Growth & profitability
- Revenue has declined 17.2% per year over the past 5 years.
Financial health
- Total debt ($244M) exceeds cash ($241M); net debt is $4M.
- Operating income covered interest expense 20× in the latest year.
- Total debt is 0.5× EBITDA.
NVAX Financials Novavax Inc
15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $1.1B | $440M | 93.5% | 40.3% | -344.7% | 37.4% | — | $244M | $241M |
| 2024 | $682M | -$187M | 70.3% | -36.5% | 30.1% | -12.0% | — | — | $530M |
| 2023 | $984M | -$545M | 65.1% | -57.6% | 76.0% | -30.3% | — | — | $569M |
| 2022 | $2.0B | -$658M | 54.5% | -32.5% | 103.8% | -29.1% | — | — | $1.3B |
| 2021 | — | -$1.7B | — | — | 495.8% | -67.7% | $265M | — | $1.5B |
| 2020 | — | -$418M | — | — | -66.7% | -26.4% | -$97M | — | $553M |
| 2019 | — | -$133M | — | — | 71.3% | -76.7% | -$138M | — | $79M |
| 2018 | — | -$185M | — | — | 110.0% | -88.8% | -$186M | — | $70M |
| 2017 | — | -$184M | — | — | 180.6% | -60.8% | -$149M | — | $106M |
| 2016 | — | -$280M | — | — | 5048.1% | -71.0% | -$277M | — | $144M |
| 2015 | — | -$157M | — | — | -53.6% | -40.7% | -$144M | — | $93M |
| 2014 | — | -$83M | — | — | -36.1% | -30.1% | — | — | $32M |
| 2013 | — | -$52M | — | — | -25.6% | -22.1% | — | — | $119M |
| 2012 | — | -$29M | — | — | -35.5% | -27.9% | -$23M | — | $17M |
| 2011 | — | -$19M | — | — | -36.0% | -29.1% | -$24M | — | $14M |
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | $57M | -$53M | 74.9% | -96.8% | 28.0% | -5.6% | — | $291M | $191M |
| Mar '26 | $140M | -$9M | 78.0% | -11.1% | 6.6% | -0.9% | — | $291M | $228M |
| Dec '25 | $147M | $18M | 85.0% | 9.7% | -13.7% | 1.5% | — | $244M | $241M |
| Sep '25 | $70M | -$202M | 69.5% | -252.7% | 129.2% | -17.2% | — | — | $268M |
| Jun '25 | $239M | $107M | 93.6% | 42.2% | 283.1% | 8.0% | — | — | $254M |
| Mar '25 | $667M | $519M | 97.9% | 77.3% | -685.6% | 40.1% | — | — | $263M |
| Dec '24 | $88M | -$81M | 58.5% | -148.4% | 13.0% | -5.2% | — | — | $530M |
| Sep '24 | $85M | -$121M | 28.3% | -158.6% | 23.0% | -7.1% | — | — | $574M |
| Jun '24 | $415M | $162M | 88.9% | 38.7% | -37.6% | 8.9% | — | — | $680M |
| Mar '24 | $94M | -$148M | 36.9% | -154.3% | 17.0% | -10.9% | — | — | $481M |
| Dec '23 | — | -$178M | — | — | 24.9% | -9.9% | — | — | $569M |
| Sep '23 | — | -$131M | — | — | 19.3% | -7.9% | — | — | $651M |
| Jun '23 | — | $58M | — | — | -7.7% | 3.4% | — | — | $506M |
| Mar '23 | — | -$294M | — | — | 32.8% | -19.1% | — | — | $625M |
| Dec '22 | — | -$182M | — | — | 28.7% | -8.1% | — | — | $1.3B |
| Sep '22 | — | -$169M | — | — | 29.8% | -7.4% | — | — | $1.3B |
| Jun '22 | — | -$510M | — | — | 122.4% | -19.5% | — | — | $1.4B |
| Mar '22 | — | $203M | — | — | 311.4% | 7.2% | — | — | $1.6B |
| Dec '21 | — | -$846M | — | — | 240.6% | -32.8% | — | — | $1.5B |
| Sep '21 | — | -$322M | — | — | -69.9% | -12.6% | — | — | $1.9B |
Valuation over time
How the market has priced NVAX against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has risen from 2.5× (Dec '25) to 3.6× (Nov '26).
- The price-to-sales ratio has risen from 0.6× (Mar '23) to 1.4× (Nov '26).
P/E
P/S
Frequently asked questions
Is NVAX growing its revenue and profit?
Over the past 5 years, Novavax Inc's revenue has declined 17.2% per year. These are computed facts, not advice.
How much debt does NVAX have?
As of FY2025, Novavax Inc reported $244M of total debt against $241M of cash; operating income covered interest expense 20×.
What is NVAX's profit margin?
In FY2025, gross margin was 93.5%, operating margin 40.3%, and net margin 39.2%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.