This page shows Sinovac Biotech Ltd (SVA) 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).
Pandemic-era profits left Sinovac with a self-funded balance sheet, even as the operating model shrank far faster than costs.
From FY2021 to FY2023, revenue collapsed from$19.4B to$448M , showing the current business is only a small remnant of its surge-year scale. Yet FY2023 operating cash flow was$104M while net income was-$100M , which suggests cash came mainly from a working-capital unwind as receivables and inventory kept shrinking, not from a rebuilt core business.
The balance sheet is still self-financed: current assets of
FY2023 operating loss reached
Financial Health Signals
Based on FY2024 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Sinovac Biotech Ltd'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.
Sinovac Biotech Ltd has an operating margin of -139.9%, meaning the company retains $-140 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 up from -151.9% the prior year.
Sinovac Biotech Ltd's revenue declined 23.1% year-over-year, from $470.2M to $361.4M. This contraction results in a growth score of 0/100.
Sinovac Biotech Ltd carries a low D/E ratio of 0.05, meaning only $0.05 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.
With a current ratio of 7.33, Sinovac Biotech Ltd holds $7.33 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Sinovac Biotech Ltd generated -$56.9M in operating cash flow, capex of $96.0M consumed most of it, leaving -$152.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Sinovac Biotech Ltd generates a 0.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 12/100. This is up from -0.2% the prior year.
Sinovac Biotech Ltd passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Sinovac Biotech Ltd generates $-1.40 in operating cash flow (-$56.9M OCF vs $40.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Sinovac Biotech Ltd earns $-89.7 in operating income for every $1 of interest expense (-$505.5M vs $5.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Sinovac Biotech Ltd generated $361.4M in revenue in fiscal year 2024. This represents a decrease of 23.1% from the prior year.
Sinovac Biotech Ltd's EBITDA was -$394.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.0% from the prior year.
Sinovac Biotech Ltd reported $40.7M in net income in fiscal year 2024. This represents an increase of 401.4% from the prior year.
Sinovac Biotech Ltd earned $1.27 per diluted share (EPS) in fiscal year 2024. This represents an increase of 768.4% from the prior year.
Cash & Balance Sheet
Sinovac Biotech Ltd generated -$152.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 772.4% from the prior year.
Sinovac Biotech Ltd held $335.3M in cash against $375.8M in long-term debt as of fiscal year 2024.
Sinovac Biotech Ltd had 72M shares outstanding in fiscal year 2024. This represents a decrease of 27.9% from the prior year.
Margins & Returns
Sinovac Biotech Ltd's gross margin was 61.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 7.7 percentage points from the prior year.
Sinovac Biotech Ltd's operating margin was -139.9% in fiscal year 2024, reflecting core business profitability. This is up 12.0 percentage points from the prior year.
Sinovac Biotech Ltd's net profit margin was 11.3% in fiscal year 2024, showing the share of revenue converted to profit. This is up 14.1 percentage points from the prior year.
Sinovac Biotech Ltd's ROE was 0.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 0.7 percentage points from the prior year.
Capital Allocation
Sinovac Biotech Ltd invested $270.7M in research and development in fiscal year 2024. This represents a decrease of 22.7% from the prior year.
Sinovac Biotech Ltd invested $96.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 38.6% from the prior year.
SVA Income Statement
| Metric | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 | Q4'18 | Q4'17 |
|---|---|---|---|---|---|---|---|---|
| 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 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 | Q4'18 | Q4'17 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $12.3B-9.4% | $13.6B-3.0% | $14.0B-16.3% | $16.8B+781.4% | $1.9B+320.4% | $452.3M+22.3% | $369.8M+23.6% | $299.2M |
| Current Assets | $10.6B-8.2% | $11.6B+2.6% | $11.3B-24.3% | $14.9B+857.4% | $1.6B+346.3% | $349.6M+23.0% | $284.2M+39.4% | $203.9M |
| Cash & Equivalents | $335.3M-70.2% | $1.1B-71.0% | $3.9B-66.6% | $11.6B+1015.2% | $1.0B+581.7% | $152.7M-3.4% | $158.2M+38.2% | $114.4M |
| Inventory | $96.9M-28.5% | $135.6M-22.6% | $175.3M-55.2% | $391.1M+269.6% | $105.8M+280.0% | $27.8M+11.0% | $25.1M+27.9% | $19.6M |
| Accounts Receivable | $306.6M-27.9% | $424.9M-12.7% | $486.6M-48.4% | $942.7M+271.9% | $253.5M+122.9% | $113.7M+52.7% | $74.5M+12.5% | $66.2M |
| Goodwill | $27.5M | $0 | $0 | $0 | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.0B-61.4% | $5.3B-4.4% | $5.5B-28.6% | $7.8B+893.8% | $781.2M+680.4% | $100.1M+28.6% | $77.9M-36.2% | $122.1M |
| Current Liabilities | $1.5B+12.3% | $1.3B+2.9% | $1.3B-50.1% | $2.5B+270.6% | $679.6M+679.4% | $87.2M+49.8% | $58.2M-37.1% | $92.5M |
| Long-Term Debt | $375.8M+48.0% | $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 |
| Total Equity | $8.3B-0.6% | $8.3B-2.1% | $8.5B-5.6% | $9.0B+1105.0% | $746.5M+153.9% | $294.0M+16.0% | $253.4M+67.7% | $151.2M |
| Retained Earnings | $6.8B+0.7% | $6.8B-0.2% | $6.8B-0.1% | $6.8B+4623.8% | $144.2M+154.3% | $56.7M+138.2% | $23.8M+160.8% | $9.1M |
SVA Cash Flow Statement
| Metric | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 | Q4'18 | Q4'17 |
|---|---|---|---|---|---|---|---|---|
| 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 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 | Q4'18 | Q4'17 |
|---|---|---|---|---|---|---|---|---|
| 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 | 7.33-1.6 | 8.97-0.0 | 9.00+3.1 | 5.93+3.6 | 2.30-1.7 | 4.01-0.9 | 4.88+2.7 | 2.20 |
| Debt-to-Equity | 0.05+0.0 | 0.03+0.0 | 0.000.0 | 0.00-0.0 | 0.05+0.0 | 0.020.0 | 0.03-0.2 | 0.22 |
| 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 $361.4M in total revenue for fiscal year 2024. This represents a -23.1% 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 23.1% year-over-year, from $470.2M to $361.4M in fiscal year 2024.
Is Sinovac Biotech Ltd profitable?
Yes, Sinovac Biotech Ltd (SVA) reported a net income of $40.7M in fiscal year 2024, with a net profit margin of 11.3%.
What is Sinovac Biotech Ltd's EBITDA?
Sinovac Biotech Ltd (SVA) had EBITDA of -$394.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Sinovac Biotech Ltd have?
As of fiscal year 2024, Sinovac Biotech Ltd (SVA) had $335.3M in cash and equivalents against $375.8M in long-term debt.
What is Sinovac Biotech Ltd's gross margin?
Sinovac Biotech Ltd (SVA) had a gross margin of 61.1% in fiscal year 2024, 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 -139.9% in fiscal year 2024, 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 11.3% in fiscal year 2024, 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 0.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Sinovac Biotech Ltd's free cash flow?
Sinovac Biotech Ltd (SVA) generated -$152.9M in free cash flow during fiscal year 2024. This represents a -772.4% 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 -$56.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Sinovac Biotech Ltd's total assets?
Sinovac Biotech Ltd (SVA) had $12.3B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Sinovac Biotech Ltd's capital expenditures?
Sinovac Biotech Ltd (SVA) invested $96.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Sinovac Biotech Ltd spend on research and development?
Sinovac Biotech Ltd (SVA) invested $270.7M in research and development during fiscal year 2024.
What is Sinovac Biotech Ltd's current ratio?
Sinovac Biotech Ltd (SVA) had a current ratio of 7.33 as of fiscal year 2024, 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 0.05 as of fiscal year 2024, 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 0.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Sinovac Biotech Ltd's cash runway?
Based on fiscal year 2024 data, Sinovac Biotech Ltd (SVA) had $335.3M in cash against an annual operating cash burn of $56.9M. This gives an estimated cash runway of approximately 71 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.
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 to 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 -1.40x, 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 Sinovac Biotech Ltd cover its interest payments?
Sinovac Biotech Ltd (SVA) has an interest coverage ratio of -89.7x, 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 35 out of 100 on our Financial Profile, indicating weak 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.