Novavax

NVAX · Nasdaq · Health Care · Financials, fiscal 2016 to 2025

NVAX · Last close · November 6, 2026

$10.78

Novavax's revenue rose 64.7% to $1.1 billion in fiscal 2025. Its operating margin was 40.3%, up from −36.5% a year earlier. Free cash flow was −$250 million. The diluted share count rose 13.7%.

NOVAVAX, INC. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001000694-26-000007 Updated November 5, 2026

Revenue

$1.1B

64.7%

Operating margin

40.3%

76.8 pts

Net income

$440M

Free cash flow

−$250M

Return on equity

—

Market cap

$1.8B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (1-for-20), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

What Novavax does

Novavax is a vaccine company. Its technology has two parts: vaccine particles made from proteins, and Matrix-M, an added ingredient (an adjuvant) that helps vaccines trigger a stronger and longer-lasting immune response. Its products so far are an authorized COVID-19 vaccine, Nuvaxovid, and Matrix-M for a malaria vaccine.

The company now focuses on partnerships rather than selling vaccines on its own, and says it wants a lean operating model. The malaria vaccine, called R21/Matrix-M, was developed by the Jenner Institute at the University of Oxford and is made by Serum Institute of India, which holds the license to sell it. Under a collaboration with Sanofi signed in 2024, Sanofi has a non-exclusive license to develop and sell other vaccines that use Matrix-M. In 2025 Novavax also signed three agreements with other drug companies to test Matrix-M in their own candidates.

Its revenue comes from its collaboration and license partners, from product sales, and from grants from government-sponsored organizations. It is also advancing a pipeline of other vaccine candidates.

Its biggest risks, as it describes them

A history of losses and uncertain profitability.
A need for significant funding to keep operating and develop its vaccine candidates.
Clinical trials that are lengthy and costly, may be delayed, and may not give a good result.
Relying on new, fast-changing technologies that may not succeed.
Partner agreements that may not bring the funding or milestone payments it expects.

From Novavax's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,515	1,337	568	923	735
Debt incl. finance leases	454	225	229	230	249
Net debt (negative means net cash)	−1,061	−1,112	−339	−693	−486
Net debt to EBITDA	—	—	—	—	−1.0x
Debt to equity	—	—	—	—	—
Interest coverage	−79.8x	−32.4x	−39.3x	−12.4x	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

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Novavax's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Novavax's projections

Insider trades

No officer, director or 10% owner of Novavax reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	3 of 9	4 of 9	5 of 9
Rule of 40	−128.4%	−45.4%	42.4%
Altman Z''	−12.95	−11.94	−7.28
Accruals ratio	8.3%	−6.0%	50.0%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Fail	Pass	Fail
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	3 of 9	4 of 9	5 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Novavax side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Novavax	FY25	64.7%	40.3%	−22.3%	—	−1.0x	5
Halozyme	FY25	37.5%	33.6%	46.1%	19.2%	4.2x	5	Compare
Harmony Biosciences	FY25	21.5%	24.0%	40.1%	48.9%	—	5	Compare
Arrowhead Pharmaceuticals	FY25	23,258.2%	11.9%	18.9%	—	−5.5x	5	Compare
Repligen	FY25	16.4%	7.5%	12.7%	2.4%	−1.7x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	15	31	34	19	476	1,146	1,982	984	682	1,124
Revenue growth	−57.6%	103.1%	10.0%	−45.6%	2,448.5%	141.0%	72.9%	−50.4%	−30.6%	64.7%
Gross profit	—	—	—	—	476	1,146	1,079	640	479	1,050
Research and development	238	168	174	114	747	2,534	1,235	738	391	342
Operating income	−269	−172	−174	−121	−417	−1,687	−645	−566	−249	453
Net income	−280	−184	−185	−133	−418	−1,744	−658	−545	−188	440
Diluted EPS (US$)	−20.60	−12.56	−9.99	−5.51	−7.27	−23.44	−8.42	−5.41	−1.23	2.58
Diluted shares (millions)	14	15	18	24	58	74	78	101	152	173
Cash flow
Cash from operations	−259	−144	−185	−137	−42	323	−416	−714	−87	−245
Capital expenditure	18	4	1	2	55	58	89	54	13	6
Free cash flow	−277	−149	−186	−138	−97	265	−505	−768	−100	−250
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	166	0	0	0	0	0
Stock-based compensation	19	20	18	17	128	184	130	85	48	36
Balance sheet at fiscal year end
Cash and short-term investments	236	157	92	79	711	1,515	1,337	568	923	735
Debt incl. finance leases	316	318	319	321	468	454	225	229	230	249
Total assets	394	302	208	173	1,582	2,577	2,259	1,798	1,560	1,176
Total liabilities	400	404	376	359	955	2,928	2,893	2,514	2,184	1,304
Shareholders' equity	−6	−102	−168	−186	627	−352	−634	−717	−624	−128
Margins and ratios
Gross margin	—	—	—	—	100.0%	100.0%	54.5%	65.0%	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%
Net margin	−1,823.5%	−589.5%	−538.8%	−711.0%	−87.9%	−152.1%	−33.2%	−55.4%	−27.5%	39.2%
Free cash flow margin	−1,804.0%	−476.9%	−543.0%	−742.0%	−20.4%	23.2%	−25.5%	−78.0%	−14.7%	−22.3%
Rule of 40 (growth + FCF margin)	−1,861.7%	−373.8%	−533.1%	−787.6%	2,428.1%	164.2%	47.4%	−128.4%	−45.4%	42.4%
Return on capital	−307.9%	−202.4%	−233.2%	−165.8%	−149.7%	—	—	—	—	—
Return on equity	−195.0%	—	—	—	−189.6%	−1,265.7%	—	—	—	—
Return on assets	−71.8%	−52.8%	−72.4%	−69.7%	−47.6%	−83.8%	−27.2%	−26.9%	−11.2%	32.2%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	−1.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Novavax's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Novavax.