CureVac N.V. (CVAC) Financials
Newest figures come from the 6-K for Q2 FY2025, filed Aug 15, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CVAC SEC filings page.
CureVac N.V. (CVAC) reported $567.9M in revenue over the twelve months to Jun 30, 2025, up 697.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Scored against operating companies for FY2024. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of CureVac N.V.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
CureVac N.V. has an operating margin of 33.2%, meaning the company retains $33 of operating profit per $100 of revenue. Among its peers this margin ranks in the lower range, for a profitability score of 15/100. This is up from -510.1% the prior year.
CureVac N.V.'s revenue surged 831.5% year-over-year to $554.0M, reflecting rapid business expansion. This strong growth earns a score of 99/100.
With a current ratio of 7.28, CureVac N.V. holds $7.28 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 95/100.
CureVac N.V.'s free cash flow margin of 16.4% results in a low score of 2/100. Capital expenditures of $14.8M absorb a large share of operating cash flow.
CureVac N.V. generates a 23.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 22/100. This is up from -50.3% the prior year.
CureVac N.V. scores 5.35, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $1.0B against total liabilities of $109.9M. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
CureVac N.V. passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, CureVac N.V. generates $0.63 in operating cash flow ($105.4M OCF vs $167.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
CureVac N.V. earns $214.33 in operating income for every $1 of interest expense ($183.9M vs $858K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
CureVac N.V. generated $1.5M in revenue in Q2 2025. This represents a decrease of 90.5% from the same quarter a year earlier. Against the prior quarter it is up 52.0%.
CureVac N.V. reported a net loss of $70.1M in Q2 2025. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
CureVac N.V. earned -$0.31 per diluted share (EPS) in Q2 2025. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2025.
Cash & Balance Sheet
CureVac N.V. recorded an outflow of $50.4M in free cash flow in Q2 2025, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
CureVac N.V. held $462.2M in cash as of Q2 2025; no long-term debt figure is on record for that period.
Not reported for Q2 2025.
Margins & Returns
CureVac N.V.'s gross margin was -77.7% in Q2 2025, indicating the percentage of revenue retained after direct costs. Against the prior quarter it is down 79.7 percentage points. No change is given against Q2 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
CureVac N.V.'s quarterly ROE was -10.2% in Q2 2025: one quarter's net income over shareholder equity, not annualized. This is up 9.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.1 percentage points.
Not shown for Q2 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
CureVac N.V. invested $41.1M in research and development in Q2 2025. This represents an increase of 23.3% from the same quarter a year earlier. Against the prior quarter it is up 1.2%.
CureVac N.V. invested $858K in capex in Q2 2025, funding long-term assets and infrastructure. This represents a decrease of 76.5% from the same quarter a year earlier. Against the prior quarter it is up 64.2%.
Not reported for Q2 2025.
CVAC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'256-K | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'246-K | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5M-90.5% | $964K-92.8% | $15.0M-40.0% | $550.5M+3055.3% | $15.5M+86.8% | $13.4M+72.3% | $25.0M+99.6% | $17.4M+59.0% |
| Cost of Revenue | $2.6M-94.0% | $945K-97.9% | $1.5M-97.4% | $24.4M-4.9% | $43.6M+54.5% | $45.0M+100.5% | $59.3M-30.7% | $25.7M+9.1% |
| Gross Profit | -$1.1Mn/m | $19Kn/m | $13.4Mn/m | $526.0Mn/m | -$28.2Mn/m | -$31.6Mn/m | -$34.3Mn/m | -$8.3Mn/m |
| R&D Expenses | $41.1M+23.3% | $40.6M+35.2% | $45.7M+23.8% | $55.7M+93.2% | $33.3M-1.2% | $30.0M+13.9% | $36.9M+24.9% | $28.8M+135.6% |
| Operating Income | -$72.7Mn/m | -$59.1Mn/m | -$45.3Mn/m | $410.6Mn/m | -$78.9Mn/m | -$79.1Mn/m | -$97.4Mn/m | -$57.2Mn/m |
| EBITDA | N/A | N/A | N/A | N/A | N/A | -$73.9Mn/m | -$90.7Mn/m | -$50.9Mn/m |
| Interest Expense | $665K+300.6% | $360K-2.0% | $200Kn/m | $157K-75.2% | $166K-91.5% | $367K-64.5% | -$928K-237.7% | $633K+19.6% |
| Income Tax | -$478K-134.3% | $463K-35.6% | -$6.0M-3389.8% | $36.3M+570786.4% | $1.4M+4808.1% | $719K+66003.8% | $183K+401.8% | $6Kn/m |
| Net Income | -$70.1Mn/m | -$56.2Mn/m | -$33.9Mn/m | $376.7Mn/m | -$77.7Mn/m | -$76.1Mn/m | -$95.9Mn/m | -$51.5Mn/m |
| EPS (Basic) | -$0.31n/m | -$0.25n/m | -$0.16n/m | $1.68n/m | -$0.34n/m | -$0.33n/m | -$0.43n/m | -$0.23n/m |
| EPS (Diluted) | -$0.31n/m | -$0.25n/m | -$0.14n/m | $1.67n/m | -$0.34n/m | -$0.33n/m | -$0.43n/m | -$0.23n/m |
| Diluted Shares (Avg) | N/A | N/A | N/A | 225M+0.6% | N/A | N/A | N/A | 224M |
Not reported in any period shown, so not listed: SG&A Expenses.
CVAC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'256-K | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'246-K | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $810.8M+35.9% | $801.4M+7.6% | $831.0M-4.7% | $952.0M+6.8% | $596.4M-39.3% | $745.0M-29.6% | $872.0M-5.3% | $891.8M+0.1% |
| Current Assets | $494.1M+83.4% | $506.4M+24.2% | $544.9M+3.0% | $651.7M+14.7% | $269.5M-59.1% | $407.8M-45.4% | $529.2M-15.3% | $568.2M-6.7% |
| Cash & Equivalents | $462.2M+113.1% | $473.2M+46.1% | $498.7M+12.0% | $613.9M+25.0% | $216.9M-63.1% | $323.9M-51.8% | $445.2M-16.1% | $491.3M-7.2% |
| Inventory | $637K+30.1% | $584K-97.9% | $560K-98.0% | $524K-97.9% | $489K-98.0% | $28.3M+5.4% | $27.4M+6.9% | $24.7M+220.4% |
| Goodwill | $29.5M+2.7% | $26.7M-21.0% | $26.0M-17.0% | $29.2M-9.3% | $28.7M-17.0% | $33.8M+1.6% | $31.4M-7.8% | $32.2M-2.4% |
| Total Liabilities | $120.7M-37.5% | $103.2M-60.7% | $109.9M-63.4% | $144.3M-43.3% | $193.1M-29.4% | $262.8M-7.1% | $300.1M-14.3% | $254.3M-8.9% |
| Current Liabilities | $80.1M-32.1% | $66.2M-63.5% | $74.9M-63.7% | $105.2M-34.1% | $117.8M-31.0% | $181.2M+84.6% | $206.2M+23.4% | $159.5M-5.4% |
| Non-Current Liabilities | $40.6M-46.1% | $37.0M-54.6% | $35.1M-62.7% | $39.2M-58.7% | $75.3M-26.8% | $81.6M-55.9% | $93.9M-48.6% | $94.9M-14.3% |
| Total Equity | $690.2M+71.1% | $698.2M+44.8% | $721.1M+26.1% | $807.7M+26.7% | $403.3M-43.1% | $482.3M-37.8% | $571.8M+0.2% | $637.4M+4.3% |
| Retained Earnings | -$1.8Bn/m | -$1.6Bn/m | -$1.5Bn/m | -$1.5Bn/m | -$1.8Bn/m | -$1.8Bn/m | -$1.7Bn/m | -$1.6Bn/m |
Not reported in any period shown, so not listed: Short-Term Investments, Accounts Receivable, Long-Term Investments, Long-Term Debt.
CVAC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'256-K | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'246-K | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$49.5Mn/m | -$44.7Mn/m | -$68.9Mn/m | $394.6Mn/m | -$95.4Mn/m | -$104.2Mn/m | -$48.2Mn/m | -$64.1Mn/m |
| Depreciation & Amortization | N/A | N/A | N/A | N/A | N/A | $5.3M-17.5% | $6.6M+1479.3% | $6.3M-4.5% |
| Capital Expenditures | $858K-76.5% | $523K-90.5% | $2.6M-83.2% | $3.7M-68.4% | $3.7M-76.4% | $5.5M-61.3% | $15.6M-30.0% | $11.6M-49.8% |
| Free Cash Flow | -$50.4Mn/m | -$45.2Mn/m | -$71.5Mn/m | $391.0Mn/m | -$99.1Mn/m | -$109.7Mn/m | -$63.9Mn/m | -$75.7Mn/m |
| Investing Cash Flow | -$1.8Mn/m | -$552Kn/m | -$2.7Mn/m | -$3.7Mn/m | -$8.0Mn/m | -$5.5Mn/m | -$15.9Mn/m | -$14.2Mn/m |
| Financing Cash Flow | -$1.5Mn/m | -$1.4Mn/m | -$1.3Mn/m | -$1.7Mn/m | -$1.3Mn/m | -$1.2M-100.5% | -$1.6M-104.4% | -$1.3M-105.0% |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.
CVAC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'256-K | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'246-K | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -77.7% | 2.0% | 89.7% | 95.6%+142.9pp | -182.1% | -236.9% | -137.5% | -47.3% |
| Operating Margin | -4959.5% | -6128.4% | -302.4% | 74.6% | -510.0% | -592.6% | -390.0% | -327.8% |
| Net Margin | -4783.9% | -5832.5% | -226.4% | 68.4% | -502.5% | -570.2% | -384.0% | -295.3% |
| Return on Equity | -10.2%+9.1pp | -8.1%+7.7pp | -4.7%+12.1pp | 46.7%+54.7pp | -19.3%-8.9pp | -15.8%-7.7pp | -16.8%+7.4pp | -8.1%-0.5pp |
| Return on Assets | -8.6%+4.4pp | -7.0%+3.2pp | -4.1%+6.9pp | 39.6%+45.4pp | -13.0%-5.5pp | -10.2%-4.3pp | -11.0%+4.0pp | -5.8%-0.6pp |
| Current Ratio | 6.17+3.9x | 7.65+5.4x | 7.28+4.7x | 6.20+2.6x | 2.29-1.6x | 2.25-5.4x | 2.57-1.2x | 3.560.0x |
| Liabilities-to-Equity | 0.17-0.3x | 0.15-0.4x | 0.15-0.4x | 0.18-0.2x | 0.48+0.1x | 0.54+0.2x | 0.52-0.1x | 0.40-0.1x |
| Asset Turnover | 0.000.0x | 0.000.0x | 0.020.0x | 0.58+0.6x | 0.030.0x | 0.020.0x | 0.030.0x | 0.020.0x |
| FCF Margin | -3437.0% | -4687.3% | -477.6% | 71.0% | -640.9% | -821.4% | -255.9% | -434.0% |
Not reported in any period shown, so not listed: Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| CureVac N.V. CVAC | FY2024 | $554.0M | $167.9M | 30.3% | $1.0B | 52/100 |
| Amylyx Pharmaceuticals, Inc. AMLX | FY2025 | $0 | -$144.7M | N/A | $3.4B | — |
| Zymeworks Inc. ZYME | FY2025 | $106.0M | -$81.1M | -76.6% | $2.0B | 77/100 |
| Intellia Therapeutics, Inc NTLA | FY2025 | $67.7M | -$412.7M | N/A | $1.6B | 66/100 |
| Arcus Biosciences, Inc. RCUS | FY2025 | $247.0M | -$353.0M | N/A | $2.4B | 62/100 |
Where CureVac N.V. Ranks
Frequently Asked Questions
What is CureVac N.V.'s annual revenue?
CureVac N.V. (CVAC) reported $554.0M in total revenue for fiscal year 2024. This represents a 831.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is CureVac N.V.'s revenue growing?
CureVac N.V. (CVAC) revenue grew by 831.5% year-over-year, from $59.5M to $554.0M in fiscal year 2024.
Is CureVac N.V. profitable?
Yes, CureVac N.V. (CVAC) reported a net income of $216.5M over the trailing 12 months to June 30, 2025. In fiscal year 2024 it reported a net income of $167.9M, with a net profit margin of 30.3%.
What is CureVac N.V.'s gross margin?
CureVac N.V. (CVAC) had a gross margin of 80.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is CureVac N.V.'s operating margin?
CureVac N.V. (CVAC) had an operating margin of 33.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is CureVac N.V.'s net profit margin?
CureVac N.V. (CVAC) had a net profit margin of 30.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is CureVac N.V.'s return on equity (ROE)?
CureVac N.V. (CVAC) has a return on equity of 23.3% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is CureVac N.V.'s free cash flow?
CureVac N.V. (CVAC) generated $90.6M in free cash flow during fiscal year 2024. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is CureVac N.V.'s operating cash flow?
CureVac N.V. (CVAC) generated $105.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are CureVac N.V.'s total assets?
CureVac N.V. (CVAC) had $831.0M in total assets as of fiscal year 2024, including both current and long-term assets.
What are CureVac N.V.'s capital expenditures?
CureVac N.V. (CVAC) invested $14.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does CureVac N.V. spend on research and development?
CureVac N.V. (CVAC) invested $158.4M in research and development during fiscal year 2024.
What is CureVac N.V.'s current ratio?
CureVac N.V. (CVAC) had a current ratio of 7.28 as of fiscal year 2024, which is generally considered healthy.
What is CureVac N.V.'s liabilities-to-equity ratio?
CureVac N.V. (CVAC) had a liabilities-to-equity ratio of 0.15 as of fiscal year 2024, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2024, because the filing data we hold for that year carries no long-term debt figure.
What is CureVac N.V.'s return on assets (ROA)?
CureVac N.V. (CVAC) had a return on assets of 20.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is CureVac N.V.'s Altman Z-Score?
CureVac N.V. (CVAC) has an Altman Z-Score of 5.35, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is CureVac N.V.'s Piotroski F-Score?
CureVac N.V. (CVAC) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are CureVac N.V.'s earnings high quality?
CureVac N.V. (CVAC) has an earnings quality ratio of 0.63x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can CureVac N.V. cover its interest payments?
CureVac N.V. (CVAC) has an interest coverage ratio of 214.33x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is CureVac N.V.?
CureVac N.V. (CVAC) scores 52 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.