Sinovac Biotech Ltd Financials

SVA

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2023 Currency USD FYE December

This page shows Sinovac Biotech Ltd (SVA) financial statements, including the 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).

Financial Health Signals

Financial Profile 50/100

Based on FY2023 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Sinovac Biotech Ltd has an operating margin of -134.5%, meaning the company retains $-135 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -31.2% the prior year.

Growth

Sinovac Biotech Ltd's revenue declined 70% year-over-year, from $1.5B to $448.3M. This contraction results in a growth score of 0/100.

Leverage

100

Sinovac Biotech Ltd carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 10.31, Sinovac Biotech Ltd holds $10.31 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

100

Sinovac Biotech Ltd converts 23.2% of revenue into free cash flow ($104.0M). This strong cash generation earns a score of 100/100.

Returns

Sinovac Biotech Ltd generates a -1.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 1.3% the prior year.

Piotroski F-Score Weak

3/9

Sinovac Biotech Ltd passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-1.04x

For every $1 of reported earnings, Sinovac Biotech Ltd generates $-1.04 in operating cash flow ($104.0M OCF vs -$99.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-266.8x

Sinovac Biotech Ltd earns $-266.8 in operating income for every $1 of interest expense (-$603.0M vs $2.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$448.3M

YoY-70.0%

5Y CAGR+14.3%

10Y CAGR+20.1%

Sinovac Biotech Ltd generated $448.3M in revenue in fiscal year 2023. This represents a decrease of 70.0% from the prior year.

EBITDA

-$460.5M

YoY-48.0%

Sinovac Biotech Ltd's EBITDA was -$460.5M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 48.0% from the prior year.

Free Cash Flow

$104.0M

YoY+113.5%

5Y CAGR+113.8%

10Y CAGR+72.6%

Sinovac Biotech Ltd generated $104.0M in free cash flow in fiscal year 2023, representing cash available after capex. This represents an increase of 113.5% from the prior year.

Net Income

-$99.9M

YoY-187.8%

Sinovac Biotech Ltd reported -$99.9M in net income in fiscal year 2023. This represents a decrease of 187.8% from the prior year.

EPS (Diluted)

$-1.06

YoY-206.0%

Sinovac Biotech Ltd earned $-1.06 per diluted share (EPS) in fiscal year 2023. This represents a decrease of 206.0% from the prior year.

Cash & Debt

$1.3B

YoY-70.3%

5Y CAGR+51.7%

10Y CAGR+28.1%

Sinovac Biotech Ltd held $1.3B in cash against $253.9M in long-term debt as of fiscal year 2023.

Dividends Per Share

N/A

Shares Outstanding

100M

YoY+0.1%

5Y CAGR+7.0%

10Y CAGR+6.0%

Sinovac Biotech Ltd had 100M shares outstanding in fiscal year 2023. This represents an increase of 0.1% from the prior year.

Gross Margin

59.5%

YoY+5.4pp

5Y CAGR-29.7pp

10Y CAGR-11.9pp

Sinovac Biotech Ltd's gross margin was 59.5% in fiscal year 2023, indicating the percentage of revenue retained after direct costs. This is up 5.4 percentage points from the prior year.

Operating Margin

-134.5%

YoY-103.3pp

5Y CAGR-154.3pp

10Y CAGR-148.4pp

Sinovac Biotech Ltd's operating margin was -134.5% in fiscal year 2023, reflecting core business profitability. This is down 103.3 percentage points from the prior year.

Net Margin

-22.3%

YoY-29.9pp

5Y CAGR-31.8pp

10Y CAGR-32.7pp

Sinovac Biotech Ltd's net profit margin was -22.3% in fiscal year 2023, showing the share of revenue converted to profit. This is down 29.9 percentage points from the prior year.

Return on Equity

-1.1%

YoY-2.4pp

5Y CAGR-9.7pp

10Y CAGR-6.9pp

Sinovac Biotech Ltd's ROE was -1.1% in fiscal year 2023, measuring profit generated per dollar of shareholder equity. This is down 2.4 percentage points from the prior year.

R&D Spending

$344.5M

YoY-22.1%

5Y CAGR+73.5%

10Y CAGR+45.5%

Sinovac Biotech Ltd invested $344.5M in research and development in fiscal year 2023. This represents a decrease of 22.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

Sinovac Biotech Ltd invested $0 in capex in fiscal year 2023, funding long-term assets and infrastructure.

SVA Income Statement

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Revenue	$448.3M-70.0%	$1.5B-92.3%	$19.4B+3694.4%	$510.6M+107.5%	$246.1M+7.1%	$229.7M
Cost of Revenue	$181.5M-73.5%	$684.5M-36.2%	$1.1B+1496.0%	$67.2M+106.9%	$32.5M+31.3%	$24.7M
Gross Profit	$266.8M-67.0%	$808.3M-95.6%	$18.3B+4027.4%	$443.4M+107.6%	$213.6M+4.2%	$204.9M
R&D Expenses	$344.5M-22.1%	$442.1M+185.2%	$155.0M+218.0%	$48.8M+101.0%	$24.3M+10.7%	$21.9M
SG&A Expenses	$466.3M-43.4%	$823.5M+39.3%	$591.2M+234.9%	$176.5M+45.3%	$121.5M-11.3%	$137.0M
Operating Income	-$603.0M-29.4%	-$466.1M-102.7%	$17.6B+8039.9%	$215.6M+214.5%	$68.6M+51.3%	$45.3M
Interest Expense	$2.3M+78.8%	$1.3M-55.4%	$2.8M+95.2%	$1.5M+123.5%	$650K-39.3%	$1.1M
Income Tax	$105.3M+267.5%	-$62.9M-102.0%	$3.1B+9773.8%	$31.4M+460.9%	$5.6M-46.5%	$10.5M
Net Income	-$99.9M-187.8%	$113.9M-98.7%	$8.5B+7572.0%	$110.4M+145.7%	$44.9M+106.3%	$21.8M
EPS (Diluted)	$-1.06-206.0%	$1.00-98.7%	$74.27+7556.7%	$0.97+136.6%	$0.41+20.6%	$0.34

Metric	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17	Q4'16
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SVA Balance Sheet

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Total Assets	$13.7B-3.2%	$14.1B-15.7%	$16.7B+780.9%	$1.9B+320.4%	$452.3M+22.3%	$369.8M
Current Assets	$11.8B-2.4%	$12.1B-18.7%	$14.9B+855.9%	$1.6B+346.3%	$349.6M+23.0%	$284.2M
Cash & Equivalents	$1.3B-70.3%	$4.3B-63.1%	$11.6B+1015.2%	$1.0B+581.7%	$152.7M-3.4%	$158.2M
Inventory	$139.9M-22.6%	$180.7M-51.9%	$375.5M+254.9%	$105.8M+280.0%	$27.8M+11.0%	$25.1M
Accounts Receivable	$440.0M-18.1%	$537.1M-43.6%	$952.4M+275.7%	$253.5M+122.9%	$113.7M+52.7%	$74.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.9B-4.7%	$5.2B-30.0%	$7.4B+849.9%	$781.2M+680.4%	$100.1M+28.6%	$77.9M
Current Liabilities	$1.1B+5.2%	$1.1B-54.8%	$2.4B+255.0%	$679.6M+679.4%	$87.2M+49.8%	$58.2M
Long-Term Debt	$253.9M+2050.7%	$11.8M-25.1%	$15.8M-55.1%	$35.1M+491.4%	$5.9M-17.7%	$7.2M
Total Equity	$8.7B-2.4%	$8.9B-4.4%	$9.3B+1149.5%	$746.5M+153.9%	$294.0M+16.0%	$253.4M
Retained Earnings	$7.1B-1.5%	$7.2B+1.2%	$7.1B+4851.3%	$144.2M+154.3%	$56.7M+138.2%	$23.8M

Metric	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17	Q4'16
Total Assets	$13.7B-3.2%	$14.1B-15.7%	$16.7B+780.9%	$1.9B+320.4%	$452.3M+22.3%	$369.8M+23.6%	$299.2M+41.6%	$211.4M
Current Assets	$11.8B-2.4%	$12.1B-18.7%	$14.9B+855.9%	$1.6B+346.3%	$349.6M+23.0%	$284.2M+39.4%	$203.9M+55.9%	$130.7M
Cash & Equivalents	$1.3B-70.3%	$4.3B-63.1%	$11.6B+1015.2%	$1.0B+581.7%	$152.7M-3.4%	$158.2M+38.2%	$114.4M+83.3%	$62.4M
Inventory	$139.9M-22.6%	$180.7M-51.9%	$375.5M+254.9%	$105.8M+280.0%	$27.8M+11.0%	$25.1M+27.9%	$19.6M+39.1%	$14.1M
Accounts Receivable	$440.0M-18.1%	$537.1M-43.6%	$952.4M+275.7%	$253.5M+122.9%	$113.7M+52.7%	$74.5M+12.5%	$66.2M+32.9%	$49.8M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.9B-4.7%	$5.2B-30.0%	$7.4B+849.9%	$781.2M+680.4%	$100.1M+28.6%	$77.9M-36.2%	$122.1M+49.4%	$81.7M
Current Liabilities	$1.1B+5.2%	$1.1B-54.8%	$2.4B+255.0%	$679.6M+679.4%	$87.2M+49.8%	$58.2M-37.1%	$92.5M+39.7%	$66.3M
Long-Term Debt	$253.9M+2050.7%	$11.8M-25.1%	$15.8M-55.1%	$35.1M+491.4%	$5.9M-17.7%	$7.2M-78.1%	$33.0M-19.0%	$40.7M
Total Equity	$8.7B-2.4%	$8.9B-4.4%	$9.3B+1149.5%	$746.5M+153.9%	$294.0M+16.0%	$253.4M+67.7%	$151.2M+30.6%	$115.8M
Retained Earnings	$7.1B-1.5%	$7.2B+1.2%	$7.1B+4851.3%	$144.2M+154.3%	$56.7M+138.2%	$23.8M+160.8%	$9.1M+176.6%	-$11.9M

SVA Cash Flow Statement

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Operating Cash Flow	$104.0M+113.5%	-$770.7M-105.0%	$15.4B+3103.1%	$479.3M+1126.7%	$39.1M+391.9%	$7.9M
Capital Expenditures	$0	$0-100.0%	$719.8M+464.6%	$127.5M+1099.5%	$10.6M+89.3%	$5.6M
Free Cash Flow	$104.0M+113.5%	-$770.7M-105.3%	$14.6B+4059.1%	$351.8M+1136.8%	$28.4M+1120.9%	$2.3M
Investing Cash Flow	-$2.9B+49.2%	-$5.8B-90.5%	-$3.0B-1376.7%	-$204.8M-382.3%	-$42.5M-68.1%	-$25.3M
Financing Cash Flow	-$76.1M+68.5%	-$241.4M+87.3%	-$1.9B-420.1%	$592.6M+34014.3%	$1.7M-97.3%	$64.2M
Dividends Paid	$328.1M+24.7%	$263.2M-86.0%	$1.9B	$0	$0	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17	Q4'16
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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

SVA Financial Ratios

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Gross Margin	59.5%+5.4pp	54.1%-40.3pp	94.5%+7.6pp	86.8%+0.0pp	86.8%-2.4pp	89.2%
Operating Margin	-134.5%-103.3pp	-31.2%-121.8pp	90.6%+48.4pp	42.2%+14.4pp	27.9%+8.1pp	19.7%
Net Margin	-22.3%-29.9pp	7.6%-36.1pp	43.7%+22.1pp	21.6%+3.3pp	18.3%+8.8pp	9.5%
Return on Equity	-1.1%-2.4pp	1.3%-89.5pp	90.8%+76.0pp	14.8%-0.5pp	15.3%+6.7pp	8.6%
Return on Assets	-0.7%-1.5pp	0.8%-49.8pp	50.6%+44.8pp	5.8%-4.1pp	9.9%+4.0pp	5.9%
Current Ratio	10.31-0.8	11.11+4.9	6.18+3.9	2.30-1.7	4.01-0.9	4.88
Debt-to-Equity	0.03+0.0	0.000.0	0.00-0.0	0.05+0.0	0.020.0	0.03
FCF Margin	23.2%+74.8pp	-51.6%-127.2pp	75.5%+6.6pp	68.9%+57.3pp	11.6%+10.5pp	1.0%

Metric	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17	Q4'16
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	10.31-0.8	11.11+4.9	6.18+3.9	2.30-1.7	4.01-0.9	4.88+2.7	2.20+0.2	1.97
Debt-to-Equity	0.03+0.0	0.000.0	0.00-0.0	0.05+0.0	0.020.0	0.03-0.2	0.22-0.1	0.35
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Sinovac Biotech Ltd's annual revenue?

Sinovac Biotech Ltd (SVA) reported $448.3M in total revenue for fiscal year 2023. This represents a -70.0% 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 Sinovac Biotech Ltd's revenue growing?

Sinovac Biotech Ltd (SVA) revenue declined by 70% year-over-year, from $1.5B to $448.3M in fiscal year 2023.

Is Sinovac Biotech Ltd profitable?

No, Sinovac Biotech Ltd (SVA) reported a net income of -$99.9M in fiscal year 2023, with a net profit margin of -22.3%.

What is Sinovac Biotech Ltd's earnings per share (EPS)?

Sinovac Biotech Ltd (SVA) reported diluted earnings per share of $-1.06 for fiscal year 2023. This represents a -206.0% 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 Sinovac Biotech Ltd's EBITDA?

Sinovac Biotech Ltd (SVA) had EBITDA of -$460.5M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Sinovac Biotech Ltd have?

As of fiscal year 2023, Sinovac Biotech Ltd (SVA) had $1.3B in cash and equivalents against $253.9M in long-term debt.

What is Sinovac Biotech Ltd's gross margin?

Sinovac Biotech Ltd (SVA) had a gross margin of 59.5% in fiscal year 2023, indicating the percentage of revenue retained after direct costs of goods sold.

What is Sinovac Biotech Ltd's operating margin?

Sinovac Biotech Ltd (SVA) had an operating margin of -134.5% in fiscal year 2023, reflecting the profitability of core business operations before interest and taxes.

What is Sinovac Biotech Ltd's net profit margin?

Sinovac Biotech Ltd (SVA) had a net profit margin of -22.3% in fiscal year 2023, representing the share of revenue converted into profit after all expenses.

What is Sinovac Biotech Ltd's return on equity (ROE)?

Sinovac Biotech Ltd (SVA) has a return on equity of -1.1% for fiscal year 2023, measuring how efficiently the company generates profit from shareholder equity.

What is Sinovac Biotech Ltd's free cash flow?

Sinovac Biotech Ltd (SVA) generated $104.0M in free cash flow during fiscal year 2023. This represents a 113.5% change compared to the previous fiscal year. 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 Sinovac Biotech Ltd's operating cash flow?

Sinovac Biotech Ltd (SVA) generated $104.0M in operating cash flow during fiscal year 2023, representing cash generated from core business activities.

What are Sinovac Biotech Ltd's total assets?

Sinovac Biotech Ltd (SVA) had $13.7B in total assets as of fiscal year 2023, including both current and long-term assets.

What are Sinovac Biotech Ltd's capital expenditures?

Sinovac Biotech Ltd (SVA) invested $0 in capital expenditures during fiscal year 2023, funding long-term assets and infrastructure.

How much does Sinovac Biotech Ltd spend on research and development?

Sinovac Biotech Ltd (SVA) invested $344.5M in research and development during fiscal year 2023.

How many shares does Sinovac Biotech Ltd have outstanding?

Sinovac Biotech Ltd (SVA) had 100M shares outstanding as of fiscal year 2023.

What is Sinovac Biotech Ltd's current ratio?

Sinovac Biotech Ltd (SVA) had a current ratio of 10.31 as of fiscal year 2023, which is generally considered healthy.

What is Sinovac Biotech Ltd's debt-to-equity ratio?

Sinovac Biotech Ltd (SVA) had a debt-to-equity ratio of 0.03 as of fiscal year 2023, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Sinovac Biotech Ltd's return on assets (ROA)?

Sinovac Biotech Ltd (SVA) had a return on assets of -0.7% for fiscal year 2023, measuring how efficiently the company uses its assets to generate profit.

What is Sinovac Biotech Ltd's Piotroski F-Score?

Sinovac Biotech Ltd (SVA) has a Piotroski F-Score of 3 out of 9, indicating weak 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 Sinovac Biotech Ltd's earnings high quality?

Sinovac Biotech Ltd (SVA) has an earnings quality ratio of -1.04x, 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 Sinovac Biotech Ltd cover its interest payments?

Sinovac Biotech Ltd (SVA) has an interest coverage ratio of -266.8x, 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.

How financially healthy is Sinovac Biotech Ltd?

Sinovac Biotech Ltd (SVA) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.