Detailed financial statements for Novavax, Inc. (NVAX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Novavax, Inc. is a biotechnology firm dedicated to discovering, developing, and commercializing vaccines aimed at preventing serious infectious diseases and addressing critical health needs. The company's diverse pipeline includes NVX-CoV2373, a coronavirus vaccine candidate currently undergoing two Phase III trials, one Phase IIb, and one Phase I/II trial. Also featured is NanoFlu, a nanoparticle-based seasonal quadrivalent influenza vaccine in Phase 3 clinical trials.
Analysis Summary
Novavax, Inc. reported revenue of $1.12B in the most recent fiscal year, growing at a 5-year CAGR of 118.8%.
Trailing-twelve-month margins: gross margin 77.9%, operating margin -54.9%, net margin -59.9%.
At the current price of $9.35, NVAX has negative trailing earnings (P/E not meaningful) and an ROE of 159.85%. Market capitalisation stands at $1.5B.
Balance sheet quality for NVAX: current ratio of 2.1, net cash position of $486.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$250.2M represents -57% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.4M | $31.2M | $34.3M | $18.7M | $22.4M | $197.6M | $1.60B | $556.4M | $682.2M | $1.12B |
| Cost of Revenue | $237.9M | 0 | 0 | $113.8M | 0 | 0 | $902.6M | $343.8M | $202.7M | $71.1M |
| Gross Profit | -$222.6M | $31.2M | $34.3M | -$95.2M | $22.4M | $197.6M | $696.3M | $212.6M | $479.4M | $1.05B |
| Research & Development | $237.9M | $168.4M | $173.8M | $113.8M | $747.0M | $2.53B | $1.24B | $737.5M | $391.2M | $336.8M |
| Selling, General & Admin | $46.5M | $34.5M | $34.4M | $34.4M | $145.3M | $298.4M | $488.7M | $468.9M | $337.2M | $150.3M |
| Operating Expenses | $284.5M | $202.9M | $208.2M | $148.3M | $439.1M | $1.88B | $1.34B | $779.1M | $728.4M | $489.1M |
| Operating Income | -$269.1M | -$171.7M | -$173.9M | -$120.6M | -$416.7M | -$1.69B | -$644.7M | -$566.5M | -$248.9M | $563.3M |
| EBITDA | -$258.5M | -$159.9M | -$163.0M | -$113.3M | -$398.2M | -$1.68B | -$604.7M | -$487.4M | -$108.0M | $492.3M |
| Interest Expense | $13.0M | $14.1M | $12.2M | $13.6M | $15.1M | $21.1M | $19.9M | $14.4M | $20.1M | $22.5M |
| Pre-tax Income | -$280.0M | -$183.8M | -$184.7M | -$132.7M | -$418.3M | -$1.71B | -$653.6M | -$543.0M | -$176.6M | $442.2M |
| Income Tax | $2.3M | 0 | $1.4M | 0 | 0 | $29.2M | $4.3M | $2.0M | $10.9M | $1.9M |
| Net Income | -$280.0M | -$183.8M | -$184.7M | -$130.1M | -$418.3M | -$1.74B | -$657.9M | -$545.1M | -$187.5M | $440.3M |
| EPS | $-20.68 | $-12.56 | $-9.99 | $-5.40 | $-7.43 | $-23.44 | $-8.42 | $-5.41 | $-1.23 | $2.72 |
| EPS (Diluted) | $-20.68 | $-12.56 | $-9.99 | $-5.40 | $-7.43 | $-23.44 | $-8.42 | $-5.41 | $-1.23 | $2.54 |
| Shares Outstanding (Diluted) | $13.5M | $14.6M | $18.5M | $24.1M | $57.6M | $74.4M | $78.2M | $100.8M | $152.2M | $173.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $70.4M | $147.1M | $139.5M | $56.7M |
| Gross Profit | $48.9M | $121.9M | $108.8M | $42.5M |
| Operating Income | -$178.0M | $21.0M | -$15.4M | -$54.9M |
| EBITDA | -$191.0M | $28.9M | -$543000 | -$39.9M |
| Net Income | -$202.4M | $17.5M | -$9.5M | -$53.4M |
| EPS | $-1.25 | $0.11 | $-0.06 | $-0.32 |
| EPS (Diluted) | $-1.25 | $0.11 | $-0.06 | $-0.32 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $144.4M | $106.3M | $70.2M | $78.8M | $553.4M | $1.52B | $1.34B | $568.5M | $530.2M | $240.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | $157.6M | 0 | 0 | 0 | $392.9M | $494.4M |
| Receivables | $233000 | 0 | 0 | $7.5M | $262.0M | $455.0M | $82.4M | $297.2M | $108.3M | $106.4M |
| Inventory | $15.7M | $13.1M | $12.0M | 0 | 0 | $8.9M | $36.7M | $41.7M | $8.7M | $11.5M |
| Total Current Assets | $287.8M | $203.3M | $119.3M | $97.2M | $1.25B | $2.16B | $1.70B | $1.14B | $1.13B | $978.3M |
| Property, Plant & Equipment | $40.2M | $36.0M | $28.4M | $11.4M | $180.0M | $228.7M | $400.5M | $491.0M | $300.0M | $67.7M |
| Goodwill | $51.7M | $53.6M | $52.0M | $51.2M | $135.4M | $131.5M | $126.3M | $127.5M | $107.5M | $113.5M |
| Intangible Assets | $9.2M | $7.9M | $6.5M | $5.6M | $5.7M | $4.8M | 0 | 0 | 0 | 0 |
| Total Assets | $394.3M | $302.5M | $208.0M | $173.0M | $1.58B | $2.58B | $2.26B | $1.80B | $1.56B | $1.18B |
| Accounts Payable | $5.7M | $5.6M | $9.3M | $2.9M | $54.3M | $127.0M | $216.5M | $132.6M | $41.6M | $24.6M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $324.9M | 0 | 0 | 0 |
| Total Current Liabilities | $66.4M | $73.7M | $45.5M | $25.8M | $579.7M | $2.39B | $2.46B | $1.64B | $1.15B | $459.9M |
| Long-term Debt | $316.3M | $317.8M | $319.2M | $320.6M | $322.0M | $323.5M | $166.5M | $168.0M | $169.7M | $244.2M |
| Total Liabilities | $399.8M | $404.2M | $375.9M | $359.0M | $955.3M | $2.93B | $2.89B | $2.51B | $2.18B | $1.30B |
| Retained Earnings | -$930.0M | -$1.11B | -$1.30B | -$1.43B | -$1.87B | -$3.62B | -$4.28B | -$4.82B | -$5.01B | -$4.57B |
| Total Equity | -$5.5M | -$101.7M | -$167.9M | -$186.0M | $627.2M | -$351.7M | -$634.1M | -$716.9M | -$623.8M | -$127.8M |
| Total Debt | $316.3M | $317.8M | $319.2M | $321.9M | $468.0M | $454.0M | $549.8M | $229.1M | $230.4M | $248.8M |
| Net Debt | $172.0M | $211.5M | $249.0M | $243.1M | -$243.1M | -$1.06B | -$787.1M | -$339.4M | -$692.7M | -$486.3M |
| Working Capital | $221.4M | $129.6M | $73.7M | $71.5M | $668.5M | -$235.2M | -$756.6M | -$491.2M | -$25.5M | $518.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $268.0M | $240.6M | $228.4M | $191.5M |
| Total Assets | $1.18B | $1.18B | $1.04B | $955.6M |
| Total Liabilities | $1.34B | $1.30B | $1.19B | $1.15B |
| Total Equity | -$156.7M | -$127.8M | -$144.8M | -$190.7M |
| Total Debt | $251.1M | $248.8M | $295.1M | $295.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$280.0M | -$183.8M | -$184.7M | -$132.7M | -$418.3M | -$1.74B | -$657.9M | -$545.1M | -$187.5M | $440.3M |
| Depreciation & Amortization | $8.5M | $9.8M | $8.2M | $5.7M | $4.9M | $12.7M | $29.1M | $41.2M | $48.5M | $27.6M |
| Stock-based Compensation | $19.2M | $19.8M | $18.3M | $17.0M | $128.0M | $183.6M | $130.3M | $85.4M | $48.2M | $36.0M |
| Change in Working Capital | -$7.5M | $9.1M | -$21.1M | -$24.0M | $12.0M | $1.73B | -$361.1M | -$376.8M | $48.5M | -$887.7M |
| Operating Cash Flow | -$255.5M | -$138.7M | -$184.8M | -$136.6M | -$42.5M | $322.9M | -$415.9M | -$714.0M | -$87.3M | -$244.6M |
| Capital Expenditure | -$18.2M | -$4.2M | -$1.4M | -$1.9M | -$54.6M | -$57.5M | -$93.0M | -$58.8M | -$13.1M | -$5.6M |
| Acquisitions | $18.2M | $4.2M | $1.4M | 0 | -$165.5M | $57.5M | 0 | 0 | $192.6M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$4.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$273.7M | -$142.9M | -$186.2M | -$138.5M | -$97.2M | $265.5M | -$508.9M | -$772.8M | -$100.3M | -$250.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $107.8M | -$39.5M | -$32.4M | -$75.4M |
| Capital Expenditure | -$2.0M | -$2.1M | -$1.3M | $1.3M |
| Free Cash Flow | $105.8M | -$41.6M | -$33.7M | -$74.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $8.5M | $8.0M | $7.7M | $8.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +103.1% | +10.0% | -45.6% | +20.0% | +782.5% | +709.3% | -65.2% | +22.6% | +64.7% | |
| Net Income Growth (YoY) | +34.4% | -0.5% | +29.6% | -221.5% | -316.9% | +62.3% | +17.2% | +65.6% | +334.8% | |
| EPS Growth (YoY) | +39.3% | +20.5% | +45.9% | -37.6% | -215.5% | +64.1% | +35.7% | +77.3% | +321.1% | |
| Shares Change (YoY) | +8.1% | +26.3% | +30.4% | +138.8% | +29.3% | +5.1% | +28.9% | +51.0% | +13.7% | |
| FCF Growth (YoY) | +47.8% | -30.3% | +25.6% | +29.8% | +373.2% | -291.7% | -51.8% | +87.0% | -149.4% | |
| Gross Margin | -1449.8% | 100.0% | 100.0% | -510.0% | 100.0% | 100.0% | 43.5% | 38.2% | 70.3% | 93.7% |
| Operating Margin | -1752.8% | -550.8% | -507.2% | -646.1% | -1861.3% | -853.6% | -40.3% | -101.8% | -36.5% | 50.1% |
| EBITDA Margin | -1683.7% | -512.8% | -475.3% | -607.0% | -1778.8% | -850.7% | -37.8% | -87.6% | -15.8% | 43.8% |
| Net Margin | -1823.5% | -589.5% | -538.8% | -697.1% | -1868.2% | -882.5% | -41.1% | -98.0% | -27.5% | 39.2% |
| FCF Margin | -1782.6% | -458.3% | -543.0% | -742.0% | -434.0% | 134.4% | -31.8% | -138.9% | -14.7% | -22.3% |
| Effective Tax Rate | -0.8% | -0.0% | -0.7% | -0.0% | -0.0% | -1.7% | -0.7% | -0.4% | -6.2% | 0.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-20.21 | $-9.76 | $-10.07 | $-5.75 | $-1.69 | $3.57 | $-6.51 | $-7.67 | $-0.66 | $-1.45 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $13.5M | $14.6M | $18.5M | $24.1M | $57.6M | $74.4M | $78.2M | $100.8M | $152.2M | $162.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 159.85% |
| Return on Invested Capital | -36.14% |
| Return on Assets | -25.92% |
| Gross Margin | 77.85% |
| Operating Margin | -54.94% |
| Net Margin | -59.87% |
Financial Health
| Debt / Equity | -1.55 |
| Current Ratio | 2.33 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -1.22 | -1.97 | -3.68 | -0.74 | -15.01 | -6.10 | -1.22 | -0.89 | -6.54 | 2.47 |
| P/B | -61.52 | -3.57 | -4.05 | -0.52 | 10.23 | -30.27 | -1.27 | -0.67 | -1.96 | -8.52 |
| P/S | 22.22 | 11.64 | 19.84 | 5.14 | 286.66 | 53.87 | 0.50 | 0.87 | 1.79 | 0.97 |
| Gross Margin | -1449.8% | 100.0% | 100.0% | -510.0% | 100.0% | 100.0% | 43.5% | 38.2% | 70.3% | 93.7% |
| Operating Margin | -1752.8% | -550.8% | -507.2% | -646.1% | -1861.3% | -853.6% | -40.3% | -101.8% | -36.5% | 50.1% |
| Net Margin | -1823.5% | -589.5% | -538.8% | -697.1% | -1868.2% | -882.5% | -41.1% | -98.0% | -27.5% | 39.2% |
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Explore sector: Healthcare · Biotechnology
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