A Business at a Glance
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NOVAVAX INC
NVAX
$1.3B
Mkt Cap
$7.46
-4.73%
NOVAVAX INC (NVAX) has a current P/E ratio of 2.9, compared to its historical median P/E of 2.6. The stock is currently considered Expensive based on its historical valuation range.
NOVAVAX INC (NVAX) has a 5-year average return on invested capital (ROIC) of -19.0%. This is below average and may indicate limited pricing power.
NOVAVAX INC (NVAX) has a market capitalization of $1.2B. It is classified as a small-cap stock.
NOVAVAX INC (NVAX) does not currently pay a regular dividend.
Based on historical P/E analysis, NOVAVAX INC (NVAX) appears expensive. The current P/E of 2.9 is 9% above its historical median of 2.6.
NOVAVAX INC (NVAX) operates in the Biological Products, (No Diagnostic Substances) industry, within the Healthcare sector.
NOVAVAX INC (NVAX) reported annual revenue of $1.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Novavax, Inc., together with our wholly owned subsidiaries, tackles some of the world’s most pressing health challenges with its scientific expertise in vaccines and its proven technology platform, including its Matrix-M™ adjuvant and protein-based nanoparticles. Our corporate growth strategy focuses on maximizing the impact of our cutting-edge technology by forging partnerships for our Matrix-M adjuvant and research and development (R&D) assets while maintaining a lean and focused operating model. Our technology platform, combined with our deep vaccine expertise, is the fuel for innovation and partnerships, and we believe it has the potential to create significant value. Our proprietary Matrix-M™ adjuvant when added to vaccines, has been shown to help induce a stronger and longer-lasting immune response. Our recombinant protein-based nanoparticle technology has been shown to be highly immunogenetic.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 596M | 1.1B | 682M | 984M | 2.0B | 1.1B |
| Net Income | -88M | 440M | -187M | -545M | -658M | -1.7B |
| EPS | $-0.54 | $2.58 | $-1.23 | $-5.41 | $-8.42 | $-23.44 |
| Free Cash Flow | -93M | -245M | -88M | -722M | -434M | 265M |
| ROIC | -5.9% | 32.9% | -16.0% | -31.5% | -28.5% | -51.7% |
| Gross Margin | - | 87.7% | 70.3% | 65.1% | 54.5% | 100.0% |
| Debt/Equity | 0.00 | -2.14 | -0.32 | -0.31 | -0.37 | -1.12 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -78M | 453M | -249M | -567M | -645M | -1.7B |
| Operating Margin | -13.1% | 40.3% | -36.5% | -57.6% | -32.5% | -147.1% |
| ROE | 0.0% | -117.2% | 28.0% | 80.7% | 133.5% | - |
| Shares Outstanding | 164M | 171M | 152M | 101M | 78M | 74M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | 476M | 1.1B | 2.0B | 984M | 682M | 1.1B | 596M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | 100.0% | 100.0% | 54.5% | 65.1% | 70.3% | 87.7% | N/A |
| R&D | 94M | 163M | 238M | 168M | 174M | 114M | 747M | 2.5B | 1.2B | 738M | 391M | 342M | 349M |
| SG&A | 20M | 31M | 47M | 34M | 34M | 34M | 145M | 298M | 489M | 469M | 337M | 157M | 138M |
| EBIT | -84M | -157M | -269M | -172M | -174M | -121M | -417M | -1.7B | -645M | -567M | -249M | 453M | -78M |
| Op. Margin | N/A | N/A | N/A | N/A | N/A | N/A | -87.6% | -147.1% | -32.5% | -57.6% | -36.5% | 40.3% | -13.1% |
| Net Income | -83M | -157M | -280M | -184M | -185M | -133M | -418M | -1.7B | -658M | -545M | -187M | 440M | -88M |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | -87.9% | -152.1% | -33.2% | -55.4% | -27.5% | 39.2% | -14.7% |
| Non-Recurring | -534K | -681K | 3.2M | -269K | 55K | -88K | 0 | 0 | 0 | 15M | 52M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -38.2% | -60.1% | -92.8% | -69.8% | -100.6% | -69.7% | -173.8% | -51.7% | -28.5% | -31.5% | -16.0% | 32.9% | -5.9% |
| ROE | -38.3% | -60.1% | -195.0% | 342.6% | 137.0% | 75.0% | -189.6% | N/A | 133.5% | 80.7% | 28.0% | -117.2% | 0.0% |
| ROA | -32.5% | -47.4% | -71.8% | -52.7% | -72.4% | -69.7% | -47.7% | -83.8% | -27.2% | -26.9% | -11.2% | 32.2% | -8.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -67M | -126M | -259M | -144M | -185M | -137M | -43M | 323M | -416M | -714M | -87M | -245M | -92M |
| Free Cash Flow | -74M | -144M | -277M | -149M | -186M | -138M | -97M | 265M | -434M | -722M | -88M | -245M | -93M |
| Owner Earnings | -78M | -145M | -286M | -172M | -211M | -159M | -175M | 126M | -575M | -840M | -183M | -309M | -148M |
| CapEx | 7.3M | 18M | 18M | 4.2M | 1.4M | 1.9M | 55M | 57M | 18M | 7.9M | 1.1M | 828K | 1.3M |
| Maint. CapEx | 4.4M | 5.1M | 7.7M | 7.6M | 7.4M | 5.1M | 4.3M | 13M | 29M | 41M | 48M | 28M | 23M |
| Growth CapEx | 2.9M | 13M | 11M | 0 | 0 | 0 | 50M | 44M | 0 | 0 | 0 | 0 | 0 |
| D&A | 4.4M | 5.1M | 7.7M | 7.6M | 7.4M | 5.1M | 4.3M | 13M | 29M | 41M | 48M | 28M | 23M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.2% | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 6.1M | 13M | 19M | 20M | 18M | 17M | 128M | 184M | 130M | 85M | 48M | 36M | 33M |
| Debt Repayment | 0 | 0 | 10.0M | 0 | 0 | 0 | 0 | 0 | 0 | 325M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -166M | -230M | 81M | 160M | 227M | 242M | -551M | -1.1B | -1.1B | -349M | -720M | -462M | -497M |
| Cash & Equiv. | 32M | 93M | 144M | 106M | 70M | 79M | 553M | 1.5B | 1.3B | 569M | 530M | 241M | 790M |
| Long-Term Debt | 395K | 0 | 316M | 318M | 319M | 0 | 40M | 0 | 31M | 56M | 54M | 2.1M | 291M |
| Debt/Equity | 0.01 | 0.00 | -57.04 | -3.12 | -1.90 | -1.72 | 0.25 | -1.12 | -0.37 | -0.31 | -0.32 | -2.14 | 0.00 |
| Interest Coverage | -533.1 | -652.4 | -20.8 | -12.2 | -12.8 | -8.9 | -27.5 | -79.8 | -32.4 | -39.3 | -43.7 | 87.1 | 87.1 |
| Equity | 230M | 293M | -5.5M | -102M | -168M | -186M | 627M | -352M | -634M | -717M | -624M | -128M | -145M |
| Total Assets | 276M | 386M | 394M | 302M | 208M | 173M | 1.6B | 2.6B | 2.3B | 1.8B | 1.6B | 1.2B | 1.0B |
| Total Liabilities | 46M | 93M | 400M | 404M | 376M | 359M | 955M | 2.9B | 2.9B | 2.5B | 2.2B | 1.3B | 1.2B |
| Intangibles | 13M | 11M | 9.2M | 7.9M | 6.5M | 5.6M | 5.7M | 4.8M | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -493M | -650M | -930M | -1.1B | -1.3B | -1.4B | -1.9B | -3.6B | -4.3B | -4.8B | -5.0B | -4.6B | -4.6B |
| Working Capital | 154M | 211M | 221M | 130M | 74M | 71M | 669M | -235M | -757M | -491M | -25M | 518M | 508M |
| Current Assets | 188M | 287M | 288M | 203M | 119M | 97M | 1.2B | 2.2B | 1.7B | 1.1B | 1.1B | 978M | 851M |
| Current Liabilities | 34M | 76M | 66M | 74M | 46M | 26M | 580M | 2.4B | 2.5B | 1.6B | 1.2B | 460M | 342M |
| Per Share Data | |||||||||||||
| EPS | -3.70 | -6.00 | -10.30 | -5.69 | -99.90 | -2.76 | -7.27 | -23.44 | -8.42 | -5.41 | -1.23 | 2.58 | -0.54 |
| Owner EPS | -3.46 | -5.53 | -10.51 | -5.32 | -113.85 | -3.30 | -3.04 | 1.70 | -7.36 | -8.34 | -1.20 | -1.81 | -0.90 |
| Book Value | 10.24 | 11.19 | -0.20 | -3.15 | -90.81 | -3.86 | 10.90 | -4.73 | -8.11 | -7.12 | -4.09 | -0.75 | -0.88 |
| Cash Flow/Share | -2.99 | -4.82 | -9.52 | -4.47 | -99.94 | -2.84 | -0.74 | 4.34 | -5.32 | -7.09 | -0.57 | -1.43 | -0.40 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 22.4M | 26.2M | 27.2M | 32.3M | 1.8M | 48.2M | 57.5M | 74.4M | 78.1M | 100.8M | 152.4M | 170.7M | 164.4M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.6 | -13.8 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 43.7 | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.5 | N/A |
| Price/Book | 115.6 | 148.0 | N/A | N/A | N/A | N/A | 10.7 | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | N/A | 8.3 | 12.5 | 2.1 | 0.8 | 2.1 | 1.1 | 2.1 |
| FCF Yield | -0.3% | -0.3% | -3.9% | -1.8% | -27.4% | -144.1% | -1.4% | 2.3% | -61.2% | -145.9% | -7.0% | -21.1% | -7.6% |
| Market Cap | 26.5B | 43.3B | 7.1B | 8.4B | 681M | 96M | 6.7B | 11.6B | 708M | 495M | 1.3B | 1.2B | 1.2B |
| Avg. Price | 98.31 | 178.67 | 96.59 | 23.48 | 35.09 | 12.36 | 68.22 | 192.95 | 52.21 | 7.82 | 9.36 | 7.56 | 7.46 |
| Year-End Price | 118.40 | 165.60 | 26.00 | 26.00 | 36.80 | 3.99 | 116.85 | 155.84 | 9.06 | 4.91 | 8.28 | 6.83 | 7.46 |
NOVAVAX INC passes 3 of 9 quality checks, indicating weak fundamentals.
NOVAVAX INC trades at 2.9x trailing earnings, compared to its 15-year median P/E of 2.6x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average gross margin is 75.5%. At current prices, the estimated annualized return to fair value is +6.3%.
NOVAVAX INC (NVAX) has a net profit margin of 39.2%. This is a strong margin indicating high profitability.
NOVAVAX INC (NVAX) generated $-245 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
NOVAVAX INC (NVAX) reported earnings per share (EPS) of $2.58 in its most recent fiscal year.
NOVAVAX INC (NVAX) has a return on equity (ROE) of -117.2%. A negative ROE may indicate losses or negative equity.
NOVAVAX INC (NVAX) has a 5-year average gross margin of 75.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for NOVAVAX INC (NVAX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NOVAVAX INC (NVAX) has a book value per share of $-0.75, based on its most recent annual SEC filing.