Latest Ratios: P/E Ratio 4.2x · EV/EBITDA 2.9x · ROE N/A. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.7B | $1.2B | $1.2B | $484M | $804M | $10.6B | $6.4B | $96M | $680M | $363M | $341M |
| Enterprise Value | $1.7B | $1.2B | $924M | $144M | $17M | $9.6B | $6.3B | $339M | $929M | $574M | $513M |
| P/E Ratio → | 4.15 | 2.65 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.54 | 1.04 | 1.79 | 0.87 | 0.50 | 53.87 | 286.66 | 5.14 | 19.84 | 11.64 | 22.22 |
| P/B Ratio | — | — | — | — | — | — | 10.23 | — | — | — | — |
| P/FCF | — | — | — | — | — | 40.10 | — | — | — | — | — |
| P/OCF | — | — | — | — | — | 32.96 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.04 | 1.35 | 0.26 | 0.01 | 48.50 | 282.85 | 18.16 | 27.11 | 18.42 | 33.43 |
| EV / EBITDA | 2.95 | 1.98 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 3.09 | 2.52 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | 36.10 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 93.7% | 93.7% | 70.3% | 38.2% | 43.5% | 100.0% | 100.0% | -510.0% | 100.0% | 100.0% | -1449.8% |
| Operating Margin | 50.1% | 50.1% | -36.5% | -101.8% | -40.3% | -853.6% | -1861.3% | -646.1% | -507.2% | -550.8% | -1752.8% |
| Net Profit Margin | 39.2% | 39.2% | -27.5% | -98.0% | -41.1% | -882.5% | -1868.2% | -697.1% | -538.8% | -589.5% | -1823.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | -1265.7% | -189.6% | — | — | — | -195.0% |
| ROA | 32.2% | 32.2% | -11.2% | -26.9% | -27.2% | -83.8% | -47.7% | -68.3% | -72.4% | -52.7% | -71.8% |
| ROIC | — | — | — | — | — | — | -104.4% | -130.9% | -136.7% | -93.3% | -110.2% |
| ROCE | 100.4% | 100.4% | -87.6% | -348.9% | — | -283.6% | -72.5% | -77.9% | -88.9% | -61.7% | -84.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | 0.75 | — | — | — | — |
| Debt / EBITDA | 0.42 | 0.42 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | — | -0.14 | — | — | — | — |
| Net Debt / EBITDA | 0.01 | 0.01 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | -4.00 | — | — | — | — | — |
| Interest Coverage | 20.61 | 20.61 | -7.80 | -36.67 | -31.88 | -80.15 | -26.62 | -8.75 | -14.16 | -12.06 | -20.59 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.13 | 2.13 | 0.98 | 0.70 | 0.69 | 0.90 | 2.15 | 3.77 | 2.62 | 2.76 | 4.33 |
| Quick Ratio | 2.10 | 2.10 | 0.97 | 0.67 | 0.68 | 0.90 | 2.15 | 3.77 | 2.36 | 2.58 | 4.10 |
| Cash Ratio | 1.60 | 1.60 | 0.80 | 0.35 | 0.54 | 0.63 | 1.23 | 3.06 | 1.54 | 1.44 | 2.17 |
| Asset Turnover | — | 0.95 | 0.44 | 0.31 | 0.71 | 0.08 | 0.01 | 0.11 | 0.16 | 0.10 | 0.04 |
| Inventory Turnover | 6.16 | 6.16 | 23.17 | 8.24 | 24.61 | — | — | — | — | — | 15.12 |
| Days Sales Outstanding | — | 34.58 | 57.94 | 195.00 | 18.80 | 840.53 | 4271.68 | 146.69 | — | — | 5.54 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 24.1% | 37.8% | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | 2.5% | — | — | — | — | — |
| Buyback Yield | 0.3% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.3% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $173M | $152M | $101M | $78M | $74M | $58M | $24M | $18M | $15M | $14M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NVAX stock.
Novavax, Inc.'s current P/E ratio is 4.2x. The historical average is 2.6x. This places it at the 100th percentile of its historical range.
Novavax, Inc.'s current EV/EBITDA is 2.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.0x.
Based on historical data, Novavax, Inc. is trading at a P/E of 4.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Novavax, Inc. has 93.7% gross margin and 50.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Novavax, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Revenue volatility and COVID dependence
Metrics are mathematically derived from official filings.
Deep Value or Value Trap?
Trading at 3.3x trailing earnings and 2.4x EV/EBITDA, NVAX's multiples appear optically cheap, but as reported in SEC filings, they reflect a collapsing revenue base and negative forward earnings visibility.
The P/E of 3.31 and EV/EBITDA of 2.36 are distorted by a single profitable quarter (2025Q1) that is unlikely to recur at the same magnitude, given the 91.5% revenue decline from that peak to 2026Q2. With forward P/E and PEG unavailable, the market is pricing in a sharp earnings contraction, which the trailing multiples fail to capture. Compared to peers like Moderna and BioNTech, which trade at negative P/E due to losses, NVAX's positive trailing earnings are a historical artifact, not a sustainable base.
Margin Whiplash Masks Core Economics
Gross margins swung from 28.3% to 97.9% over ten quarters, while operating margins ranged from -158.6% to +77.3%, as per quarterly filings, indicating extreme volatility that obscures the underlying earning power.
The 2026Q2 gross margin of 74.9% is respectable, but the operating margin of -96.8% reveals that fixed costs and R&D spending overwhelm gross profit at current revenue levels. The 2025Q1 net margin of 77.8% was an outlier driven by one-time licensing or collaboration revenue, not repeatable operations. Investors should focus on the trend of negative operating margins in most quarters, which suggests the business is not sustainably profitable at its current scale.
Returns on Capital: A Mirage
ROIC was only positive in 2025Q2 at 6.4%, with all other quarters negative or unavailable, as reported in financial statements, indicating that the company is not generating consistent returns on invested capital.
The sporadic positive ROIC in 2025Q2 was driven by a temporary profit spike, while the rest of the period shows ROA ranging from -16.1% to +36.4%, with the positive quarter again an anomaly. The negative equity in 2026Q2 makes ROE undefined, but the accumulated deficit of -$4.6B suggests a long history of value destruction. The company's capital base is being eroded by persistent losses, and there is no evidence of compounding returns.
Working Capital: A Source of Volatility
The cash conversion cycle swung from -171 days in 2025Q1 to +80 days in 2025Q3, as per SEC filings, reflecting extreme swings in receivables and payables that drive cash flow unpredictability.
The negative CCC in several quarters indicates that Novavax is collecting cash before paying suppliers, which is favorable, but the volatility suggests a lack of stable operational rhythm. DSO spiked to 170 days in 2025Q3, indicating potential collection issues or extended payment terms, while DPO also varied widely. Asset turnover is extremely low at 0.06-0.47, reflecting the high fixed costs and low revenue base, which means the company requires a significant revenue increase to achieve efficiency.
Leverage Rising as Equity Turns Negative
Debt increased to $297.3M by 2026Q2 while equity turned negative at -$190.7M, as reported in financial statements, making the debt-to-equity ratio undefined and signaling rising financial risk.
Interest coverage was negative in 2026Q2 at -8.08, indicating that operating income is insufficient to cover interest expenses, a deterioration from the positive coverage in 2025Q4. The D/EBITDA of 9.52 in 2025Q4 is high, but with EBITDA likely negative in recent quarters, the metric becomes meaningless. The company's ability to service debt is increasingly dependent on external financing or asset sales, and the negative equity suggests a fragile capital structure.
Liquidity Buffer Thinning
The current ratio improved to 2.33 in 2026Q2, but cash dropped from $680.2M in 2024Q2 to $191.5M, as per quarterly filings, indicating a shrinking absolute liquidity cushion.
While the current ratio appears healthy, the quick ratio of 2.30 suggests that inventory is not a major liquidity concern, but the absolute cash burn is concerning. With negative free cash flow in most quarters and a cumulative operating cash flow of -$559.8M over ten quarters, the company may face a liquidity crunch if revenue does not recover. The improvement in current ratio is partly due to reduced liabilities, but the underlying cash runway is shortening.
Misapplied Metric: P/E Ratio
The P/E ratio is the most misapplied metric for Novavax, as its trailing earnings are distorted by one-time gains and tax benefits, making the ratio misleadingly low, as per SEC filings.
The trailing P/E of 3.31 is a result of a single profitable quarter in 2025Q1, which included a $518.6M net income that was not backed by operating cash flow (which was -$185.5M). This divergence suggests accrual-based earnings that are not sustainable. Instead of P/E, investors should use EV/Sales or EV/EBITDA on a normalized basis, or better, price-to-book given the negative equity, to assess value. The company's negative equity makes P/B meaningless, so a forward-looking revenue multiple or a discounted cash flow analysis based on pipeline potential would be more appropriate.