Novavax Inc Financials
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).
FY2025 shows a profitability snapback driven by very high gross margin and leaner spending, not yet by cash generation.
The least obvious shift is that liquidity improved because obligations shrank, not because cash piled up: cash fell from$530M to$241M between FY2024 and FY2025. Yet near-term flexibility still improved, because current liabilities were cut by more than half and the current ratio reached 2.1x even as operations used-$245M of cash.
FY2025's move to accounting profitability came with gross margin at
But earnings quality is the key tension: FY2025 net income was
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 Novavax 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.
Novavax Inc has an operating margin of 40.3%, meaning the company retains $40 of operating profit per $100 of revenue. This below-average margin results in a low score of 17/100, suggesting thin profitability after operating expenses. This is up from -36.5% the prior year.
Novavax Inc's revenue surged 64.7% year-over-year to $1.1B, reflecting rapid business expansion. This strong growth earns a score of 45/100.
Novavax Inc carries a low D/E ratio of -1.91, meaning only $-1.91 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 71/100, indicating a strong balance sheet with room for future borrowing.
Novavax Inc's current ratio of 2.13 indicates adequate short-term liquidity, earning a score of 39/100. The company can meet its near-term obligations, though with limited headroom.
Novavax Inc scores -1.99, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.5B) relative to total liabilities ($1.3B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
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.
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.
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
Earnings & Revenue
Novavax Inc generated $1.1B in revenue in fiscal year 2025. This represents an increase of 64.7% from the prior year.
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.
Novavax Inc reported $440.3M in net income in fiscal year 2025. This represents an increase of 334.8% from the prior year.
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
Novavax Inc held $240.6M in cash against $244.2M in long-term debt as of fiscal year 2025.
Novavax Inc had 163M shares outstanding in fiscal year 2025. This represents an increase of 1.3% from the prior year.
Margins & Returns
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.
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.
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.
Capital Allocation
Novavax Inc invested $342.3M in research and development in fiscal year 2025. This represents a decrease of 12.5% from the prior year.
NVAX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $139.5M-5.2% | $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 |
| Cost of Revenue | $30.7M+38.9% | $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 |
| Gross Profit | $108.8M-13.0% | $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 |
| R&D Expenses | $95.5M+25.8% | $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 |
| SG&A Expenses | $28.8M-15.7% | $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 |
| Operating Income | -$15.4M-208.4% | $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 |
| Interest Expense | $3.7M+13.3% | $3.3M+11.7% | $3.0M+12.2% | $2.6M0.0% | $2.6M+138.8% | $1.1M-57.7% | $2.6M0.0% | $2.6M |
| Income Tax | $985K+162.0% | $376K+157.2% | -$657K-169.5% | $946K-21.2% | $1.2M-83.9% | $7.4M+821.8% | -$1.0M-146.8% | $2.2M |
| Net Income | -$9.5M-154.2% | $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 |
| EPS (Diluted) | $-0.06 | N/A | $-1.25-301.6% | $0.62-78.8% | $2.93 | N/A | $-0.76-176.8% | $0.99 |
NVAX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.0B-11.3% | $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 |
| Current Assets | $850.8M-13.0% | $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 |
| Cash & Equivalents | $228.4M-5.1% | $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 |
| Inventory | $11.5M-0.8% | $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 |
| Accounts Receivable | $23.3M-78.1% | $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 |
| Goodwill | $112.9M-0.5% | $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 |
| Total Liabilities | $1.2B-8.9% | $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 |
| Current Liabilities | $342.5M-25.5% | $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 |
| Long-Term Debt | $291.0M+19.2% | $244.2M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$144.8M-13.3% | -$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 |
| Retained Earnings | -$4.6B-0.2% | -$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 |
NVAX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$32.4M+17.9% | -$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 |
| 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 | -$28.4M-238.5% | $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 |
| Financing Cash Flow | $37.7M+670.5% | -$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 |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.0%-7.0pp | 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% |
| Operating Margin | -11.1%-20.7pp | 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% |
| Net Margin | -6.8%-18.7pp | 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% |
| Return on Equity | N/A | N/A | N/A | 283.1% | N/A | N/A | N/A | N/A |
| Return on Assets | -0.9%-2.4pp | 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% |
| Current Ratio | 2.48+0.4 | 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 |
| Debt-to-Equity | -2.01-0.1 | -1.91+6.6 | -8.53-43.1 | 34.52+52.6 | -18.09-14.6 | -3.50+0.8 | -4.25+1.0 | -5.21 |
| 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.
How much debt does Novavax Inc have?
As of fiscal year 2025, Novavax Inc (NVAX) had $240.6M in cash and equivalents against $244.2M in long-term debt.
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.
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 -1.91 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 -1.99, 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 to 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.
How financially healthy is Novavax Inc?
Novavax Inc (NVAX) scores 29 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.