0.15B 0.17B
Cash flow
Cash from operations −$259M −$144M −$185M −$137M −$42.5M $323M −$416M −$714M −$87.3M −$245M
Capital expenditure $18.2M $4.2M $1.4M $1.9M $54.6M $57.5M — — — —
Free cash flow −$277M −$149M −$186M −$138M −$97.2M $265M — — — —
Depreciation and amortization $7.7M $7.6M $7.4M $5.1M $4.3M $13.0M $29.0M $41.0M $48.0M $28.0M
Stock-based compensation $19.2M $19.8M $18.3M $17.0M $128M $184M $130M $85.4M $48.2M $36.0M
Acquisitions — — $0.0M $0.0M $166M $0.0M $0.0M — — —
Balance sheet
Cash and short-term investments $235M $157M $92.1M $78.8M $711M $1.5B $1.3B $569M $923M $735M
Total debt — — — — — — — — — $244M
Finance lease liabilities — — — — — — — — $60.7M $4.6M
Current assets $288M $203M $119M $97.2M $1.2B $2.2B $1.7B $1.1B $1.1B $978M
Current liabilities $66.4M $73.7M $45.5M $25.8M $580M $2.4B $2.5B $1.6B $1.2B $460M
Inventory — — — — — $8.9M $36.7M $41.7M $8.7M $11.5M
Property and equipment, net $40.2M $36.0M $28.4M $11.4M $180M $226M $294M $306M $138M $44.8M
Goodwill $51.7M $53.6M $52.0M $51.2M $135M $131M $126M $127M $107M $113M
Intangible assets $9.2M $7.9M $6.5M $5.6M $5.7M $4.8M — — — —
Total assets $394M $302M $208M $173M $1.6B $2.6B $2.3B $1.8B $1.6B $1.2B
Total liabilities $400M $404M $376M $359M $955M $2.9B $2.9B $2.5B $2.2B $1.3B
Preferred stock $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Shareholders' equity −$5.5M −$102M −$168M −$186M $627M −$352M −$634M −$717M −$624M −$128M
Margins
Gross margin — — — — 100.0% 100.0% 54.5% 65.1% 70.3% 93.5%
Operating margin −1,752.8% −550.8% −507.2% −646.1% −87.6% −147.1% −32.5% −57.6% −36.5% 40.3%
EBITDA margin −1,702.7% −526.4% −485.6% −618.8% −86.7% −146.0% −31.1% −53.4% −29.5% 42.8%
Net margin −1,823.5% −589.5% −538.8% −711.0% −87.9% −152.1% −33.2% −55.4% −27.5% 39.2%
FCF margin −1,804.0% −476.9% −543.0% −742.0% −20.4% 23.2% — — — —
Returns
Return on capital employed −82.1% −75.0% −107.1% −81.9% −41.6% −904.7% 320.3% −348.9% −61.3% 63.2%
Return on equity — — — — −189.6% −1,265.7% — — — —
Return on assets −71.0% −52.7% −72.4% −69.7% −47.7% −83.8% −27.2% −26.9% −11.2% 32.2%
Return on tangible equity — — — — −86.0% — — — — —
Growth
Revenue growth — 103.1% 10.0% −45.6% 2,448.5% 141.0% 72.9% −50.4% −30.7% 64.7%
Share count change — −94.6% 26.3% 30.4% 138.8% 29.3% 5.1% 28.9% 51.0% 13.7%
Financial health
Net debt / EBITDA — — — — — — — — — −1.0x
Interest coverage −20.8x −12.2x −12.8x −8.9x −27.5x −79.8x −32.4x −39.3x −12.4x 20.1x
Current ratio 4.3x 2.8x 2.6x 3.8x 2.2x 0.9x 0.7x 0.7x 1.0x 2.1x
Quick ratio 4.3x 2.8x 2.6x 3.8x 2.2x 0.9x 0.7x 0.7x 1.0x 2.1x
Capital allocation
Capex / revenue 118.6% 13.4% 4.0% 10.0% 11.5% 5.0% — — — —
Stock comp / revenue 124.8% 63.5% 53.4% 91.4% 26.9% 16.0% 6.6% 8.7% 7.1% 3.2%
Quality scores
Piotroski F-score — 4.0 1.0 2.0 3.0 3.0 3.0 2.0 4.0 5.0
Altman Z'' −8.6 −13.3 −24.1 −29.5 −2.2 −9.7 −10.5 −13.0 −11.9 −7.3
Accruals ratio −5.4% −11.3% 0.0% 2.1% −42.8% −99.4% −10.0% 8.3% −6.0% 50.1%

Source: SEC EDGAR XBRL filings (CIK 0001000694). 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.

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