Vaxart Inc Financials
This page shows Vaxart Inc (VXRT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).
A revenue step-change pushed Vaxart into positive cash earnings, but the model is still shaped by heavy R&D.
The earnings inflection in FY2025 looks more like a revenue event than a leaner cost structure: revenue jumped to$237.3M while R&D also expanded to$201.6M . What makes that shift more credible than a paper profit is cash agreement—net income of$16.3M came with positive free cash flow of$7.6M .
Liquidity repaired quickly after FY2024’s short-term squeeze: cash rose from
Capital intensity is low: capital spending was only
Financial Health Signals
Based on FY2025 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 Vaxart 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.
Vaxart Inc has an operating margin of 7.6%, meaning the company retains $8 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 -231.0% the prior year.
Vaxart Inc's revenue surged 726.7% year-over-year to $237.3M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Vaxart Inc carries a low D/E ratio of 1.12, meaning only $1.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 79/100, indicating a strong balance sheet with room for future borrowing.
Vaxart Inc's current ratio of 1.57 is below the typical benchmark, resulting in a score of 27/100. However, the company holds substantial cash reserves (62% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Vaxart Inc's free cash flow margin of 3.2% results in a low score of 0/100. Capital expenditures of $145K absorb a large share of operating cash flow.
Vaxart Inc generates a 18.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -113.6% the prior year.
Vaxart Inc scores -0.92, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($103.2M) relative to total liabilities ($98.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Vaxart Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Vaxart Inc generates $0.47 in operating cash flow ($7.7M OCF vs $16.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Vaxart Inc generated $237.3M in revenue in fiscal year 2025. This represents an increase of 726.7% from the prior year.
Vaxart Inc's EBITDA was $26.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 146.4% from the prior year.
Vaxart Inc reported $16.3M in net income in fiscal year 2025. This represents an increase of 124.4% from the prior year.
Vaxart Inc earned $0.07 per diluted share (EPS) in fiscal year 2025. This represents an increase of 121.2% from the prior year.
Cash & Balance Sheet
Vaxart Inc generated $7.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 116.7% from the prior year.
Vaxart Inc held $53.8M in cash against $0 in long-term debt as of fiscal year 2025.
Vaxart Inc had 240M shares outstanding in fiscal year 2025. This represents an increase of 5.6% from the prior year.
Margins & Returns
Vaxart Inc's operating margin was 7.6% in fiscal year 2025, reflecting core business profitability. This is up 238.6 percentage points from the prior year.
Vaxart Inc's net profit margin was 6.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 240.2 percentage points from the prior year.
Vaxart Inc's ROE was 18.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 132.2 percentage points from the prior year.
Capital Allocation
Vaxart Inc invested $201.6M in research and development in fiscal year 2025. This represents an increase of 171.6% from the prior year.
Vaxart Inc invested $145K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 73.8% from the prior year.
VXRT Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $39.2M-62.4% | $104.2M+44.0% | $72.4M+82.3% | $39.7M+90.3% | $20.9M+37.5% | $15.2M+207.8% | $4.9M-22.9% | $6.4M |
| 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 | $29.4M-34.9% | $45.1M-40.6% | $75.9M+52.7% | $49.7M+61.8% | $30.7M+35.7% | $22.7M+50.4% | $15.1M-13.8% | $17.5M |
| SG&A Expenses | $4.6M+26.6% | $3.7M-14.3% | $4.3M-7.0% | $4.6M-9.3% | $5.1M+26.0% | $4.0M-7.3% | $4.3M-16.1% | $5.2M |
| Operating Income | $5.2M-90.7% | $55.4M+809.6% | -$7.8M+46.5% | -$14.6M+2.2% | -$14.9M-30.0% | -$11.5M+20.6% | -$14.5M+11.0% | -$16.3M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $29K-91.6% | $344K+1923.5% | $17K-15.0% | $20K-78.9% | $95K-46.0% | $176K+877.8% | $18K-14.3% | $21K |
| Net Income | $5.2M-90.6% | $55.0M+776.1% | -$8.1M+45.7% | -$15.0M+3.9% | -$15.6M-30.1% | -$12.0M+14.9% | -$14.1M+14.5% | -$16.5M |
| EPS (Diluted) | $0.02 | N/A | N/A | N/A | $-0.07 | N/A | N/A | N/A |
VXRT Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $180.1M-3.2% | $186.1M-11.0% | $209.0M+27.4% | $164.1M+3.5% | $158.6M-4.7% | $166.4M-0.2% | $166.7M+46.5% | $113.7M |
| Current Assets | $131.7M-3.2% | $136.1M+16.0% | $117.4M+66.8% | $70.4M+12.3% | $62.6M-8.2% | $68.3M+2.7% | $66.5M-7.1% | $71.5M |
| Cash & Equivalents | $50.7M-5.7% | $53.8M+218.8% | $16.9M-16.1% | $20.1M-29.9% | $28.7M+13.8% | $25.2M+14.5% | $22.0M-49.1% | $43.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $7.1M-51.0% | $14.6M-65.9% | $42.7M+897.8% | $4.3M+185.4% | $1.5M-74.0% | $5.8M+874.8% | $591K-45.7% | $1.1M |
| Goodwill | $4.5M0.0% | $4.5M0.0% | $4.5M0.0% | $4.5M0.0% | $4.5M0.0% | $4.5M0.0% | $4.5M0.0% | $4.5M |
| Total Liabilities | $85.9M-12.6% | $98.3M-46.1% | $182.2M+38.9% | $131.2M+16.2% | $112.9M+5.1% | $107.5M+9.4% | $98.2M+191.2% | $33.7M |
| Current Liabilities | $76.8M-11.4% | $86.8M-48.8% | $169.3M+43.6% | $117.9M+19.7% | $98.5M+8.4% | $90.9M+13.1% | $80.4M+410.1% | $15.8M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $94.1M+7.2% | $87.8M+228.1% | $26.8M-18.6% | $32.9M-27.9% | $45.6M-22.6% | $58.9M-13.9% | $68.4M-14.5% | $80.0M |
| Retained Earnings | -$455.0M+1.1% | -$460.2M+10.7% | -$515.2M-1.6% | -$507.1M-3.0% | -$492.1M-3.3% | -$476.5M-2.6% | -$464.5M-3.1% | -$450.5M |
VXRT Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.1M-106.7% | $30.7M+1081.6% | $2.6M+116.3% | -$15.9M-66.1% | -$9.6M-30.7% | -$7.3M-74.8% | -$4.2M+65.1% | -$12.0M |
| Capital Expenditures | $448K+44700.0% | $1K-99.1% | $117K+213.6% | -$103K-179.2% | $130K+195.5% | $44K+388.9% | $9K-97.6% | $370K |
| Free Cash Flow | -$2.5M-108.2% | $30.7M+1137.4% | $2.5M+115.4% | -$16.0M-65.0% | -$9.7M-31.7% | -$7.4M-75.5% | -$4.2M+66.0% | -$12.4M |
| Investing Cash Flow | -$676K-134.0% | $2.0M+134.2% | -$5.8M-180.5% | $7.2M-45.3% | $13.2M+27.2% | $10.4M+161.1% | -$17.0M-76.3% | -$9.7M |
| Financing Cash Flow | -$338K-107.9% | $4.3M+107150.0% | -$4K-103.2% | $125K+176.2% | -$164K-220.6% | $136K+1460.0% | -$10K-100.0% | $38.2M |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
VXRT Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 13.2%-40.0pp | 53.2%+64.0pp | -10.8%+26.0pp | -36.8%+34.8pp | -71.5%+4.1pp | -75.7%+217.7pp | -293.4%-39.5pp | -254.0% |
| Net Margin | 13.2%-39.6pp | 52.8%+64.1pp | -11.2%+26.5pp | -37.7%+37.0pp | -74.7%+4.2pp | -78.9%+206.5pp | -285.4%-28.2pp | -257.2% |
| Return on Equity | 5.5%-57.2pp | 62.7%+93.1pp | -30.4%+15.1pp | -45.6%-11.4pp | -34.2%-13.8pp | -20.3%+0.2pp | -20.6%+0.0pp | -20.6% |
| Return on Assets | 2.9%-26.7pp | 29.6%+33.5pp | -3.9%+5.2pp | -9.1%+0.7pp | -9.8%-2.6pp | -7.2%+1.3pp | -8.5%+6.0pp | -14.5% |
| Current Ratio | 1.71+0.1 | 1.57+0.9 | 0.69+0.1 | 0.60-0.0 | 0.64-0.1 | 0.75-0.1 | 0.83-3.7 | 4.54 |
| Debt-to-Equity | 0.91-0.2 | 1.12-5.7 | 6.81+2.8 | 3.99+1.5 | 2.48+0.7 | 1.82+0.4 | 1.44+1.0 | 0.42 |
| FCF Margin | -6.4%-35.8pp | 29.4%+26.0pp | 3.4%+43.8pp | -40.4%+6.2pp | -46.6%+2.1pp | -48.7%+36.7pp | -85.3%+108.3pp | -193.7% |
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Frequently Asked Questions
What is Vaxart Inc's annual revenue?
Vaxart Inc (VXRT) reported $237.3M in total revenue for fiscal year 2025. This represents a 726.7% 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 Vaxart Inc's revenue growing?
Vaxart Inc (VXRT) revenue grew by 726.7% year-over-year, from $28.7M to $237.3M in fiscal year 2025.
Is Vaxart Inc profitable?
Yes, Vaxart Inc (VXRT) reported a net income of $16.3M in fiscal year 2025, with a net profit margin of 6.9%.
What is Vaxart Inc's EBITDA?
Vaxart Inc (VXRT) had EBITDA of $26.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Vaxart Inc's operating margin?
Vaxart Inc (VXRT) had an operating margin of 7.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Vaxart Inc's net profit margin?
Vaxart Inc (VXRT) had a net profit margin of 6.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Vaxart Inc's return on equity (ROE)?
Vaxart Inc (VXRT) has a return on equity of 18.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Vaxart Inc's free cash flow?
Vaxart Inc (VXRT) generated $7.6M in free cash flow during fiscal year 2025. This represents a 116.7% 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 Vaxart Inc's operating cash flow?
Vaxart Inc (VXRT) generated $7.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Vaxart Inc's total assets?
Vaxart Inc (VXRT) had $186.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Vaxart Inc's capital expenditures?
Vaxart Inc (VXRT) invested $145K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Vaxart Inc spend on research and development?
Vaxart Inc (VXRT) invested $201.6M in research and development during fiscal year 2025.
What is Vaxart Inc's current ratio?
Vaxart Inc (VXRT) had a current ratio of 1.57 as of fiscal year 2025, which is generally considered healthy.
What is Vaxart Inc's debt-to-equity ratio?
Vaxart Inc (VXRT) had a debt-to-equity ratio of 1.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Vaxart Inc's return on assets (ROA)?
Vaxart Inc (VXRT) had a return on assets of 8.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Vaxart Inc's Altman Z-Score?
Vaxart Inc (VXRT) has an Altman Z-Score of -0.92, 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 Vaxart Inc's Piotroski F-Score?
Vaxart Inc (VXRT) has a Piotroski F-Score of 5 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Vaxart Inc's earnings high quality?
Vaxart Inc (VXRT) 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.
How financially healthy is Vaxart Inc?
Vaxart Inc (VXRT) scores 34 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.