NVAX

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Novavax, Inc.

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Key Metrics

Previous Close: $8.79
52-Week Range: $6.20 – $11.97
Market Cap: $1.39B
P/E (TTM): —
EPS (TTM): -1.53
Dividend Yield: —

Advanced Metrics

Price/Book: —
PEG Ratio: 1.32
Return on Equity: —
Return on Assets: -6.51%
Gross Margin: -2.56%
Operating Margin: -89.61%
Profit Margin: -59.87%
Current Ratio: 2.33
Debt/Equity: —
Total Debt: $297.32M
Free Cash Flow: $153.39M
Revenue Growth: -76.30%
Earnings Growth: —
Enterprise Value: $1.03B

NVAX Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$1.60B	$556.38M	$682.16M	$1.12B
Cost of Revenue	$902.64M	$343.77M	$202.74M	$73.04M
Gross Profit	$696.31M	$212.61M	$479.42M	$1.05B
Research & Development	$1.24B	$737.50M	$391.17M	$342.32M
Selling, General & Admin	$488.69M	$468.95M	$337.19M	$157.48M
Operating Expenses	$1.34B	$779.13M	$728.35M	$499.80M
Operating Income	-$644.74M	-$566.51M	-$248.93M	$550.64M
EBITDA	-$604.71M	-$487.39M	-$108.04M	$492.33M
Pretax Income	-$653.65M	-$543.03M	-$176.62M	$442.17M
Income Tax	$4.29M	$2.03M	$10.88M	$1.86M
Net Income	-$657.94M	-$545.06M	-$187.50M	$440.30M
Diluted EPS	-8.42	-5.41	-1.23	2.58
Diluted Shares	78.18M	100.77M	152.19M	173.10M

NVAX Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$1.34B	$568.50M	$530.23M	$240.63M
Receivables	$82.38M	$297.24M	$108.28M	$106.45M
Inventory	$36.68M	$41.70M	$8.75M	$11.54M
Current Assets	$1.70B	$1.14B	$1.13B	$978.28M
Total Assets	$2.26B	$1.80B	$1.56B	$1.18B
Current Liabilities	$2.46B	$1.64B	$1.15B	$459.95M
Long-Term Debt	$166.47M	$168.02M	$169.68M	$244.21M
Total Debt	$549.78M	$229.08M	$230.42M	$248.81M
Total Liabilities	$2.89B	$2.51B	$2.18B	$1.30B
Retained Earnings	-$4.28B	-$4.82B	-$5.01B	-$4.57B
Shareholders' Equity	-$634.08M	-$716.93M	-$623.84M	-$127.75M
Working Capital	-$756.55M	-$491.25M	-$25.47M	$518.33M
Net Debt	—	—	—	$3.58M

NVAX Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$415.94M	-$713.97M	-$87.26M	-$244.63M
Capital Expenditure	-$92.98M	-$58.81M	-$14.64M	-$6.39M
Free Cash Flow	-$508.92M	-$772.77M	-$101.90M	-$251.02M
Depreciation & Amortisation	$29.05M	$41.23M	$48.50M	$27.61M
Stock-Based Compensation	$130.30M	$85.36M	$48.15M	$36.02M
Investing Cash Flow	-$92.98M	-$58.81M	-$204.04M	-$78.27M
Financing Cash Flow	$324.99M	$4.47M	$260.58M	$27.74M
Net Change in Cash	-$183.93M	-$768.31M	-$30.72M	-$295.17M

NVAX Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$666.65M	$239.24M	$70.44M	$147.14M	$139.51M
Cost of Revenue	$14.12M	$15.32M	$21.50M	$22.10M	$30.70M
Gross Profit	$652.54M	$223.91M	$48.95M	$125.03M	$108.82M
Research & Development	$88.94M	$79.23M	$98.27M	$75.88M	$95.47M
Selling, General & Admin	$48.09M	$43.61M	$31.66M	$34.12M	$28.78M
Operating Expenses	$137.03M	$122.84M	$129.93M	$110.00M	$124.25M
Operating Income	$515.51M	$101.07M	-$80.98M	$15.04M	-$15.43M
EBITDA	$533.91M	$120.53M	-$190.97M	$28.85M	-$543.00K
Pretax Income	$519.85M	$107.45M	-$203.04M	$17.90M	-$8.51M
Income Tax	$1.20M	$946.00K	-$657.00K	$376.00K	$985.00K
Net Income	$518.65M	$106.51M	-$202.38M	$17.53M	-$9.49M
Diluted EPS	2.93	0.62	-1.25	0.11	-0.06
Diluted Shares	177.63M	177.22M	162.35M	165.18M	163.28M

NVAX Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$263.34M	$253.74M	$268.02M	$240.63M	$228.36M
Receivables	$44.51M	$226.40M	$34.17M	$106.45M	$23.31M
Inventory	$10.26M	$10.24M	$13.51M	$11.54M	$11.46M
Current Assets	$868.03M	$919.51M	$974.59M	$978.28M	$850.82M
Total Assets	$1.29B	$1.34B	$1.18B	$1.18B	$1.04B
Current Liabilities	$422.17M	$389.14M	$429.87M	$459.95M	$342.46M
Long-Term Debt	$170.13M	$170.57M	$243.84M	$244.21M	$291.04M
Total Debt	$228.66M	$228.49M	$251.14M	$248.81M	$295.06M
Total Liabilities	$1.37B	$1.30B	$1.34B	$1.30B	$1.19B
Retained Earnings	-$4.49B	-$4.38B	-$4.59B	-$4.57B	-$4.58B
Shareholders' Equity	-$75.64M	$37.63M	-$156.67M	-$127.75M	-$144.76M
Working Capital	$445.86M	$530.37M	$544.72M	$518.33M	$508.36M
Net Debt	—	—	—	$3.58M	$62.68M

NVAX Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$185.50M	-$127.46M	$107.80M	-$39.48M	-$32.42M
Capital Expenditure	-$1.59M	-$527.00K	-$2.02M	-$2.25M	-$1.27M
Free Cash Flow	-$187.10M	-$127.99M	$105.79M	-$41.72M	-$33.69M
Depreciation & Amortisation	$8.34M	$7.56M	$6.58M	$5.13M	$3.06M
Stock-Based Compensation	$10.29M	$9.21M	$8.55M	$7.97M	$7.72M
Investing Cash Flow	-$73.32M	$111.10M	-$136.53M	$20.48M	-$28.36M
Financing Cash Flow	-$7.06M	-$1.04M	$42.44M	-$6.60M	$37.67M
Net Change in Cash	-$265.88M	-$17.40M	$13.72M	-$25.60M	-$23.11M

Market Snapshot

About

Novavax, Inc. is a biotechnology company that develops next-generation vaccines for serious infectious diseases. The company gained prominence with its protein-based COVID-19 vaccine (Nuvaxovid) and is advancing candidates for influenza, COVID-flu combination vaccines, and other respiratory diseases. Novavax uses proprietary recombinant nanoparticle technology and Matrix-M adjuvant to enhance immune response.