Novavax, Inc. (NVAX) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Biotechnology
EV/EBITDA
2.59
↑+31% vs avg
5yr avg: 1.98
30Y Low2.0·High2.0
P/FCF
N/A
—
5yr avg: 40.10
30Y Low40.1·High40.1
P/B Ratio
N/A
—
5yr avg: N/A
30Y Low2.6·High29.2
ROE
N/A
—
5yr avg: -1265.7%
30Y Low-195%·High-27%
Debt/EBITDA
0.42
+0% vs avg
5yr avg: 0.42
30Y Low0.4·High0.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NVAX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Novavax, Inc. trades at 3.7x earnings, 39% 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 22.1x, 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 | $1.5B | $1.2B | $1.2B | $484M | $804M | $10.6B | $6.4B | $96M | $680M | $363M | $341M |
| Enterprise Value | $1.5B | $1.2B | $924M | $144M | $17M | $9.6B | $6.3B | $339M | $929M | $574M | $513M |
| P/E Ratio → | 3.69 | 2.65 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.36 | 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
NVAX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Novavax, Inc.'s enterprise value stands at 2.6x EBITDA, 31% above its 5-year average of 2.0x. The Healthcare sector median is 14.1x, placing the stock at a 82% 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 | 2.59 | 1.98 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 2.72 | 2.52 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | 36.10 | — | — | — | — | — |
NVAX Profitability
Margins and return-on-capital ratios measuring operating efficiency
Novavax, Inc. earns an operating margin of 50.1%. Operating margins have expanded from -101.8% to 50.1% over the past 3 years, signaling improving operational efficiency.
Margins
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% |
Return on Capital
| 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% |
NVAX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Novavax, Inc. carries a Debt/EBITDA ratio of 0.4x, which is very conservative (87% below the sector average of 3.3x). Net debt stands at $8M ($249M total debt minus $241M cash). Interest coverage of 20.6x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| 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 |
NVAX Liquidity & Efficiency
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 | 6.16 | 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 |
NVAX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Novavax, Inc. returns 0.3% to shareholders annually primarily through share buybacks. The earnings yield of 27.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 27.1% | 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 |
Peer Comparison
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 | 3.7 | 2.6 | — | 93.7% | 50.1% | — | — | 0.4 |
 MRNA | $19B | -6.7 | — | — | 55.3% | -158.1% | -28.9% | -26.1% | — |
 BNTX | $24B | -18.0 | — | 75.6 | 77.6% | -22.6% | -5.7% | -4.3% | — |
 PFE | $151B | 19.5 | 10.7 | 16.6 | 70.3% | 24.7% | 8.9% | 7.5% | 3.3 |
 SNY | $106B | 18.4 | 10.9 | 10.1 | 72.3% | 13.6% | 10.4% | 5.5% | 2.3 |
 GSK | $102B | 6.7 | 8.4 | 12.8 | 72.4% | 25.5% | 39.4% | 22.1% | 1.7 |
 DVAX | $2B | 77.5 | 503.2 | 30.2 | 82.2% | -1.5% | 4.5% | -0.4% | 64.7 |
 VALN | $470M | -27.1 | 13.6 | — | 41.9% | 7.9% | -7.9% | 4.5% | 6.6 |
 IBRX | $8B | -13.5 | — | — | 100.0% | -2334.2% | — | — | — |
 NUVB | $2B | -8.4 | — | — | 86.6% | -338.7% | -53.2% | -54.3% | — |
 OCGN | $493M | -6.3 | — | — | 45.9% | -1425.7% | -776.9% | -1565.6% | — |
| Healthcare Median | — | 22.1 | 14.1 | 18.7 | 63.9% | -5.3% | -33.7% | -10.8% | 3.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonNVAX — Frequently Asked Questions
Quick answers to the most common questions about buying NVAX stock.
What is Novavax, Inc.'s P/E ratio?
Novavax, Inc.'s current P/E ratio is 3.7x. The historical average is 2.6x. This places it at the 100th percentile of its historical range.
What is Novavax, Inc.'s EV/EBITDA?
Novavax, Inc.'s current EV/EBITDA is 2.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.0x.
Is NVAX stock overvalued?
Based on historical data, Novavax, Inc. is trading at a P/E of 3.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Novavax, Inc.'s profit margins?
Novavax, Inc. has 93.7% gross margin and 50.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Novavax, Inc. have?
Novavax, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.