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CureVac N.V. (CVAC) 10-Year Financial Performance & Capital Metrics

CVAC • • Industrial / General
HealthcareBiotechnologyInfectious DiseasesHepatitis & Viral Infections
AboutCureVac N.V., a clinical-stage biopharmaceutical company, focuses on developing various transformative medicines based on messenger ribonucleic acid (mRNA). It is developing prophylactic vaccines, such as mRNA-based vaccine candidates CV2CoV, which is in Phase 1 clinical trial against SARS-CoV-2; CV7202, a prophylactic mRNA-based vaccine, which has completed Phase 1 clinical trial for rabies virus glycoprotein; and CVSQIV, which is in Phase 1 clinical trial against influenza, as well as vaccine for lassa fever, yellow fever, respiratiory syncytial virus, rotavirus, malaria, and universal influenza. The company also develops RNA-based cancer immunotherapies, including CV8102, which is in Phase 1 clinical trial for treating cutaneous melanoma and adenoidcystic carcinoma, as well as squamous cell cancer of skin, head, and neck. The company was founded in 2000 and is headquartered in Tübingen, Germany.Show more
  • Revenue $535M +895.5%
  • EBITDA $196M +178.3%
  • Net Income $162M +162.3%
  • EPS (Diluted) 0.72 +161.0%
  • Gross Margin 80.23% +161.1%
  • EBITDA Margin 36.71% +107.9%
  • Operating Margin 33.2% +106.5%
  • Net Margin 30.3% +106.3%
  • ROE 26.73% +153.9%
  • ROIC 64.98% +137.3%
  • Debt/Equity 0.06 -30.9%
  • Interest Coverage -
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Strong Piotroski F-Score: 7/9
  • ✓FCF machine: 15.6% free cash flow margin
  • ✓Strong 5Y sales CAGR of 98.4%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y98.39%
3Y73.21%
TTM682.03%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM170.11%

EPS CAGR

10Y-
5Y-
3Y-
TTM170.73%

ROCE

10Y Avg-40.1%
5Y Avg-21.31%
3Y Avg-16.16%
Latest26.67%

Peer Comparison

Hepatitis & Viral Infections
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
ADMAADMA Biologics, Inc.4.35B18.2822.5765.15%42.87%48.57%2.53%0.24
CVACCureVac N.V.1.05B4.666.478.96%37.93%33.02%7.95%0.06
DWTXDogwood Therapeutics, Inc.86.21M2.90-0.23-49.37%0.24
INOInovio Pharmaceuticals, Inc.112.67M1.64-0.42-73.83%-592.82%-115.42%0.17
ALGSAligos Therapeutics, Inc.48.45M9.05-0.43-74.6%-32.68%-120.37%
BRNSBarinthus Biotherapeutics plc30.83M0.76-0.4917.66%-408%-89.73%0.09
COCPCocrystal Pharma, Inc.15.99M1.16-0.67-126.11%0.19
KLRSKalaris Therapeutics Inc172.81M9.24-0.79-170.84%

Profit & Loss

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+12.87M17.42M48.9M102.99M67.42M53.76M535.18M
Revenue Growth %-0.35%1.81%1.11%-0.35%-0.2%8.96%
Cost of Goods Sold+17.74M27.98M14.17M238.19M183.99M124.37M105.83M
COGS % of Revenue1.38%1.61%0.29%2.31%2.73%2.31%0.2%
Gross Profit+-4.87M-10.57M34.73M-135.21M-116.57M-70.61M429.35M
Gross Margin %-0.38%-0.61%0.71%-1.31%-1.73%-1.31%0.8%
Gross Profit Growth %--1.17%4.29%-4.89%0.14%0.39%7.08%
Operating Expenses+67.95M88.93M158.7M277.06M134.28M203.6M251.67M
OpEx % of Revenue5.28%5.11%3.25%2.69%1.99%3.79%0.47%
Selling, General & Admin21.5M43.94M45.76M88.94M89.41M76.43M74.33M
SG&A % of Revenue1.67%2.52%0.94%0.86%1.33%1.42%0.14%
Research & Development41.72M43.24M113.81M815.91M62.55M115.72M153.03M
R&D % of Revenue3.24%2.48%2.33%7.92%0.93%2.15%0.29%
Other Operating Expenses4.73M1.75M-870K-627.79M-17.68M11.44M24.3M
Operating Income+-72.82M-99.5M-124M-412.26M-249.46M-274.21M177.68M
Operating Margin %-5.66%-5.71%-2.54%-4%-3.7%-5.1%0.33%
Operating Income Growth %--0.37%-0.25%-2.32%0.39%-0.1%1.65%
EBITDA+-68.94M-94.74M-110.39M-376.38M-223.3M-250.82M196.49M
EBITDA Margin %-5.36%-5.44%-2.26%-3.65%-3.31%-4.67%0.37%
EBITDA Growth %--0.37%-0.17%-2.41%0.41%-0.12%1.78%
D&A (Non-Cash Add-back)3.89M4.76M13.61M35.88M26.16M23.39M18.81M
EBIT-70.86M-98.67M-107.75M-402.16M-245.45M-257.48M190.88M
Net Interest Income+1.69M-627K-20.03M-235K302K14.24M12.36M
Interest Income1.97M833K2.07M10.1M4.01M16.73M12.36M
Interest Expense275K1.46M22.1M10.34M3.71M2.49M0
Other Income/Expense1.69M-627K-20.03M-235K302K14.24M13.2M
Pretax Income+-71.13M-100.13M-129.8M-412.5M-249.16M-259.97M190.88M
Pretax Margin %-5.53%-5.75%-2.65%-4.01%-3.7%-4.84%0.36%
Income Tax+110K-252K-726K-782K-126K198K28.7M
Effective Tax Rate %1%1%0.99%1%1%1%0.85%
Net Income+-71.24M-99.87M-129.07M-411.72M-249.03M-260.17M162.19M
Net Margin %-5.54%-5.73%-2.64%-4%-3.69%-4.84%0.3%
Net Income Growth %--0.4%-0.29%-2.19%0.4%-0.04%1.62%
Net Income (Continuing)-71.24M-99.87M-129.12M-411.72M-249.03M-260.17M162.19M
Discontinued Operations0000000
Minority Interest0000000
EPS (Diluted)+-0.40-0.53-0.98-2.21-1.32-1.180.72
EPS Growth %--0.33%-0.85%-1.26%0.4%0.11%1.61%
EPS (Basic)-0.40-0.53-0.98-2.21-1.32-1.180.72
Diluted Shares Outstanding175.97M186.91M132.2M186.01M189.07M220.83M225.27M
Basic Shares Outstanding175.97M186.91M132.2M186.01M189.07M220.48M224.38M
Dividend Payout Ratio-------

Balance Sheet

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+73.07M57.17M1.39B940.02M584.03M478.38M526.41M
Cash & Short-Term Investments60.63M32.14M1.33B816.11M500.28M405.11M485.37M
Cash Only21.38M30.68M1.32B811.46M495.8M402.45M481.75M
Short-Term Investments39.25M1.46M2.62M4.65M4.49M2.66M3.62M
Accounts Receivable6.86M17.15M1.82M53.74M9M39.51M32.9M
Days Sales Outstanding194.48359.4913.6190.4548.74268.2622.44
Inventory2.95M6.2M14.53M56.16M23.99M24.8M541K
Days Inventory Outstanding60.780.83374.2286.0647.5972.791.87
Other Current Assets0008.29M15.81M7.88M6.81M
Total Non-Current Assets+52.59M73.44M121.5M218.22M276.44M309.87M276.41M
Property, Plant & Equipment45.49M66.78M104.79M200.39M241.7M278.63M244.65M
Fixed Asset Turnover0.28x0.26x0.47x0.51x0.28x0.19x2.19x
Goodwill000012.46M12.46M12.46M
Intangible Assets6.21M5.7M14.15M13.24M19.32M15.88M12.69M
Long-Term Investments749K01.03M515K0-4K0
Other Non-Current Assets1K967K1.09M1.22M1.67M1.7M1.51M
Total Assets+125.66M130.62M1.51B1.16B860.47M788.25M802.83M
Asset Turnover0.10x0.13x0.03x0.09x0.08x0.07x0.67x
Asset Growth %-0.04%10.57%-0.23%-0.26%-0.08%0.02%
Total Current Liabilities+28.13M28.09M247.62M357.73M156.22M186.39M72.35M
Accounts Payable9.03M5.33M17.62M122.26M68.25M48.03M17.27M
Days Payables Outstanding185.7369.54453.85187.35135.38140.9759.57
Short-Term Debt0000000
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K0
Other Current Liabilities11.92M11.84M55.58M171.38M44.69M88.74M31.5M
Current Ratio2.60x2.04x5.61x2.63x3.74x2.57x7.28x
Quick Ratio2.49x1.82x5.55x2.47x3.58x2.43x7.27x
Cash Conversion Cycle69.45370.78-66.0389.15-39.06200.08-35.26
Total Non-Current Liabilities+65.45M145.34M552.39M112.03M170.99M84.92M33.87M
Long-Term Debt065.02M00000
Capital Lease Obligations012.13M26.85M25.42M37.11M36.82M33.64M
Deferred Tax Liabilities01.62M0000227K
Other Non-Current Liabilities863K68.19M25.47M86.61M133.89M00
Total Liabilities93.58M173.42M800.01M469.77M327.22M271.31M106.22M
Total Debt+77K79.15M30.09M28.89M42.09M41.82M38.97M
Net Debt-21.3M48.46M-1.29B-782.57M-453.71M-360.63M-442.78M
Debt / Equity0.00x-0.04x0.04x0.08x0.08x0.06x
Debt / EBITDA------0.20x
Net Debt / EBITDA-------2.25x
Interest Coverage-264.81x-68.15x-5.61x-39.88x-67.29x-109.99x-
Total Equity+32.08M-42.8M711.35M688.48M533.25M516.94M696.61M
Equity Growth %--2.33%17.62%-0.03%-0.23%-0.03%0.35%
Book Value per Share0.18-0.235.383.702.822.343.09
Total Shareholders' Equity32.08M-42.8M711.35M688.48M533.25M516.94M696.61M
Common Stock727K727K21.66M22.45M23.4M26.88M26.92M
Retained Earnings-416.07M-515.95M-645.07M-1.06B-1.31B-1.57B-1.4B
Treasury Stock000-5.82M-1.48M00
Accumulated OCI447.43M472.42M1.33B1.73B1.82B2.06B2.07B
Minority Interest0000000

Cash Flow

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-74.11M-86.96M522.4M-733.13M-286.18M-267.89M101.85M
Operating CF Margin %-5.76%-4.99%10.68%-7.12%-4.24%-4.98%0.19%
Operating CF Growth %--0.17%7.01%-2.4%0.61%0.06%1.38%
Net Income-71.13M-100.13M-129.85M-412.5M-249.16M-260.17M190.88M
Depreciation & Amortization3.78M7.16M10.67M15.67M23.74M23.39M18.81M
Stock-Based Compensation-4.25M19.56M14.24M14.96M9.19M7.7M4.12M
Deferred Taxes52K-847K-2.87M199.02M-1.58M00
Other Non-Cash Items-1.48M9.93M51.63M-480.74M57.2M29.49M52M
Working Capital Changes-1.08M-22.65M578.57M-69.55M-125.56M-68.29M-163.96M
Change in Receivables-5.59M-10.12M-32.3M-19.82M-16.68M-7.92M11.47M
Change in Inventory878K-3.25M-8.33M-227.46M-47.85M-46.96M590K
Change in Payables9.4M-9.58M620.3M179.32M-96.19M-29.37M-140.58M
Cash from Investing+-4.26M28.18M-45.27M-127.9M-93.5M-55.2M-18.44M
Capital Expenditures-14.72M-12.22M-47.35M-127.9M-93.22M-52.32M-14.31M
CapEx % of Revenue1.14%0.7%0.97%1.24%1.38%0.97%0.03%
Acquisitions-------
Investments-------
Other Investing5.14M2.33M3.24M-3.68M-5.2M-2.88M-4.13M
Cash from Financing+-112K67.98M819.83M344.96M63.17M230.89M-5.11M
Debt Issued (Net)-------
Equity Issued (Net)-------
Dividends Paid0000000
Share Repurchases-------
Other Financing00000246K0
Net Change in Cash-------
Free Cash Flow+-88.83M-99.19M475.05M-861.03M-379.4M-323.09M83.41M
FCF Margin %-6.9%-5.7%9.71%-8.36%-5.63%-6.01%0.16%
FCF Growth %--0.12%5.79%-2.81%0.56%0.15%1.26%
FCF per Share-0.50-0.533.59-4.63-2.01-1.460.37
FCF Conversion (FCF/Net Income)1.04x0.87x-4.05x1.78x1.15x1.03x0.63x
Interest Paid0000000
Taxes Paid0000000

Key Ratios

Metric2018201920202021202220232024
Return on Equity (ROE)-222.05%--38.61%-58.82%-40.77%-49.55%26.73%
Return on Invested Capital (ROIC)-506.66%-907.72%---235.21%-174.39%64.98%
Gross Margin-37.86%-60.67%71.02%-131.28%-172.91%-131.34%80.23%
Net Margin-553.5%-573.46%-263.95%-399.76%-369.37%-483.96%30.3%
Debt / Equity0.00x-0.04x0.04x0.08x0.08x0.06x
Interest Coverage-264.81x-68.15x-5.61x-39.88x-67.29x-109.99x-
FCF Conversion1.04x0.87x-4.05x1.78x1.15x1.03x0.63x
Revenue Growth-35.31%180.78%110.61%-34.54%-20.26%895.54%

Revenue by Segment

20222023
Product-11.39M
Product Growth--
Research and development services19.57M11.31M
Research and development services Growth--42.20%

Frequently Asked Questions

Valuation & Price

CureVac N.V. (CVAC) has a price-to-earnings (P/E) ratio of 6.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

CureVac N.V. (CVAC) reported $510.5M in revenue for fiscal year 2024. This represents a 3866% increase from $12.9M in 2018.

CureVac N.V. (CVAC) grew revenue by 895.5% over the past year. This is strong growth.

Yes, CureVac N.V. (CVAC) is profitable, generating $193.6M in net income for fiscal year 2024 (30.3% net margin).

Dividend & Returns

CureVac N.V. (CVAC) has a return on equity (ROE) of 26.7%. This is excellent, indicating efficient use of shareholder capital.

CureVac N.V. (CVAC) generated $196.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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