Vaxart, Inc. (VXRT) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Biotechnology
EV/EBITDA
3.32
↑+147% vs avg
5yr avg: 1.34
30Y Low1.3·High38.6
P/FCF
17.61
↑+65% vs avg
5yr avg: 10.65
30Y Low10.7·High63.1
P/B Ratio
↓
1.45
↓-77% vs avg
5yr avg: 6.35
30Y Low0.9·High41.5
ROE
↑
22.3%
↓+136% vs avg
5yr avg: -61.6%
30Y Low-160%·High79%
Debt/EBITDA
0.34
+0% vs avg
5yr avg: 0.34
30Y Low0.3·High28.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
VXRT Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Vaxart, Inc. trades at 7.9x earnings, 57% above its 5-year average of 5.0x, sitting at the 33rd percentile of its historical range. Compared to the Healthcare sector median P/E of 22.1x, the stock trades at a discount of 64%. On a free-cash-flow basis, the stock trades at 17.6x P/FCF, 65% above the 5-year average of 10.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $133M | $81M | $323M | $279M | $468M | $3.1B | $2.8B | $75M | $119M | $276M | $259M |
| Enterprise Value | $88M | $36M | $321M | $271M | $451M | $2.9B | $2.7B | $64M | $111M | $315M | $242M |
| P/E Ratio → | 7.87 | 5.00 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.56 | 0.34 | 11.24 | 37.82 | 4371.70 | 3425.04 | 687.66 | 7.65 | 28.55 | 47.32 | 29.09 |
| P/B Ratio | 1.45 | 0.92 | 5.48 | 4.83 | 4.23 | 16.29 | 22.55 | 5.83 | 10.57 | — | 13.85 |
| P/FCF | 17.61 | 10.65 | — | — | — | — | — | — | — | — | — |
| P/OCF | 17.28 | 10.45 | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
VXRT EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Vaxart, Inc.'s enterprise value stands at 3.3x EBITDA, 147% above its 5-year average of 1.3x. The Healthcare sector median is 14.2x, placing the stock at a 77% 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 | — | 0.15 | 11.17 | 36.71 | 4216.64 | 3291.39 | 661.77 | 6.52 | 26.66 | 53.94 | 27.14 |
| EV / EBITDA | 3.32 | 1.34 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 4.90 | 1.82 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 4.73 | — | — | — | — | — | — | — | — | — |
VXRT Profitability
Margins and return-on-capital ratios measuring operating efficiency
Vaxart, Inc. earns an operating margin of 7.6%. Operating margins have expanded from -1129.5% to 7.6% over the past 3 years, signaling improving operational efficiency. ROE of 22.3% indicates solid capital efficiency. ROIC of 27.1% represents excellent returns on invested capital.
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 | 100.0% | 100.0% | 100.0% | 39.0% | 100.0% | -5365.1% | -390.9% | 100.0% | -315.4% | -111.6% | -98.1% |
| Operating Margin | 7.6% | 7.6% | -231.0% | -1129.5% | -107090.7% | -8156.1% | -745.7% | -160.1% | -523.1% | -156.1% | -309.0% |
| Net Profit Margin | 6.9% | 6.9% | -233.3% | -1117.6% | -100708.4% | -7900.2% | -796.3% | -189.1% | -433.0% | -213.4% | -330.3% |
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 | 22.3% | 22.3% | -114.7% | -97.9% | -72.3% | -45.3% | -47.3% | -154.2% | -160.2% | — | -90.6% |
| ROA | 9.3% | 9.3% | -51.9% | -67.1% | -57.5% | -37.7% | -34.0% | -51.6% | -90.6% | -55.8% | -52.1% |
| ROIC | 27.1% | 27.1% | -93.3% | -87.1% | -105.9% | -125.5% | -221.7% | -461.4% | -974.1% | -1087.7% | -1586.5% |
| ROCE | 20.7% | 20.7% | -86.3% | -77.9% | -66.2% | -41.4% | -35.8% | -56.8% | -156.8% | -53.3% | -56.3% |
VXRT Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Vaxart, Inc. carries a Debt/EBITDA ratio of 0.3x, which is very conservative (90% below the sector average of 3.2x). The company holds a net cash position — cash of $54M exceeds total debt of $9M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 7.0x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 0.40 | 0.46 | 0.25 | 0.13 | 0.18 | 0.18 | 0.32 | — | 0.02 |
| Debt / EBITDA | 0.34 | 0.34 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.51 | -0.03 | -0.14 | -0.15 | -0.64 | -0.85 | -0.87 | -0.70 | — | -0.93 |
| Net Debt / EBITDA | -1.68 | -1.68 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -5.92 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 6.95 | 6.95 | -21.46 | -55.81 | -81.52 | -46.54 | -16.07 | -6.60 | -5.68 | — | -15.17 |
Net cash position: cash ($54M) exceeds total debt ($9M)
VXRT Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.57x means Vaxart, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 3.32x to 1.57x 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 | 1.57 | 1.57 | 0.75 | 3.32 | 5.55 | 15.69 | 10.93 | 1.92 | 1.96 | 0.83 | 6.76 |
| Quick Ratio | 1.57 | 1.57 | 0.75 | 3.32 | 5.55 | 15.69 | 10.93 | 1.92 | 1.96 | 0.83 | 6.76 |
| Cash Ratio | 0.74 | 0.74 | 0.57 | 2.89 | 5.23 | 15.44 | 10.79 | 1.47 | 1.53 | 0.66 | 6.54 |
| Asset Turnover | — | 1.28 | 0.17 | 0.08 | 0.00 | 0.00 | 0.03 | 0.27 | 0.12 | 1.29 | 0.22 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 78.99 | 152.22 | 148.79 | 68.22 | 29.05 | 30.13 | 133.94 | 157.62 | 39.38 | 24.61 |
VXRT Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Vaxart, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 12.7% (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 | 12.7% | 20.0% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 5.7% | 9.4% | — | — | — | — | — | — | — | — | — |
| 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 | — | $230M | $487M | $487M | $487M | $487M | $487M | $216M | $63M | $44M | $35M |
Peer Comparison
Compare VXRT 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 |
|---|---|---|---|---|---|---|---|---|---|
 VXRTYou | $133M | 7.9 | 3.3 | 17.6 | 100.0% | 7.6% | 22.3% | 27.1% | 0.3 |
 NVAX | $2B | 3.6 | 2.6 | — | 93.7% | 50.1% | — | — | 0.4 |
 IBRX | $8B | -19.4 | — | — | 99.3% | -226.0% | — | -235.9% | — |
 CODX | $4M | -0.1 | — | — | 64.3% | -5025.5% | -125.2% | -73.9% | — |
 OCGN | $420M | -5.4 | — | — | 45.9% | -1425.7% | -776.9% | -1565.6% | — |
 DYAI | $28M | -3.4 | — | — | -88.3% | -579.9% | -397.8% | -396.9% | — |
 MRNA | $25B | -8.8 | — | — | 55.3% | -158.1% | -28.9% | -26.1% | — |
 PFE | $143B | 18.5 | 10.3 | 15.8 | 70.3% | 24.7% | 8.9% | 7.5% | 3.3 |
 SNY | $102B | 18.2 | 10.8 | 10.1 | 72.3% | 13.6% | 10.4% | 5.5% | 2.3 |
 GSK | $102B | 6.9 | 8.6 | 13.3 | 72.4% | 25.5% | 39.4% | 22.1% | 1.7 |
 MRK | $281B | 15.6 | 10.8 | 22.8 | 72.0% | 36.2% | 36.9% | 22.0% | 1.7 |
| Healthcare Median | — | 22.1 | 14.2 | 18.5 | 63.9% | -4.3% | -32.6% | -11.6% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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VXRT — Frequently Asked Questions
Quick answers to the most common questions about buying VXRT stock.
What is Vaxart, Inc.'s P/E ratio?
Vaxart, Inc.'s current P/E ratio is 7.9x. The historical average is 33.3x. This places it at the 33th percentile of its historical range.
What is Vaxart, Inc.'s EV/EBITDA?
Vaxart, Inc.'s current EV/EBITDA is 3.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.0x.
What is Vaxart, Inc.'s ROE?
Vaxart, Inc.'s return on equity (ROE) is 22.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -31.6%.
Is VXRT stock overvalued?
Based on historical data, Vaxart, Inc. is trading at a P/E of 7.9x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Vaxart, Inc.'s profit margins?
Vaxart, Inc. has 100.0% gross margin and 7.6% operating margin.
How much debt does Vaxart, Inc. have?
Vaxart, Inc.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.