Novavax Inc Financials

NVAX

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Novavax Inc (NVAX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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

Piotroski F-Score Neutral

4/9

Novavax Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.47x

For every $1 of reported earnings, Novavax Inc generates $0.47 in operating cash flow (-$87.3M OCF vs -$187.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-23.9x

Novavax Inc earns $-23.9 in operating income for every $1 of interest expense (-$248.9M vs $10.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Revenue

$682.2M

YoY-30.7%

5Y CAGR+105.4%

10Y CAGR+36.4%

Novavax Inc generated $682.2M in revenue in fiscal year 2024. This represents a decrease of 30.7% from the prior year.

EBITDA

-$200.9M

YoY+61.8%

Novavax Inc's EBITDA was -$200.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 61.8% from the prior year.

Free Cash Flow

N/A

Net Income

-$187.5M

YoY+65.6%

Novavax Inc reported -$187.5M in net income in fiscal year 2024. This represents an increase of 65.6% from the prior year.

EPS (Diluted)

$-1.23

YoY+77.3%

Novavax Inc earned $-1.23 per diluted share (EPS) in fiscal year 2024. This represents an increase of 77.3% from the prior year.

Cash & Debt

$530.2M

YoY-6.7%

5Y CAGR+46.4%

10Y CAGR+32.3%

Novavax Inc held $530.2M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

160M

YoY+15.0%

5Y CAGR+37.7%

Novavax Inc had 160M shares outstanding in fiscal year 2024. This represents an increase of 15.0% from the prior year.

Gross Margin

70.3%

YoY+5.2pp

Novavax Inc's gross margin was 70.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 5.2 percentage points from the prior year.

Operating Margin

-36.5%

YoY+21.1pp

5Y CAGR+609.6pp

10Y CAGR+236.5pp

Novavax Inc's operating margin was -36.5% in fiscal year 2024, reflecting core business profitability. This is up 21.1 percentage points from the prior year.

Net Margin

-27.5%

YoY+27.9pp

5Y CAGR+683.6pp

10Y CAGR+243.1pp

Novavax Inc's net profit margin was -27.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 27.9 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$391.2M

YoY-47.0%

5Y CAGR+28.0%

10Y CAGR+15.3%

Novavax Inc invested $391.2M in research and development in fiscal year 2024. This represents a decrease of 47.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

NVAX Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$682.2M-30.7%	$983.7M-50.4%	$2.0B+72.9%	$1.1B+141.0%	$475.6M+2448.5%	$18.7M
Cost of Revenue	$202.7M-41.0%	$343.8M-61.9%	$902.6M	$0	$0	N/A
Gross Profit	$479.4M-25.1%	$639.9M-40.7%	$1.1B-5.8%	$1.1B+141.0%	$475.6M	N/A
R&D Expenses	$391.2M-47.0%	$737.5M-40.3%	$1.2B-51.3%	$2.5B+239.3%	$747.0M+556.2%	$113.8M
SG&A Expenses	$337.2M-28.1%	$468.9M-4.0%	$488.7M+63.8%	$298.4M+105.4%	$145.3M+322.1%	$34.4M
Operating Income	-$248.9M+56.1%	-$566.5M+12.1%	-$644.7M+61.8%	-$1.7B-304.7%	-$416.7M-245.6%	-$120.6M
Interest Expense	$10.4M-27.6%	$14.4M-27.5%	$19.9M-5.9%	$21.1M+39.5%	$15.1M+11.3%	$13.6M
Income Tax	$10.9M+435.9%	$2.0M-52.7%	$4.3M-85.3%	$29.2M	$0	$0
Net Income	-$187.5M+65.6%	-$545.1M+17.2%	-$657.9M+62.3%	-$1.7B-316.9%	-$418.3M-215.2%	-$132.7M
EPS (Diluted)	$-1.23+77.3%	$-5.41+35.7%	$-8.42+64.1%	$-23.44-222.4%	$-7.27-31.9%	$-5.51

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$70.4M-70.6%	$239.2M-64.1%	$666.7M+654.9%	$88.3M-78.7%	$415.5M+342.7%	$93.9M-67.8%	$291.3M+55.8%	$187.0M
Cost of Revenue	$21.5M+40.3%	$15.3M+8.6%	$14.1M-61.5%	$36.7M-20.7%	$46.2M-21.9%	$59.2M-61.8%	$155.0M+56.7%	$98.9M
Gross Profit	$48.9M-78.1%	$223.9M-65.7%	$652.5M+1163.6%	$51.6M-86.0%	$369.2M+965.8%	$34.6M-74.6%	$136.4M+54.9%	$88.1M
R&D Expenses	$98.3M+24.0%	$79.2M-10.9%	$88.9M-14.8%	$104.4M-2.4%	$106.9M+15.4%	$92.7M-43.7%	$164.7M+55.0%	$106.2M
SG&A Expenses	$31.7M-27.4%	$43.6M-9.3%	$48.1M-38.6%	$78.3M-22.7%	$101.3M+16.7%	$86.8M-44.1%	$155.2M+44.5%	$107.5M
Operating Income	-$178.0M-276.1%	$101.1M-80.4%	$515.5M+493.3%	-$131.1M-181.4%	$161.0M+211.2%	-$144.8M+21.1%	-$183.6M-46.1%	-$125.6M
Interest Expense	$3.0M+12.2%	$2.6M0.0%	$2.6M+138.8%	$1.1M-57.7%	$2.6M-36.6%	$4.1M-0.1%	$4.1M+44.0%	$2.9M
Income Tax	-$657K-169.5%	$946K-21.2%	$1.2M-83.9%	$7.4M+237.8%	$2.2M-2.5%	$2.3M+34.0%	$1.7M+342.2%	-$697K
Net Income	-$202.4M-290.0%	$106.5M-79.5%	$518.6M+740.1%	-$81.0M-149.9%	$162.4M+210.1%	-$147.6M+17.3%	-$178.4M-36.4%	-$130.8M
EPS (Diluted)	$-1.25-301.6%	$0.62-78.8%	$2.93+814.6%	$-0.41-141.4%	$0.99+194.3%	$-1.05+20.5%	$-1.32-4.8%	$-1.26

NVAX Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.6B-13.2%	$1.8B-20.4%	$2.3B-12.3%	$2.6B+62.8%	$1.6B+815.0%	$173.0M
Current Assets	$1.1B-1.3%	$1.1B-32.8%	$1.7B-21.0%	$2.2B+72.7%	$1.2B+1183.5%	$97.2M
Cash & Equivalents	$530.2M-6.7%	$568.5M-57.5%	$1.3B-11.8%	$1.5B+173.8%	$553.4M+602.1%	$78.8M
Inventory	$8.7M-79.0%	$41.7M+13.7%	$36.7M+313.5%	$8.9M	N/A	N/A
Accounts Receivable	$108.3M-63.6%	$297.2M+260.8%	$82.4M-81.9%	$455.0M	N/A	N/A
Goodwill	$107.5M-15.7%	$127.5M+0.9%	$126.3M-3.9%	$131.5M-2.9%	$135.4M+164.6%	$51.2M
Total Liabilities	$2.2B-13.1%	$2.5B-13.1%	$2.9B-1.2%	$2.9B+206.6%	$955.3M+166.1%	$359.0M
Current Liabilities	$1.2B-29.4%	$1.6B-33.5%	$2.5B+2.9%	$2.4B+312.4%	$579.7M+2147.2%	$25.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$623.8M+13.0%	-$716.9M-13.1%	-$634.1M-80.3%	-$351.7M-156.1%	$627.2M+437.2%	-$186.0M
Retained Earnings	-$5.0B-3.9%	-$4.8B-12.7%	-$4.3B-18.2%	-$3.6B-93.0%	-$1.9B-30.9%	-$1.4B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$1.2B-11.7%	$1.3B+3.4%	$1.3B-17.1%	$1.6B-14.2%	$1.8B+34.4%	$1.4B-24.7%	$1.8B+8.5%	$1.7B
Current Assets	$974.6M+6.0%	$919.5M+5.9%	$868.0M-23.1%	$1.1B-6.2%	$1.2B+65.5%	$727.1M-36.4%	$1.1B+13.6%	$1.0B
Cash & Equivalents	$268.0M+5.6%	$253.7M-3.6%	$263.3M-50.3%	$530.2M-22.0%	$680.2M+41.5%	$480.6M-15.5%	$568.5M-12.7%	$651.1M
Inventory	$13.5M+31.9%	$10.2M-0.2%	$10.3M+17.3%	$8.7M-4.6%	$9.2M-41.9%	$15.8M-62.2%	$41.7M-40.1%	$69.6M
Accounts Receivable	$34.2M-84.9%	$226.4M+408.6%	$44.5M-58.9%	$108.3M+237.3%	$32.1M+50.2%	$21.4M-92.8%	$297.2M+140.4%	$123.7M
Goodwill	$113.1M+0.1%	$113.0M+0.8%	$112.0M+4.2%	$107.5M-12.9%	$123.4M+0.2%	$123.2M-3.4%	$127.5M+3.0%	$123.8M
Total Liabilities	$1.3B+2.9%	$1.3B-5.1%	$1.4B-37.3%	$2.2B-2.9%	$2.3B+1.3%	$2.2B-11.7%	$2.5B+7.7%	$2.3B
Current Liabilities	$429.9M+10.5%	$389.1M-7.8%	$422.2M-63.4%	$1.2B-0.3%	$1.2B+43.9%	$804.4M-50.8%	$1.6B+11.3%	$1.5B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$156.7M-516.4%	$37.6M+149.7%	-$75.6M+87.9%	-$623.8M-44.5%	-$431.7M+50.2%	-$867.1M-20.9%	-$716.9M-5.7%	-$678.4M
Retained Earnings	-$4.6B-4.6%	-$4.4B+2.4%	-$4.5B+10.4%	-$5.0B-4.2%	-$4.8B+3.3%	-$5.0B-3.1%	-$4.8B-3.8%	-$4.6B

NVAX Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$87.3M+87.8%	-$714.0M-71.7%	-$415.9M-228.8%	$322.9M+859.1%	-$42.5M+68.9%	-$136.6M
Capital Expenditures	N/A	N/A	N/A	$57.5M+5.2%	$54.6M+2841.4%	$1.9M
Free Cash Flow	N/A	N/A	N/A	$265.5M+373.2%	-$97.2M+29.8%	-$138.5M
Investing Cash Flow	-$204.0M-247.0%	-$58.8M+36.8%	-$93.0M-192.8%	$100.2M+126.5%	-$377.8M-1081.4%	$38.5M
Financing Cash Flow	$260.6M+5734.8%	$4.5M-98.6%	$325.0M-29.6%	$461.7M-53.1%	$984.8M+900.9%	$98.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$107.8M+184.6%	-$127.5M+31.3%	-$185.5M-7.1%	-$173.2M-155.1%	$314.3M+476.1%	-$83.6M+52.7%	-$176.8M-345.8%	-$39.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$136.5M-222.9%	$111.1M+251.5%	-$73.3M-150.9%	$144.0M+138.6%	-$372.7M-5040.8%	-$7.3M+20.1%	-$9.1M+50.6%	-$18.4M
Financing Cash Flow	$42.4M+4181.0%	-$1.0M+85.3%	-$7.1M-106.3%	-$3.4M-101.3%	$258.2M+4287.0%	$5.9M-94.1%	$100.4M-49.1%	$197.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NVAX Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	70.3%+5.2pp	65.0%+10.6pp	54.5%-45.5pp	100.0%0.0pp	100.0%	N/A
Operating Margin	-36.5%+21.1pp	-57.6%-25.1pp	-32.5%+114.6pp	-147.1%-59.5pp	-87.6%+558.5pp	-646.1%
Net Margin	-27.5%+27.9pp	-55.4%-22.2pp	-33.2%+118.9pp	-152.1%-64.2pp	-87.9%+623.1pp	-711.0%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-12.0%+18.3pp	-30.3%-1.2pp	-29.1%+38.5pp	-67.7%-41.2pp	-26.4%+50.3pp	-76.7%
Current Ratio	0.98+0.3	0.700.0	0.69-0.2	0.90-1.3	2.15-1.6	3.77
Debt-to-Equity	-3.500.0	-3.51+1.1	-4.56+3.8	-8.33-9.9	1.52+3.5	-1.93
FCF Margin	N/A	N/A	N/A	23.2%+43.6pp	-20.4%+721.6pp	-742.0%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	69.5%-24.1pp	93.6%-4.3pp	97.9%+39.4pp	58.5%-30.4pp	88.9%+52.0pp	36.9%-9.9pp	46.8%-0.3pp	47.1%
Operating Margin	-252.7%-294.9pp	42.3%-35.1pp	77.3%+225.8pp	-148.4%-187.2pp	38.8%+193.1pp	-154.3%-91.3pp	-63.0%+4.2pp	-67.2%
Net Margin	-287.3%-331.8pp	44.5%-33.3pp	77.8%+169.6pp	-91.8%-130.8pp	39.1%+196.3pp	-157.2%-96.0pp	-61.2%+8.7pp	-69.9%
Return on Equity	N/A	283.1%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-17.2%-25.1pp	8.0%-32.1pp	40.1%+45.3pp	-5.2%-14.1pp	8.9%+19.8pp	-10.9%-1.0pp	-9.9%-2.0pp	-7.9%
Current Ratio	2.27-0.1	2.36+0.3	2.06+1.1	0.98-0.1	1.04+0.1	0.90+0.2	0.70+0.0	0.69
Debt-to-Equity	-8.53-43.1	34.52+52.6	-18.09-14.6	-3.50+1.7	-5.21-2.7	-2.56+0.9	-3.51-0.1	-3.44
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$623.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Abcellera Biologics Inc. ABCL

$948.9M

Zymeworks ZYME

$1.7B

Syndax Pharmaceuticals Inc SNDX

$1.8B

Stoke Therapeutics STOK

$1.8B

Precigen Inc PGEN

$1.8B

Frequently Asked Questions

What is Novavax Inc's annual revenue?

Novavax Inc (NVAX) reported $682.2M in total revenue for fiscal year 2024. This represents a -30.7% 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 Novavax Inc's revenue growing?

Novavax Inc (NVAX) revenue declined by 30.7% year-over-year, from $983.7M to $682.2M in fiscal year 2024.

Is Novavax Inc profitable?

No, Novavax Inc (NVAX) reported a net income of -$187.5M in fiscal year 2024, with a net profit margin of -27.5%.

What is Novavax Inc's earnings per share (EPS)?

Novavax Inc (NVAX) reported diluted earnings per share of $-1.23 for fiscal year 2024. This represents a 77.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Novavax Inc's EBITDA?

Novavax Inc (NVAX) had EBITDA of -$200.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Novavax Inc's gross margin?

Novavax Inc (NVAX) had a gross margin of 70.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Novavax Inc's operating margin?

Novavax Inc (NVAX) had an operating margin of -36.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Novavax Inc's net profit margin?

Novavax Inc (NVAX) had a net profit margin of -27.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Novavax Inc's operating cash flow?

Novavax Inc (NVAX) generated -$87.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Novavax Inc's total assets?

Novavax Inc (NVAX) had $1.6B in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Novavax Inc spend on research and development?

Novavax Inc (NVAX) invested $391.2M in research and development during fiscal year 2024.

How many shares does Novavax Inc have outstanding?

Novavax Inc (NVAX) had 160M shares outstanding as of fiscal year 2024.

What is Novavax Inc's current ratio?

Novavax Inc (NVAX) had a current ratio of 0.98 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Novavax Inc's debt-to-equity ratio?

Novavax Inc (NVAX) had a debt-to-equity ratio of -3.50 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Novavax Inc's return on assets (ROA)?

Novavax Inc (NVAX) had a return on assets of -12.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Novavax Inc's cash runway?

Based on fiscal year 2024 data, Novavax Inc (NVAX) had $530.2M in cash against an annual operating cash burn of $87.3M. This gives an estimated cash runway of approximately 73 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Novavax Inc's debt-to-equity ratio negative or unusual?

Novavax Inc (NVAX) has negative shareholder equity of -$623.8M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Novavax Inc's Piotroski F-Score?

Novavax Inc (NVAX) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Novavax Inc's earnings high quality?

Novavax Inc (NVAX) has an earnings quality ratio of 0.47x, considered low quality (accrual-driven). 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 Novavax Inc cover its interest payments?

Novavax Inc (NVAX) has an interest coverage ratio of -23.9x, meaning it can struggle to 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.