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Novavax, Inc. (NVAX) 10-Year Financial Performance & Capital Metrics

NVAX • • Industrial / General
HealthcareBiotechnologyInfectious DiseasesHepatitis & Viral Infections
AboutNovavax, Inc., a biotechnology company, focuses on the discovery, development, and commercialization of vaccines to prevent serious infectious diseases and address health needs. The company's vaccine candidates include NVX-CoV2373, a coronavirus vaccine candidate that is in two Phase III trials, one Phase IIb trial, and one Phase I/II trial; NanoFlu, a nanoparticle seasonal quadrivalent influenza vaccine candidate that is in Phase 3 clinical trial; and ResVax, a respiratory syncytial virus (RSV) fusion (F) protein nanoparticle vaccine candidate. It is also developing RSV F vaccine that is in Phase II clinical trial for older adults (60 years and older), as well as that is in Phase I clinical trial for pediatrics. It has a collaboration agreement with Takeda Pharmaceutical Company Limited for the development, manufacturing, and commercialization of NVX-CoV2373, a COVID-19 vaccine candidate. Novavax, Inc. was incorporated in 1987 and is headquartered in Gaithersburg, Maryland.Show more
  • Revenue $682M +22.6%
  • EBITDA -$200M +61.8%
  • Net Income -$187M +65.6%
  • EPS (Diluted) -1.23 +77.3%
  • Gross Margin 70.28% +83.9%
  • EBITDA Margin -29.38% +68.9%
  • Operating Margin -36.49% +64.2%
  • Net Margin -27.49% +71.9%
  • ROE -
  • ROIC -
  • Debt/Equity -
  • Interest Coverage -12.40 +68.4%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y sales CAGR of 105.4%

✗Weaknesses

  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Shares diluted 51.0% in last year

* 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

10Y36.37%
5Y105.39%
3Y51.14%
TTM20.27%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM219.97%

EPS CAGR

10Y-
5Y-
3Y-
TTM178.32%

ROCE

10Y Avg-129.18%
5Y Avg-198.16%
3Y Avg-218.27%
Latest-87.6%

Peer Comparison

Hepatitis & Viral Infections
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
ADMAADMA Biologics, Inc.4.16B17.5021.6065.15%42.87%48.57%2.64%0.24
CVACCureVac N.V.1.05B4.666.478.96%37.93%33.02%7.95%0.06
DWTXDogwood Therapeutics, Inc.83.24M2.80-0.22-49.37%0.24
ALGSAligos Therapeutics, Inc.44.22M8.26-0.39-74.6%-32.68%-120.37%
INOInovio Pharmaceuticals, Inc.108.55M1.58-0.40-73.83%-592.82%-115.42%0.17
BRNSBarinthus Biotherapeutics plc29.81M0.73-0.4717.66%-408%-89.73%0.09
COCPCocrystal Pharma, Inc.15.3M1.11-0.65-126.11%0.19
KLRSKalaris Therapeutics Inc165.7M8.86-0.76-170.84%

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+36.25M15.35M31.18M34.29M18.66M22.39M197.58M1.6B556.38M682.16M
Revenue Growth %0.18%-0.58%1.03%0.1%-0.46%0.2%7.83%7.09%-0.65%0.23%
Cost of Goods Sold+162.64M237.94M00113.84M00902.64M343.77M202.74M
COGS % of Revenue4.49%15.5%--6.1%--0.56%0.62%0.3%
Gross Profit+-126.39M-222.59M31.18M34.29M-95.18M22.39M197.58M696.31M212.61M479.42M
Gross Margin %-3.49%-14.5%1%1%-5.1%1%1%0.44%0.38%0.7%
Gross Profit Growth %-9.06%-0.76%1.14%0.1%-3.78%1.24%7.83%2.52%-0.69%1.25%
Operating Expenses+193.49M284.47M202.89M208.21M148.26M439.11M1.88B1.34B779.13M728.35M
OpEx % of Revenue5.34%18.53%6.51%6.07%7.94%19.61%9.54%0.84%1.4%1.07%
Selling, General & Admin30.84M46.53M34.45M34.41M34.42M145.29M298.36M488.69M468.95M337.19M
SG&A % of Revenue0.85%3.03%1.11%1%1.84%6.49%1.51%0.31%0.84%0.49%
Research & Development162.64M237.94M168.44M173.8M113.84M747.03M2.53B1.24B737.5M391.17M
R&D % of Revenue4.49%15.5%5.4%5.07%6.1%33.37%12.83%0.77%1.33%0.57%
Other Operating Expenses-120K-31K67K108K-13K-453.21M-948.71M-382.92M-427.32M0
Operating Income+-157.24M-269.11M-171.71M-173.92M-120.58M-416.72M-1.69B-644.74M-566.51M-248.93M
Operating Margin %-4.34%-17.53%-5.51%-5.07%-6.46%-18.61%-8.54%-0.4%-1.02%-0.36%
Operating Income Growth %-0.88%-0.71%0.36%-0.01%0.31%-2.46%-3.05%0.62%0.12%0.56%
EBITDA+-151.25M-260.61M-161.89M-165.76M-114.78M-411.83M-1.67B-615.68M-525.29M-200.44M
EBITDA Margin %-4.17%-16.97%-5.19%-4.83%-6.15%-18.4%-8.47%-0.39%-0.94%-0.29%
EBITDA Growth %-0.91%-0.72%0.38%-0.02%0.31%-2.59%-3.06%0.63%0.15%0.62%
D&A (Non-Cash Add-back)5.98M8.51M9.82M8.16M5.8M4.88M12.66M29.05M41.23M48.5M
EBIT-156.7M-267M-169.7M-172.56M-119.08M-403.11M-1.69B-633.77M-528.62M-156.54M
Net Interest Income+-241K-12.96M-14.07M-13.61M-12.1M-15.14M-21.13M-19.88M-14.42M-20.07M
Interest Income00001.51M00000
Interest Expense241K12.96M14.07M12.19M13.61M15.14M21.13M19.88M14.42M20.07M
Other Income/Expense299K-10.85M-12.06M-10.83M-12.11M-1.54M-27.96M-8.91M23.48M72.32M
Pretax Income+-156.94M-279.97M-183.77M-184.75M-132.69M-418.26M-1.71B-653.65M-543.03M-176.62M
Pretax Margin %-4.33%-18.24%-5.89%-5.39%-7.11%-18.68%-8.68%-0.41%-0.98%-0.26%
Income Tax+02.32M01.36M0029.21M4.29M2.03M10.88M
Effective Tax Rate %1%1%1%1%0.98%1%1.02%1.01%1%1.06%
Net Income+-156.94M-279.97M-183.77M-184.75M-130.1M-418.26M-1.74B-657.94M-545.06M-187.5M
Net Margin %-4.33%-18.24%-5.89%-5.39%-6.97%-18.68%-8.83%-0.41%-0.98%-0.27%
Net Income Growth %-0.89%-0.78%0.34%-0.01%0.3%-2.21%-3.17%0.62%0.17%0.66%
Net Income (Continuing)-156.94M-279.97M-183.77M-184.75M-132.69M-418.26M-1.74B-657.94M-545.06M-187.5M
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+-11.97-20.68-12.56-9.99-5.40-7.43-23.44-8.42-5.41-1.23
EPS Growth %-0.63%-0.73%0.39%0.2%0.46%-0.38%-2.15%0.64%0.36%0.77%
EPS (Basic)-11.97-20.68-12.56-9.99-5.40-7.43-23.44-8.42-5.41-1.23
Diluted Shares Outstanding13.11M13.54M14.63M18.49M24.1M57.55M74.4M78.18M100.77M152.19M
Basic Shares Outstanding13.11M13.54M14.63M18.49M24.1M57.55M74.4M78.18M100.77M152.19M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+287.26M287.83M203.31M119.28M97.25M1.25B2.16B1.7B1.14B1.13B
Cash & Short-Term Investments230.66M144.35M106.31M70.15M78.82M711.05M1.52B1.34B568.5M923.12M
Cash Only93.11M144.35M106.31M70.15M78.82M553.4M1.52B1.34B568.5M530.23M
Short-Term Investments137.55M0000157.65M000392.89M
Accounts Receivable2.32M233K007.5M262.01M454.99M82.38M297.24M108.28M
Days Sales Outstanding23.365.54--146.694.27K840.5318.819557.94
Inventory015.74M13.09M11.97M00036.68M41.7M8.75M
Days Inventory Outstanding-24.14-----14.8344.2715.75
Other Current Assets41.31M20.65M19.84M3.19M7.32M103.54M56.11M86.68M166.15M32.51M
Total Non-Current Assets+98.78M106.47M99.18M88.7M75.71M334.28M421.63M555.29M653.6M431.48M
Property, Plant & Equipment32.34M40.18M35.99M28.43M11.45M179.95M228.7M400.49M490.99M300M
Fixed Asset Turnover1.12x0.38x0.87x1.21x1.63x0.12x0.86x3.99x1.13x2.27x
Goodwill53.06M51.67M53.56M51.97M51.15M135.38M131.48M126.33M127.45M107.48M
Intangible Assets10.79M9.22M7.87M6.54M5.58M5.72M4.77M000
Long-Term Investments1.54M4.59M890K958K410K01.65M1.66M00
Other Non-Current Assets2.58M5.39M1.76M1.77M7.53M13.22M56.69M28.47M35.16M24M
Total Assets+386.04M394.3M302.49M207.98M172.96M1.58B2.58B2.26B1.8B1.56B
Asset Turnover0.09x0.04x0.10x0.16x0.11x0.01x0.08x0.71x0.31x0.44x
Asset Growth %0.4%0.02%-0.23%-0.31%-0.17%8.15%0.63%-0.12%-0.2%-0.13%
Total Current Liabilities+76.49M66.41M73.67M45.54M25.8M579.67M2.39B2.46B1.64B1.15B
Accounts Payable11.89M5.68M5.61M9.3M2.91M54.33M127.05M216.52M132.61M41.58M
Days Payables Outstanding26.688.72--9.33--87.55140.874.86
Short-Term Debt395K000000324.88M00
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities18.49M23.34M31.25M16.6M12.44M29.61M74.48M982.62M917.36M279.95M
Current Ratio3.76x4.33x2.76x2.62x3.77x2.15x0.90x0.69x0.70x0.98x
Quick Ratio3.76x4.10x2.58x2.36x3.77x2.15x0.90x0.68x0.67x0.97x
Cash Conversion Cycle-20.96------53.9298.47-1.17
Total Non-Current Liabilities+16.88M333.44M330.55M330.37M333.18M375.6M538.11M432.81M879.28M1.03B
Long-Term Debt0316.34M317.76M319.19M320.61M322.04M323.46M166.47M168.02M169.68M
Capital Lease Obligations0000040.08M031.24M55.92M53.73M
Deferred Tax Liabilities0000000000
Other Non-Current Liabilities12.7M14.6M10.29M8.69M10.07M13.48M42.12M55.7M33.13M359.61M
Total Liabilities93.37M399.85M404.23M375.91M358.97M955.27M2.93B2.89B2.51B2.18B
Total Debt+395K316.34M317.76M319.19M321.87M467.98M453.99M549.78M229.08M230.42M
Net Debt-92.71M171.99M211.46M249.03M243.05M-85.42M-1.06B-787.1M-339.42M-299.81M
Debt / Equity0.00x----0.75x----
Debt / EBITDA----------
Net Debt / EBITDA----------
Interest Coverage-652.43x-20.76x-12.20x-14.27x-8.86x-27.52x-79.83x-32.43x-39.30x-12.40x
Total Equity+292.67M-5.55M-101.73M-167.94M-186.02M627.21M-351.67M-634.08M-716.93M-623.84M
Equity Growth %0.27%-1.02%-17.34%-0.65%-0.11%4.37%-1.56%-0.8%-0.13%0.13%
Book Value per Share22.32-0.41-6.95-9.08-7.7210.90-4.73-8.11-7.11-4.10
Total Shareholders' Equity292.67M-5.55M-101.73M-167.94M-186.02M627.21M-351.67M-634.08M-716.93M-623.84M
Common Stock2.7M2.72M3.24M3.85M324K714K764K868K1.41M1.62M
Retained Earnings-650.03M-930M-1.11B-1.3B-1.43B-1.87B-3.62B-4.28B-4.82B-5.01B
Treasury Stock-2.45M-2.45M-2.45M-2.45M-2.58M-41.81M-85.1M-90.66M-92.27M-95.85M
Accumulated OCI-9.12M-11.81M-8.62M-11.19M-12.51M7.02M-1.35M-6.38M2.72M-22.56M
Minority Interest0000000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-126.09M-255.47M-138.7M-184.82M-136.62M-42.54M322.95M-415.94M-713.97M-87.26M
Operating CF Margin %-3.48%-16.64%-4.45%-5.39%-7.32%-1.9%1.63%-0.26%-1.28%-0.13%
Operating CF Growth %-0.88%-1.03%0.46%-0.33%0.26%0.69%8.59%-2.29%-0.72%0.88%
Net Income-156.94M-279.97M-183.77M-184.75M-132.69M-418.26M-1.74B-657.94M-545.06M-187.5M
Depreciation & Amortization5.98M8.51M9.82M8.16M5.68M4.88M12.66M29.05M41.23M48.5M
Stock-Based Compensation13.43M19.16M19.81M18.31M17.05M128.03M183.63M130.3M85.36M48.15M
Deferred Taxes681K374K269K-55K000000
Other Non-Cash Items3.53M3.93M6.07M-5.35M-2.63M230.78M136.79M443.8M81.35M-44.89M
Working Capital Changes7.22M-7.47M9.11M-21.14M-24.02M12.02M1.73B-361.15M-376.84M48.48M
Change in Receivables6.25M2.07M01.21M-4.2M-422.69M-192.26M249.17M-274.44M354.09M
Change in Inventory-8.04M-1.98M0000-600.33M-477.8M-74.46M12.91M
Change in Payables9.07M-4.81M5.19M-6.74M0163.16M600.33M913.4M-378.81M-385.63M
Cash from Investing+-21.27M28.02M35.97M28.6M38.49M-377.78M100.15M-92.98M-58.81M-204.04M
Capital Expenditures-18.29M-18.21M-4.19M-1.37M-1.86M-54.62M-57.49M-92.98M-58.81M-14.64M
CapEx % of Revenue0.5%1.19%0.13%0.04%0.1%2.44%0.29%0.06%0.11%0.02%
Acquisitions----------
Investments----------
Other Investing-18.27M-18.2M-4.19M-1.37M18.33M0-57.49M000
Cash from Financing+208.28M279.03M64.54M102.81M98.38M984.76M461.71M324.99M4.47M260.58M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing4.67M-49.31M1.15M2.75M992K5.38M24.76M-5.9M-3.59M1.3M
Net Change in Cash----------
Free Cash Flow+-144.38M-273.68M-142.88M-186.2M-138.48M-97.16M265.46M-508.92M-772.77M-100.32M
FCF Margin %-3.98%-17.83%-4.58%-5.43%-7.42%-4.34%1.34%-0.32%-1.39%-0.15%
FCF Growth %-0.94%-0.9%0.48%-0.3%0.26%0.3%3.73%-2.92%-0.52%0.87%
FCF per Share-11.01-20.21-9.76-10.07-5.75-1.693.57-6.51-7.67-0.66
FCF Conversion (FCF/Net Income)0.80x0.91x0.75x1.00x1.05x0.10x-0.19x0.63x1.31x0.47x
Interest Paid000012.19M13.71M19.43M18.04M17.35M17.57M
Taxes Paid00000012.61M17.98M190K949K

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)-60.1%-195.01%----189.6%-1265.72%---
Return on Invested Capital (ROIC)-59.22%-110.17%-93.27%-136.71%-130.94%-104.38%----
Gross Margin-348.67%-1449.79%100%100%-510.02%100%100%43.55%38.21%70.28%
Net Margin-432.93%-1823.53%-589.46%-538.81%-697.15%-1868.23%-882.55%-41.15%-97.97%-27.49%
Debt / Equity0.00x----0.75x----
Interest Coverage-652.43x-20.76x-12.20x-14.27x-8.86x-27.52x-79.83x-32.43x-39.30x-12.40x
FCF Conversion0.80x0.91x0.75x1.00x1.05x0.10x-0.19x0.63x1.31x0.47x
Revenue Growth18.24%-57.65%103.06%9.98%-45.57%19.97%782.53%709.26%-65.2%22.61%

Revenue by Segment

2018201920202021202220232024
Royalties and Other---197.58M43.99M24.99M491.95M
Royalties and Other Growth-----77.74%-43.18%1868.35%
Product----1.55B531.39M190.21M
Product Growth------65.83%-64.20%
Grant34.29M11.16M258.35M948.71M382.92M427.32M-
Grant Growth--67.45%2214.57%267.22%-59.64%11.60%-
Government Contract-7.5M217.25M----
Government Contract Growth--2796.61%----

Revenue by Geography

2018201920202021202220232024
UNITED STATES------522.53M
UNITED STATES Growth-------
Europe----823.54M268.36M96.14M
Europe Growth------67.41%-64.17%
the World----536.94M233.07M59.02M
the World Growth------56.59%-74.68%
North America------4.46M
North America Growth-------
North America----194.48M29.96M-
North America Growth------84.60%-

Frequently Asked Questions

Growth & Financials

Novavax, Inc. (NVAX) reported $1.06B in revenue for fiscal year 2024. This represents a 7148% increase from $14.7M in 2011.

Novavax, Inc. (NVAX) grew revenue by 22.6% over the past year. This is strong growth.

Yes, Novavax, Inc. (NVAX) is profitable, generating $341.7M in net income for fiscal year 2024 (-27.5% net margin).

Dividend & Returns

Novavax, Inc. (NVAX) had negative free cash flow of $384.4M in fiscal year 2024, likely due to heavy capital investments.

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