What is Novavax Inc's earnings per share (EPS)?

Novavax Inc (NVAX) reported diluted earnings per share of $2.58 for fiscal year 2025. This represents a 309.8% 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.

Novavax Inc Financials

NVAX

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Novavax Inc (NVAX) 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).

Financial Health Signals

Altman Z-Score Distress

-2.11

Novavax Inc scores -2.11, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.3B) relative to total liabilities ($1.3B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

5/9

Novavax Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

-0.56x

For every $1 of reported earnings, Novavax Inc generates $-0.56 in operating cash flow (-$244.6M OCF vs $440.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage Safe

39.3x

Novavax Inc earns $39.3 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

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Earnings & Revenue

Revenue

$1.1B

YoY+64.7%

5Y CAGR+18.8%

10Y CAGR+41.0%

Novavax Inc generated $1.1B in revenue in fiscal year 2025. This represents an increase of 64.7% from the prior year.

EBITDA

$480.8M

YoY+339.3%

Novavax Inc's EBITDA was $480.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 339.3% from the prior year.

Net Income

$440.3M

YoY+334.8%

Novavax Inc reported $440.3M in net income in fiscal year 2025. This represents an increase of 334.8% from the prior year.

EPS (Diluted)

$2.58

YoY+309.8%

Novavax Inc earned $2.58 per diluted share (EPS) in fiscal year 2025. This represents an increase of 309.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$240.6M

YoY-54.6%

5Y CAGR-15.3%

10Y CAGR+10.0%

Novavax Inc held $240.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

163M

YoY+1.3%

5Y CAGR+18.0%

Novavax Inc had 163M shares outstanding in fiscal year 2025. This represents an increase of 1.3% from the prior year.

Margins & Returns

Gross Margin

93.5%

YoY+23.2pp

5Y CAGR-6.5pp

Novavax Inc's gross margin was 93.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 23.2 percentage points from the prior year.

Operating Margin

40.3%

YoY+76.8pp

5Y CAGR+127.9pp

10Y CAGR+474.1pp

Novavax Inc's operating margin was 40.3% in fiscal year 2025, reflecting core business profitability. This is up 76.8 percentage points from the prior year.

Net Margin

39.2%

YoY+66.7pp

5Y CAGR+127.1pp

10Y CAGR+472.1pp

Novavax Inc's net profit margin was 39.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 66.7 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$342.3M

YoY-12.5%

5Y CAGR-14.5%

10Y CAGR+7.7%

Novavax Inc invested $342.3M in research and development in fiscal year 2025. This represents a decrease of 12.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

NVAX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.1B+64.7%	$682.2M-30.7%	$983.7M-50.4%	$2.0B+72.9%	$1.1B+141.0%	$475.6M
Cost of Revenue	$73.0M-64.0%	$202.7M-41.0%	$343.8M-61.9%	$902.6M	$0	$0
Gross Profit	$1.1B+119.1%	$479.4M-25.1%	$639.9M-40.7%	$1.1B-5.8%	$1.1B+141.0%	$475.6M
R&D Expenses	$342.3M-12.5%	$391.2M-47.0%	$737.5M-40.3%	$1.2B-51.3%	$2.5B+239.3%	$747.0M
SG&A Expenses	$157.5M-53.3%	$337.2M-28.1%	$468.9M-4.0%	$488.7M+63.8%	$298.4M+105.4%	$145.3M
Operating Income	$452.8M+281.9%	-$248.9M+56.1%	-$566.5M+12.1%	-$644.7M+61.8%	-$1.7B-304.7%	-$416.7M
Interest Expense	$11.5M+10.5%	$10.4M-27.6%	$14.4M-27.5%	$19.9M-5.9%	$21.1M+39.5%	$15.1M
Income Tax	$1.9M-82.9%	$10.9M+435.9%	$2.0M-52.7%	$4.3M-85.3%	$29.2M	$0
Net Income	$440.3M+334.8%	-$187.5M+65.6%	-$545.1M+17.2%	-$657.9M+62.3%	-$1.7B-316.9%	-$418.3M
EPS (Diluted)	$2.58+309.8%	$-1.23+77.3%	$-5.41+35.7%	$-8.42+64.1%	$-23.44-222.4%	$-7.27

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$147.1M+108.9%	$70.4M-70.6%	$239.2M-64.1%	$666.7M+654.9%	$88.3M+4.5%	$84.5M-79.7%	$415.5M+342.7%	$93.9M
Cost of Revenue	$22.1M+2.8%	$21.5M+40.3%	$15.3M+8.6%	$14.1M-61.5%	$36.7M-39.5%	$60.6M+31.1%	$46.2M-21.9%	$59.2M
Gross Profit	$125.0M+155.4%	$48.9M-78.1%	$223.9M-65.7%	$652.5M+1163.6%	$51.6M+116.1%	$23.9M-93.5%	$369.2M+965.8%	$34.6M
R&D Expenses	$75.9M-22.8%	$98.3M+24.0%	$79.2M-10.9%	$88.9M-14.8%	$104.4M+19.8%	$87.2M-18.5%	$106.9M+15.4%	$92.7M
SG&A Expenses	$34.1M+7.8%	$31.7M-27.4%	$43.6M-9.3%	$48.1M-38.6%	$78.3M+10.7%	$70.7M-30.2%	$101.3M+16.7%	$86.8M
Operating Income	$14.2M+108.0%	-$178.0M-276.1%	$101.1M-80.4%	$515.5M+493.3%	-$131.1M+2.2%	-$134.0M-183.2%	$161.0M+211.2%	-$144.8M
Interest Expense	$3.3M+11.7%	$3.0M+12.2%	$2.6M0.0%	$2.6M+138.8%	$1.1M-57.7%	$2.6M0.0%	$2.6M-36.6%	$4.1M
Income Tax	$376K+157.2%	-$657K-169.5%	$946K-21.2%	$1.2M-83.9%	$7.4M+821.8%	-$1.0M-146.8%	$2.2M-2.5%	$2.3M
Net Income	$17.5M+108.7%	-$202.4M-290.0%	$106.5M-79.5%	$518.6M+740.1%	-$81.0M+33.2%	-$121.3M-174.7%	$162.4M+210.1%	-$147.6M
EPS (Diluted)	N/A	$-1.25-301.6%	$0.62-78.8%	$2.93	N/A	$-0.76-176.8%	$0.99+194.3%	$-1.05

NVAX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.2B-24.6%	$1.6B-13.2%	$1.8B-20.4%	$2.3B-12.3%	$2.6B+62.8%	$1.6B
Current Assets	$978.3M-13.3%	$1.1B-1.3%	$1.1B-32.8%	$1.7B-21.0%	$2.2B+72.7%	$1.2B
Cash & Equivalents	$240.6M-54.6%	$530.2M-6.7%	$568.5M-57.5%	$1.3B-11.8%	$1.5B+173.8%	$553.4M
Inventory	$11.5M+32.0%	$8.7M-79.0%	$41.7M+13.7%	$36.7M+313.5%	$8.9M	N/A
Accounts Receivable	$106.4M-1.7%	$108.3M-63.6%	$297.2M+260.8%	$82.4M-81.9%	$455.0M	N/A
Goodwill	$113.5M+5.6%	$107.5M-15.7%	$127.5M+0.9%	$126.3M-3.9%	$131.5M-2.9%	$135.4M
Total Liabilities	$1.3B-40.3%	$2.2B-13.1%	$2.5B-13.1%	$2.9B-1.2%	$2.9B+206.6%	$955.3M
Current Liabilities	$459.9M-60.2%	$1.2B-29.4%	$1.6B-33.5%	$2.5B+2.9%	$2.4B+312.4%	$579.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$127.8M+79.5%	-$623.8M+13.0%	-$716.9M-13.1%	-$634.1M-80.3%	-$351.7M-156.1%	$627.2M
Retained Earnings	-$4.6B+8.8%	-$5.0B-3.9%	-$4.8B-12.7%	-$4.3B-18.2%	-$3.6B-93.0%	-$1.9B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.2B-0.3%	$1.2B-11.7%	$1.3B+3.4%	$1.3B-17.1%	$1.6B-8.9%	$1.7B-5.8%	$1.8B+34.4%	$1.4B
Current Assets	$978.3M+0.4%	$974.6M+6.0%	$919.5M+5.9%	$868.0M-23.1%	$1.1B+2.3%	$1.1B-8.3%	$1.2B+65.5%	$727.1M
Cash & Equivalents	$240.6M-10.2%	$268.0M+5.6%	$253.7M-3.6%	$263.3M-50.3%	$530.2M-7.6%	$573.6M-15.7%	$680.2M+41.5%	$480.6M
Inventory	$11.5M-14.6%	$13.5M+31.9%	$10.2M-0.2%	$10.3M+17.3%	$8.7M+1.3%	$8.6M-5.8%	$9.2M-41.9%	$15.8M
Accounts Receivable	$106.4M+211.5%	$34.2M-84.9%	$226.4M+408.6%	$44.5M-58.9%	$108.3M+14.0%	$95.0M+195.8%	$32.1M+50.2%	$21.4M
Goodwill	$113.5M+0.3%	$113.1M+0.1%	$113.0M+0.8%	$112.0M+4.2%	$107.5M-15.2%	$126.8M+2.7%	$123.4M+0.2%	$123.2M
Total Liabilities	$1.3B-2.4%	$1.3B+2.9%	$1.3B-5.1%	$1.4B-37.3%	$2.2B-2.4%	$2.2B-0.5%	$2.3B+1.3%	$2.2B
Current Liabilities	$459.9M+7.0%	$429.9M+10.5%	$389.1M-7.8%	$422.2M-63.4%	$1.2B-2.3%	$1.2B+2.0%	$1.2B+43.9%	$804.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$127.8M+18.5%	-$156.7M-516.4%	$37.6M+149.7%	-$75.6M+87.9%	-$623.8M-18.5%	-$526.4M-21.9%	-$431.7M+50.2%	-$867.1M
Retained Earnings	-$4.6B+0.4%	-$4.6B-4.6%	-$4.4B+2.4%	-$4.5B+10.4%	-$5.0B-1.6%	-$4.9B-2.5%	-$4.8B+3.3%	-$5.0B

NVAX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$244.6M-180.3%	-$87.3M+87.8%	-$714.0M-71.7%	-$415.9M-228.8%	$322.9M+859.1%	-$42.5M
Capital Expenditures	N/A	N/A	N/A	N/A	$57.5M+5.2%	$54.6M
Free Cash Flow	N/A	N/A	N/A	N/A	$265.5M+373.2%	-$97.2M
Investing Cash Flow	-$78.3M+61.6%	-$204.0M-247.0%	-$58.8M+36.8%	-$93.0M-192.8%	$100.2M+126.5%	-$377.8M
Financing Cash Flow	$27.7M-89.4%	$260.6M+5734.8%	$4.5M-98.6%	$325.0M-29.6%	$461.7M-53.1%	$984.8M
Dividends Paid	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

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$39.5M-136.6%	$107.8M+184.6%	-$127.5M+31.3%	-$185.5M-7.1%	-$173.2M-19.6%	-$144.8M-146.1%	$314.3M+476.1%	-$83.6M
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	$20.5M+115.0%	-$136.5M-222.9%	$111.1M+251.5%	-$73.3M-150.9%	$144.0M+351.3%	$31.9M+108.6%	-$372.7M-5040.8%	-$7.3M
Financing Cash Flow	-$6.6M-115.6%	$42.4M+4181.0%	-$1.0M+85.3%	-$7.1M-106.3%	-$3.4M-3427.8%	-$97K-100.0%	$258.2M+4287.0%	$5.9M
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

NVAX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	93.5%+23.2pp	70.3%+5.2pp	65.0%+10.6pp	54.5%-45.5pp	100.0%0.0pp	100.0%
Operating Margin	40.3%+76.8pp	-36.5%+21.1pp	-57.6%-25.1pp	-32.5%+114.6pp	-147.1%-59.5pp	-87.6%
Net Margin	39.2%+66.7pp	-27.5%+27.9pp	-55.4%-22.2pp	-33.2%+118.9pp	-152.1%-64.2pp	-87.9%
Return on Equity	N/A	N/A	N/A	N/A	N/A	-66.7%
Return on Assets	37.4%+49.4pp	-12.0%+18.3pp	-30.3%-1.2pp	-29.1%+38.5pp	-67.7%-41.2pp	-26.4%
Current Ratio	2.13+1.1	0.98+0.3	0.700.0	0.69-0.2	0.90-1.3	2.15
Debt-to-Equity	-10.21-6.7	-3.500.0	-3.51+1.1	-4.56+3.8	-8.33-9.9	1.52
FCF Margin	N/A	N/A	N/A	N/A	23.2%+43.6pp	-20.4%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	85.0%+15.5pp	69.5%-24.1pp	93.6%-4.3pp	97.9%+39.4pp	58.5%+30.2pp	28.3%-60.6pp	88.9%+52.0pp	36.9%
Operating Margin	9.7%+262.4pp	-252.7%-294.9pp	42.3%-35.1pp	77.3%+225.8pp	-148.4%+10.2pp	-158.6%-197.3pp	38.8%+193.1pp	-154.3%
Net Margin	11.9%+299.2pp	-287.3%-331.8pp	44.5%-33.3pp	77.8%+169.6pp	-91.8%+51.8pp	-143.5%-182.6pp	39.1%+196.3pp	-157.2%
Return on Equity	N/A	N/A	283.1%	N/A	N/A	N/A	N/A	N/A
Return on Assets	1.5%+18.6pp	-17.2%-25.1pp	8.0%-32.1pp	40.1%+45.3pp	-5.2%+1.9pp	-7.1%-16.0pp	8.9%+19.8pp	-10.9%
Current Ratio	2.13-0.1	2.27-0.1	2.36+0.3	2.06+1.1	0.98+0.0	0.93-0.1	1.04+0.1	0.90
Debt-to-Equity	-10.21-1.7	-8.53-43.1	34.52+52.6	-18.09-14.6	-3.50+0.8	-4.25+1.0	-5.21-2.7	-2.56
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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.

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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.

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) generated -$244.6M in operating cash flow during fiscal year 2025, representing cash generated from 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.

How many shares does Novavax Inc have outstanding?

Novavax Inc (NVAX) had 163M shares outstanding as of 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 debt-to-equity ratio?

Novavax Inc (NVAX) had a debt-to-equity ratio of -10.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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 cash runway?

Based on fiscal year 2025 data, Novavax Inc (NVAX) had $240.6M in cash against an annual operating cash burn of $244.6M. This gives an estimated cash runway of approximately 12 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.

Why is Novavax Inc's debt-to-equity ratio negative or unusual?

Novavax Inc (NVAX) has negative shareholder equity of -$127.8M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. 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 -2.11, 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 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Novavax Inc's earnings high quality?

Novavax Inc (NVAX) has an earnings quality ratio of -0.56x, 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 Novavax Inc cover its interest payments?

Novavax Inc (NVAX) has an interest coverage ratio of 39.3x, 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.