Novavax Inc (NVAX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NVAX SEC filings page.
Novavax Inc (NVAX) reported $413.8M in revenue over the twelve months to Jun 30, 2026, down 61.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
FY2025 profitability came from a dramatic margin reset, but negative operating cash flow shows reported earnings have not yet become cash.
The unusual split between FY2025 net profit of$440M and operating cash flow of-$245M means the accounting turnaround did not yet translate into cash generation, making earnings quality the central question in the reported numbers.
Gross margin widened from
Short-term coverage improved to 2.1x, but liabilities still exceeded assets, leaving equity negative. Reported liquidity equaled 36.1 months of the latest annual operating outflow, so the near-term liquidity measure and the long-term capital structure point in different directions.
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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 Novavax Inc'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.
Novavax Inc has an operating margin of 40.3%, meaning the company retains $40 of operating profit per $100 of revenue. This below-average margin results in a low score of 26/100, suggesting thin profitability after operating expenses. This is up from -36.5% the prior year.
Novavax Inc's revenue surged 64.7% year-over-year to $1.1B, reflecting rapid business expansion. This strong growth earns a score of 57/100.
Novavax Inc's current ratio of 2.13 indicates adequate short-term liquidity, earning a score of 62/100. The company can meet its near-term obligations, though with limited headroom.
Not available for Novavax Inc, and counted as zero in the overall score.
Novavax Inc scores -1.71, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.1B) relative to total liabilities ($1.3B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Novavax Inc passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Novavax Inc used $0.56 of operating cash (-$244.6M OCF vs $440.3M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Novavax Inc earns $39.28 in operating income for every $1 of interest expense ($452.8M vs $11.5M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Novavax Inc generated $56.7M in revenue in Q2 2026. This represents a decrease of 76.3% from the same quarter a year earlier. Against the prior quarter it is down 59.4%.
Novavax Inc's EBITDA was -$51.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 147.7% from the same quarter a year earlier. Against the prior quarter it is down 319.2%.
Novavax Inc reported -$53.4M in net income in Q2 2026. This represents a decrease of 150.1% from the same quarter a year earlier. Against the prior quarter it is down 462.5%.
Novavax Inc earned -$0.32 per diluted share (EPS) in Q2 2026. This represents a decrease of 151.6% from the same quarter a year earlier. Against the prior quarter it is down 433.3%.
Cash & Balance Sheet
Novavax Inc held $191.5M in cash against $291.5M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Novavax Inc's gross margin was 74.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 18.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.1 percentage points.
Novavax Inc's operating margin was -96.8% in Q2 2026, reflecting core business profitability. This is down 139.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 85.8 percentage points.
Novavax Inc's net profit margin was -94.2% in Q2 2026, showing the share of revenue converted to profit. This is down 138.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 87.4 percentage points.
Not reported for Q2 2026.
Capital Allocation
Novavax Inc invested $70.7M in research and development in Q2 2026. This represents a decrease of 10.8% from the same quarter a year earlier. Against the prior quarter it is down 26.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
NVAX 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $56.7M-76.3% | $139.5M-79.1% | $147.1M+66.6% | $70.4M-16.6% | $239.2M-42.4% | $666.7M+610.3% | $88.3M-69.7% | $84.5M-54.8% |
| Cost of Revenue | $14.2M-7.0% | $30.7M+117.5% | $22.1M-39.7% | $21.5M-64.5% | $15.3M-66.9% | $14.1M-76.2% | $36.7M-76.3% | $60.6M-38.7% |
| Gross Profit | $42.5M-81.0% | $108.8M-83.3% | $125.0M+142.1% | $48.9M+104.9% | $223.9M-39.4% | $652.5M+1783.4% | $51.6M-62.1% | $23.9M-72.9% |
| R&D Expenses | $70.7M-10.8% | $95.5M+7.3% | $75.9M-27.3% | $98.3M+12.7% | $79.2M-25.9% | $88.9M-4.0% | $104.4M-36.6% | $87.2M-17.9% |
| SG&A Expenses | $26.7M-38.9% | $28.8M-40.2% | $34.1M-56.4% | $31.7M-55.3% | $43.6M-56.9% | $48.1M-44.6% | $78.3M-49.5% | $70.7M-34.2% |
| Operating Income | -$54.9M-154.3% | -$15.4M-103.0% | $14.2M+110.9% | -$178.0M-32.8% | $101.1M-37.2% | $515.5M+455.9% | -$131.1M+28.6% | -$134.0M-6.7% |
| EBITDA | -$51.9M-147.7% | -$12.4M-102.4% | $19.7M+116.6% | -$171.4M-41.3% | $108.6M-36.9% | $523.9M+494.8% | -$119.1M+31.2% | -$121.3M-6.1% |
| Interest Expense | $4.5M+72.6% | $3.7M+42.1% | $3.3M+199.5% | $3.0M+13.3% | $2.6M+1.0% | $2.6M-35.9% | $1.1M-73.2% | $2.6M-8.8% |
| Income Tax | $1.7M+80.9% | $985K-17.9% | $376K-95.0% | -$657K+36.3% | $946K-57.1% | $1.2M-46.9% | $7.4M+341.3% | -$1.0M-48.1% |
| Net Income | -$53.4M-150.1% | -$9.5M-101.8% | $17.5M+121.6% | -$202.4M-66.8% | $106.5M-34.4% | $518.6M+451.5% | -$81.0M+54.6% | -$121.3M+7.2% |
| EPS (Basic) | -$0.32-148.5% | -$0.06-101.9% | $0.11+121.2% | -$1.25-64.5% | $0.66-39.4% | $3.22+406.7% | -$0.52+64.6% | -$0.76+39.7% |
| EPS (Diluted) | -$0.32-151.6% | -$0.06-102.0% | $0.05 | -$1.25-64.5% | $0.62-37.4% | $2.93+379.0% | -$0.52+64.6% | -$0.76 |
| Diluted Shares (Avg) | 165M-7.1% | 163M-8.1% | N/A | 162M+1.4% | 177M+6.8% | 178M+27.0% | N/A | 160M |
NVAX 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $955.6M-28.5% | $1.0B-19.3% | $1.2B-24.6% | $1.2B-31.1% | $1.3B-26.5% | $1.3B-4.5% | $1.6B-13.2% | $1.7B+3.3% |
| Current Assets | $771.1M-16.1% | $850.8M-2.0% | $978.3M-13.3% | $974.6M-11.7% | $919.5M-23.6% | $868.0M+19.4% | $1.1B-1.3% | $1.1B+9.6% |
| Cash & Equivalents | $191.5M-24.5% | $228.4M-13.3% | $240.6M-54.6% | $268.0M-53.3% | $253.7M-62.7% | $263.3M-45.2% | $530.2M-6.7% | $573.6M-11.9% |
| Short-Term Investments | $527.9M+47.2% | $562.0M+20.0% | $494.4M+25.9% | $494.9M+47.3% | $358.6M-2.9% | $468.1M | $392.9M | $335.9M |
| Inventory | $10.0M-2.3% | $11.5M+11.6% | $11.5M+32.0% | $13.5M+56.4% | $10.2M+11.6% | $10.3M-35.0% | $8.7M-79.0% | $8.6M-87.6% |
| Accounts Receivable | $18.7M-91.7% | $23.3M-47.6% | $106.4M-1.7% | $34.2M-64.0% | $226.4M+605.2% | $44.5M+108.2% | $108.3M-63.6% | $95.0M-23.2% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $112.5M-0.4% | $112.9M+0.8% | $113.5M+5.6% | $113.1M-10.8% | $113.0M-8.4% | $112.0M-9.1% | $107.5M-15.7% | $126.8M+2.4% |
| Total Liabilities | $1.1B-11.8% | $1.2B-13.2% | $1.3B-40.3% | $1.3B-40.3% | $1.3B-42.3% | $1.4B-38.4% | $2.2B-13.1% | $2.2B-4.1% |
| Current Liabilities | $330.6M-15.0% | $342.5M-18.9% | $459.9M-60.2% | $429.9M-63.6% | $389.1M-66.4% | $422.2M-47.5% | $1.2B-29.4% | $1.2B-19.6% |
| Non-Current Liabilities | $815.7M-10.3% | $845.5M-10.7% | $844.3M-18.0% | $906.7M-14.3% | $909.8M-16.7% | $946.5M-33.2% | $1.0B+17.1% | $1.1B+22.0% |
| Long-Term Debt | $291.5M | $291.0M | $244.2M | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$190.7M-606.9% | -$144.8M-91.4% | -$127.8M+79.5% | -$156.7M+70.2% | $37.6M+108.7% | -$75.6M+91.3% | -$623.8M+13.0% | -$526.4M+22.4% |
| Retained Earnings | -$4.6B-5.7% | -$4.6B-2.0% | -$4.6B+8.8% | -$4.6B+6.9% | -$4.4B+8.8% | -$4.5B+9.6% | -$5.0B-3.9% | -$4.9B-6.1% |
NVAX 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$72.8M+42.9% | -$32.4M+82.5% | -$39.5M+77.2% | $107.8M+174.4% | -$127.5M-140.6% | -$185.5M-122.0% | -$173.2M+2.0% | -$144.8M-265.2% |
| Depreciation & Amortization | $3.1M-59.6% | $3.1M-63.3% | $5.5M-54.1% | $6.6M-48.1% | $7.6M-32.1% | $8.3M-31.3% | $12.0M+13.7% | $12.7M+12.2% |
| Stock-Based Compensation | $8.1M-12.2% | $7.7M-24.9% | N/A | $8.5M-29.0% | $9.2M-34.6% | $10.3M-11.0% | N/A | $12.0M-42.0% |
| Investing Cash Flow | $34.9M-68.6% | -$28.4M+61.3% | $20.5M-85.8% | -$136.5M-527.8% | $111.1M+129.8% | -$73.3M-911.3% | $144.0M+1686.3% | $31.9M+273.5% |
| Financing Cash Flow | $1.2M+215.5% | $37.7M+633.6% | -$6.6M-93.0% | $42.4M+43854.6% | -$1.0M-100.4% | -$7.1M-220.0% | -$3.4M-103.4% | -$97K-100.0% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
NVAX 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.9%-18.7pp | 78.0%-19.9pp | 85.0%+26.5pp | 69.5%+41.2pp | 93.6%+4.7pp | 97.9%+61.0pp | 58.5%+11.7pp | 28.3%-18.8pp |
| Operating Margin | -96.8%-139.1pp | -11.1%-88.4pp | 9.7% | -252.7% | 42.3%+3.5pp | 77.3% | -148.4% | -158.6% |
| Net Margin | -94.2%-138.7pp | -6.8%-84.6pp | 11.9%+103.7pp | -287.3% | 44.5%+5.4pp | 77.8% | -91.8%-30.5pp | -143.5% |
| Return on Equity | N/A | N/A | N/A | N/A | 283.1% | N/A | N/A | N/A |
| Return on Assets | -5.6%-13.6pp | -0.9%-41.0pp | 1.5%+6.7pp | -17.2%-10.1pp | 8.0%-1.0pp | 40.1%+51.0pp | -5.2%+4.7pp | -7.1%+0.8pp |
| Current Ratio | 2.330.0x | 2.48+0.4x | 2.13+1.1x | 2.27+1.3x | 2.36+1.3x | 2.06+1.2x | 0.98+0.3x | 0.93+0.2x |
| Debt-to-Equity | N/A | N/A | N/A | N/A | 34.52 | N/A | N/A | N/A |
| Asset Turnover | 0.06-0.1x | 0.13-0.4x | 0.13+0.1x | 0.060.0x | 0.180.0x | 0.52+0.4x | 0.06-0.1x | 0.05-0.1x |
Not reported in any period shown, so not listed: FCF Margin.
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: Operating Margin, Net Margin.
Note: Shareholder equity is negative (-$127.8M), 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.
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 |
|---|---|---|---|---|---|---|
| Novavax Inc NVAX | FY2025 | $1.1B | $440.3M | 39.2% | $2.1B | 41/100 |
| AbCellera Biologics Inc. ABCL | FY2025 | $75.1M | -$146.4M | N/A | $4.1B | 51/100 |
| Zymeworks Inc. ZYME | FY2025 | $106.0M | -$81.1M | -76.6% | $1.9B | 76/100 |
| Syndax Pharmaceuticals, Inc. SNDX | FY2025 | $172.4M | -$285.4M | N/A | $1.5B | 59/100 |
| Stoke Therapeutics, Inc. STOK | FY2025 | $184.4M | -$6.9M | -3.7% | $1.6B | 83/100 |
| Precigen, Inc. PGEN | FY2025 | $9.7M | -$250.6M | N/A | $2.8B | 49/100 |
Where Novavax Inc Ranks
Frequently Asked Questions
What is Novavax Inc's annual revenue?
Novavax Inc (NVAX) reported $1.1B in total revenue for fiscal year 2025. This represents a 64.7% 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 grew by 64.7% year-over-year, from $682.2M to $1.1B in fiscal year 2025.
Is Novavax Inc profitable?
Yes, Novavax Inc (NVAX) reported a net income of $440.3M in fiscal year 2025, with a net profit margin of 39.2%.
What is Novavax Inc's EBITDA?
Novavax Inc (NVAX) had EBITDA of $480.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Novavax Inc have?
As of fiscal year 2025, Novavax Inc (NVAX) had $240.6M in cash and equivalents against $244.2M in long-term debt.
What is Novavax Inc's gross margin?
Novavax Inc (NVAX) had a gross margin of 93.5% in fiscal year 2025, 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 40.3% in fiscal year 2025, 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 39.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Novavax Inc's operating cash flow?
Novavax Inc (NVAX) recorded an outflow of $244.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Novavax Inc's total assets?
Novavax Inc (NVAX) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Novavax Inc spend on research and development?
Novavax Inc (NVAX) invested $342.3M in research and development during fiscal year 2025.
What is Novavax Inc's current ratio?
Novavax Inc (NVAX) had a current ratio of 2.13 as of fiscal year 2025, which is generally considered healthy.
What is Novavax Inc's return on assets (ROA)?
Novavax Inc (NVAX) had a return on assets of 37.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Novavax Inc's P/E ratio?
Novavax Inc (NVAX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $2.1B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Novavax Inc's price-to-sales ratio?
Novavax Inc (NVAX) trades at 5.1x sales, its market capitalization divided by revenue of $413.8M revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.1B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Novavax Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Novavax Inc (NVAX) held $735.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $244.6M over that year. Dividing the one by the other, the reported balance equals about 36 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Novavax Inc's debt-to-equity ratio negative or not reported?
Novavax Inc (NVAX) has negative shareholder equity of -$127.8M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Altman Z-Score?
Novavax Inc (NVAX) has an Altman Z-Score of -1.71, placing it in the Distress Zone (elevated 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 Novavax Inc's Piotroski F-Score?
Novavax Inc (NVAX) has a Piotroski F-Score of 5 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 Novavax Inc's earnings high quality?
For every $1 of reported earnings, Novavax Inc (NVAX) used $0.56 of operating cash (-$244.6M OCF vs $440.3M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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 39.28x, 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 Novavax Inc?
Novavax Inc (NVAX) scores 41 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite 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.