Novavax Inc

NVAX

Healthcare|Biotechnology|USA

$9.33

-0.07 (-0.74%)

Earnings Power

$97.87

Financials

Financial Snapshot

Market Cap

$1.53B

Enterprise Value

$495.3M

Revenue (TTM)

$596.3M

Net Income (TTM)

$-87.8M

Cash & Equivalents

—

Net Cash/Share

$-2.42

Free Cash Flow (TTM)

$-97.6M

Operating CF (TTM)

$-91.6M

Debt/Equity

-2.04

Cash Runway & Burn Rate

Cash on Hand

$0.00

Quarterly Burn

$22.9M

Monthly Burn

$7.6M

Est. Runway

—

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$235.5M	$157.3M	$92.1M	$78.8M	$711.0M	$1.52B	$1.34B	$568.5M	$923.1M	$735.1M	$790.3M
Operating Cash Flow	$-258.8M	$-144.5M	$-184.8M	$-136.6M	$-42.5M	$322.9M	$-415.9M	$-714.0M	$-87.3M	$-244.6M	$-91.6M
Free Cash Flow	$-277.0M	$-148.7M	$-186.2M	$-138.5M	$-97.2M	$265.5M	$-508.9M	$-772.8M	$-101.9M	$-251.0M	$-97.6M
Capital Expenditure	$-18.2M	$-4.2M	$-1.4M	$-1.9M	$-54.6M	$-57.5M	$-93.0M	$-58.8M	$-14.6M	$-6.4M	$-6.1M
Financing Cash Flow	$279.8M	$64.5M	$102.8M	$98.4M	$984.8M	$461.7M	$325.0M	$4.5M	$260.6M	$27.7M	$72.5M

R&D Spending

R&D (TTM)

$348.9M

R&D Intensity

58.5%

R&D Growth YoY

+1.9%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$15.4M	$31.2M	$34.3M	$18.7M	$22.4M	$197.6M	$1.60B	$556.4M	$682.2M	$1.12B	$596.3M
R&D Expense	$237.9M	$168.4M	$173.8M	$113.8M	$747.0M	$2.53B	$1.24B	$737.5M	$391.2M	$342.3M	$348.9M
R&D % of Revenue	1549.8%	540.3%	506.9%	610.0%	3336.7%	1282.8%	77.3%	132.6%	57.3%	30.5%	58.5%
SG&A	$46.5M	$34.5M	$34.4M	$34.4M	$145.3M	$298.4M	$488.7M	$468.9M	$337.2M	$157.5M	$138.2M

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$15.4M	$31.2M	$34.3M	$18.7M	$22.4M	$197.6M	$1.60B	$556.4M	$682.2M	$1.12B	$596.3M
Cost of Goods Sold	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$902.6M	$343.8M	$202.7M	$73.0M	$89.6M
Gross Profit	$15.4M	$31.2M	$34.3M	$18.7M	$22.4M	$197.6M	$696.3M	$212.6M	$479.4M	$1.05B	$506.7M
R&D	$237.9M	$168.4M	$173.8M	$113.8M	$747.0M	$2.53B	$1.24B	$737.5M	$391.2M	$342.3M	$348.9M
SG&A	$46.5M	$34.5M	$34.4M	$34.4M	$145.3M	$298.4M	$488.7M	$468.9M	$337.2M	$157.5M	$138.2M
Operating Income	$-269.1M	$-171.7M	$-173.9M	$-129.6M	$-416.7M	$-1.69B	$-644.7M	$-566.5M	$-248.9M	$550.6M	$19.7M
Interest Expense	$-13.0M	$-14.1M	$-12.2M	$-12.2M	$-15.1M	$-21.1M	$-19.9M	$-14.4M	$-20.1M	$-22.5M	$-21.7M
Pretax Income	$-280.0M	$-183.8M	$-184.7M	$-132.7M	$-418.3M	$-1.71B	$-653.6M	$-543.0M	$-176.6M	$442.2M	$-86.2M
Net Income	$-280.0M	$-183.8M	$-184.7M	$-132.7M	$-418.3M	$-1.74B	$-657.9M	$-545.1M	$-187.5M	$440.3M	$-87.8M
EPS (Diluted)	-20.60	-12.56	-9.99	-5.51	-7.27	-23.44	-8.42	-5.41	-1.23	2.58	-0.58
EBITDA	$-258.5M	$-159.9M	$-164.4M	$-114.8M	$-398.2M	$-1.68B	$-604.7M	$-487.4M	$-108.0M	$492.3M	$-42.1M
Shares Out. (M)	13.54	14.63	18.49	24.10	57.55	74.40	78.18	100.77	152.19	173.10	163.28

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$144.4M	$106.3M	$70.2M	$78.8M	$553.4M	$1.52B	$1.34B	$568.5M	$530.2M	$240.6M	$228.4M
Marketable Securities	$91.1M	$51.0M	$22.0M	$0.00	$157.6M	$0.00	$0.00	$0.00	$392.9M	$494.4M	$562.0M
Total Current Assets	$287.8M	$203.3M	$119.3M	$97.2M	$1.25B	$2.16B	$1.70B	$1.14B	$1.13B	$978.3M	$850.8M
Total Assets	$394.3M	$302.5M	$208.0M	$173.0M	$1.58B	$2.58B	$2.26B	$1.80B	$1.56B	$1.18B	$1.04B
Total Current Liabilities	$66.4M	$73.7M	$45.5M	$25.8M	$579.7M	$2.39B	$2.46B	$1.64B	$1.15B	$459.9M	$342.5M
Long-Term Debt	$316.3M	$317.8M	$319.2M	$320.6M	$322.0M	$323.5M	$166.5M	$168.0M	$169.7M	$244.2M	$291.0M
Total Liabilities	$399.8M	$404.2M	$375.9M	$359.0M	$955.3M	$2.93B	$2.89B	$2.51B	$2.18B	$1.30B	$1.19B
Stockholders' Equity	$-5.5M	$-101.7M	$-167.9M	$-186.0M	$627.2M	$-351.7M	$-634.1M	$-716.9M	$-623.8M	$-127.8M	$-144.8M
Retained Earnings	$-930.0M	$-1.11B	$-1.30B	$-1.43B	$-1.87B	$-3.62B	$-4.28B	$-4.82B	$-5.01B	$-4.57B	$-4.58B

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$-258.8M	$-144.5M	$-184.8M	$-136.6M	$-42.5M	$322.9M	$-415.9M	$-714.0M	$-87.3M	$-244.6M	$-91.6M
Capital Expenditure	$-18.2M	$-4.2M	$-1.4M	$-1.9M	$-54.6M	$-57.5M	$-93.0M	$-58.8M	$-14.6M	$-6.4M	$-6.1M
Free Cash Flow	$-277.0M	$-148.7M	$-186.2M	$-138.5M	$-97.2M	$265.5M	$-508.9M	$-772.8M	$-101.9M	$-251.0M	$-97.6M
Investing Cash Flow	$28.0M	$36.0M	$28.6M	$38.5M	$-377.8M	$100.2M	$-93.0M	$-58.8M	$-204.0M	$-78.3M	$-33.3M
Financing Cash Flow	$279.8M	$64.5M	$102.8M	$98.4M	$984.8M	$461.7M	$325.0M	$4.5M	$260.6M	$27.7M	$72.5M
Issuance of Stock	$0.00	$63.4M	$100.1M	$97.4M	$875.6M	$564.9M	$249.2M	$360.2M	$263.3M	$0.00	$0.00
Repurchase of Stock	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Issuance of Debt	$325.0M	$0.00	$0.00	$0.00	$0.00	$0.00	$175.3M	$0.00	$0.00	$42.6M	$89.0M
Payments of Debt	$-466.0K	$-37.0K	$0.00	$0.00	$-96.1M	$-127.9M	$-93.6M	$-352.3M	$-4.0M	$-10.1M	$-8.4M
Stock Based Comp.	$19.2M	$19.8M	$18.3M	$17.0M	$128.0M	$183.6M	$130.3M	$85.4M	$48.2M	$36.0M	$33.5M
Net Change in Cash	$48.8M	$-43.8M	$-53.5M	$221.0K	$566.6M	$879.5M	$-179.4M	$-765.0M	$-38.5M	$-289.2M	$-45.6M

Dilution Tracker

Shares outstanding grew 119.5% over 5 years — significant dilution

Shares Outstanding

163M

5-Year Share Growth

+119.5%

Stock Issuance (TTM)

$0.00

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	13.54	14.63	18.49	24.10	57.55	74.40	78.18	100.77	152.19	173.10	163.28
YoY Change %	—	8.1%	26.3%	30.4%	138.8%	29.3%	5.1%	28.9%	51.0%	13.7%	-5.7%
Stock Issuance	$0.00	$63.4M	$100.1M	$97.4M	$875.6M	$564.9M	$249.2M	$360.2M	$263.3M	$0.00	$0.00
Stock Repurchase	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Stock Based Comp.	$19.2M	$19.8M	$18.3M	$17.0M	$128.0M	$183.6M	$130.3M	$85.4M	$48.2M	$36.0M	$33.5M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	43.5%	38.2%	70.3%	93.5%	85.0%
Operating Margin %	-1752.8%	-550.8%	-507.2%	-694.4%	-1861.3%	-853.6%	-40.3%	-101.8%	-36.5%	49.0%	3.3%
Net Margin %	-1823.5%	-589.5%	-538.8%	-711.0%	-1868.2%	-882.5%	-41.1%	-98.0%	-27.5%	39.2%	-14.7%
EBITDA Margin %	-1683.7%	-512.8%	-479.5%	-615.3%	-1778.8%	-850.7%	-37.8%	-87.6%	-15.8%	43.8%	-7.1%
FCF Margin %	-1804.0%	-476.9%	-543.0%	-742.0%	-434.0%	134.4%	-31.8%	-138.9%	-14.9%	-22.3%	-16.4%
ROE %	-195.0%	0.0%	0.0%	0.0%	-189.6%	-1265.7%	0.0%	0.0%	0.0%	Negative Equity	0.0%
ROA %	-71.8%	-52.7%	-72.4%	-69.7%	-47.7%	-83.8%	-27.2%	-26.9%	-11.2%	32.2%	-7.3%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)At Loss

HistoricalAt Loss / 3.51 / 5.28

Industry Med.27.41

P/S2.73

Historical0.28 / 11.30 / 487.70

Industry Med.9.51

P/B—

Historical3.17 / 26.24 / 88.90

Industry Med.2.93

EV/EBITDA-24.66

Historical-126.71 / -2.88 / 2.92

Industry Med.13.14

EV/Revenue1.74

Historical-0.18 / 16.80 / 841.82

Industry Med.8.71

P/FCF—

Historical16.55 / 27.87 / 452.24

Industry Med.27.54

Intrinsic Value Models

Median P/S Value

$40.86

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	2.60	At Loss
PS Ratio	22.22	11.64	19.84	5.14	286.66	53.87	0.50	0.87	1.79	1.04	2.73
PB Ratio	0.00	0.00	0.00	0.00	12.61	0.00	0.00	0.00	0.00	0.00	0.00
EV/EBITDA	-1.63	-3.51	-5.68	-3.24	-19.26	-5.82	-0.16	-0.68	-5.53	1.23	-24.66
EV/Revenue	27.53	18.00	27.25	19.92	342.55	49.55	0.06	0.59	0.88	0.54	1.74

Analyst Estimates & Quality

Altman Z-Score

-4.42

Distress

Piotroski F-Score

Weak

Beneish M-Score

-2.49

Unlikely Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$387.3M	$259.1M	$348.6M
Net Income	$-82.6M	$-20.0M	$75.7M
EPS	-0.46	-0.07	0.72
Book Value per Share	-3.51	-3.67	0.00
Operating Cash Flow per Share	-0.15	-0.95	0.00
Operating CF	$-24.49M	$-155.11M	$0.00M

Dividends

Revenue Segments

By Business

Segment	2025
In-house early-stage research and development (R&D)	$1.12B

By Geography

Segment	2025
Rest of North America	$575.7M
Europe	$15.7M
Rest of the world	$126.5M
United States	$405.6M