NOVAVAX, INC. financials
Source: EDGAR filings · Built 2026-06-02T03:41:59Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -260.27M | -104.31M | -795.08M | -598.59M | 137.55M | -193.23M |
| EBITDA | 480.80M | -200.93M | -525.51M | -615.74M | -1.67B | -412.42M |
| Working Capital | 518.33M | -25.47M | -491.25M | -756.55M | -235.20M | 668.53M |
| Net Debt | 37.41M | -266.76M | -226.81M | -661.72M | -860.49M | 74.43M |
| Gross Margin | 93.50% | 70.28% | 65.05% | 54.46% | 100.00% | 100.00% |
| Operating Margin | 40.30% | -36.49% | -57.59% | -32.53% | -147.13% | -87.62% |
| Net Margin | 39.19% | -27.49% | -55.41% | -33.20% | -152.12% | -87.94% |
| Return on Equity (ROE) | -344.65% | 30.06% | 76.03% | 103.76% | 495.84% | -66.69% |
| Return on Assets (ROA) | 37.42% | -12.02% | -30.32% | -29.13% | -67.67% | -26.43% |
| Current Ratio | 2.13× | 0.98× | 0.70× | 0.69× | 0.90× | 2.15× |
| Debt-to-Equity | -2.18× | -0.42× | -0.48× | -1.06× | -1.86× | 1.00× |
| Effective Tax Rate | 0.42% | -6.16% | -0.37% | -0.66% | -1.70% | 0.00% |
| Cash Conversion Ratio | -0.56× | 0.47× | 1.31× | 0.63× | -0.19× | 0.10× |
| Accruals Ratio | 0.58× | -0.06× | 0.09× | -0.11× | -0.80× | -0.24× |
| SBC % of Revenue | 3.21% | 7.06% | 8.68% | 6.57% | 16.02% | 26.92% |
| CapEx Coverage | -15.65× | -5.12× | -8.80× | -2.28× | 1.74× | -0.28× |
| Free Cash Flow Per Share | $-1.50 | $-0.69 | $-7.89 | $-7.66 | $1.85 | $-3.36 |
Valuation Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 2.60× | — | — | — | — | — |
| P/FCF | — | — | — | — | 77.39× | — |
| FCF Yield | — | — | — | — | 1.29% | — |
| EV / EBITDA | 2.35× | — | — | — | — | — |
| P/S | 0.97× | 1.89× | 0.68× | 0.45× | 9.47× | 16.64× |
| P/B | — | — | — | — | — | 12.61× |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 1.12B | 682.16M | 983.71M | 1.98B | — | — |
| Revenues | 1.12B | 682.16M | 983.71M | 1.98B | 1.15B | 475.60M |
| Cost of Revenue | 73.04M | 202.74M | 343.77M | 902.64M | 0 | 0 |
| Research and Development Expense | 342.32M | 391.17M | 737.50M | 1.24B | 2.53B | 747.03M |
| Selling, General and Administrative Expense | 157.48M | 337.19M | 468.95M | 488.69M | — | — |
| Operating Income (Loss) | 452.80M | -248.93M | -566.51M | -644.74M | -1.69B | -416.72M |
| Income Tax Expense (Benefit) | 1.86M | 10.88M | 2.03M | 4.29M | 29.21M | 0 |
| Net Income (Loss) Attributable to Parent | 440.30M | -187.50M | -545.06M | -657.94M | -1.74B | -418.26M |
| Earnings Per Share, Basic | $2.72 | $-1.23 | $-5.41 | $-8.42 | $-23.44 | $-7.27 |
| Weighted Average Number of Shares Outstanding, Basic | 161.99M | 152.19M | 100.77M | 78.18M | 74.40M | 57.55M |
| Earnings Per Share, Diluted | $2.58 | $-1.23 | $-5.41 | $-8.42 | $-23.44 | $-7.27 |
| Weighted Average Number of Shares Outstanding, Diluted | 173.10M | 152.19M | 100.77M | 78.18M | 74.40M | 57.55M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 240.63M | 530.23M | 568.50M | 1.34B | 1.52B | 553.40M |
| Assets, Current | 978.28M | 1.13B | 1.14B | 1.70B | 2.16B | 1.25B |
| Assets | 1.18B | 1.56B | 1.80B | 2.26B | 2.58B | 1.58B |
| Long-term Debt | 244.21M | — | — | — | — | — |
| Liabilities, Current | 459.95M | 1.15B | 1.64B | 2.46B | 2.39B | 579.67M |
| Liabilities | 1.30B | 2.18B | 2.51B | 2.89B | 2.93B | 955.27M |
| Stockholders' Equity Attributable to Parent | -127.75M | -623.84M | -716.93M | -634.08M | -351.67M | 627.21M |
| Common Stock, Shares, Outstanding | 162.58M | 160.42M | 139.51M | 86.04M | 75.84M | 70.95M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -244.63M | -87.26M | -713.97M | -415.94M | 322.95M | -42.54M |
| Net Cash Provided by (Used in) Investing Activities | -78.27M | -204.04M | -58.81M | -92.98M | 100.15M | -377.78M |
| Net Cash Provided by (Used in) Financing Activities | 27.74M | 260.58M | 4.47M | 324.99M | 461.71M | 984.76M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -34.27M | -47.83M | -212.44M | -317.24M | -189.30M | -177.85M |
| EBITDA | -12.37M | 19.36M | — | — | 523.85M | -118.56M |
| Working Capital | 508.36M | 518.33M | 544.72M | 530.37M | 445.86M | -25.47M |
| Net Debt | 66.69M | 37.41M | -16.88M | -25.25M | -34.68M | -266.76M |
| Gross Margin | 78.00% | 84.98% | 69.49% | 93.59% | 97.88% | 58.48% |
| Operating Margin | -11.06% | 9.67% | -252.70% | 42.25% | 77.33% | -148.43% |
| Net Margin | -6.80% | 11.91% | -287.29% | 44.52% | 77.80% | -91.76% |
| Return on Equity (ROE) | 6.56% | -13.72% | 129.17% | 283.08% | -685.65% | 12.99% |
| Return on Assets (ROA) | -0.91% | 1.49% | -17.15% | 7.97% | 40.11% | -5.19% |
| Current Ratio | 2.48× | 2.13× | 2.27× | 2.36× | 2.06× | 0.98× |
| Debt-to-Equity | -2.04× | -2.18× | -1.60× | 6.07× | -3.02× | -0.42× |
| Effective Tax Rate | -11.58% | 2.10% | 0.32% | 0.88% | 0.23% | -10.12% |
| Cash Conversion Ratio | 3.42× | -2.25× | 1.01× | -2.94× | -0.36× | 2.14× |
| Accruals Ratio | 0.02× | 0.05× | 0.00× | 0.31× | 0.54× | 0.06× |
| SBC % of Revenue | 5.54% | 5.41% | 39.82% | 8.15% | 1.54% | 11.83% |
| CapEx Coverage | -17.54× | -4.73× | -28.18× | -73.12× | -48.87× | -36.94× |
| Free Cash Flow Per Share | $-0.21 | $-0.28 | $-1.31 | $-1.79 | $-1.07 | $-1.17 |
Valuation Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | — | 2.86× | 4.87× | 2.78× | 2.43× | — |
| P/S | 2.24× | 0.97× | 1.32× | 0.95× | 0.83× | 1.89× |
| P/B | — | — | — | 27.15× | — | — |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 139.51M | 147.14M | 70.44M | 239.24M | 666.65M | 88.31M |
| Revenues | 139.51M | 147.14M | 70.44M | 239.24M | 666.65M | 88.31M |
| Cost of Revenue | 30.70M | 22.10M | 21.50M | 15.32M | 14.12M | 36.67M |
| Research and Development Expense | 95.47M | 75.88M | 98.27M | 79.23M | 88.94M | 104.38M |
| Selling, General and Administrative Expense | 28.78M | 34.12M | 31.66M | — | 48.09M | 78.34M |
| Operating Income (Loss) | -15.43M | 14.23M | -178.02M | 101.07M | 515.51M | -131.08M |
| Income Tax Expense (Benefit) | 985.00K | 376.00K | -657.00K | 946.00K | 1.20M | 7.45M |
| Net Income (Loss) Attributable to Parent | -9.49M | 17.53M | -202.38M | 106.51M | 518.65M | -81.03M |
| Earnings Per Share, Basic | $-0.06 | $0.11 | $-1.25 | $0.66 | $3.22 | $-0.52 |
| Weighted Average Number of Shares Outstanding, Basic | 163.28M | 161.99M | 162.35M | 162.02M | 161.05M | 152.19M |
| Earnings Per Share, Diluted | $-0.06 | $0.05 | $-1.25 | $0.62 | $2.93 | $-0.52 |
| Weighted Average Number of Shares Outstanding, Diluted | 163.28M | 173.10M | 162.35M | 177.22M | 177.63M | 152.19M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 228.36M | 240.63M | 268.02M | 253.74M | 263.34M | 530.23M |
| Assets, Current | 850.82M | 978.28M | 974.59M | 919.51M | 868.03M | 1.13B |
| Assets | 1.04B | 1.18B | 1.18B | 1.34B | 1.29B | 1.56B |
| Long-term Debt | 291.04M | 244.21M | — | — | — | — |
| Liabilities, Current | 342.46M | 459.95M | 429.87M | 389.14M | 422.17M | 1.15B |
| Liabilities | 1.19B | 1.30B | 1.34B | 1.30B | 1.37B | 2.18B |
| Stockholders' Equity Attributable to Parent | -144.76M | -127.75M | -156.67M | 37.63M | -75.64M | -623.84M |
| Common Stock, Shares, Outstanding | 164.42M | 162.58M | 162.47M | 162.16M | 161.96M | 160.42M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -32.42M | -39.48M | -205.16M | -312.96M | -185.50M | -173.16M |
| Net Cash Provided by (Used in) Investing Activities | -28.36M | 20.48M | -98.75M | 37.78M | -73.32M | 144.01M |
| Net Cash Provided by (Used in) Financing Activities | 37.67M | -6.60M | 34.34M | -8.10M | -7.06M | -3.42M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (NVAX CIK 0001000694),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.