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VXRT vs OCGN vs NVAX vs MRNA vs BNTX

Revenue, margins, valuation, and 5-year total return — side by side.

Live fundamentals10-year financials5-year price chart
VXRT
Vaxart, Inc.

Biotechnology

HealthcareNASDAQ • US
Market Cap$167M
5Y Perf.-74.2%
OCGN
Ocugen, Inc.

Biotechnology

HealthcareNASDAQ • US
Market Cap$511M
5Y Perf.+387.1%
NVAX
Novavax, Inc.

Biotechnology

HealthcareNASDAQ • US
Market Cap$1.66B
5Y Perf.-78.0%
MRNA
Moderna, Inc.

Biotechnology

HealthcareNASDAQ • US
Market Cap$21.55B
5Y Perf.-11.6%
BNTX
BioNTech SE

Biotechnology

HealthcareNASDAQ • DE
Market Cap$23.80B
5Y Perf.+90.0%

VXRT vs OCGN vs NVAX vs MRNA vs BNTX — Key Financials

Market cap, revenue, margins, and valuation side-by-side.

Company Snapshot
VXRT logoVXRT
OCGN logoOCGN
NVAX logoNVAX
MRNA logoMRNA
BNTX logoBNTX
IndustryBiotechnologyBiotechnologyBiotechnologyBiotechnologyBiotechnology
Market Cap$167M$511M$1.66B$21.55B$23.80B
Revenue (TTM)$256M$4M$596M$2.23B$2.86B
Net Income (TTM)$37M$-68M$-88M$-3.19B$-1.13B
Gross Margin84.7%100.0%84.6%-13.9%77.7%
Operating Margin14.9%-14.3%-11.2%-153.3%-45.9%
Forward P/E9.9x4.0x
Total Debt$9M$33M$249M$1.92B$267M
Cash & Equiv.$54M$19M$241M$2.60B$7.67B

VXRT vs OCGN vs NVAX vs MRNA vs BNTXLong-Term Stock Performance

Price return indexed to 100 at period start. Dividends excluded.

VXRT
OCGN
NVAX
MRNA
BNTX
StockMay 20May 26Return
Vaxart, Inc. (VXRT)10025.8-74.2%
Ocugen, Inc. (OCGN)100487.1+387.1%
Novavax, Inc. (NVAX)10022.0-78.0%
Moderna, Inc. (MRNA)10088.4-11.6%
BioNTech SE (BNTX)100190.0+90.0%

Price return only. Dividends and distributions are not included.

Quick Verdict: VXRT vs OCGN vs NVAX vs MRNA vs BNTX

Each card shows where this stock fits in a portfolio — not just who wins on paper.

Bottom line: VXRT leads in 4 of 7 categories (5-stock set), making it the strongest pick for growth and revenue expansion and profitability and margin quality. Novavax, Inc. is the stronger pick specifically for valuation and capital efficiency. MRNA also leads in specific categories worth noting. As sector peers, any of these can serve as alternatives in the same allocation.
VXRT
Vaxart, Inc.
The Growth Play

VXRT carries the broadest edge in this set and is the clearest fit for growth exposure.

  • Rev growth 7.3%, EPS growth 150.0%, 3Y rev CAGR 12.0%
  • 7.3% revenue growth vs MRNA's -39.2%
  • 14.5% margin vs OCGN's -15.4%
  • Beta 0.57 vs NVAX's 2.22
Best for: growth exposure
OCGN
Ocugen, Inc.
The Healthcare Pick

OCGN lags the leaders in this set but could rank higher in a more targeted comparison.

Best for: healthcare exposure
NVAX
Novavax, Inc.
The Value Play

NVAX is the #2 pick in this set and the best alternative if value is your priority.

  • Better valuation composite
Best for: value
MRNA
Moderna, Inc.
The Momentum Pick

MRNA ranks third and is worth considering specifically for momentum.

  • +122.9% vs BNTX's -0.7%
Best for: momentum
BNTX
BioNTech SE
The Income Pick

BNTX is the clearest fit if your priority is income & stability and long-term compounding.

  • Dividend streak 1 yrs, beta 1.05
  • 5.8% 10Y total return vs MRNA's 192.2%
  • Lower volatility, beta 1.05, Low D/E 1.4%, current ratio 7.54x
  • Beta 1.05, current ratio 7.54x
Best for: income & stability and long-term compounding
See the full category breakdown
CategoryWinnerWhy
GrowthVXRT logoVXRT7.3% revenue growth vs MRNA's -39.2%
ValueNVAX logoNVAXBetter valuation composite
Quality / MarginsVXRT logoVXRT14.5% margin vs OCGN's -15.4%
Stability / SafetyVXRT logoVXRTBeta 0.57 vs NVAX's 2.22
DividendsTieNone of these 5 stocks pay a meaningful dividend
Momentum (1Y)MRNA logoMRNA+122.9% vs BNTX's -0.7%
Efficiency (ROA)VXRT logoVXRT20.1% ROA vs OCGN's -123.4%, ROIC 27.1% vs -15.7%

VXRT vs OCGN vs NVAX vs MRNA vs BNTX — Revenue Breakdown by Segment

How each company's revenue is distributed across its business units

VXRTVaxart, Inc.
FY 2025
Government Contract
89.8%$225M
Collaboration Revenue
6.0%$15M
License
3.5%$9M
Non Cash Royalty Revenue
0.8%$2M
OCGNOcugen, Inc.

Segment breakdown not available.

NVAXNovavax, Inc.
FY 2025
Product
50.0%$685M
Nuvaxovid Sales
45.6%$625M
Supply Sales
4.4%$60M
MRNAModerna, Inc.
FY 2025
Product Sales
100.0%$3.3B
BNTXBioNTech SE
FY 2025
Other Sales
100.0%$262M

VXRT vs OCGN vs NVAX vs MRNA vs BNTX — Financial Metrics

Side-by-side numbers across 5 stocks — who leads on profitability, valuation, growth, and risk.

BEST OVERALLVXRTLAGGINGBNTX

Income & Cash Flow (Last 12 Months)

VXRT leads this category, winning 3 of 6 comparable metrics.

BNTX is the larger business by revenue, generating $2.9B annually — 648.4x OCGN's $4M. VXRT is the more profitable business, keeping 14.5% of every revenue dollar as net income compared to OCGN's -15.4%. On growth, MRNA holds the edge at +2.6% YoY revenue growth, suggesting stronger near-term business momentum.

MetricVXRT logoVXRTVaxart, Inc.OCGN logoOCGNOcugen, Inc.NVAX logoNVAXNovavax, Inc.MRNA logoMRNAModerna, Inc.BNTX logoBNTXBioNTech SE
RevenueTrailing 12 months$256M$4M$596M$2.2B$2.9B
EBITDAEarnings before interest/tax$45M-$61M-$47M-$3.2B-$931M
Net IncomeAfter-tax profit$37M-$68M-$88M-$3.2B-$1.1B
Free Cash FlowCash after capex$15M-$57M-$97M-$1.6B$277M
Gross MarginGross profit ÷ Revenue+84.7%+100.0%+84.6%-13.9%+77.7%
Operating MarginEBIT ÷ Revenue+14.9%-14.3%-11.2%-153.3%-45.9%
Net MarginNet income ÷ Revenue+14.5%-15.4%-14.7%-143.6%-39.6%
FCF MarginFCF ÷ Revenue+5.8%-13.0%-16.3%-71.1%+9.7%
Rev. Growth (YoY)Latest quarter vs prior year+87.9%-125.3%-79.1%+2.6%-24.5%
EPS Growth (YoY)Latest quarter vs prior year+129.2%-18.9%-102.0%-34.9%-2.1%
VXRT leads this category, winning 3 of 6 comparable metrics.

Valuation Metrics

Evenly matched — VXRT and BNTX each lead in 2 of 5 comparable metrics.

At 4.0x trailing earnings, NVAX trades at a 60% valuation discount to VXRT's 9.9x P/E. On an enterprise value basis, NVAX's 2.8x EV/EBITDA is more attractive than VXRT's 4.6x.

MetricVXRT logoVXRTVaxart, Inc.OCGN logoOCGNOcugen, Inc.NVAX logoNVAXNovavax, Inc.MRNA logoMRNAModerna, Inc.BNTX logoBNTXBioNTech SE
Market CapShares × price$167M$511M$1.7B$21.6B$23.8B
Enterprise ValueMkt cap + debt − cash$122M$526M$1.7B$20.9B$15.1B
Trailing P/EPrice ÷ TTM EPS9.87x-6.57x3.98x-7.49x-17.79x
Forward P/EPrice ÷ next-FY EPS est.
PEG RatioP/E ÷ EPS growth rate
EV / EBITDAEnterprise value multiple4.59x2.83x
Price / SalesMarket cap ÷ Revenue0.70x115.83x1.48x11.09x7.36x
Price / BookPrice ÷ Book value/share1.81x2.44x1.01x
Price / FCFMarket cap ÷ FCF22.08x75.18x
Evenly matched — VXRT and BNTX each lead in 2 of 5 comparable metrics.

Profitability & Efficiency

VXRT leads this category, winning 6 of 9 comparable metrics.

VXRT delivers a 61.4% return on equity — every $100 of shareholder capital generates $61 in annual profit, vs $-26 for OCGN. BNTX carries lower financial leverage with a 0.01x debt-to-equity ratio, signaling a more conservative balance sheet compared to MRNA's 0.22x. On the Piotroski fundamental quality scale (0–9), VXRT scores 7/9 vs OCGN's 2/9, reflecting strong financial health.

MetricVXRT logoVXRTVaxart, Inc.OCGN logoOCGNOcugen, Inc.NVAX logoNVAXNovavax, Inc.MRNA logoMRNAModerna, Inc.BNTX logoBNTXBioNTech SE
ROE (TTM)Return on equity+61.4%-26.3%-36.7%-6.0%
ROA (TTM)Return on assets+20.1%-123.4%-7.4%-26.6%-5.3%
ROICReturn on invested capital+27.1%-15.7%-26.1%-4.3%
ROCEReturn on capital employed+20.7%-154.7%+100.4%-27.6%-3.1%
Piotroski ScoreFundamental quality 0–972534
Debt / EquityFinancial leverage0.10x0.22x0.01x
Net DebtTotal debt minus cash-$45M$15M$8M-$679M-$7.4B
Cash & Equiv.Liquid assets$54M$19M$241M$2.6B$7.7B
Total DebtShort + long-term debt$9M$33M$249M$1.9B$267M
Interest CoverageEBIT ÷ Interest expense25.83x-13.63x-6.40x-1803.00x-62.15x
VXRT leads this category, winning 6 of 9 comparable metrics.

Total Returns (Dividends Reinvested)

Evenly matched — OCGN and BNTX each lead in 2 of 6 comparable metrics.

A $10,000 investment in BNTX five years ago would be worth $4,756 today (with dividends reinvested), compared to $630 for NVAX. Over the past 12 months, MRNA leads with a +122.9% total return vs BNTX's -0.7%. The 3-year compound annual growth rate (CAGR) favors OCGN at 28.1% vs MRNA's -25.6% — a key indicator of consistent wealth creation.

MetricVXRT logoVXRTVaxart, Inc.OCGN logoOCGNOcugen, Inc.NVAX logoNVAXNovavax, Inc.MRNA logoMRNAModerna, Inc.BNTX logoBNTXBioNTech SE
YTD ReturnYear-to-date+91.9%+9.4%+41.8%+76.1%-2.7%
1-Year ReturnPast 12 months+69.7%+119.0%+51.8%+122.9%-0.7%
3-Year ReturnCumulative with dividends-19.7%+110.3%+35.7%-58.7%-12.9%
5-Year ReturnCumulative with dividends-89.4%-85.2%-93.7%-65.7%-52.4%
10-Year ReturnCumulative with dividends-96.1%-98.4%-89.4%+192.2%+575.8%
CAGR (3Y)Annualised 3-year return-7.0%+28.1%+10.7%-25.6%-4.5%
Evenly matched — OCGN and BNTX each lead in 2 of 6 comparable metrics.

Risk & Volatility

Evenly matched — VXRT and MRNA each lead in 1 of 2 comparable metrics.

VXRT is the less volatile stock with a 0.57 beta — it tends to amplify market swings less than NVAX's 2.22 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. MRNA currently trades 91.3% from its 52-week high vs OCGN's 55.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.

MetricVXRT logoVXRTVaxart, Inc.OCGN logoOCGNOcugen, Inc.NVAX logoNVAXNovavax, Inc.MRNA logoMRNAModerna, Inc.BNTX logoBNTXBioNTech SE
Beta (5Y)Sensitivity to S&P 5000.57x1.47x2.22x1.81x1.05x
52-Week HighHighest price in past year$0.84$2.73$11.97$59.55$124.00
52-Week LowLowest price in past year$0.26$0.64$5.80$22.28$79.52
% of 52W HighCurrent price vs 52-week peak+82.2%+55.4%+84.5%+91.3%+75.9%
RSI (14)Momentum oscillator 0–10053.934.861.846.340.1
Avg Volume (50D)Average daily shares traded242K9.4M4.2M7.2M1.2M
Evenly matched — VXRT and MRNA each lead in 1 of 2 comparable metrics.

Analyst Outlook

Evenly matched — NVAX and BNTX each lead in 1 of 1 comparable metric.

Analyst consensus: VXRT as "Buy", OCGN as "Buy", NVAX as "Buy", MRNA as "Hold", BNTX as "Buy". Consensus price targets imply 231.1% upside for OCGN (target: $5) vs -28.2% for MRNA (target: $39).

MetricVXRT logoVXRTVaxart, Inc.OCGN logoOCGNOcugen, Inc.NVAX logoNVAXNovavax, Inc.MRNA logoMRNAModerna, Inc.BNTX logoBNTXBioNTech SE
Analyst RatingConsensus buy/hold/sellBuyBuyBuyHoldBuy
Price TargetConsensus 12-month target$2.00$5.00$18.00$39.00$139.44
# AnalystsCovering analysts35232724
Dividend YieldAnnual dividend ÷ price
Dividend StreakConsecutive years of raises101
Dividend / ShareAnnual DPS
Buyback YieldShare repurchases ÷ mkt cap0.0%0.0%+0.3%0.0%0.0%
Evenly matched — NVAX and BNTX each lead in 1 of 1 comparable metric.
Key Takeaway

VXRT leads in 2 of 6 categories — strongest in Income & Cash Flow and Profitability & Efficiency. 4 categories are tied.

Best OverallVaxart, Inc. (VXRT)Leads 2 of 6 categories
Loading custom metrics...

VXRT vs OCGN vs NVAX vs MRNA vs BNTX: Key Questions Answered

9 questions · data-driven answers · updated daily

01

Is VXRT or OCGN or NVAX or MRNA or BNTX a better buy right now?

For growth investors, Vaxart, Inc.

(VXRT) is the stronger pick with 726. 7% revenue growth year-over-year, versus -39. 2% for Moderna, Inc. (MRNA). Novavax, Inc. (NVAX) offers the better valuation at 4. 0x trailing P/E, making it the more compelling value choice. Analysts rate Vaxart, Inc. (VXRT) a "Buy" — based on 3 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

02

Which has the better valuation — VXRT or OCGN or NVAX or MRNA or BNTX?

On trailing P/E, Novavax, Inc.

(NVAX) is the cheapest at 4. 0x versus Vaxart, Inc. at 9. 9x.

03

Which is the better long-term investment — VXRT or OCGN or NVAX or MRNA or BNTX?

Over the past 5 years, BioNTech SE (BNTX) delivered a total return of -52.

4%, compared to -93. 7% for Novavax, Inc. (NVAX). Over 10 years, the gap is even starker: BNTX returned +575. 8% versus OCGN's -98. 4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

04

Which is safer — VXRT or OCGN or NVAX or MRNA or BNTX?

By beta (market sensitivity over 5 years), Vaxart, Inc.

(VXRT) is the lower-risk stock at 0. 57β versus Novavax, Inc. 's 2. 22β — meaning NVAX is approximately 290% more volatile than VXRT relative to the S&P 500. On balance sheet safety, BioNTech SE (BNTX) carries a lower debt/equity ratio of 1% versus 22% for Moderna, Inc. — giving it more financial flexibility in a downturn.

05

Which is growing faster — VXRT or OCGN or NVAX or MRNA or BNTX?

By revenue growth (latest reported year), Vaxart, Inc.

(VXRT) is pulling ahead at 726. 7% versus -39. 2% for Moderna, Inc. (MRNA). On earnings-per-share growth, the picture is similar: Novavax, Inc. grew EPS 306. 5% year-over-year, compared to -62. 8% for BioNTech SE. Over a 3-year CAGR, VXRT leads at 1204% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

06

Which has better profit margins — VXRT or OCGN or NVAX or MRNA or BNTX?

Novavax, Inc.

(NVAX) is the more profitable company, earning 39. 2% net margin versus -1537. 4% for Ocugen, Inc. — meaning it keeps 39. 2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NVAX leads at 50. 1% versus -1425. 7% for OCGN. At the gross margin level — before operating expenses — VXRT leads at 100. 0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

07

Which pays a better dividend — VXRT or OCGN or NVAX or MRNA or BNTX?

None of the stocks in this comparison currently pay a material dividend.

All are effectively zero-yield and should be held for capital appreciation rather than income.

08

Is VXRT or OCGN or NVAX or MRNA or BNTX better for a retirement portfolio?

For long-horizon retirement investors, BioNTech SE (BNTX) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.

05), +575. 8% 10Y return). Novavax, Inc. (NVAX) carries a higher beta of 2. 22 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (BNTX: +575. 8%, NVAX: -89. 4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

09

What are the main differences between VXRT and OCGN and NVAX and MRNA and BNTX?

Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: VXRT is a small-cap high-growth stock; OCGN is a small-cap quality compounder stock; NVAX is a small-cap high-growth stock; MRNA is a mid-cap quality compounder stock; BNTX is a mid-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.

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High-Growth Compounder

  • Sector: Healthcare
  • Market Cap > $100B
  • Revenue Growth > 43%
  • Net Margin > 8%
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OCGN

Quality Business

  • Sector: Healthcare
  • Market Cap > $100B
  • Gross Margin > 60%
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NVAX

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  • Sector: Healthcare
  • Market Cap > $100B
  • Gross Margin > 50%
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  • Sector: Healthcare
  • Market Cap > $100B
  • Revenue Growth > 131%
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BNTX

Quality Business

  • Sector: Healthcare
  • Market Cap > $100B
  • Gross Margin > 46%
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Beat Both

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Revenue Growth>
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(VXRT: 87.9% · OCGN: -125.3%)

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