NVAX Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2016βFY2025
Novavax Inc had $1.1B of revenue in fiscal 2025, up 64.7% on the year before. Over five years, revenue changed +18.8% a year on average.
Last close Β· Oct 23, 2026
$9.70
2.9%Hi! I read Novavax Incβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+64.7%
Yes. Sales grew 64.7% last year.
Does it make a profit?
39.2%
Yes. It keeps 39.2% of every sale as profit.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Novavax Inc did it, and the next one. Share prices often move a lot on those days.
Next results
November 5, 2026
Thursday Β· in 10 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 6, 2026 | Q2 '26 | Before the market opens | 8-K β |
| May 6, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Jan 12, 2026 | Q4 '25 | Before the market opens | 8-K β |
| Nov 6, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Aug 6, 2025 | Q2 '25 | Before the market opens | 8-K β |
| May 8, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Jan 13, 2025 | Q4 '24 | Before the market opens | 8-K β |
| Nov 12, 2024 | Q3 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Novavax Inc had $1.1B of revenue in fiscal 2025, up 64.7% on the year before. Over five years, revenue changed +18.8% a year on average. Its operating margin was 40.3%, up 76.8Β pts: of every 100 in sales, about 40 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Novavax Inc made $440M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Novavax Inc has $486M more cash than debt.
Cash, debt and the ratios that show how comfortably Novavax Inc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.5B | $1.3B | $569M | $923M | $735M |
| Debt incl. finance leases | β | β | β | β | $249M |
| Net debt / EBITDA | β | β | β | β | β1.0x |
| Interest coverage | β79.8x | β32.4x | β39.3x | β12.4x | 20.1x |
| Current ratio | 0.9x | 0.7x | 0.7x | 1.0x | 2.1x |
| Quick ratio | 0.9x | 0.7x | 0.7x | 1.0x | 2.1x |
| 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 | β$352M | β$634M | β$717M | β$624M | β$128M |
| Net debt (β = net cash) | β | β | β | β | β$486M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Novavax Inc passes 5 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 7 | 1 / 7 | 2 / 7 | 3 / 7 | 3 / 8 | 3 / 8 | 2 / 8 | 4 / 8 | 5 / 8 |
| Accruals ratio | β5.4% | β11.3% | 0.0% | 2.1% | β42.8% | β99.4% | β10.0% | 8.3% | β6.0% | 50.1% |
| Altman Z'' | β8.61 | β13.28 | β24.13 | β29.51 | β2.17 | β9.70 | β10.52 | β12.95 | β11.94 | β7.28 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $15.4M | $31.2M | $34.3M | $18.7M | $476M | $1.1B | $2.0B | $984M | $682M | $1.1B |
| Gross profit | β | β | β | β | $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 | β$269M | β$172M | β$174M | β$121M | β$417M | β$1.7B | β$645M | β$567M | β$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 | β | β | β | β$133M | β$418M | β$1.7B | β$654M | β$543M | β$177M | $442M |
| Income tax | β | β | β | $0.0M | $0.0M | $29.2M | $4.3M | $2.0M | $10.9M | $1.9M |
| Net income | β$280M | β$184M | β$185M | β$133M | β$418M | β$1.7B | β$658M | β$545M | β$187M | $440M |
| Net income to common | β | β | β | β | β | β | β | β$545M | β$187M | $440M |
| Diluted EPS | β$1.03 | β$12.56 | β$9.99 | β$5.51 | β$7.27 | β$23.44 | β$8.42 | β$5.41 | β$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 | β$259M | β$144M | β$185M | β$137M | β$42.5M | $323M | β$416M | β$714M | β$87.3M | β$245M |
| Capital expenditure | $18.2M | $4.2M | $1.4M | $1.9M | $54.6M | $57.5M | β | β | β | β |
| Free cash flow | β$277M | β$149M | β$186M | β$138M | β$97.2M | $265M | β | β | β | β |
| 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 | β | β | $0.0M | $0.0M | $166M | $0.0M | $0.0M | β | β | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $235M | $157M | $92.1M | $78.8M | $711M | $1.5B | $1.3B | $569M | $923M | $735M |
| Total debt | β | β | β | β | β | β | β | β | β | $244M |
| Finance lease liabilities | β | β | β | β | β | β | β | β | $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 | β | β | β | β | β | $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 | β | β | β | β |
| 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 | β$5.5M | β$102M | β$168M | β$186M | $627M | β$352M | β$634M | β$717M | β$624M | β$128M |
| Margins | ||||||||||
| Gross margin | β | β | β | β | 100.0% | 100.0% | 54.5% | 65.1% | 70.3% | 93.5% |
| Operating margin | β1,752.8% | β550.8% | β507.2% | β646.1% | β87.6% | β147.1% | β32.5% | β57.6% | β36.5% | 40.3% |
| EBITDA margin | β1,702.7% | β526.4% | β485.6% | β618.8% | β86.7% | β146.0% | β31.1% | β53.4% | β29.5% | 42.8% |
| Net margin | β1,823.5% | β589.5% | β538.8% | β711.0% | β87.9% | β152.1% | β33.2% | β55.4% | β27.5% | 39.2% |
| FCF margin | β1,804.0% | β476.9% | β543.0% | β742.0% | β20.4% | 23.2% | β | β | β | β |
| Returns | ||||||||||
| Return on capital employed | β82.1% | β75.0% | β107.1% | β81.9% | β41.6% | β904.7% | 320.3% | β348.9% | β61.3% | 63.2% |
| Return on equity | β | β | β | β | β189.6% | β1,265.7% | β | β | β | β |
| Return on assets | β71.0% | β52.7% | β72.4% | β69.7% | β47.7% | β83.8% | β27.2% | β26.9% | β11.2% | 32.2% |
| Return on tangible equity | β | β | β | β | β86.0% | β | β | β | β | β |
| Growth | ||||||||||
| Revenue growth | β | 103.1% | 10.0% | β45.6% | 2,448.5% | 141.0% | 72.9% | β50.4% | β30.7% | 64.7% |
| Share count change | β | β94.6% | 26.3% | 30.4% | 138.8% | 29.3% | 5.1% | 28.9% | 51.0% | 13.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β | β | β | β | β | β1.0x |
| Interest coverage | β20.8x | β12.2x | β12.8x | β8.9x | β27.5x | β79.8x | β32.4x | β39.3x | β12.4x | 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% | β | β | β | β |
| 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 | β | 4.0 | 1.0 | 2.0 | 3.0 | 3.0 | 3.0 | 2.0 | 4.0 | 5.0 |
| Altman Z'' | β8.6 | β13.3 | β24.1 | β29.5 | β2.2 | β9.7 | β10.5 | β13.0 | β11.9 | β7.3 |
| Accruals ratio | β5.4% | β11.3% | 0.0% | 2.1% | β42.8% | β99.4% | β10.0% | 8.3% | β6.0% | 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 β not investment advice. Check the original filings before relying on any figure.
