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NVAX · Nasdaq · United States · Biological Products, (No Diagnostic Substances)
In shortNOVAVAX INC is profitable, burns cash and holds more cash than debt, with revenue growing (+64.7% last year).
Financial health
Weak
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 40.3% | 100/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 39.2% | 100/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | – | 0/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 387.2% | 100/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 2.13× | 100/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | – | 0/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | Net cash | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 20.08× | 100/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | -7.28 | 0/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | -22.3% | 0/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | -0.57× | 0/100 |
| Years with positive free cash flow (last 5) | 1 of 5 | 0/100 |
Weight in the score: 20%
| Profitable years (last 5) | 1 of 5 | 20/100 |
|---|---|---|
| Years of revenue decline (last 5) | 2 of 5 | 33/100 |
| Revenue growth volatility | 79.1% | 0/100 |
| Operating margin volatility | 67.2% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | -17.2% | 0/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 1,146 | 1,982 | 984 | 682 | 1,123 |
| Cost of revenue | 0 | 903 | 344 | 203 | 73 |
| Gross profit | 1,146 | 1,079 | 640 | 479 | 1,050 |
| Research & development | 2,535 | 1,235 | 738 | 391 | 342 |
| Selling, general & admin | – | 489 | 469 | 337 | 157 |
| Operating income | (1,687) | (645) | (567) | (249) | 453 |
| Interest expense | 21 | 20 | 14 | 20 | 23 |
| Pre-tax income | (1,715) | (654) | (543) | (177) | 442 |
| Income tax | 29 | 4.3 | 2 | 11 | 1.9 |
| Net income | (1,744) | (658) | (545) | (187) | 440 |
| Diluted EPS | −$23.44 | −$8.42 | −$5.41 | −$1.23 | $2.58 |
| Diluted shares (millions) | 74 | 78 | 101 | 152 | 173 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 8 reported quarters (10-Q and 10-K filings), in USD millions. The fourth quarter is derived from the annual report.
The last 8 quarters of NOVAVAX INC are included in the Investor plan. Try free for 7 days →
−7.28 Distress zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
5/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Jun 30, 2026 · Data updated Aug 6, 2026