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Sinovac Biotech LTD (SVA) stock

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NASDAQ: SVA Nasdaq Biotechnology

B Fundamentals grade

Sinovac Biotech LTD 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

~$6.5

Price-to-sales vs peers

Base case. Range ~$6.5–$50. Sales per share times peers' typical price-to-sales; used only when earnings are negative.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Sinovac Biotech LTD valuation: adjust assumptions and compare models →

Value diary

Our note on each quarter Sinovac Biotech files

Where Sinovac Biotech LTD stands after its latest Filing

Revenue for the twelve months was $386m, up 6.8% on a year earlier, against a decline of 23.1% a quarter earlier. Free-cash-flow margin fell to -145.4% from 76.1% a year earlier. Operating margin narrowed to -127.0% from 91.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 6 financial-health checks. Our price-to-sales vs peers value is $12.97 a share, against a share price of $6.47.

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

Sinovac Biotech LTD's trailing-twelve-month revenue grew 6.8% year on year, with a free-cash-flow margin of -145.4%. Where it stands out: stock pay as % of revenue of 0.0% ranks 3 of 179 biotechnology companies we cover. Where it lags: days sales outstanding of 271 days ranks 98 of 100 biotechnology companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 6.8% (+30.0pp vs the prior quarter).

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

  • Growth speeding up. The growth rate is 30.0 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 12.9 points on a year ago.

Things to watch

  • Loss-making. Operating margin is -127.0%: costs exceed revenue.
  • Burning cash. Free cash flow was -145.4% of revenue over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 271 days ranks 98 of 100 biotechnology companies we cover (median 75 days).

Price chart

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$386M
Operating margin
-127.0%
Net margin
-15.5%
EPS (TTM, diluted)
$-0.83

Growth

Revenue growth
+6.8%
Change in growth rate
+30.0 pts
Share count change
+0.0%

Cash

Free cash flow (TTM)
-$561M
FCF margin
-145.4%
Stock pay % of revenue
0.0%

News & updates

Updated October 31, 2026

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

No recent updates are available for SVA from the sources we follow. See filings →

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

Sinovac Biotech LTD valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Sinovac Biotech LTD as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
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. ~$180 ~$150–$210 Left out: out of range vs price (27.10x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$270 ~$240–$320 Left out: out of range vs price (42.06x)
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$6.5 ~$15–$50 Included, half weight
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
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. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) 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. ~$6.5 ~$6.5–$50 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Sinovac Biotech LTD 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.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

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

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Sinovac Biotech LTD: too few analysts cover it.

Positioning

Short interest
—
of tradable shares
Days to cover
—
at average volume
Short interest, 1 month
—
Held by institutions
—
of shares
Held by insiders
—
of shares

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

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
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vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

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 October 28, 2026.

Sinovac Biotech LTD in five measures

Fundamentals grade B
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) Sinovac Biotech LTD
$0 $5B $10B $15B $20B FY10 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Revenue (TTM), FY10 Q4: $33.4M Revenue (TTM), FY11 Q4: $56.8M Revenue (TTM), FY16 Q4: $72.4M Revenue (TTM), FY17 Q4: $174.3M Revenue (TTM), FY18 Q4: $229.7M Revenue (TTM), FY19 Q4: $246.1M Revenue (TTM), FY20 Q4: $510.6M Revenue (TTM), FY21 Q4: $19.4B Revenue (TTM), FY22 Q4: $1.5B Revenue (TTM), FY23 Q4: $470.2M Revenue (TTM), FY24 Q4: $361.4M Revenue (TTM), FY25 Q4: $386M $386M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY10 Q4 $33.4M
FY11 Q4 $56.8M
FY16 Q4 $72.4M
FY17 Q4 $174.3M
FY18 Q4 $229.7M
FY19 Q4 $246.1M
FY20 Q4 $510.6M
FY21 Q4 $19.4B
FY22 Q4 $1.5B
FY23 Q4 $470.2M
FY24 Q4 $361.4M
FY25 Q4 $386M
Revenue growth, TTM YoY Sinovac Biotech LTD
-1000% 0% 1000% 2000% 3000% 4000% FY10 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue growth, TTM YoY, FY10 Q4: -60.3% Revenue growth, TTM YoY, FY11 Q4: 70.2% Revenue growth, TTM YoY, FY17 Q4: 140.7% Revenue growth, TTM YoY, FY18 Q4: 31.7% Revenue growth, TTM YoY, FY19 Q4: 7.1% Revenue growth, TTM YoY, FY20 Q4: 107.5% Revenue growth, TTM YoY, FY21 Q4: 3692.5% Revenue growth, TTM YoY, FY22 Q4: -92.4% Revenue growth, TTM YoY, FY23 Q4: -68.1% Revenue growth, TTM YoY, FY24 Q4: -23.1% Revenue growth, TTM YoY, FY25 Q4: 6.8% 6.8%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY10 Q4 -60.3%
FY11 Q4 70.2%
FY17 Q4 140.7%
FY18 Q4 31.7%
FY19 Q4 7.1%
FY20 Q4 107.5%
FY21 Q4 3692.5%
FY22 Q4 -92.4%
FY23 Q4 -68.1%
FY24 Q4 -23.1%
FY25 Q4 6.8%
Operating margin (TTM) Sinovac Biotech LTD
-200% -100% 0% 100% FY10 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Operating margin (TTM), FY10 Q4: -40.0% Operating margin (TTM), FY11 Q4: 5.9% Operating margin (TTM), FY16 Q4: 0.7% Operating margin (TTM), FY17 Q4: 26.0% Operating margin (TTM), FY18 Q4: 19.7% Operating margin (TTM), FY19 Q4: 27.9% Operating margin (TTM), FY20 Q4: 42.2% Operating margin (TTM), FY21 Q4: 91.0% Operating margin (TTM), FY22 Q4: -34.5% Operating margin (TTM), FY23 Q4: -151.9% Operating margin (TTM), FY24 Q4: -139.9% Operating margin (TTM), FY25 Q4: -127.0% -127.0%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY10 Q4 -40.0%
FY11 Q4 5.9%
FY16 Q4 0.7%
FY17 Q4 26.0%
FY18 Q4 19.7%
FY19 Q4 27.9%
FY20 Q4 42.2%
FY21 Q4 91.0%
FY22 Q4 -34.5%
FY23 Q4 -151.9%
FY24 Q4 -139.9%
FY25 Q4 -127.0%
FCF margin (TTM) Sinovac Biotech LTD
-200% -100% 0% 100% FY10 Q4 FY17 Q4 FY20 Q4 FY25 Q4 FCF margin (TTM), FY10 Q4: -117.0% FCF margin (TTM), FY11 Q4: -2.7% FCF margin (TTM), FY16 Q4: -36.7% FCF margin (TTM), FY17 Q4: 27.4% FCF margin (TTM), FY18 Q4: 1.0% FCF margin (TTM), FY19 Q4: 11.6% FCF margin (TTM), FY20 Q4: 68.9% FCF margin (TTM), FY21 Q4: 76.1% FCF margin (TTM), FY22 Q4: -75.5% FCF margin (TTM), FY23 Q4: -3.7% FCF margin (TTM), FY24 Q4: -42.3% FCF margin (TTM), FY25 Q4: -145.4% -145.4%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY10 Q4 -117.0%
FY11 Q4 -2.7%
FY16 Q4 -36.7%
FY17 Q4 27.4%
FY18 Q4 1.0%
FY19 Q4 11.6%
FY20 Q4 68.9%
FY21 Q4 76.1%
FY22 Q4 -75.5%
FY23 Q4 -3.7%
FY24 Q4 -42.3%
FY25 Q4 -145.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

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

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 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
Income
Revenue 0.1 0.0 0.1 0.1 0.2 0.2 0.2 0.5 19.4 1.5 0.5 0.4 0.4
Gross profit 0.1 0.0 0.0 0.1 0.2 0.2 0.2 0.4 18.4 0.8 0.3 0.2 0.3
EBITDA 0.0 −0.0 0.0 0.0 0.1 0.1 0.1 0.2 17.7 −0.4 −0.6 −0.4 −0.4
Operating income 0.0 −0.0 0.0 0.0 0.0 0.0 0.1 0.2 17.6 −0.5 −0.7 −0.5 −0.5
Net income 0.0 −0.0 −0.0 −0.0 0.0 0.0 0.0 0.1 8.1 0.0 −0.0 0.1 −0.1
Diluted EPS $0.46 −$0.16 −$0.02 −$0.01 $0.45 $0.34 $0.41 $0.97 $113.44 $0.20 −$0.19 $1.27 −$0.83
Growth (year on year)
Revenue — −60.3% +70.2% +27.4% +140.7% +31.7% +7.1% +107.5% +>999% −92.4% −68.1% −23.1% +6.8%
EBITDA — −120.6% — −32.1% +799.1% +0.3% +45.7% +199.9% +>999% −102.0% — — —
Operating income — −131.7% — −85.1% — −0.2% +51.3% +214.5% +>999% −102.9% — — —
Net income — −142.6% — — — −15.6% +106.3% +145.7% +>999% −99.8% — — −165.7%
Diluted EPS — −134.8% — — — −24.4% +20.6% +136.6% +>999% −99.8% — — −165.4%
Margins
Gross margin 76.2% 49.9% 62.8% 69.1% 88.4% 89.2% 86.8% 86.8% 94.9% 55.3% 68.8% 61.1% 67.9%
EBITDA margin 52.7% −27.3% 14.4% 7.7% 28.7% 21.9% 29.7% 43.0% 91.4% −24.2% −118.4% −109.4% −101.7%
Operating margin 50.1% −40.0% 5.9% 0.7% 26.0% 19.7% 27.9% 42.2% 91.0% −34.5% −151.9% −139.9% −127.0%
Net margin 23.7% −25.5% −1.5% −0.8% 14.8% 9.5% 18.3% 21.6% 41.9% 1.0% −2.9% 25.2% −15.5%
Free-cash-flow margin 52.4% −117.0% −2.7% −36.7% 27.4% 1.0% 11.6% 68.9% 76.1% −75.5% −3.7% −42.3% −145.4%
Cash flow
Cash from operations 0.0 −0.0 0.0 −0.0 0.1 0.0 0.0 0.5 15.3 −0.8 0.1 −0.1 −0.5
Capital spending 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.6 0.3 0.2 0.1 0.0
Free cash flow 0.0 −0.0 −0.0 −0.0 0.0 0.0 0.0 0.4 14.7 −1.1 −0.0 −0.2 −0.6
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow after stock pay 0.0 −0.0 −0.0 −0.0 0.0 −0.0 0.0 0.3 14.7 −1.1 −0.0 −0.2 −0.6
Balance sheet
Cash 0.1 0.1 0.1 0.1 0.1 0.2 0.2 1.0 11.6 3.9 1.1 0.3 0.5
Total debt 0.0 0.0 — 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.4 0.5
Net debt (negative = net cash) −0.1 −0.1 −0.1 −0.0 −0.1 −0.2 −0.1 −1.0 −11.6 −3.9 −0.9 0.0 0.0
Diluted shares 43m 53m 55m 57m 57m 65m 110m 114m 72m 72m 72m 72m 72m
Returned to shareholders
Dividends 0.0 0.0 0.0 — — — 0.0 0.0 1.9 0.2 0.3 0.9 3.5
Buybacks 0.0 — — — — — — — — — — — —
Total returned 0.0 0.0 0.0 — — — 0.0 0.0 1.9 0.2 0.3 0.9 3.5

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

3 of 6 checks passed · December 31, 2025
What it owns · $8.5bn
Short-term assets $7.1bnLonger-term assets $1.5bn
What it owes, and who funded it · $6.6bn
Short-term liabilities $1.5bnLonger-term liabilities $605mShareholders' equity $4.4bn
  • Short-term assets cover short-term liabilities $7.1bn of assets due within a year against $1.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7.1bn short-term assets against $605m of longer-dated liabilities.
  • More cash than debt $488m of cash against $495m of debt.
  • Debt below 40% of shareholders' equity Debt is 11% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 5% to 11% over five years.
  • A year's operating cash flow covers at least 20% of debt −$512m of operating cash flow against $495m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Sinovac Biotech LTD'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

Dividends (TTM)
$3.5B
Diluted share count
0.0%
year over year
Total shareholder yield
760.2%
dividends 760.2% + buybacks 0.0% of market value
R&D spending
56.0%
of revenue
Sales & admin spending
86.3%
of revenue
Days sales outstanding
271 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated SVA MNKD PHAR MGTX NVAX ARDX Median
Revenue, last 12 months $386m $394m $376m $398m $414m $451m $56m
Revenue growth, last 12 months 6.8% 30.5% 26.6% 948.3% −61.6% 16.8% 12.6%
Revenue growth, 3-year average 66.1% 35.5% — 296.0% −36.3% 75.9% 13.7%
Revenue growth, latest quarter — 42.9% — >999% −76.3% 23.8% 10.2%
Gross margin 67.9% 89.8% 87.9% — 78.6% 94.4% 82.9%
Operating margin −127.0% 2.3% 6.9% 46.3% −56.6% −7.9% −189.4%
Operating margin, 3-year average −3.3% 14.4% — −817.8% −17.9% −15.5% −363.5%
Net margin −15.5% −11.1% 0.8% 19.9% −59.9% −12.4% −169.8%
Cash from operations / revenue −132.7% −2.0% 14.5% 3.4% −8.9% −3.8% −168.0%
Free-cash-flow margin −145.4% −4.6% 14.3% 2.6% −10.2% −4.0% −162.4%
Free-cash-flow margin, 3-year average −14.0% 4.1% — −546.8% −23.8% −19.7% −310.0%
Stock pay / revenue 0.0% 7.1% 3.7% 4.8% 7.8% 12.1% 20.0%
Change in share count 0.0% 6.1% −4.9% 8.6% 1.2% 2.9% 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 6.8% 12.6% 100 of 172
Change in growth rate Growth +30.0pp -0.1pp 34 of 172
Gross margin Profitability 67.9% 82.4% 56 of 75
Operating margin Profitability -127.0% -189.4% 80 of 175
Net margin Profitability -15.5% -157.3% 50 of 180
Free-cash-flow margin Cash generation -145.4% -145.4% 88 of 176
Stock pay as % of revenue Cash generation 0.0% 19.2% 3 of 179
Long-term debt as % of assets Balance sheet 5.8% 20.6% 23 of 78
Change in share count Balance sheet 0.0% 7.9% 19 of 156
Days sales outstanding Balance sheet 271 days 75 days 98 of 100

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

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

Recent SEC filings

Data status

When each part of this page on Sinovac Biotech LTD was last updated.

DataLast updatedSource
Share priceExchange closing prices
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.

Sinovac Biotech LTD in brief

What does Sinovac Biotech LTD do?
Sinovac Biotech LTD is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Sinovac Biotech LTD's stock ticker?
Sinovac Biotech LTD trades under the ticker SVA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Sinovac Biotech LTD's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Sinovac Biotech LTD reported revenue of $386M, 6.8% higher than a year earlier, according to its SEC filings.
What is Sinovac Biotech LTD's free cash flow?
Sinovac Biotech LTD's free-cash-flow margin is -145.4% of revenue over the trailing twelve months, ranking 88 of the 176 biotechnology companies we cover.
Does Sinovac Biotech LTD pay a dividend?
Yes: Sinovac Biotech LTD paid $3.5B in dividends over the trailing twelve months, a dividend yield of 760.17%.
How much debt does Sinovac Biotech LTD have?
Sinovac Biotech LTD's debt-to-equity ratio is 11.1%, from its latest balance sheet (4.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Sinovac Biotech LTD's competitors?
In our Biotechnology peer group, the companies closest to Sinovac Biotech LTD are Mannkind Corp, Pharming Group N.V., Meiragtx Holdings plc, Novavax Inc and Ardelyx, Inc. The side-by-side comparison below sets their revenue, margins and growth against Sinovac Biotech LTD's.