Novavax (NVAX) Financials

$9.21 0.00 (0.00%)

Closing price 05/22/2026 04:00 PM Eastern

Extended Trading

$9.20 -0.01 (-0.05%)

As of 05/22/2026 07:58 PM Eastern

Annual Income Statements for Novavax

This table shows Novavax's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-157	-280	-184	-185	-133	-418	-1,744	-658	-545	-187	440
Consolidated Net Income / (Loss)	-157	-280	-184	-185	-133	-418	-1,744	-658	-545	-187	440
Net Income / (Loss) Continuing Operations	-157	-280	-184	-185	-133	-418	-1,744	-658	-545	-187	440
Total Pre-Tax Income	-157	-280	-184	-185	-133	-418	-1,715	-654	-543	-177	442
Total Operating Income	-157	-269	-172	-174	-121	-417	-1,687	-645	-567	-249	453
Total Gross Profit	36	15	31	0.00	19	476	1,146	1,079	640	479	1,050
Total Revenue	36	15	31	0.00	19	476	1,146	1,982	984	682	1,123
Operating Revenue	36	15	31	0.00	19	476	1,146	1,982	984	682	1,123
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	903	344	203	73
Operating Cost of Revenue	-	-	-	-	-	0.00	0.00	903	344	203	73
Total Operating Expenses	193	284	203	174	139	892	2,833	1,724	1,206	728	598
Selling, General & Admin Expense	31	47	34	34	34	145	298	489	469	337	157
Research & Development Expense	163	238	168	174	114	747	2,535	1,235	738	391	342
Impairment Charge	-	-	-	0.00	-9.02	-	-	-	0.00	0.00	98
Other Special Charges / (Income)	-	-	-	-	-	-	-	0.00	0.00	-	0.00
Total Other Income / (Expense), net	0.30	-11	-12	-11	-12	-1.54	-28	-8.91	23	72	-11
Interest Expense	0.24	13	14	14	14	15	21	20	14	20	51
Other Income / (Expense), net	-0.12	-0.03	0.07	0.11	-0.01	14	-6.83	11	38	92	41
Income Tax Expense	-	-	-	-	0.00	0.00	29	4.29	2.03	11	1.87
Basic Earnings per Share	($0.60)	($1.03)	($12.56)	($9.99)	($5.51)	($7.27)	($23.44)	($8.42)	($5.41)	($1.23)	$2.72
Weighted Average Basic Shares Outstanding	262.25M	270.80M	14.63M	18.49M	24.10M	57.55M	74.40M	78.18M	100.77M	152.19M	161.99M
Diluted Earnings per Share	($0.60)	($1.03)	($12.56)	($9.99)	($5.51)	($7.27)	($23.44)	($8.42)	($5.41)	($1.23)	$2.58
Weighted Average Diluted Shares Outstanding	262.25M	270.80M	14.63M	18.49M	24.10M	57.55M	74.40M	78.18M	100.77M	152.19M	173.10M
Weighted Average Basic & Diluted Shares Outstanding	262.25M	270.80M	14.63M	18.49M	24.10M	57.55M	76.28M	86.17M	139.95M	160.84M	162.94M

This table shows Novavax's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-131	-178	-148	162	-121	-81	519	107	-202	18	-9.49
Consolidated Net Income / (Loss)	-131	-178	-148	162	-121	-81	519	107	-202	18	-9.49
Net Income / (Loss) Continuing Operations	-131	-178	-148	162	-121	-81	519	107	-202	18	-9.49
Total Pre-Tax Income	-131	-177	-145	165	-122	-74	520	107	-203	18	-8.51
Total Operating Income	-126	-184	-145	161	-134	-131	516	101	-178	14	-15
Total Gross Profit	88	136	35	369	24	52	653	224	49	125	109
Total Revenue	187	291	94	415	85	88	667	239	70	147	140
Operating Revenue	187	291	94	415	85	88	667	239	70	147	140
Total Cost of Revenue	99	155	59	46	61	37	14	15	21	22	31
Operating Cost of Revenue	99	155	59	46	61	37	14	15	21	22	31
Total Operating Expenses	214	320	179	208	158	183	137	123	227	111	124
Selling, General & Admin Expense	107	155	87	101	71	78	48	44	32	34	29
Research & Development Expense	106	165	93	107	87	104	89	79	98	76	95
Total Other Income / (Expense), net	-5.84	6.87	-0.46	3.59	12	57	4.33	6.38	-25	3.67	6.92
Interest Expense	2.86	4.12	4.11	4.14	4.24	7.59	5.72	5.52	34	5.82	4.90
Other Income / (Expense), net	-2.98	11	3.65	7.73	16	65	10	12	9.18	9.50	12
Income Tax Expense	-0.70	1.69	2.26	2.21	-1.03	7.45	1.20	0.95	-0.66	0.38	0.99
Basic Earnings per Share	($1.26)	($1.39)	($1.05)	$1.09	($0.76)	($0.51)	$3.22	$0.66	($1.25)	$0.09	($0.06)
Weighted Average Basic Shares Outstanding	103.43M	100.77M	139.92M	148.38M	160.05M	152.19M	161.05M	162.02M	162.35M	161.99M	163.28M
Diluted Earnings per Share	($1.26)	($1.32)	($1.05)	$0.99	($0.76)	($0.41)	$2.93	$0.62	($1.25)	$0.28	($0.06)
Weighted Average Diluted Shares Outstanding	103.43M	100.77M	139.92M	165.86M	160.05M	152.19M	177.63M	177.22M	162.35M	173.10M	163.28M
Weighted Average Basic & Diluted Shares Outstanding	118.79M	139.95M	140.40M	160.09M	160.18M	160.84M	161.97M	162.42M	162.50M	162.94M	164.44M

This table details how cash moves in and out of Novavax's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	61	49	-44	-53	0.22	567	880	-179	-765	-39	-289
Net Cash From Operating Activities	-126	-259	-144	-185	-137	-43	323	-416	-714	-87	-245
Net Cash From Continuing Operating Activities	-126	-259	-144	-185	-137	-43	323	-416	-714	-87	-245
Net Income / (Loss) Continuing Operations	-157	-280	-184	-185	-133	-418	-1,744	-658	-545	-187	440
Consolidated Net Income / (Loss)	-157	-280	-184	-185	-133	-418	-1,744	-658	-545	-187	440
Depreciation Expense	5.98	8.51	9.82	8.16	5.68	4.89	13	29	41	48	28
Non-Cash Adjustments To Reconcile Net Income	-21	18	23	11	14	359	320	574	167	3.26	175
Changes in Operating Assets and Liabilities, net	45	-6.57	5.26	-21	-24	12	1,734	-361	-377	48	-888
Net Cash From Investing Activities	-21	28	36	29	38	-378	100	-93	-59	-204	-78
Net Cash From Continuing Investing Activities	-21	28	36	29	38	-378	100	-93	-59	-204	-78
Purchase of Property, Plant & Equipment	-18	-18	-4.19	-1.37	-1.86	-55	-57	-93	-59	-15	-6.39
Purchase of Investments	-229	-357	-218	-120	-17	-363	-2.17	0.00	0.00	-826	-445
Sale of Property, Plant & Equipment	-	-	-	0.00	18	-	-	0.00	0.00	193	20
Sale and/or Maturity of Investments	226	403	258	150	40	206	160	0.00	0.00	444	354
Net Cash From Financing Activities	208	280	65	103	98	985	462	325	4.47	261	28
Net Cash From Continuing Financing Activities	208	280	65	103	98	985	462	325	4.47	261	28
Repayment of Debt	-0.73	-10	-	-	-	0.00	0.00	0.00	-325	0.00	0.00
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-5.26	-3.59	0.00	0.00
Issuance of Debt	0.07	325	0.04	-	-	0.00	0.00	175	0.00	0.00	43
Issuance of Common Equity	204	0.00	63	100	97	876	565	249	360	263	0.00
Other Financing Activities, net	4.80	-35	1.15	2.75	0.99	-91	-103	-94	-27	-2.69	-15
Other Net Changes in Cash	-	-0.34	0.14	-	-	2.12	-	-	-	-7.80	5.93
Cash Interest Paid	0.10	6.19	12	12	12	14	19	18	17	18	15
Cash Income Taxes Paid	-	-	-	-	0.00	0.00	13	18	0.19	0.95	8.81

This table details how cash moves in and out of Novavax's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	148	-83	-88	200	-107	-43	-267	-9.50	14	-27	-23
Net Cash From Operating Activities	-40	-177	-84	314	-145	-173	-186	-127	108	-39	-32
Net Cash From Continuing Operating Activities	-40	-177	-84	314	-145	-173	-186	-127	108	-39	-32
Net Income / (Loss) Continuing Operations	-131	-178	-148	162	-121	-81	519	107	-202	18	-9.49
Consolidated Net Income / (Loss)	-131	-178	-148	162	-121	-81	519	107	-202	18	-9.49
Depreciation Expense	11	11	12	11	13	13	8.34	7.56	6.59	5.13	3.06
Non-Cash Adjustments To Reconcile Net Income	36	40	18	26	16	-56	27	-1.20	138	12	-0.98
Changes in Operating Assets and Liabilities, net	44	-50	34	115	-52	-49	-740	-240	166	-74	-25
Net Cash From Investing Activities	-18	-9.08	-7.25	-373	32	144	-73	111	-137	20	-28
Net Cash From Continuing Investing Activities	-18	-9.08	-7.25	-373	32	144	-73	111	-137	20	-28
Purchase of Property, Plant & Equipment	-18	-9.08	-7.25	-3.13	-2.01	-2.25	-1.60	-0.53	-2.02	-2.25	-1.27
Purchase of Investments	-	-	0.00	-	-72	-384	-115	-	-235	-96	-214
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	-	-	-	40
Sale and/or Maturity of Investments	-	-	0.00	-	-	338	43	112	101	99	147
Net Cash From Financing Activities	197	100	5.89	258	-0.10	-3.42	-7.06	-1.04	42	-6.60	38
Net Cash From Continuing Financing Activities	197	100	5.89	258	-0.10	-3.42	-7.06	-1.04	42	-6.60	38
Issuance of Debt	-	-	-	-	-	-	0.00	-	-	-	46
Other Financing Activities, net	2.11	-2.86	-0.98	1.81	-0.10	-3.42	-7.06	-1.04	-0.16	-6.60	-8.74
Effect of Exchange Rate Changes	-	-	-	-	-	-	-	7.91	0.66	-	-0.02
Cash Interest Paid	0.46	5.60	1.21	5.97	1.32	9.07	2.80	7.01	2.31	2.93	6.29
Cash Income Taxes Paid	-	0.06	-0.07	-0.58	1.29	0.31	1.50	3.42	3.88	0.01	1.85

This table presents Novavax's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	386	394	302	208	173	1,582	2,577	2,259	1,797	1,560	1,177
Total Current Assets	287	288	203	119	97	1,248	2,155	1,703	1,144	1,129	978
Cash & Equivalents	93	144	106	70	79	553	1,515	1,337	569	530	241
Restricted Cash	35	30	28	11	2.95	94	11	10	10	11	11
Short-Term Investments	138	91	51	22	0.00	158	-	-	0.00	393	494
Accounts Receivable	2.32	-	-	-	7.50	262	455	82	297	108	106
Inventories, net	-	-	-	-	-	-	8.87	37	42	8.75	12
Prepaid Expenses	19	22	18	16	7.98	181	165	237	226	78	27
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	88
Plant, Property, & Equipment, net	32	40	36	28	11	180	226	294	306	138	45
Total Noncurrent Assets	66	66	63	60	64	154	196	261	348	293	153
Goodwill	53	52	54	52	51	135	131	126	127	107	113
Other Noncurrent Operating Assets	0.16	0.80	0.87	0.81	7.12	13	64	135	220	186	40
Total Liabilities & Shareholders' Equity	386	394	302	208	173	1,582	2,577	2,259	1,797	1,560	1,177
Total Liabilities	93	400	404	376	359	955	2,928	2,893	2,514	2,184	1,304
Total Current Liabilities	76	66	74	46	26	580	2,390	2,460	1,635	1,154	460
Accounts Payable	12	5.69	5.61	9.30	2.91	54	127	217	133	42	25
Accrued Expenses	27	25	30	20	15	137	674	591	395	211	107
Current Deferred Revenue	34	30	26	10	1.68	273	1,423	370	241	675	140
Other Current Liabilities	3.01	1.06	7.75	1.60	1.26	115	167	957	867	227	140
Other Current Nonoperating Liabilities	0.00	5.08	5.08	5.08	5.08	-	-	-	-	0.00	48
Total Noncurrent Liabilities	17	333	331	330	333	376	538	433	879	1,030	844
Long-Term Debt	0.00	316	318	319	321	322	323	166	168	170	244
Noncurrent Deferred Revenue	4.17	2.50	2.50	2.50	-	0.00	173	179	622	447	359
Other Noncurrent Operating Liabilities	13	15	10	8.69	13	54	42	87	89	413	241
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	293	-5.55	-102	-168	-186	627	-352	-634	-717	-624	-128
Total Preferred & Common Equity	293	-5.55	-102	-168	-186	627	-352	-634	-717	-624	-128
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	293	-5.55	-102	-168	-186	627	-352	-634	-717	-624	-128
Common Stock	954	939	1,024	1,145	1,261	2,536	3,353	3,739	4,194	4,503	4,541
Retained Earnings	-650	-930	-1,114	-1,299	-1,432	-1,874	-3,618	-4,276	-4,821	-5,008	-4,568
Treasury Stock	-2.45	-2.45	-2.45	-2.45	-2.58	-42	-85	-91	-92	-96	-103
Accumulated Other Comprehensive Income / (Loss)	-9.12	-12	-8.62	-11	-13	7.02	-1.35	-6.38	2.72	-23	2.01

This table presents Novavax's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,267	1,543	1,685	1,657	1,354	1,819	1,712	1,293	1,337	1,180	1,043
Total Current Assets	1,760	971	1,128	1,007	727	1,203	1,104	868	920	975	851
Cash & Equivalents	1,281	625	506	651	481	680	574	263	254	268	228
Restricted Cash	11	10	10	10	10	10	11	11	11	11	0.00
Short-Term Investments	-	-	-	-	-	369	336	468	359	495	562
Accounts Receivable	112	113	395	124	21	32	95	45	226	34	23
Inventories, net	82	34	23	70	16	9.17	8.64	10	10	14	11
Prepaid Expenses	275	189	193	152	199	102	80	71	60	46	26
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	108	0.00
Plant, Property, & Equipment, net	256	307	300	301	291	289	286	134	130	49	42
Total Noncurrent Assets	252	264	258	349	335	327	323	291	287	156	150
Goodwill	118	130	128	124	123	123	127	112	113	113	113
Other Noncurrent Operating Assets	126	134	129	226	212	203	196	179	174	43	37
Total Liabilities & Shareholders' Equity	2,267	1,543	1,685	1,657	1,354	1,819	1,712	1,293	1,337	1,180	1,043
Total Liabilities	2,833	2,438	2,440	2,336	2,221	2,250	2,239	1,369	1,299	1,337	1,188
Total Current Liabilities	1,668	1,919	1,596	1,469	804	1,158	1,181	422	389	430	342
Accounts Payable	145	125	87	102	58	80	58	34	51	15	16
Accrued Expenses	551	519	458	311	257	159	219	132	87	116	103
Current Deferred Revenue	405	416	300	192	241	666	613	108	114	104	89
Other Current Liabilities	243	860	750	863	248	252	291	148	138	143	135
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	51	0.00
Total Noncurrent Liabilities	1,165	519	843	867	1,416	1,093	1,058	946	910	907	845
Long-Term Debt	0.00	167	167	168	168	169	169	170	171	244	291
Noncurrent Deferred Revenue	1,035	274	607	609	841	533	515	410	399	397	359
Other Noncurrent Operating Liabilities	130	79	69	90	406	390	373	367	340	266	195
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-566	-896	-755	-678	-867	-432	-526	-76	38	-157	-145
Total Preferred & Common Equity	-566	-896	-755	-678	-867	-432	-526	-76	38	-157	-145
Preferred Stock	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-566	-896	-755	-678	-867	-432	-526	-76	38	-157	-145
Common Stock	3,641	3,769	3,857	4,068	4,206	4,479	4,492	4,514	4,524	4,533	4,550
Retained Earnings	-4,094	-4,570	-4,512	-4,643	-4,969	-4,806	-4,927	-4,490	-4,383	-4,586	-4,578
Treasury Stock	-90	-91	-91	-92	-94	-94	-95	-102	-102	-103	-112
Accumulated Other Comprehensive Income / (Loss)	-24	-3.17	-8.18	-12	-11	-11	3.60	1.61	-0.46	-1.75	-5.07

This table displays calculated financial ratios and metrics derived from Novavax's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.24%	-57.65%	103.06%	-100.00%	0.00%	2,448.48%	141.02%	72.89%	-50.36%	-30.65%	64.69%
EBITDA Growth	-91.97%	-71.32%	38.15%	-2.38%	30.02%	-246.53%	-322.06%	64.02%	19.40%	77.83%	582.25%
EBIT Growth	-88.02%	-71.04%	36.23%	-1.26%	30.62%	-234.27%	-320.08%	62.57%	16.59%	70.39%	415.21%
NOPAT Growth	-87.88%	-71.15%	36.19%	-1.29%	30.67%	-245.59%	-304.73%	61.77%	12.13%	56.06%	358.76%
Net Income Growth	-89.20%	-78.39%	34.36%	-0.53%	28.18%	-215.21%	-316.91%	62.27%	17.16%	65.60%	334.83%
EPS Growth	-62.16%	-71.67%	34.36%	-0.53%	44.84%	-31.94%	-222.42%	64.08%	35.75%	77.26%	309.76%
Operating Cash Flow Growth	-88.15%	-105.22%	44.17%	-27.93%	26.08%	68.86%	859.14%	-228.79%	-71.65%	87.78%	-180.34%
Free Cash Flow Firm Growth	-45.02%	-186.78%	47.62%	-27.48%	35.81%	-322.90%	236.99%	-199.55%	-46.96%	111.31%	-412.17%
Invested Capital Growth	-59.81%	81.79%	-23.76%	51.06%	9.74%	151.02%	-1,177.37%	4.17%	24.30%	-23.06%	51.79%
Revenue Q/Q Growth	-2.35%	-2.87%	19.16%	-100.00%	201.89%	186.78%	-7.76%	7.32%	-6.29%	-22.94%	5.53%
EBITDA Q/Q Growth	-46.85%	9.35%	3.73%	0.66%	11.78%	-56.18%	-63.04%	51.73%	2.19%	50.06%	18.77%
EBIT Q/Q Growth	-42.90%	8.46%	3.54%	0.70%	12.87%	-55.64%	-62.56%	50.42%	1.37%	40.51%	22.22%
NOPAT Q/Q Growth	-42.94%	8.46%	3.52%	0.73%	12.87%	-58.71%	-61.48%	47.40%	9.62%	17.41%	50.47%
Net Income Q/Q Growth	-43.09%	7.19%	3.30%	0.81%	11.65%	-53.48%	-62.20%	50.23%	0.70%	34.18%	28.84%
EPS Q/Q Growth	-36.36%	7.21%	3.30%	0.81%	10.70%	-64.11%	-63.00%	0.00%	15.34%	42.52%	36.51%
Operating Cash Flow Q/Q Growth	-38.40%	-3.94%	12.77%	-1.02%	13.61%	-168.30%	-39.84%	35.06%	-9.00%	3.98%	35.34%
Free Cash Flow Firm Q/Q Growth	11.35%	-28.33%	10.72%	-0.40%	14.64%	-103.89%	5.90%	-5.86%	5.10%	180.97%	-14.07%
Invested Capital Q/Q Growth	-67.66%	32.48%	7.45%	7.95%	1.72%	147.22%	-33.76%	2.80%	3.79%	-8.66%	9.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	0.00%	100.00%	100.00%	100.00%	54.46%	65.05%	70.28%	93.50%
EBITDA Margin	-417.58%	-1,689.14%	-514.50%	0.00%	-615.79%	-83.73%	-146.63%	-30.51%	-49.55%	-15.84%	46.38%
Operating Margin	-433.75%	-1,752.84%	-550.78%	0.00%	-646.13%	-87.62%	-147.13%	-32.53%	-57.59%	-36.49%	40.30%
EBIT Margin	-434.09%	-1,753.04%	-550.56%	0.00%	-646.20%	-84.76%	-147.73%	-31.98%	-53.74%	-22.95%	43.92%
Profit (Net Income) Margin	-432.93%	-1,823.53%	-589.46%	0.00%	-711.04%	-87.94%	-152.12%	-33.20%	-55.41%	-27.49%	39.19%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	101.70%	100.66%	100.37%	106.16%	99.58%
Interest Burden Percent	99.73%	104.02%	107.06%	106.29%	110.03%	103.76%	101.25%	103.14%	102.73%	112.82%	89.61%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.42%
Return on Invested Capital (ROIC)	-252.20%	-534.33%	-299.86%	0.00%	-153.63%	-289.09%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-230.65%	-449.77%	-367.68%	0.00%	-174.45%	-183.35%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	192.10%	339.32%	642.46%	0.00%	228.61%	99.48%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-60.10%	-195.01%	342.60%	137.02%	74.98%	-189.60%	-1,265.72%	133.49%	80.69%	27.97%	-117.16%
Cash Return on Invested Capital (CROIC)	-166.87%	-592.38%	-272.90%	-320.31%	-162.91%	-375.14%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-47.54%	-68.98%	-49.27%	0.00%	-63.31%	-45.93%	-81.43%	-26.21%	-26.06%	-9.32%	36.06%
Return on Assets (ROA)	-47.41%	-71.76%	-52.75%	0.00%	-69.67%	-47.65%	-83.85%	-27.21%	-26.88%	-11.17%	32.17%
Return on Common Equity (ROCE)	-60.10%	-195.01%	342.60%	137.02%	74.98%	-189.60%	-1,265.72%	133.49%	80.69%	27.97%	-117.16%
Return on Equity Simple (ROE_SIMPLE)	-53.62%	0.00%	180.64%	110.01%	71.33%	-66.69%	495.84%	103.76%	76.03%	30.06%	0.00%
Net Operating Profit after Tax (NOPAT)	-110	-188	-120	-122	-84	-292	-1,181	-451	-397	-174	451
NOPAT Margin	-303.63%	-1,226.99%	-385.54%	0.00%	-452.29%	-61.33%	-102.99%	-22.77%	-40.31%	-25.54%	40.13%
Net Nonoperating Expense Percent (NNEP)	-21.55%	-84.56%	67.83%	35.32%	20.82%	-105.73%	-66.80%	-20.07%	-23.45%	-2.25%	-1.62%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	316.20%	72.24%	38.37%	387.16%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	45.54%	34.95%	29.72%	6.50%
SG&A Expenses to Revenue	85.08%	303.05%	110.50%	0.00%	184.42%	30.55%	26.03%	24.66%	47.67%	49.43%	14.02%
R&D to Revenue	448.67%	1,549.79%	540.27%	0.00%	610.02%	157.07%	221.11%	62.33%	74.97%	57.34%	30.47%
Operating Expenses to Revenue	533.75%	1,852.84%	650.78%	0.00%	746.13%	187.62%	247.13%	86.99%	122.64%	106.77%	53.20%
Earnings before Interest and Taxes (EBIT)	-157	-269	-172	-174	-121	-403	-1,693	-634	-529	-157	493
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-151	-259	-160	-164	-115	-398	-1,681	-605	-487	-108	521
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.74	0.00	0.00	0.00	0.00	11.32	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	9.90	0.00	0.00	0.00	0.00	14.60	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	62.46	22.26	12.47	0.00	5.67	14.93	9.44	0.41	0.58	1.89	0.97
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.48
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	40.32%
Enterprise Value to Invested Capital (EV/IC)	79.89	8.62	15.03	17.57	5.99	45.84	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	55.14	25.55	16.72	0.00	18.47	13.91	8.39	0.00	0.16	0.77	0.53
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.13
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.20
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.31
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	29.77	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	18.54	0.00	0.00	6.10	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-57.04	-3.12	-1.90	-1.72	0.51	-0.92	-0.77	-0.23	-0.27	-1.91
Long-Term Debt to Equity	0.00	-57.04	-3.12	-1.90	-1.72	0.51	-0.92	-0.26	-0.23	-0.27	-1.91
Financial Leverage	-0.83	-0.75	-1.75	-1.32	-1.31	-0.54	-6.12	2.09	0.94	0.88	1.74
Leverage Ratio	1.27	2.72	-6.50	-1.89	-1.08	3.98	15.10	-4.91	-3.00	-2.50	-3.64
Compound Leverage Factor	1.26	2.83	-6.95	-2.01	-1.18	4.13	15.28	-5.06	-3.08	-2.83	-3.26
Debt to Total Capital	0.13%	101.78%	147.09%	211.03%	238.21%	33.93%	-1,146.40%	-344.25%	-30.61%	-37.36%	209.70%
Short-Term Debt to Total Capital	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-227.62%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	101.78%	147.09%	211.03%	238.21%	33.93%	-1,146.40%	-116.63%	-30.61%	-37.36%	209.70%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.87%	-1.78%	-47.09%	-111.03%	-138.21%	66.07%	1,246.40%	444.25%	130.61%	137.36%	-109.70%
Debt to EBITDA	0.00	-1.22	-1.98	-1.94	-2.79	-0.81	-0.19	-0.81	-0.34	-1.57	0.47
Net Debt to EBITDA	1.75	-0.19	-0.82	-1.32	-2.08	1.21	0.72	1.42	0.84	7.07	-0.96
Long-Term Debt to EBITDA	0.00	-1.22	-1.98	-1.94	-2.79	-0.81	-0.19	-0.28	-0.34	-1.57	0.47
Debt to NOPAT	0.00	-1.68	-2.64	-2.62	-3.80	-1.10	-0.27	-1.09	-0.42	-0.97	0.54
Net Debt to NOPAT	2.41	-0.27	-1.10	-1.78	-2.83	1.66	1.02	1.90	1.04	4.38	-1.11
Long-Term Debt to NOPAT	0.00	-1.68	-2.64	-2.62	-3.80	-1.10	-0.27	-0.37	-0.42	-0.97	0.54
Altman Z-Score	11.60	-4.33	-5.84	-9.95	-13.11	2.77	-1.58	-2.93	-4.37	-4.05	-2.07
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.76	4.33	2.76	2.62	3.77	2.15	0.90	0.69	0.70	0.98	2.13
Quick Ratio	3.05	3.55	2.14	2.02	3.35	1.68	0.82	0.58	0.53	0.89	1.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-73	-209	-109	-139	-90	-379	519	-516	-759	86	-268
Operating Cash Flow to CapEx	-690.22%	-1,421.65%	-3,448.94%	-13,471.21%	0.00%	-77.88%	561.78%	-447.32%	-1,214.11%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-302.18	-16.11	-7.77	-10.24	-6.58	-24.99	24.54	-25.97	-52.62	4.27	-5.23
Operating Cash Flow to Interest Expense	-523.20	-19.96	-10.27	-13.58	-10.04	-2.81	15.29	-20.92	-49.53	-4.35	-4.77
Operating Cash Flow Less CapEx to Interest Expense	-599.00	-21.36	-10.56	-13.68	-8.83	-6.42	12.57	-25.60	-53.61	4.52	-4.51
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.04	0.09	0.00	0.10	0.54	0.55	0.82	0.49	0.41	0.82
Accounts Receivable Turnover	7.38	0.00	0.00	0.00	0.00	3.53	3.20	7.38	5.18	3.36	10.46
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	39.63	8.77	8.04	7.20
Fixed Asset Turnover	1.39	0.42	0.82	0.00	0.94	4.97	5.65	7.62	3.28	3.07	12.26
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.25	1.97	2.33	2.21
Days Sales Outstanding (DSO)	49.49	0.00	0.00	0.00	0.00	103.42	114.15	49.48	70.43	108.49	34.88
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.21	41.61	45.41	50.71
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	69.46	185.35	156.80	165.30
Cash Conversion Cycle (CCC)	49.49	0.00	0.00	0.00	0.00	103.42	114.15	-10.77	-73.31	-2.90	-79.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	25	45	35	52	57	144	-1,555	-1,490	-1,128	-1,388	-669
Invested Capital Turnover	0.83	0.44	0.78	0.00	0.34	4.71	-1.63	-1.30	-0.75	-0.54	-1.09
Increase / (Decrease) in Invested Capital	-37	20	-11	18	5.10	87	-1,699	65	362	-260	719
Enterprise Value (EV)	1,999	392	521	921	345	6,616	9,614	-49	159	524	590
Market Capitalization	2,264	342	389	704	106	7,099	10,817	807	570	1,288	1,092
Book Value per Share	$1.08	($0.02)	($0.32)	($0.44)	($7.00)	$9.85	($4.65)	($8.08)	($6.04)	($3.89)	($0.79)
Tangible Book Value per Share	$0.85	($0.25)	($0.52)	($0.59)	($9.13)	$7.64	($6.39)	($9.69)	($7.11)	($4.57)	($1.48)
Total Capital	293	311	216	151	135	949	-28	-143	-549	-454	116
Total Debt	0.40	316	318	319	321	322	323	491	168	170	244
Total Long-Term Debt	0.00	316	318	319	321	322	323	166	168	170	244
Net Debt	-265	51	132	216	239	-483	-1,203	-856	-411	-764	-502
Capital Expenditures (CapEx)	18	18	4.19	1.37	-16	55	57	93	59	-178	-13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-54	-44	-56	-29	-10	-136	-1,762	-1,779	-1,070	-959	-228
Debt-free Net Working Capital (DFNWC)	211	221	130	74	71	669	-235	-432	-491	-25	518
Net Working Capital (NWC)	211	221	130	74	71	669	-235	-757	-491	-25	518
Net Nonoperating Expense (NNE)	47	92	64	63	48	127	563	207	149	13	11
Net Nonoperating Obligations (NNO)	-268	51	136	220	244	-483	-1,203	-856	-411	-764	-541
Total Depreciation and Amortization (D&A)	5.98	9.81	11	9.58	5.68	4.89	13	29	41	48	28
Debt-free, Cash-free Net Working Capital to Revenue	-150.24%	-288.99%	-179.31%	0.00%	-55.29%	-28.68%	-153.70%	-89.76%	-108.79%	-140.61%	-20.26%
Debt-free Net Working Capital to Revenue	582.50%	1,442.22%	415.82%	0.00%	382.87%	140.57%	-20.52%	-21.78%	-49.94%	-3.73%	46.14%
Net Working Capital to Revenue	581.42%	1,442.22%	415.82%	0.00%	382.87%	140.57%	-20.52%	-38.17%	-49.94%	-3.73%	46.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($12.00)	($20.60)	($12.60)	($10.00)	($5.51)	($7.27)	($23.44)	($8.42)	($5.41)	($1.23)	$2.72
Adjusted Weighted Average Basic Shares Outstanding	13.52M	13.60M	17.19M	22.07M	51.53M	73.86M	74.40M	78.18M	100.77M	152.19M	161.99M
Adjusted Diluted Earnings per Share	($12.00)	($20.60)	($12.60)	($10.00)	($5.51)	($7.27)	($23.44)	($8.42)	($5.41)	($1.23)	$2.58
Adjusted Weighted Average Diluted Shares Outstanding	13.52M	13.60M	17.19M	22.07M	51.53M	73.86M	74.40M	78.18M	100.77M	152.19M	173.10M
Adjusted Basic & Diluted Earnings per Share	($12.00)	($20.60)	($12.60)	($10.00)	($5.51)	($7.27)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	13.11M	13.54M	14.63M	18.49M	24.10M	57.55M	76.28M	86.17M	139.95M	160.84M	162.94M
Normalized Net Operating Profit after Tax (NOPAT)	-110	-188	-120	-122	-91	-292	-1,181	-451	-397	-174	548
Normalized NOPAT Margin	-303.63%	-1,226.99%	-385.54%	0.00%	-486.11%	-61.33%	-102.99%	-22.77%	-40.31%	-25.54%	48.81%
Pre Tax Income Margin	-432.93%	-1,823.53%	-589.46%	0.00%	-711.04%	-87.94%	-149.57%	-32.98%	-55.20%	-25.89%	39.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-652.93	-20.76	-12.20	-12.77	-8.86	-26.62	-80.15	-31.88	-36.67	-7.80	9.63
NOPAT to Interest Expense	-456.70	-14.53	-8.54	-8.94	-6.20	-19.26	-55.88	-22.70	-27.51	-8.68	8.80
EBIT Less CapEx to Interest Expense	-728.73	-22.16	-12.50	-12.87	-7.65	-30.22	-82.87	-36.56	-40.75	1.07	9.88
NOPAT Less CapEx to Interest Expense	-532.50	-15.93	-8.84	-9.04	-4.99	-22.87	-58.60	-27.38	-31.59	0.19	9.05
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.80%	-0.66%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Novavax's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	162,935,945.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	162,935,945.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.06
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-74.55%	-18.48%	15.94%	-2.11%	-54.80%	-69.69%	610.30%	-42.42%	-16.65%	66.61%	-79.07%
EBITDA Growth	23.65%	6.31%	53.81%	153.13%	10.14%	66.95%	513.79%	-32.98%	-53.95%	153.95%	-100.10%
EBIT Growth	20.59%	4.07%	51.05%	176.65%	8.18%	61.76%	472.28%	-33.05%	-42.97%	135.95%	-100.69%
NOPAT Growth	1.22%	24.73%	53.69%	185.72%	-6.68%	28.59%	607.31%	-36.93%	-32.83%	115.18%	-102.10%
Net Income Growth	22.44%	2.12%	49.80%	179.93%	7.25%	54.58%	451.51%	-34.41%	-66.84%	121.63%	-101.83%
EPS Growth	41.40%	42.61%	69.21%	70.69%	39.68%	68.94%	379.05%	-37.37%	-64.47%	168.29%	-102.05%
Operating Cash Flow Growth	-2.45%	-50.05%	74.34%	282.78%	-265.18%	2.05%	-122.01%	-140.56%	174.44%	77.20%	82.52%
Free Cash Flow Firm Growth	-259.39%	-108.21%	-471.50%	218.38%	102.50%	134.31%	89.96%	-313.60%	-5,979.24%	-518.78%	47.92%
Invested Capital Growth	23.53%	24.30%	12.78%	-19.88%	-8.96%	-23.06%	45.56%	68.64%	41.85%	51.79%	0.56%
Revenue Q/Q Growth	-55.94%	55.81%	-67.79%	342.69%	-79.66%	4.50%	654.89%	-64.11%	-70.55%	108.87%	-5.18%
EBITDA Q/Q Growth	-265.07%	-37.94%	20.25%	239.39%	-158.60%	49.26%	1,098.35%	-77.42%	-234.61%	117.78%	-101.88%
EBIT Q/Q Growth	-310.88%	-34.19%	18.20%	219.52%	-169.99%	44.12%	896.36%	-78.50%	-249.45%	114.05%	-115.19%
NOPAT Q/Q Growth	-258.19%	-46.12%	21.10%	256.68%	-159.06%	2.19%	660.53%	-80.52%	-224.39%	111.18%	-177.53%
Net Income Q/Q Growth	-325.44%	-36.41%	17.29%	210.05%	-174.70%	33.20%	740.07%	-79.46%	-290.01%	108.66%	-154.15%
EPS Q/Q Growth	-317.24%	-4.76%	20.45%	194.29%	-176.77%	46.05%	814.63%	-78.84%	-301.61%	122.40%	-121.43%
Operating Cash Flow Q/Q Growth	76.94%	-345.80%	52.74%	476.12%	-146.08%	-19.58%	-7.13%	31.29%	184.58%	-136.62%	17.86%
Free Cash Flow Firm Q/Q Growth	-40.39%	-9.37%	43.80%	237.19%	-97.04%	1,401.33%	-116.45%	-2,817.34%	18.42%	-6.94%	97.95%
Invested Capital Q/Q Growth	-6.22%	3.79%	-5.48%	-11.20%	3.45%	-8.66%	53.33%	35.95%	-79.04%	9.91%	3.75%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.09%	46.81%	36.91%	88.87%	28.27%	58.48%	97.88%	93.59%	69.49%	84.98%	78.00%
EBITDA Margin	-62.73%	-55.53%	-137.48%	43.29%	-124.71%	-60.56%	80.09%	50.38%	-230.33%	19.61%	-0.39%
Operating Margin	-67.19%	-63.01%	-154.31%	38.75%	-158.58%	-148.43%	77.33%	42.25%	-252.70%	9.67%	-11.06%
EBIT Margin	-68.78%	-59.24%	-150.42%	40.61%	-139.74%	-74.73%	78.84%	47.22%	-239.68%	16.13%	-2.58%
Profit (Net Income) Margin	-69.94%	-61.23%	-157.21%	39.08%	-143.53%	-91.76%	77.80%	44.52%	-287.29%	11.91%	-6.80%
Tax Burden Percent	99.47%	100.96%	101.56%	98.66%	99.16%	110.12%	99.77%	99.12%	99.68%	97.90%	111.58%
Interest Burden Percent	102.22%	102.39%	102.91%	97.54%	103.59%	111.49%	98.91%	95.12%	120.25%	75.45%	235.95%
Effective Tax Rate	0.00%	0.00%	0.00%	1.34%	0.00%	0.00%	0.23%	0.88%	0.00%	2.10%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	88.23%	80.69%	45.24%	49.63%	47.29%	27.97%	-101.56%	-214.59%	-100.06%	-117.16%	79.70%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-36.80%	-28.73%	-103.52%	22.90%	-73.42%	-30.36%	74.77%	32.29%	-176.44%	13.24%	-1.32%
Return on Assets (ROA)	-37.41%	-29.70%	-108.19%	22.03%	-75.41%	-37.28%	73.78%	30.44%	-211.49%	9.78%	-3.47%
Return on Common Equity (ROCE)	88.23%	80.69%	45.24%	49.63%	47.29%	27.97%	-101.56%	-214.59%	-100.06%	-117.16%	79.70%
Return on Equity Simple (ROE_SIMPLE)	80.92%	0.00%	45.98%	68.18%	54.11%	0.00%	-632.84%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-88	-128	-101	159	-94	-92	514	100	-125	14	-11
NOPAT Margin	-47.03%	-44.11%	-108.02%	38.23%	-111.01%	-103.90%	77.15%	41.87%	-176.89%	9.47%	-7.74%
Net Nonoperating Expense Percent (NNEP)	-5.86%	-7.88%	-11.67%	0.57%	-4.42%	1.83%	0.97%	0.94%	-11.63%	0.55%	0.24%
Return On Investment Capital (ROIC_SIMPLE)	-	23.41%	-	-	-	20.20%	544.36%	48.12%	-142.97%	11.96%	-7.38%
Cost of Revenue to Revenue	52.91%	53.19%	63.09%	11.13%	71.73%	41.52%	2.12%	6.41%	30.51%	15.02%	22.00%
SG&A Expenses to Revenue	57.47%	53.28%	92.48%	24.38%	83.71%	88.71%	7.21%	18.23%	44.94%	23.19%	20.63%
R&D to Revenue	56.81%	56.53%	98.75%	25.74%	103.14%	118.20%	13.34%	33.12%	139.50%	51.57%	68.43%
Operating Expenses to Revenue	114.28%	109.81%	191.23%	50.12%	186.85%	206.91%	20.55%	51.35%	322.19%	75.31%	89.06%
Earnings before Interest and Taxes (EBIT)	-129	-173	-141	169	-118	-66	526	113	-169	24	-3.61
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-117	-162	-129	180	-105	-53	534	121	-162	29	-0.54
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	27.12	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.65	0.58	0.57	1.80	2.28	1.89	0.82	0.95	1.32	0.97	2.22
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	2.15	2.41	4.12	2.48	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	46.43%	41.44%	24.27%	40.32%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.18	0.16	0.25	0.90	1.44	0.77	0.37	0.53	0.83	0.53	1.39
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.83	1.15	2.00	1.13	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.90	1.25	2.18	1.20	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	1.14	1.65	2.93	1.31	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	62.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	62.10	0.00	6.10	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-0.25	-0.23	-0.19	-0.39	-0.32	-0.27	-2.25	4.53	-1.56	-1.91	-2.01
Long-Term Debt to Equity	-0.25	-0.23	-0.19	-0.39	-0.32	-0.27	-2.25	4.53	-1.56	-1.91	-2.01
Financial Leverage	1.17	0.94	0.45	1.05	1.03	0.88	0.95	3.41	1.96	1.74	4.86
Leverage Ratio	-3.15	-3.00	-1.64	-2.95	-2.80	-2.50	-2.81	-8.01	-4.23	-3.64	-10.60
Compound Leverage Factor	-3.22	-3.07	-1.69	-2.88	-2.90	-2.79	-2.78	-7.62	-5.09	-2.75	-25.01
Debt to Total Capital	-32.82%	-30.61%	-24.11%	-64.24%	-47.39%	-37.36%	180.06%	81.93%	279.75%	209.70%	198.96%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	-32.82%	-30.61%	-24.11%	-64.24%	-47.39%	-37.36%	180.06%	81.93%	279.75%	209.70%	198.96%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	132.82%	130.61%	124.11%	164.24%	147.39%	137.36%	-80.06%	18.07%	-179.75%	-109.70%	-98.96%
Debt to EBITDA	-0.34	-0.34	-0.50	-0.74	-0.78	-1.57	0.31	0.34	0.56	0.47	-21.70
Net Debt to EBITDA	0.99	0.84	0.96	3.90	3.47	7.07	-1.03	-0.91	-1.21	-0.96	37.23
Long-Term Debt to EBITDA	-0.34	-0.34	-0.50	-0.74	-0.78	-1.57	0.31	0.34	0.56	0.47	-21.70
Debt to NOPAT	-0.38	-0.42	-0.60	-0.82	-0.80	-0.97	0.42	0.50	0.81	0.54	-5.32
Net Debt to NOPAT	1.13	1.04	1.16	4.34	3.56	4.38	-1.42	-1.31	-1.77	-1.11	9.13
Long-Term Debt to NOPAT	-0.38	-0.42	-0.60	-0.82	-0.80	-0.97	0.42	0.50	0.81	0.54	-5.32
Altman Z-Score	-3.70	-3.72	-4.66	-2.35	-3.25	-3.86	-1.68	-2.56	-3.82	-3.38	-4.33
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.69	0.70	0.90	1.04	0.93	0.98	2.06	2.36	2.27	2.13	2.48
Quick Ratio	0.53	0.53	0.62	0.93	0.85	0.89	1.84	2.16	1.85	1.83	2.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-449	-491	-276	378	11	168	-28	-808	-659	-705	-14
Operating Cash Flow to CapEx	-215.62%	-1,947.36%	-1,152.48%	10,056.61%	-7,197.51%	-7,689.30%	-11,630.22%	-24,186.34%	5,344.77%	-1,755.22%	0.00%
Free Cash Flow to Firm to Interest Expense	-156.89	-119.16	-67.06	91.30	2.65	22.19	-4.84	-146.41	-19.27	-121.02	-2.94
Operating Cash Flow to Interest Expense	-13.87	-42.94	-20.32	75.86	-34.19	-22.83	-32.41	-23.10	3.15	-6.78	-6.62
Operating Cash Flow Less CapEx to Interest Expense	-20.30	-45.14	-22.09	75.10	-34.66	-23.13	-32.69	-23.19	3.09	-7.16	1.24
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.49	0.69	0.56	0.53	0.41	0.95	0.68	0.74	0.82	0.51
Accounts Receivable Turnover	8.92	5.18	14.85	4.63	8.10	3.36	38.09	8.35	16.49	10.46	17.59
Inventory Turnover	4.88	8.77	14.77	22.01	8.21	8.04	12.11	13.06	7.91	7.20	8.25
Fixed Asset Turnover	3.77	3.28	3.33	3.36	3.02	3.07	5.91	5.16	6.36	12.26	6.79
Accounts Payable Turnover	3.00	1.97	4.04	4.30	4.03	2.33	3.43	1.94	2.41	2.21	3.57
Days Sales Outstanding (DSO)	40.91	70.43	24.58	78.90	45.07	108.49	9.58	43.73	22.14	34.88	20.76
Days Inventory Outstanding (DIO)	74.87	41.61	24.72	16.59	44.47	45.41	30.15	27.96	46.14	50.71	44.23
Days Payable Outstanding (DPO)	121.60	185.35	90.30	84.92	90.63	156.80	106.37	188.01	151.54	165.30	102.35
Cash Conversion Cycle (CCC)	-5.83	-73.31	-41.00	10.57	-1.09	-2.90	-66.64	-116.33	-83.26	-79.71	-37.37
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-1,172	-1,128	-1,190	-1,323	-1,277	-1,388	-648	-415	-743	-669	-644
Invested Capital Turnover	-0.78	-0.75	-0.78	-0.81	-0.72	-0.54	-1.37	-1.24	-1.05	-1.09	-0.92
Increase / (Decrease) in Invested Capital	361	362	174	-219	-105	-260	542	908	534	719	3.62
Enterprise Value (EV)	190	159	245	886	1,271	524	459	568	878	590	827
Market Capitalization	683	570	568	1,778	2,022	1,288	1,031	1,020	1,408	1,092	1,326
Book Value per Share	($7.19)	($6.04)	($6.20)	($3.07)	($3.29)	($3.89)	($0.47)	$0.23	($0.96)	($0.79)	($0.89)
Tangible Book Value per Share	($8.50)	($7.11)	($7.08)	($3.95)	($4.08)	($4.57)	($1.17)	($0.47)	($1.66)	($1.48)	($1.58)
Total Capital	-511	-549	-699	-263	-357	-454	94	208	87	116	146
Total Debt	168	168	168	169	169	170	170	171	244	244	291
Total Long-Term Debt	168	168	168	169	169	170	170	171	244	244	291
Net Debt	-494	-411	-323	-891	-751	-764	-572	-452	-530	-502	-499
Capital Expenditures (CapEx)	18	9.08	7.25	3.13	2.01	2.25	1.60	0.53	2.02	2.25	-38
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,123	-1,070	-568	-1,015	-997	-959	-296	-93	-229	-228	-282
Debt-free Net Working Capital (DFNWC)	-462	-491	-77	46	-77	-25	446	530	545	518	508
Net Working Capital (NWC)	-462	-491	-77	46	-77	-25	446	530	545	518	508
Net Nonoperating Expense (NNE)	43	50	46	-3.54	27	-11	-4.32	-6.33	78	-3.60	-1.31
Net Nonoperating Obligations (NNO)	-494	-411	-323	-891	-751	-764	-572	-452	-586	-541	-499
Total Depreciation and Amortization (D&A)	11	11	12	11	13	13	8.34	7.56	6.59	5.13	3.06
Debt-free, Cash-free Net Working Capital to Revenue	-107.01%	-108.79%	-57.02%	-102.72%	-112.68%	-140.61%	-23.61%	-8.59%	-21.51%	-20.26%	-47.28%
Debt-free Net Working Capital to Revenue	-43.99%	-49.94%	-7.75%	4.61%	-8.73%	-3.73%	35.53%	49.17%	51.16%	46.14%	85.25%
Net Working Capital to Revenue	-43.99%	-49.94%	-7.75%	4.61%	-8.73%	-3.73%	35.53%	49.17%	51.16%	46.14%	85.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.26)	($1.39)	($1.05)	$1.09	($0.76)	($0.51)	$3.22	$0.66	($1.25)	$0.09	($0.06)
Adjusted Weighted Average Basic Shares Outstanding	103.43M	100.77M	139.92M	148.38M	160.05M	152.19M	161.05M	162.02M	162.35M	161.99M	163.28M
Adjusted Diluted Earnings per Share	($1.26)	($1.32)	($1.05)	$0.99	($0.76)	($0.41)	$2.93	$0.62	($1.25)	$0.28	($0.06)
Adjusted Weighted Average Diluted Shares Outstanding	103.43M	100.77M	139.92M	165.86M	160.05M	152.19M	177.63M	177.22M	162.35M	173.10M	163.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	118.79M	139.95M	140.40M	160.09M	160.18M	160.84M	161.97M	162.42M	162.50M	162.94M	164.44M
Normalized Net Operating Profit after Tax (NOPAT)	-88	-128	-101	159	-94	-92	514	100	-57	14	-11
Normalized NOPAT Margin	-47.03%	-44.11%	-108.02%	38.23%	-111.01%	-103.90%	77.15%	41.87%	-80.47%	9.47%	-7.74%
Pre Tax Income Margin	-70.31%	-60.65%	-154.80%	39.61%	-144.75%	-83.32%	77.98%	44.91%	-288.22%	12.17%	-6.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-44.99	-41.92	-34.34	40.73	-27.88	-8.70	91.83	20.47	-4.94	4.07	-0.74
NOPAT to Interest Expense	-30.76	-31.21	-24.66	38.34	-22.15	-12.10	89.87	18.16	-3.64	2.39	-2.20
EBIT Less CapEx to Interest Expense	-51.42	-44.12	-36.10	39.97	-28.35	-9.00	91.56	20.38	-5.00	3.69	7.12
NOPAT Less CapEx to Interest Expense	-37.19	-33.42	-26.42	37.59	-22.62	-12.39	89.59	18.06	-3.70	2.01	5.65
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-1.61%	-0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Novavax (NVAX) drawn from quarterly statements over the last four years. The bullets are ordered with potential positives first, then neutral items, then negatives.

Q4 2025: Gross margin is strong, with gross profit of $125.0M on revenue of $147.1M, roughly 85% gross margin, indicating solid product profitability in the quarter.
Q4 2025: Operating income is positive at about $14.2M, showing the company generated operating earnings in that quarter.
Q1 2025: Net income from continuing operations was about $518.6M with diluted earnings per share of $2.93, a substantial quarterly profit that highlights a period of strong profitability.
As of Q3 2025, liquidity is solid, with cash and short-term investments totaling roughly $764M (cash around $268M and short-term investments around $495M), providing a cushion for ongoing R&D and operations; restricted cash adds additional liquidity.
Q3 2025 gross margin and revenue mix show volatility across quarters, suggesting earnings and cash flow can swing with changes in operating assets, liabilities, and non-cash items.
Q3 2025 net cash from financing activities was a positive inflow (about $42.4M), indicating ongoing access to financing to support liquidity needs.
Net income has been negative in multiple quarters, including a significant quarterly loss of about $202.4M in Q3 2025, reflecting ongoing profitability challenges despite episodic gains.
Impairment charges occurred in 2025 Q3 (about $97.0M), introducing a substantial non-cash hit to operating results.
Operating cash flow has been uneven or negative in several quarters (for example, negative net cash from operating activities in Q4 2025 and other periods), indicating ongoing cash burn from core operations and working capital movements.

05/25/26 07:01 PM ETAI Generated. May Contain Errors.

Novavax Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Novavax's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Over the last 10 years, Novavax's net income changed from -$156.94 million in 2015 to $440.30 million in 2025, a change of -380.6%. See Novavax's forecast for analyst expectations on what's next for the company.

Novavax's total operating income in 2025 was $452.80 million, based on the following breakdown:

Total Gross Profit: $1.05 billion
Total Operating Expenses: $597.64 million

Over the last 10 years, Novavax's total revenue changed from $36.25 million in 2015 to $1.12 billion in 2025, a change of 2,999.3%.

Novavax's total liabilities were at $1.30 billion at the end of 2025, a 40.3% decrease from 2024, and a 1,296.9% increase since 2015.

In the past 10 years, Novavax's cash and equivalents has ranged from $70.15 million in 2018 to $1.52 billion in 2021, and is currently $240.63 million as of their latest financial filing in 2025.

Over the last 10 years, Novavax's book value per share changed from 1.08 in 2015 to -0.79 in 2025, a change of -172.5%.

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Financial statements for NASDAQ:NVAX last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Novavax (NVAX) Financials

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Key Financial Trends

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