30 years of historical data (1996–2025) · Healthcare · Biotechnology
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Novavax, Inc. trades at 3.9x earnings, 51% above its 5-year average of 2.6x, sitting at the 100th percentile of its historical range. Compared to the Healthcare sector median P/E of 23.7x, the stock trades at a discount of 83%.
| 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 → | 3.93 | 2.60 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.49 | 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
Novavax, Inc.'s enterprise value stands at 3.7x EBITDA, 43% above its 5-year average of 2.6x. The Healthcare sector median is 13.8x, placing the stock at a 73% discount on an enterprise-value basis.
| 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 | 3.71 | 2.59 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 3.71 | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | 36.10 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Novavax, Inc. earns an operating margin of 40.3%. Operating margins have expanded from -101.8% to 40.3% over the past 3 years, signaling improving operational 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 | 93.5% | 93.5% | 70.3% | 38.2% | 43.5% | 100.0% | 100.0% | -510.0% | 100.0% | 100.0% | -1449.8% |
| Operating Margin | 40.3% | 40.3% | -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 | 80.7% | 80.7% | -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
Novavax, Inc. carries a Debt/EBITDA ratio of 0.5x, which is very conservative (82% below the sector average of 3.1x). Net debt stands at $8M ($249M total debt minus $241M cash).
| 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 | 0.55 | 0.55 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | — | -0.14 | — | — | — | — |
| Net Debt / EBITDA | 0.02 | 0.02 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | -4.00 | — | — | — | — | — |
| Interest Coverage | — | — | -12.40 | -39.30 | -32.43 | -79.83 | -27.52 | -8.86 | -14.27 | -12.20 | -20.76 |
Short-term solvency ratios and asset-utilisation metrics
Novavax, Inc.'s current ratio of 2.13x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 0.70x to 2.13x over the past 3 years.
| 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 | 6.33 | 6.33 | 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
Novavax, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 25.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | 25.4% | 38.4% | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | 2.5% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 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 |
Compare NVAX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| NVAXYou | $2B | 3.9 | 3.7 | — | 93.5% | 40.3% | — | — | 0.5 |
| BNTX | $28B | -33.7 | — | — | 80.3% | -47.8% | -3.4% | -10.5% | — |
| MRNA | $21B | -5.8 | — | — | 54.2% | -123.3% | -28.8% | -27.0% | — |
| SMMT | $13B | -11.5 | — | — | — | — | -206.1% | -163.4% | — |
| PCVX | $8B | -11.0 | — | — | — | — | -25.6% | -24.7% | — |
| CDTX | $7B | -8.3 | — | — | 100.0% | -13811.9% | -219.0% | — | — |
| SCNI | $3B | 0.1 | — | — | -88.1% | -1312.8% | 177.4% | -61.1% | — |
| VIR | $1B | -2.9 | — | — | 82.9% | -682.7% | -45.7% | -40.3% | — |
| CVAC | $1B | 6.5 | 3.1 | 12.6 | 80.2% | 33.2% | 26.7% | 65.0% | 0.2 |
| VALN | $963M | -55.3 | 26.3 | — | 41.9% | 7.9% | -7.9% | 4.5% | 6.6 |
| CRMD | $559M | -23.8 | — | — | 92.7% | -51.4% | -23.2% | -46.8% | — |
| Healthcare Median | — | 23.7 | 13.8 | 18.8 | 65.8% | -6.3% | -37.3% | -15.0% | 3.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonNovavax, Inc.'s current P/E ratio is 3.9x. The historical average is 2.6x. This places it at the 100th percentile of its historical range.
Novavax, Inc.'s current EV/EBITDA is 3.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.6x.
Based on historical data, Novavax, Inc. is trading at a P/E of 3.9x. 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 93.5% gross margin and 40.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Novavax, Inc.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.