Free cash flow margin reached 34.4% in 2025Q3, though the firm's capital allocation strategy remains focused on shareholder returns, including $71.2M in share repurchases during 2025Q2.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | 90.63M | 66.51M | 100.56M | 62.72M | 335.53M | -92.25M | -121.25M | -131.3M | -77.52M | -107.05M | -92.56M | -73.74M | -58.67M | -43.81M | -47.12M | -51.37M | -33.55M | -17.04M | -32.03M | -37.24M | -22.86M | -7.33M | -14.41M | -14.28M |
| Operating CF Margin % | - | 23.99% | 43.29% | 8.68% | 76.35% | -198.17% | -344.28% | -1601.62% | -23705.81% | -969.4% | -2285.41% | -668.4% | -521.49% | -450.99% | -217.99% | -214.49% | -83.22% | -45.92% | -227.29% | -768.31% | -155.97% | -49.5% | -1744.07% | -1000.91% |
| Operating CF Growth % | 459.83% | -33.86% | 60.35% | -81.31% | 463.71% | 23.92% | 7.65% | -69.38% | 27.59% | -15.66% | -25.52% | -25.68% | -33.93% | 7.02% | 8.28% | -53.11% | -96.96% | 46.82% | 13.98% | -62.92% | -211.76% | 49.1% | -0.86% | - |
| Net Income | -43.4M | 27.31M | -6.39M | 293.16M | 76.71M | -75.24M | -152.6M | -158.9M | -95.15M | -112.44M | -106.79M | -90.72M | -66.72M | -69.95M | -48.6M | -57.31M | -30.57M | -20.83M | -59.97M | -52.05M | -20.55M | -15.97M | -17.35M | -18.04M |
| Depreciation & Amortization | 8.24M | 8.05M | 7.28M | 6.67M | 7.06M | 9.34M | 21.53M | 14.48M | 4.44M | 2.26M | 1.36M | 1.4M | 1.33M | 1.21M | 1.6M | 2.4M | 2.84M | 2.83M | 632K | 1.53M | 3.13M | 3.27M | 576K | 678K |
| Stock-Based Compensation | 52.83M | 52.62M | 42.59M | 32.91M | 21.29M | 13.48M | 25.46M | 23.48M | 14.92M | 14.13M | 9.32M | 6.09M | 12.34M | 10.44M | 5.19M | 2.41M | 3.04M | 3.21M | 3.53M | 3.28M | 1.4M | 2.74M | 1.75M | 0 |
| Deferred Taxes | 0 | 0 | -5.24M | 61.77M | 0 | 0 | 6.06M | -1.46M | -203K | 1.13M | 2.38M | 857K | 941K | 1.31M | 1.19M | 331K | -4.14M | 3.42M | -3.53M | -8.86M | -1.4M | -2.74M | -1.75M | 0 |
| Other Non-Cash Items | 90.65M | -5.43M | 1.12M | -33.38M | 58.25M | -6.92M | 11.97M | 2.75M | -209K | 602K | 272K | 386K | 926K | 2.19M | 1.03M | 10.41M | 19.68M | -5.72M | -3.9M | 3.28M | -17K | 342K | 2.33M | 1.82M |
| Working Capital Changes | -17.68M | -16.04M | 61.21M | -298.42M | 172.22M | -32.91M | -33.67M | -11.66M | -1.31M | -12.72M | 905K | 8.25M | -7.49M | 11M | -7.53M | -9.61M | -24.4M | 65K | 31.2M | 15.57M | -5.42M | 5.02M | 43K | 1.26M |
| Change in Receivables | 1.96M | -2.37M | 43.27M | -15.7M | -109.16M | -13.78M | -17.84M | 7.34M | 52K | 52K | -667K | 900K | -622K | 8.52M | -8.53M | -106K | 5.51M | 827K | -5.08M | -976K | 2.44M | -2.91M | -220K | 0 |
| Change in Inventory | -16.41M | -19.91M | 3.91M | -32.4M | -234K | -22.36M | -22.31M | -18.71M | -312K | -11.2M | 10.65M | 2.13M | -1.61M | 994K | -1.94M | 2.61M | 1.17M | -4.6M | 257K | -257K | -79.36M | -56.06M | -25.34M | 0 |
| Change in Payables | -3.27M | 3.9M | 1.95M | 691K | -767K | -3.45M | 4.85M | 3.42M | -1.92M | 1.18M | 1.25M | -523K | -657K | 126K | -289K | 643K | 781K | -3.51M | 2.24M | 1.01M | -439K | -19K | 14K | 0 |
| Cash from Investing | 152.39M | -18.04M | -153.93M | -316M | 14.22M | -26.53M | -42.78M | 55.47M | -108.7M | 86.25M | -85.8M | 90.6M | -51.35M | -39.69M | -34.62M | -50.51M | 19.88M | 30.12M | -3.6M | -20.38M | -18.71M | -45.95M | 17.84M | -17.26M |
| Capital Expenditures | -10.1M | -6.35M | -4.1M | -7.14M | -9.48M | -4.07M | -29.4M | -15.19M | -669K | -7.76M | -6.97M | -1.67M | -1.63M | -2.93M | -1.14M | -420K | -377K | -4.1M | -3.65M | -1.13M | -562K | -1.86M | -138K | -468K |
| CapEx % of Revenue | 3.05% | 2.29% | 1.77% | 0.99% | 2.16% | 8.75% | 83.48% | 185.25% | 204.59% | 70.24% | 172.1% | 15.11% | 14.48% | 30.17% | 5.28% | 1.75% | 0.94% | 11.05% | 25.88% | 23.21% | 3.83% | 12.58% | 16.71% | 32.8% |
| Acquisitions | 0 | 0 | 1M | 1M | 0 | 0 | 7M | 11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.04M | -5.04M | -6.52M | 0 | -14.04M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 1M | -149K | -7M | -11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.04M | 5.04M | 6.52M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -202.74M | -102.02M | 1.39M | 19.52M | 55.78M | 109.5M | 154.35M | 99.07M | 187.84M | 531K | 173.96M | 9.9M | 125.4M | 59.04M | 91.44M | 87.63M | 22.06M | 1.39M | 35.65M | 62.9M | 33.7M | 46.41M | 14.86M | 32.37M |
| Debt Issued (Net) | -41.79M | 0 | 0 | 0 | 29.63M | 0 | 74.25M | 99M | 0 | 0 | -10.99M | 9.56M | 0 | -15M | 0 | 0 | 0 | 1.18M | 5.5M | 0 | 435K | 0 | 0 | -15K |
| Equity Issued (Net) | -3.57M | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 0 | 1000K | 130K | 1000K | 1000K | 1000K | 1000K | 1000K | 204K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -201.21M | -100M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19K | 0 | 0 | 0 | -43K | 0 |
| Other Financing | 40.18M | -2.02M | -4.97M | 1.43M | -2.01M | 961K | 567K | 71K | 1.91M | 531K | 1.05M | 212K | 336K | 2.26M | 142K | 232K | 19.75M | 5K | 22K | 17.41M | 0 | -136K | 100K | 0 |
| Net Change in Cash | 40.95M | -54.4M | -51.66M | -234.2M | 404.1M | -7.79M | -9.87M | 22.75M | 2.29M | -20.52M | -4.7M | 26.39M | 15.52M | -24.34M | 9.49M | -14.27M | 8.62M | 13.81M | 139K | 5.43M | -7.87M | -6.88M | 18.3M | 824K |
| Free Cash Flow | 80.54M | 60.16M | 96.46M | 55.58M | 326.05M | -103.32M | -150.65M | -146.49M | -78.19M | -114.81M | -99.53M | -75.41M | -60.3M | -46.74M | -48.26M | -51.79M | -33.93M | -21.13M | -35.68M | -38.37M | -23.42M | -9.2M | -14.54M | -14.75M |
| FCF Margin % | 24.37% | 21.7% | 41.53% | 7.69% | 74.2% | -221.96% | -427.76% | -1786.87% | -23910.4% | -1039.64% | -2457.51% | -683.51% | -535.97% | -481.16% | -223.27% | -216.24% | -84.15% | -56.97% | -253.17% | -791.52% | -159.81% | -62.08% | -1760.77% | -1033.71% |
| FCF Growth % | 255.26% | -37.63% | 73.56% | -82.95% | 415.56% | 31.42% | -2.84% | -87.36% | 31.9% | -15.35% | -31.99% | -25.05% | -29.02% | 3.15% | 6.82% | -52.64% | -60.55% | 40.77% | 7% | -63.81% | -154.7% | 36.78% | 1.4% | - |
| FCF per Share | 0.59 | 0.45 | 0.75 | 0.37 | 2.45 | -1.03 | -2.09 | -2.35 | -1.49 | -2.98 | -3.03 | -2.87 | -3.07 | -2.74 | -3.86 | -6.28 | -8.41 | -5.31 | -8.98 | -11.86 | -9.04 | -4.34 | -80.67 | -86.72 |
| FCF Conversion (FCF/Net Income) | -1.86x | 2.44x | -15.74x | 0.21x | 4.37x | 1.23x | 0.79x | 0.83x | 0.81x | 0.95x | 0.87x | 0.81x | 0.88x | 0.63x | 0.97x | 0.90x | 1.10x | 0.82x | 0.53x | 0.72x | 1.11x | 0.46x | 0.83x | 0.79x |
| Interest Paid | 2.02M | 5.64M | 5.64M | 5.64M | 9.81M | 16.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.6M | 4.58M | 2.01M | 2.21M | 1.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pipeline diversification execution risk
According to recent financial statements, DVAX's operating cash flow to net income ratio has fluctuated significantly, reaching 1.26 in 2025Q3, which suggests that while cash generation is currently outpacing accounting profits, the historical volatility in this metric warrants caution regarding the sustainability of earnings quality.
The divergence between net income and operating cash flow is heavily influenced by non-cash charges and working capital swings. Investors should monitor whether the current premium of cash flow over net income is a structural feature of the business model or merely a byproduct of timing differences in revenue recognition.
As reported in quarterly filings, DVAX's free cash flow margin reached 34.4% in 2025Q3, demonstrating a recovery from the negative margins observed in early 2025, though the trend remains sensitive to the lumpy nature of adjuvant-related revenue and the ongoing scaling of commercial vaccine operations.
The trajectory of free cash flow appears to be stabilizing as the company moves past the pandemic-era revenue cliff. However, the reliance on a single commercial product means that any disruption in HEPLISAV-B sales could rapidly compress these margins, given the company's fixed-cost manufacturing structure.
Based on the provided cash flow data, DVAX experienced a working capital outflow of $3.5M in 2025Q3, following a significant $36.6M drain in 2025Q1, indicating that inventory management and accounts receivable cycles remain primary drivers of quarterly cash flow volatility for the firm.
The inconsistent working capital trends suggest that the company is still refining its inventory management as it transitions to a more predictable commercial demand profile. Analysts should investigate whether these outflows represent strategic inventory builds for future growth or inefficiencies in the collection cycle from wholesalers.
As indicated by recent financial disclosures, DVAX has utilized its cash reserves to fund share repurchases, including $71.2M in 2025Q2, which suggests management is prioritizing capital returns to shareholders over aggressive external acquisitions or significant expansion of the current R&D pipeline.
The decision to allocate substantial capital to buybacks while simultaneously funding internal R&D may indicate management's confidence in the core HEPLISAV-B franchise. However, this strategy limits the company's ability to pivot if the pipeline fails to deliver a secondary commercial asset to diversify revenue streams.
Quick answers to the most common questions about buying DVAX stock.
Dynavax Technologies Corporation (DVAX) generated $66.5M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Dynavax Technologies Corporation (DVAX) generated $60.2M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Dynavax Technologies Corporation (DVAX) spent $6.4M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Dynavax Technologies Corporation (DVAX) spent $100.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.