NASDAQ : NVAX
Novavax, Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 10.08 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.66B
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Financial statements
Novavax, Inc. (NVAX) reported revenue of 413.80M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 413.80M | 1.12B | 682.16M | 983.71M | 1.98B | 1.15B |
| Cost of Revenue | 424.38M | 409.86M | 590.51M | 1.08B | 2.07B | 2.53B |
| Gross Profit | -10.58M | 713.62M | 91.65M | -94.77M | -89.48M | -1.39B |
| Selling, General & Admin | 108.80M | 150.38M | 323.58M | 457.45M | 488.69M | 298.36M |
| Research & Development | 66.56M | |||||
| Operating Expenses | 108.80M | 150.38M | 323.58M | 457.45M | 555.26M | 298.36M |
| Operating Income | -119.38M | 563.24M | -231.93M | -552.21M | -644.74M | -1.69B |
| Interest Expense | -22.97M | -22.55M | -20.07M | -14.42M | -19.88M | -21.13M |
| Interest & Investment Income | 29.50K | 37.20K | 20.10K | |||
| Currency Exchange Gain (Loss) | -8.70M | -16.70M | -4.40M | 7.90M | -2.50M | -5.30M |
| Other Non Operating Income (Expenses) | 53.99M | 57.30M | 44.80M | 29.98M | 13.47M | -1.53M |
| EBT Excluding Unusual Items | -97.06M | 581.33M | -211.56M | -528.73M | -653.65M | -1.71B |
| Merger & Restructuring Charges | -16.90M | -12.60M | -17.00M | -14.30M | ||
| Gain (Loss) on Sale of Assets | -97.84M | -97.84M | 51.95M | |||
| Other Unusual Items | -33.51M | -28.71M | ||||
| Pretax Income | -245.31M | 442.17M | -176.62M | -543.03M | -653.65M | -1.71B |
| Income Tax Expense | 2.42M | 1.86M | 10.88M | 2.03M | 4.29M | 29.21M |
| Net Income | -247.73M | 440.30M | -187.50M | -545.06M | -657.94M | -1.74B |
| Net Income to Common | -247.73M | 440.30M | -187.50M | -545.06M | -657.94M | -1.74B |
| Shares Outstanding (Basic) | 163.19M | 161.99M | 152.19M | 100.77M | 78.18M | 74.40M |
| Shares Outstanding (Diluted) | 163.19M | 173.10M | 152.19M | 100.77M | 78.18M | 74.40M |
| EPS (Basic) | -1.52 | 2.72 | -1.23 | -5.41 | -8.42 | -23.44 |
| EPS (Diluted) | -1.52 | 2.58 | -1.23 | -5.41 | -8.42 | -23.44 |
| Free Cash Flow | -42.20M | -250.19M | -100.32M | -767.74M | -504.99M | 268.44M |
| Free Cash Flow Per Share | -0.26 | -1.45 | -0.66 | -7.62 | -6.46 | 3.61 |
| Gross Margin | -2.56% | 63.52% | 13.44% | -9.63% | -4.52% | -121.10% |
| Operating Margin | -28.85% | 50.13% | -34.00% | -56.14% | -32.53% | -147.13% |
| Profit Margin | -59.87% | 39.19% | -27.49% | -55.41% | -33.20% | -152.12% |
| Free Cash Flow Margin | -10.20% | -22.27% | -14.71% | -78.05% | -25.48% | 23.42% |
| EBITDA | -101.55M | 590.85M | -183.44M | -510.99M | -615.68M | -1.67B |
| EBITDA Margin | -24.54% | 52.59% | -26.89% | -51.94% | -31.07% | -146.03% |
| D&A For EBITDA | 17.83M | 27.61M | 48.50M | 41.23M | 29.05M | 12.66M |
| EBIT | -119.38M | 563.24M | -231.93M | -552.21M | -644.74M | -1.69B |
| EBIT Margin | -28.85% | 50.13% | -34.00% | -56.14% | -32.53% | -147.13% |
| Effective Tax Rate | 0.42% | |||||
| Revenue as Reported | 413.80M | 1.12B | 682.16M | 983.71M | 1.98B | 1.15B |
| Advertising Expenses | 1.90M | 33.70M | 91.50M | 84.00M | 8.90M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 191.46M | 240.63M | 530.23M | 568.50M | 1.34B | 1.52B |
| Short-Term Investments | 527.88M | 494.45M | 392.89M | |||
| Cash & Short-Term Investments | 719.34M | 735.08M | 923.12M | 568.50M | 1.34B | 1.52B |
| Receivables | 18.74M | 106.45M | 108.28M | 297.24M | 82.38M | 454.99M |
| Inventory | 10.01M | 11.54M | 8.75M | 41.70M | 36.68M | 8.87M |
| Prepaid Expenses | 23.01M | 16.95M | 56.28M | 70.30M | 160.77M | 120.03M |
| Restricted Cash | 10.88M | 10.63M | 10.42M | 10.30M | 11.49M | |
| Other Current Assets | 97.38M | 21.89M | 155.73M | 76.37M | 44.62M | |
| Total Current Assets | 771.10M | 978.28M | 1.13B | 1.14B | 1.70B | 2.16B |
| Property, Plant & Equipment | 57.98M | 67.70M | 300.00M | 490.99M | 400.49M | 265.86M |
| Goodwill | 112.54M | 113.46M | 107.48M | 127.45M | 126.33M | 131.48M |
| Other Long-Term Assets | 13.96M | 17.08M | 24.00M | 35.16M | 28.47M | 24.29M |
| Total Assets | 955.58M | 1.18B | 1.56B | 1.80B | 2.26B | 2.58B |
| Accounts Payable | 22.94M | 24.58M | 41.58M | 132.61M | 216.52M | 127.05M |
| Accrued Expenses | 80.66M | 107.17M | 134.09M | 291.55M | 591.16M | 673.73M |
| Current Portion of Long-Term Debt | 324.88M | |||||
| Current Portion of Leases | 4.11M | 12.38M | 17.10M | 28.12M | 44.06M | 161.52M |
| Current Unearned Revenue | 86.58M | 140.05M | 675.07M | 241.31M | 370.14M | 1.42B |
| Other Current Liabilities | 136.30M | 175.77M | 286.58M | 941.55M | 913.19M | 5.08M |
| Total Current Liabilities | 330.57M | 459.95M | 1.15B | 1.64B | 2.46B | 2.39B |
| Long-Term Debt | 291.49M | 244.21M | 169.68M | 168.02M | 166.47M | 323.46M |
| Long-Term Leases | 1.72M | 21.45M | 76.68M | 84.50M | 81.32M | 39.12M |
| Long-Term Unearned Revenue | 356.75M | 358.94M | 446.82M | 622.21M | 179.41M | 172.53M |
| Other Long-Term Liabilities | 165.74M | 219.71M | 336.66M | 4.55M | 5.61M | 3.00M |
| Total Liabilities | 1.15B | 1.30B | 2.18B | 2.51B | 2.89B | 2.93B |
| Common Stock | 1.68M | 1.65M | 1.62M | 1.41M | 868.00K | 764.00K |
| Additional Paid-In Capital | 4.56B | 4.54B | 4.50B | 4.19B | 3.74B | 3.35B |
| Retained Earnings | -4.63B | -4.57B | -5.01B | -4.82B | -4.28B | -3.62B |
| Treasury Stock | -112.37M | -103.02M | -95.85M | -92.27M | -90.66M | -85.10M |
| Comprehensive Income & Other | -7.45M | 2.01M | -22.56M | 2.72M | -6.38M | -1.35M |
| Shareholders' Equity | -190.71M | -127.75M | -623.84M | -716.93M | -634.08M | -351.67M |
| Total Liabilities & Equity | 955.58M | 1.18B | 1.56B | 1.80B | 2.26B | 2.58B |
| Total Debt | 297.32M | 278.05M | 263.47M | 280.63M | 616.73M | 524.09M |
| Net Cash (Debt) | 422.02M | 457.04M | 659.65M | 287.87M | 720.15M | 991.03M |
| Net Cash Per Share | 2.59 | 2.64 | 4.33 | 2.86 | 9.21 | 13.32 |
| Filing Date Shares Outstanding | 164.95M | 162.94M | 160.84M | 139.95M | 86.17M | 76.28M |
| Total Common Shares Outstanding | 164.82M | 162.58M | 160.42M | 139.51M | 86.04M | 75.84M |
| Working Capital | 440.52M | 518.33M | -25.47M | -491.25M | -756.55M | -235.20M |
| Book Value Per Share | -1.16 | -0.79 | -3.89 | -5.14 | -7.37 | -4.64 |
| Tangible Book Value | -303.25M | -241.22M | -731.32M | -844.38M | -760.41M | -483.15M |
| Tangible Book Value Per Share | -1.84 | -1.48 | -4.56 | -6.05 | -8.84 | -6.37 |
| Land | 14.95M | 102.92M | 101.34M | 83.53M | ||
| Machinery | 47.90M | 66.23M | 153.36M | 139.74M | 122.61M | |
| Construction In Progress | 6.27M | 39.51M | 76.16M | 81.57M | 35.11M | |
| Leasehold Improvements | 31.25M | 66.89M | 48.31M | 18.89M | 10.28M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -247.73M | 440.30M | -187.50M | -545.06M | -657.94M | -1.74B |
| Depreciation & Amortization | 17.83M | 27.61M | 48.50M | 41.23M | 29.05M | 12.66M |
| Loss (Gain) From Sale of Assets | 97.84M | 97.84M | -51.95M | |||
| Asset Writedown & Restructuring Costs | 4.88M | 4.88M | 4.13M | 10.08M | ||
| Stock-Based Compensation | 32.33M | 36.02M | 48.15M | 85.36M | 130.30M | 183.63M |
| Other Operating Activities | 23.98M | 36.41M | 2.92M | 71.27M | 443.80M | 136.79M |
| Change in Accounts Receivable | 251.10M | 61.04M | 354.09M | -274.44M | 249.17M | -183.39M |
| Change in Inventory | -2.15M | -3.24M | 12.91M | -74.46M | -477.80M | -8.87M |
| Change in Accounts Payable | -145.25M | -322.57M | -385.63M | -378.81M | 913.40M | 600.33M |
| Change in Unearned Revenue | -69.74M | -622.94M | 67.11M | 350.87M | -1.05B | 1.33B |
| Operating Cash Flow | -36.90M | -244.63M | -87.26M | -713.97M | -415.94M | 322.95M |
| Capital Expenditures | -5.30M | -5.56M | -13.06M | -53.77M | -89.06M | -54.50M |
| Sale of Property, Plant & Equipment | 192.64M | |||||
| Sale (Purchase) of Intangibles | -828.00K | -828.00K | -1.58M | -5.04M | -3.93M | -2.98M |
| Investment in Securities | -162.79M | -91.53M | -382.04M | 157.64M | ||
| Other Investing Activities | 59.40M | 19.65M | ||||
| Investing Cash Flow | -109.51M | -78.27M | -204.04M | -58.81M | -92.98M | 100.15M |
| Long-Term Debt Issued | 42.61M | 175.25M | ||||
| Long-Term Debt Repaid | -10.07M | -3.99M | -352.35M | -93.59M | -127.91M | |
| Net Debt Issued (Repaid) | 80.66M | 32.53M | -3.99M | -352.35M | 81.66M | -127.91M |
| Issuance of Common Stock | 264.58M | 360.40M | 249.23M | 589.62M | ||
| Other Financing Activities | -4.80M | -4.80M | -3.59M | -5.90M | ||
| Financing Cash Flow | 74.71M | 27.74M | 260.58M | 4.47M | 324.99M | 461.71M |
| Foreign Exchange Rate Adjustments | -1.25M | 5.92M | -7.80M | 3.27M | 4.52M | -5.29M |
| Net Cash Flow | -72.94M | -289.24M | -38.52M | -765.03M | -179.41M | 879.52M |
| Free Cash Flow | -42.20M | -250.19M | -100.32M | -767.74M | -504.99M | 268.44M |
| Free Cash Flow Margin | -10.20% | -22.27% | -14.71% | -78.05% | -25.48% | 23.42% |
| Free Cash Flow Per Share | -0.26 | -1.45 | -0.66 | -7.62 | -6.46 | 3.61 |
| Levered Free Cash Flow | 153.39M | -331.94M | -175.64M | -979.22M | -213.32M | 727.41M |
| Unlevered Free Cash Flow | 167.75M | -317.85M | -163.09M | -970.21M | -200.90M | 740.62M |
| Cash Interest Paid | 14.54M | 15.05M | 17.57M | 17.35M | 18.04M | 19.43M |
| Cash Income Tax Paid | 6.72M | 8.81M | 949.00K | 190.00K | 17.98M | 12.61M |
| Change in Working Capital | 33.96M | -887.71M | 48.48M | -376.84M | -361.15M | 1.73B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.66B | 1.09B | 1.29B | 570.19M | 883.86M | 10.82B |
| Enterprise Value | 1.24B | 580.24M | 640.58M | 178.50M | 300.44M | 9.34B |
| Last Close Price | 10.08 | 6.72 | 8.04 | 4.80 | 10.28 | 143.07 |
| PE Ratio | 2.48 | |||||
| Forward PE | 8.33 | 28.96 | 3.15 | 3.15 | 10.46 | |
| PS Ratio | 4.02 | 0.97 | 1.89 | 0.58 | 0.45 | 9.44 |
| PB Ratio | -8.55 | -2.06 | -0.80 | -1.39 | -30.76 | |
| P/FCF Ratio | 40.30 | |||||
| P/OCF Ratio | 33.50 | |||||
| EV/Sales Ratio | 3.00 | 0.52 | 0.94 | 0.18 | 0.15 | 8.15 |
| EV/EBITDA Ratio | 0.98 | |||||
| EV/EBIT Ratio | 1.03 | |||||
| EV/FCF Ratio | 34.79 | |||||
| Debt / Equity Ratio | -1.56 | -2.18 | -0.42 | -0.39 | -0.97 | -1.49 |
| Debt / EBITDA Ratio | 0.46 | |||||
| Debt / FCF Ratio | 1.95 | |||||
| Net Debt / Equity Ratio | 2.21 | 3.58 | 1.06 | 0.40 | 1.14 | 2.82 |
| Net Debt / EBITDA Ratio | 4.16 | -0.77 | 3.60 | 0.56 | 1.17 | 0.59 |
| Net Debt / FCF Ratio | 10.00 | 1.83 | 6.58 | 0.38 | 1.43 | -3.69 |
| Asset Turnover | 0.36 | 0.82 | 0.41 | 0.48 | 0.82 | 0.55 |
| Inventory Turnover | 41.92 | 40.39 | 23.41 | 27.52 | 90.94 | |
| Quick Ratio | 2.23 | 1.83 | 0.89 | 0.53 | 0.58 | 0.82 |
| Current Ratio | 2.33 | 2.13 | 0.98 | 0.70 | 0.69 | 0.90 |
| Return on Equity (ROE) | -1,265.71% | |||||
| Return on Assets (ROA) | -6.51% | 25.72% | -8.63% | -17.02% | -16.67% | -50.69% |
| Return on Invested Capital (ROIC) | -18.01% | 99.92% | -81.62% | -577.12% | ||
| Return on Capital Employed (ROCE) | -19.10% | 78.60% | -57.10% | -340.10% | 320.30% | -904.70% |
| Earnings Yield | -15.06% | 40.32% | -14.56% | -95.59% | -74.44% | -16.12% |
| FCF Yield | -2.54% | -22.91% | -7.79% | -134.64% | -57.14% | 2.48% |
| Buyback Yield / Dilution | 3.06% | -13.74% | -51.03% | -28.89% | -5.08% | -29.27% |