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Novavax Inc (NVAX) stock

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NASDAQ: NVAX Nasdaq Biotechnology Next results ~November 5, 2026

C+ Fundamentals grade

Novavax Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$4.1

Valuation models combined (3)

Base case. Range ~$3.3–$5.5. Weighted average of 3 models (growth cash-flow model, forward price-to-sales vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Novavax Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds117 adding, 117 cuttingOf 40 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Novavax files

Where Novavax stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $414m, down 61.6% on a year earlier, a steeper fall than the 52.5% decline a quarter earlier. That puts it 21 of 21 for growth among the biotechnology companies we cover. Free-cash-flow margin rose to -10.2% from -59.0% a year earlier. Operating margin narrowed to -56.6% from 32.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 5 financial-health checks. Our revenue-to-maturity cash-flow model value is $6.81 a share, against a share price of $9.38.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Novavax Inc's trailing-twelve-month revenue fell 61.6% year on year, with a free-cash-flow margin of -10.2%. Where it lags: revenue growth of -61.6% ranks 147 of 172 biotechnology companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -61.6% (-9.2pp vs the prior quarter), the 2nd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Novavax Inc's latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 61.6% over the last 12 months.
  • Growth slowing. The growth rate is 9.2 points lower than a quarter earlier.
  • Loss-making. Operating margin is -56.6%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 89.2 points on a year ago.
  • Burning cash. Free cash flow was -10.2% of revenue over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 71% and a beta of 2.0 against the S&P 500.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
-$0.32 against an average estimate of -$0.38: beat by 16.6%
Revenue
$57m, down 76.3% on a year earlier
Share reaction
+3.2% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate -$0.42

Novavax's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.5%
  • 1 week+1.4%
  • 1 month-8.9%
  • This year+41.8%
  • 1 year+13.5%
  • 5 years-95.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$414M
Operating margin
-56.6%
Net margin
-59.9%
EPS (TTM, diluted)
$-1.49

Growth

Revenue growth
−61.6%
Change in growth rate
−9.2 pts
Share count change
+1.2%

Cash

Free cash flow (TTM)
-$42.2M
FCF margin
-10.2%
Stock pay % of revenue
7.8%

Earnings

Last results
August 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Novavax Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Novavax Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.18 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.3 ~$2.5–$3.9 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$5.5 ~$5.7–$22 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$5.0 ~$5.0–$5.7 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$4.1 ~$3.3–$5.5 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Novavax Inc with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$167.80$25.20$24.80$36.80$3.98$111.51$143.07$10.28$4.80$8.04$6.72$9.53
Market value$2m$341m$363m$680m$96m$6.4bn$10.6bn$804m$484m$1.2bn$1.2bn$1.6bn
+ Net debt (− = net cash)−$93m$172m$211m$249m$242m−$231m−$1.2bn−$846m−$400m−$361m$4m$100m
Enterprise value−$91m$513m$574m$929m$338m$6.2bn$9.5bn−$42m$83m$863m$1.2bn$1.7bn
Multiples
Price / sales 0.1x22.2x11.6x19.8x5.1x13.5x9.3x0.4x0.5x1.8x1.0x3.8x
Price / earnings ——————————2.6x—
Price / free cash flow ——————40.1x—————
EV / EBITDA ——————————2.4x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

19 /100

Weak moat

How hard Novavax's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -34.7% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 77.8%, moving by 11.6 percentage points (standard deviation) across 5 years.

  • Durability 10 / 20

    Operating margin has been a median -93.8%; its worst year was -948.8%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -52.3% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 142.6% over five years; stock-based pay has been a median 15.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (24 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $54m and EPS of −$0.42 (range −$0.42 to −$0.42) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.59 −123% $379m −66%
Next −$0.03 +94% $300m −21%

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.38 −$0.32 +16.6%
Mar 2026 −$0.24 −$0.06 +75.2%
Dec 2025 −$0.49 $0.11 +122.5%
Sept 2025 −$1.17 −$1.25 −7.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

9 analysts, Oct 2026
Buy556%
Hold111%
Sell333%

Monthly trend

  1. Oct 202651129
  2. Sep 202651129
  3. Aug 202651129
  4. Jul 202651129

Counts of recommendations published by analysts covering Novavax Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
28.1%
of tradable shares
Days to cover
8.08
at average volume
Short interest, 1 month
−6%
to September 30, 2026
Held by institutions
67%
of shares
Held by insiders
5.0%
of shares
Employees
749
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +13.5%

$8.40 on October 31, 2025 to $9.53

ThenNowEffect
Revenue (last 12 months) $1.1bn $414m −61.6%
P/S multiple 1.3x 3.8x +199.2%
Share count 164m 166m −1.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NVAX+28%−93%−53%+68%−16%+42%
Industry peers (median)−36%−56%−17%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NVAX50%25%33%33%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NVAX−62%−94%−62%−66%−50%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 99% from February 8, 2021 to February 5, 2024. Getting back needed a 8409% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$6.22 – $12.82
From 52-week high
−25.7%
vs 50-day average
−9.0%
vs 200-day average
+2.4%
Volatility (1 year)
71%
Beta vs S&P 500
2.04

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±26.3%
After a week
9 up, 3 down
typical move ±26.3%
After a month
8 up, 4 down
typical move ±37.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +3.2% +0.5% +5.7% +32.7%
May 6, 2026 +14.0% +1.1% +14.0% +17.2%
February 26, 2026 +6.4% −1.0% +4.8% −11.3%
January 12, 2026 +19.3% 0.0% +12.8% +23.4%
November 6, 2025 −3.3% −1.0% −8.2% −11.8%
August 6, 2025 +30.5% +0.7% +31.5% +17.4%
May 8, 2025 +0.5% +0.6% +5.7% +24.5%
February 27, 2025 +13.8% −0.1% +7.5% −4.4%
January 13, 2025 −8.7% +0.3% −5.5% −16.0%
November 12, 2024 −13.8% −0.3% −11.2% +0.1%
August 8, 2024 +8.3% +2.8% +18.0% +19.3%
May 10, 2024 +193.3% +0.1% +191.1% +274.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Novavax Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Novavax Inc
$0 $500M $1B $1.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1B Revenue (TTM), FY23 Q4: $983.7M Revenue (TTM), FY24 Q1: $996.6M Revenue (TTM), FY24 Q2: $987.7M Revenue (TTM), FY24 Q3: $885.2M Revenue (TTM), FY24 Q4: $682.2M Revenue (TTM), FY25 Q1: $1.3B Revenue (TTM), FY25 Q2: $1.1B Revenue (TTM), FY25 Q3: $1.1B Revenue (TTM), FY25 Q4: $1.1B Revenue (TTM), FY26 Q1: $596.3M Revenue (TTM), FY26 Q2: $413.8M $413.8M

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1B
FY23 Q4 $983.7M
FY24 Q1 $996.6M
FY24 Q2 $987.7M
FY24 Q3 $885.2M
FY24 Q4 $682.2M
FY25 Q1 $1.3B
FY25 Q2 $1.1B
FY25 Q3 $1.1B
FY25 Q4 $1.1B
FY26 Q1 $596.3M
FY26 Q2 $413.8M
Revenue growth, TTM YoY Novavax Inc
-100% -50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -43.2% Revenue growth, TTM YoY, FY23 Q4: -50.4% Revenue growth, TTM YoY, FY24 Q1: -26.7% Revenue growth, TTM YoY, FY24 Q2: -38.2% Revenue growth, TTM YoY, FY24 Q3: -15.7% Revenue growth, TTM YoY, FY24 Q4: -30.7% Revenue growth, TTM YoY, FY25 Q1: 25.9% Revenue growth, TTM YoY, FY25 Q2: 9.2% Revenue growth, TTM YoY, FY25 Q3: 20.3% Revenue growth, TTM YoY, FY25 Q4: 64.7% Revenue growth, TTM YoY, FY26 Q1: -52.5% Revenue growth, TTM YoY, FY26 Q2: -61.6% -61.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -43.2%
FY23 Q4 -50.4%
FY24 Q1 -26.7%
FY24 Q2 -38.2%
FY24 Q3 -15.7%
FY24 Q4 -30.7%
FY25 Q1 25.9%
FY25 Q2 9.2%
FY25 Q3 20.3%
FY25 Q4 64.7%
FY26 Q1 -52.5%
FY26 Q2 -61.6%
Operating margin (TTM) Novavax Inc
-100% -50% 0% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -59.7% Operating margin (TTM), FY23 Q4: -57.6% Operating margin (TTM), FY24 Q1: -40.0% Operating margin (TTM), FY24 Q2: -29.7% Operating margin (TTM), FY24 Q3: -34.1% Operating margin (TTM), FY24 Q4: -36.5% Operating margin (TTM), FY25 Q1: 32.8% Operating margin (TTM), FY25 Q2: 32.6% Operating margin (TTM), FY25 Q3: 28.9% Operating margin (TTM), FY25 Q4: 40.3% Operating margin (TTM), FY26 Q1: -13.1% Operating margin (TTM), FY26 Q2: -56.6% -56.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -59.7%
FY23 Q4 -57.6%
FY24 Q1 -40.0%
FY24 Q2 -29.7%
FY24 Q3 -34.1%
FY24 Q4 -36.5%
FY25 Q1 32.8%
FY25 Q2 32.6%
FY25 Q3 28.9%
FY25 Q4 40.3%
FY26 Q1 -13.1%
FY26 Q2 -56.6%
FCF margin (TTM) Novavax Inc
-80% -60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -68.9% FCF margin (TTM), FY23 Q4: -78.0% FCF margin (TTM), FY24 Q1: -51.5% FCF margin (TTM), FY24 Q2: -2.3% FCF margin (TTM), FY24 Q3: -12.5% FCF margin (TTM), FY24 Q4: -14.7% FCF margin (TTM), FY25 Q1: -15.7% FCF margin (TTM), FY25 Q2: -59.0% FCF margin (TTM), FY25 Q3: -36.0% FCF margin (TTM), FY25 Q4: -22.3% FCF margin (TTM), FY26 Q1: -16.2% FCF margin (TTM), FY26 Q2: -10.2% -10.2%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -68.9%
FY23 Q4 -78.0%
FY24 Q1 -51.5%
FY24 Q2 -2.3%
FY24 Q3 -12.5%
FY24 Q4 -14.7%
FY25 Q1 -15.7%
FY25 Q2 -59.0%
FY25 Q3 -36.0%
FY25 Q4 -22.3%
FY26 Q1 -16.2%
FY26 Q2 -10.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Novavax took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.1B
  2. Cost of revenue $73M · 6.5%
  3. Gross profit $1.1B · 93.5%
  4. Research and development $342M · 30.5%
  5. Selling, general and admin $157M · 14.0%
  6. Other operating costs $97.8M · 8.7%
  7. Operating income $453M · 40.3%
  8. Interest and other $10.6M · 0.9%
  9. Net income $440M · 39.2%

Shares of revenue. Source: Novavax's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 15 22 21 31 36 15 31 34 19 476 1,146 1,982 984 682 1,123 414
Gross profit — — — — — — — — — — 476 1,146 1,079 640 479 1,050 325
EBITDA −37 −20 −28 −50 −79 −152 −261 −164 −167 −115 −412 −1,674 −616 −526 −201 481 −216
Operating income −38 −22 −30 −52 −84 −157 −269 −172 −174 −121 −417 −1,687 −645 −567 −249 453 −234
Net income −36 −19 −29 −52 −83 −157 −280 −184 −185 −133 −418 −1,744 −658 −545 −187 440 −248
Diluted EPS −$6.80 −$3.40 −$0.22 −$6.20 −$7.40 −$12.00 −$20.60 −$12.56 −$9.99 −$5.51 −$7.27 −$23.44 −$8.42 −$5.41 −$1.23 $2.58 −$1.49
Growth (year on year)
Revenue — +>999% +50.3% −5.3% +46.6% +18.2% −57.6% +103.1% +10.0% −45.6% +>999% +141.0% +72.9% −50.4% −30.7% +64.7% −61.6%
EBITDA — — — — — — — — — — — — — — — — −155.1%
Operating income — — — — — — — — — — — — — — — — −166.6%
Net income — — — — — — — — — — — — — — — — −158.6%
Diluted EPS — — — — — — — — — — — — — — — — −157.9%
Margins
Gross margin — — — — — — — — — — 100.0% 100.0% 54.5% 65.1% 70.3% 93.5% 78.6%
EBITDA margin <−999% −136.0% −126.7% −238.3% −258.6% −419.7% <−999% −526.4% −485.6% −618.8% −86.7% −146.0% −31.1% −53.4% −29.5% 42.8% −52.2%
Operating margin <−999% −146.9% −134.4% −250.7% −273.0% −433.8% <−999% −550.8% −507.2% −646.1% −87.6% −147.1% −32.5% −57.6% −36.5% 40.3% −56.6%
Net margin <−999% −131.8% −129.1% −248.5% −270.5% −432.9% <−999% −589.5% −538.8% −711.0% −87.9% −152.1% −33.2% −55.4% −27.5% 39.2% −59.9%
Free-cash-flow margin <−999% −165.0% −102.2% −244.5% −242.3% −398.2% <−999% −476.9% −543.0% −742.0% −20.4% 23.2% −25.5% −78.0% −14.7% −22.3% −10.2%
Cash flow
Cash from operations −33 −24 −18 −45 −67 −126 −259 −144 −185 −137 −43 323 −416 −714 −87 −245 −37
Capital spending 2 1 4 6 7 18 18 4 1 2 55 57 89 54 13 6 5
Free cash flow −34 −24 −23 −51 −74 −144 −277 −149 −186 −138 −97 265 −505 −768 −100 −250 −42
Stock-based pay 1 2 2 2 6 13 19 20 18 17 128 184 130 85 48 36 32
Free cash flow after stock pay −36 −26 −25 −54 −80 −158 −296 −168 −205 −156 −225 82 −635 −853 −148 −286 −75
Balance sheet
Cash 8 14 17 119 32 93 144 106 70 79 553 1,515 1,337 569 530 241 191
Total debt 0 0 1 2 1 0 316 318 319 321 322 323 491 168 170 244 291
Net debt (negative = net cash) −8 −14 −16 −118 −31 −93 172 211 249 242 −231 −1,192 −846 −400 −361 4 100
Diluted shares — — — 8m — — 14m 15m 18m 24m 58m 74m 78m 101m 152m 173m 166m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 5 checks passed · June 30, 2026
What it owns · $956m
Short-term assets $771mLonger-term assets $184m
What it owes, and who funded it · $1.1bn
Short-term liabilities $331mLonger-term liabilities $816mShareholders' equity $-191m
  • Short-term assets cover short-term liabilities $771m of assets due within a year against $331m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $771m short-term assets against $816m of longer-dated liabilities.
  • More cash than debt $191m of cash against $291m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$37m of operating cash flow against $291m of debt.
  • Operating profit covers interest at least five times over Operating income of −$234m against $22m of interest.

From Novavax Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.2%
year over year
R&D spending
82.2%
of revenue
Sales & admin spending
29.3%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated NVAX MGTX MNKD SVA ARDX PHAR Median
Revenue, last 12 months $414m $398m $394m $386m $451m $376m $56m
Revenue growth, last 12 months −61.6% 948.3% 30.5% 6.8% 16.8% 26.6% 12.6%
Revenue growth, 3-year average −36.3% 296.0% 35.5% 66.1% 75.9% — 13.7%
Revenue growth, latest quarter −76.3% >999% 42.9% — 23.8% — 10.2%
Gross margin 78.6% — 89.8% 67.9% 94.4% 87.9% 82.9%
Operating margin −56.6% 46.3% 2.3% −127.0% −7.9% 6.9% −189.4%
Operating margin, 3-year average −17.9% −817.8% 14.4% −3.3% −15.5% — −363.5%
Net margin −59.9% 19.9% −11.1% −15.5% −12.4% 0.8% −169.8%
Cash from operations / revenue −8.9% 3.4% −2.0% −132.7% −3.8% 14.5% −168.0%
Free-cash-flow margin −10.2% 2.6% −4.6% −145.4% −4.0% 14.3% −162.4%
Free-cash-flow margin, 3-year average −23.8% −546.8% 4.1% −14.0% −19.7% — −310.0%
Stock pay / revenue 7.8% 4.8% 7.1% 0.0% 12.1% 3.7% 20.0%
Change in share count 1.2% 8.6% 6.1% 0.0% 2.9% −4.9% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth -61.6% 12.6% 147 of 172
Change in growth rate Growth -9.2pp -0.1pp 114 of 172
Gross margin Profitability 78.6% 82.4% 44 of 75
Operating margin Profitability -56.6% -189.4% 66 of 175
Net margin Profitability -59.9% -157.3% 68 of 180
Free-cash-flow margin Cash generation -10.2% -145.4% 49 of 176
Stock pay as % of revenue Cash generation 7.8% 19.2% 49 of 179
Long-term debt as % of assets Balance sheet 30.5% 20.6% 55 of 78
Change in share count Balance sheet 1.2% 7.9% 36 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $685M 61.0% ▲ 221.3%
Nuvaxovid Sales $625M 91.3% ▲ 228.7%
Supply Sales $59.9M 8.7% ▲ 160.3%
Licensing Royalties and Other $438M 39.0% ▼ 6.5%
Grant $0 0.0% —
Geography
Region Revenue Share YoY
Rest of North America $576M 51.2% ▲ 12801.6%
United States $406M 36.1% ▼ 22.4%
Rest of The World $126M 11.3% ▲ 114.3%
Europe $15.7M 1.4% ▼ 83.6%

From Novavax Inc's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.1B
Institutions reporting
265
Shares held vs prior quarter
▲ 0.6%
Positions opened / closed
40 / 31

Top buyers and sellers, Q2 2026: 117 institutions bought and 117 sold ; the biggest buyer was Two Sigma Investments, LP (+3.5M shares) and the biggest seller Bank Of America Corp (−3.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Shah Capital Management $133M 14.2M 12.1% ▼ 4.6%
Blackrock, Inc. $131M 13.9M 11.9% ▲ 8.6%
State Street Corp $111M 11.7M 10.0% ▲ 30.9%
Vanguard Portfolio Management LLC $71.7M 7.6M 6.5% ▲ 6.4%
Vanguard Capital Management LLC $68.4M 7.3M 6.2% ▲ 1.8%
Sanofi $64.8M 6.9M 5.9% 0.0%
D. E. Shaw & Co., Inc. $53.2M 5.7M 4.8% ▼ 26.7%
Geode Capital Management, LLC $39.6M 4.2M 3.6% ▲ 7.9%
Two Sigma Investments, LP $38.5M 4.1M 3.5% ▲ 565.4%
Coatue Management LLC $36.1M 3.8M 3.3% 0.0%
Bank Of America Corp $32.2M 3.4M 2.9% ▼ 48.5%
Goldman Sachs Group Inc $28.3M 3.0M 2.6% ▲ 113.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Novavax Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • August 6, 2026
  • May 6, 2026
  • February 26, 2026
  • January 12, 2026
  • November 6, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Novavax Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Novavax Inc in brief

What does Novavax Inc do?
Novavax Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Novavax Inc's stock ticker?
Novavax Inc trades under the ticker NVAX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Novavax Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Novavax Inc reported revenue of $414M, 61.6% lower than a year earlier, according to its SEC filings.
What is Novavax Inc's free cash flow?
Novavax Inc's free-cash-flow margin is -10.2% of revenue over the trailing twelve months, ranking 49 of the 176 biotechnology companies we cover.
Who are Novavax Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Shah Capital Management, Blackrock, Inc. and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Novavax Inc's market cap?
On November 2, 2026, Novavax Inc's market capitalisation was about $1.6B and net debt of $100M. Market figures come from third-party market data and may be delayed.
Who are Novavax Inc's competitors?
In our Biotechnology peer group, the companies closest to Novavax Inc are Meiragtx Holdings plc, Mannkind Corp, Sinovac Biotech LTD, Ardelyx, Inc. and Pharming Group N.V. The side-by-side comparison below sets their revenue, margins and growth against Novavax Inc's.
When is Novavax Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Novavax Inc announces its own schedule.