Novavax Inc

Biological Products, (No Diagnostic Substances)

NVAXStrong4 of 10 basics passed

$12.73

+15.62%

Market cap $2.10B

$12.73

+15.62%

Market cap $2.10B

Novavax Inc is a biotechnology company that develops vaccines. The company works in the clinical stage of development with a focus on delivering novel products that prevent a broad range of diseases.

It is a $2.10B healthcare company. Revenue shrank 61.6% over the last year, and it currently loses money.

Website: novavax.com
Location: Gaithersburg, MD
Employees: 749
Sector: Healthcare
Founded: 1987

Moved +14.2% on Oct 9, 20262.2σ — unusual for this stock

Share price · 3 years

$7.38 → $12.73+72.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $414M
Loss: spends more than it earns; -$248M
Free cash flow: cash left after running the business; -$42.8M
P/E: years of profit in the price; 4.8
Shares: up 133% since 2021 — dilution; 173.1M
Volatility: beta vs the market — under 1 swings less; 2.83

Revenue, last 10 years

52-week range

Low $6.22$12.73High $12.75

Today's price is 100% of the way from the year's low to its high.

P/E vs its history12mo

4.1×median 3.4×

Higher than 71% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

4.1×

29%

P/S

5.1×

P/B

40.4×

40%

FCF yield

8.2%

91%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Healthcare

Size$2.10Btop 99%
Revenue growth-17%top 98%
Net margin-60%top 90%
Return on equity283%top 1%
P/E4.8×top 1%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Profitability, Quality and Moat lag behind.

Valuation42

P/E vs own history71th pct · 5/25
FCF yield-2.0% · 0/25
P/S5.1x · 12/25
EV/EBITDA4.9x · 25/25

Growth0

Revenue CAGR-0.5% · 0/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability25

ROICn/a · 0/25
ROE283.1% · 25/25
Net margin-59.9% · 0/25
Operating margin-63.5% · 0/25

Health53

Altman Z-5.14 · 3/25
Current ratio2.33 · 25/25
Interest coverage20.6x · 25/25
Net cash / debtn/a · 0/25

Quality15

Piotroski F5/9 · 15/25
Beneish M0.09 · 0/25
FCF conversionn/a · 0/25
Margin stabilityσ 597.8% · 0/25

Moat0

ROIC >12% yearsn/a · 0/25
Median gross margin-117.4% · 0/25
FCF-positive years1/10 yrs · 0/25
Worst-year net marginworst -1823.5% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Turned profitable
$440M net income after a loss year
FY2025Financial
Best year on record
$440M net income
FY2021Financial
Revenue crossed $1B
$1.15B for the year
2016Product
Phase II adult trial results also released in 2016 showed a stimulation of antigenicity, but failure in efficacy
2013Acquisition
Novavax acquired Swedish company Isconova AB, renamed Novavax AB
1987Founded
The company was founded in 1987

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$543 today — price return only

$1.1B revenue in FY2025

749 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (79.2%)
Interest covered 20.6× by operating earnings

Watch-outs

Revenue shrinking 61.6% year over year
Not profitable — 59.9% net margin
Negative free cash flow (-$42.8M)
Altman Z-Score -5.14 — elevated financial-distress risk
Loss-making in 9 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

4 of 10 checks passed

Revenue growing — the company sells more than a year ago-61.6% YoY
Profitable — makes more than it spends-$248M TTM
Profit growing — earnings are higher than last year+334.8% YoY
Generates cash — cash left after running and investing-$42.8M TTM
Debt under control — could handle its obligationscurrent ratio 2.33
Established company — not a micro-cap — lower blow-up risk$2.10B market cap
Not printing shares — share count not ballooning — you keep your slice+132.7% shares over ~5y
Proven track record — years of profitability behind it1/10 profitable years
Financially stable — balance sheet not near distressAltman Z -5.1 — distress
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 4.8

Peer comparisonNovavax Inc vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
NVAX this company	$2.1B	4.8	-61.6%	-59.9%	Strong
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: NVAX vs LLY · NVAX vs JNJ · NVAX vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 6Hold 2Sell 2Strong sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $414M · net income -$248M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$414M

YoY -61.6%

Net income (TTM)

-$248M

Margin -59.9%

Gross margin

79.2%

Operating margin

-63.5%

P/E ratio

4.8

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.5	1.1	2.0	1.0	0.7	1.1
Gross profit	-0.4	-1.7	1.1	0.6	0.5	1.1
Operating income (EBIT)	-0.4	-1.7	-0.6	-0.6	-0.2	0.5
Net income	-0.4	-1.7	-0.7	-0.5	-0.2	0.4
EPS (diluted)	—	-23.44	-8.41	-5.41	-1.23	2.54

Cash flowFree cash flow -$42.8M · operating cash flow -$36.8M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$42.8M

Margin -10.3%

Operating cash flow (TTM)

-$36.8M

FCF margin

-10.3%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	-0.0	0.3	-0.4	-0.7	-0.1	-0.2
Capital expenditure	-0.1	-0.1	-0.1	-0.1	-0.0	-0.0
Free cash flow	-0.1	0.3	-0.5	-0.8	-0.1	-0.3
FCF margin	-20.4%	23.2%	-25.5%	-78.0%	-14.7%	-22.3%

Balance sheetAssets $1.18B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $1.18B of assets is financed

111%

Liabilities $1.30B — borrowed moneyEquity -$128M — owners' stake

Altman Z-Score

-5.14

Distress zone

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

20.6x

EBIT ÷ interest expense

ROE

283.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.7	1.5	1.3	0.6	0.9	0.7
Total assets	1.6	2.6	2.3	1.8	1.6	1.2
Total liabilities	1.0	2.9	2.9	2.5	2.2	1.3
Total debt	—	—	—	—	—	—
Equity	0.6	-0.4	-0.6	-0.7	-0.6	-0.1
Net debt	—	—	—	—	—	—

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Deeper analysis of NVAX on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $12.73 · market cap $2.10B.