Loading financials from SEC filings…
Biotechnology · Healthcare · Fiscal year ends Dec 31
Novavax reported revenue of $1.1B in the fiscal year ended Dec 2025, up 64.7% from the year before. Operating income was $453M, an operating margin of 40.3%, and net income was $440M. Operating cash flow of −$245M less capital expenditure of $6M left free cash flow of −$250M. Net debt was $4M.
Ranks among the 30 biotechnology companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,146 | 1,982 | 984 | 682 | 1,123 |
| Cost of revenue | 0.0 | 903 | 344 | 203 | 73.0 |
| Gross profit | 1,146 | 1,079 | 640 | 479 | 1,050 |
| Research & development | 2,535 | 1,235 | 738 | 391 | 342 |
| Selling, general & admin | – | 489 | 469 | 337 | 157 |
| Operating income | −1,687 | −645 | −567 | −249 | 453 |
| Interest expense | 21.1 | 19.9 | 14.4 | 20.1 | 22.5 |
| Pre-tax income | −1,715 | −654 | −543 | −177 | 442 |
| Income tax | 29.2 | 4.3 | 2.0 | 10.9 | 1.9 |
| Net income | −1,744 | −658 | −545 | −187 | 440 |
| Diluted EPS | −23.44 | −8.42 | −5.41 | −1.23 | 2.58 |
| Diluted shares | 74.4 | 78.2 | 101 | 152 | 173 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,515 | 1,337 | 569 | 530 | 241 |
| Receivables | 455 | – | – | – | – |
| Inventory | 8.9 | 36.7 | 41.7 | 8.7 | 11.5 |
| Current assets | 2,155 | 1,703 | 1,144 | 1,129 | 978 |
| Net PP&E | 226 | 294 | 306 | 138 | 44.8 |
| Goodwill | 131 | 126 | 127 | 107 | 113 |
| Total assets | 2,577 | 2,259 | 1,797 | 1,560 | 1,177 |
| Payables | 127 | 217 | 133 | 41.6 | 24.6 |
| Deferred revenue | 1,400 | 370 | 241 | 675 | 140 |
| Current liabilities | 2,390 | 2,460 | 1,635 | 1,154 | 460 |
| Long-term debt | – | – | – | – | 244 |
| Total liabilities | 2,928 | 2,893 | 2,514 | 2,184 | 1,304 |
| Shareholders' equity | −352 | −634 | −717 | −624 | −128 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 323 | −416 | −714 | −87.3 | −245 |
| Capital expenditure | 57.5 | 89.1 | 53.8 | 13.1 | 5.6 |
| Free cash flow | 265 | −505 | −768 | −100 | −250 |
| Depreciation & amortisation | 13.0 | 29.0 | 41.0 | 48.0 | 28.0 |
| Stock-based compensation | 184 | 130 | 85.4 | 48.2 | 36.0 |
| Acquisitions | 0.0 | 0.0 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 72.9% | −50.4% | −30.7% | 64.7% |
| Gross margin | 100.0% | 54.5% | 65.1% | 70.3% | 93.5% |
| Operating margin | −147.1% | −32.5% | −57.6% | −36.5% | 40.3% |
| Net margin | −152.1% | −33.2% | −55.4% | −27.5% | 39.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −904.7% | 320.3% | −348.9% | −61.3% | 63.2% |
| Free cash flow margin | 23.2% | −25.5% | −78.0% | −14.7% | −22.3% |
| Cash conversion (CFO ÷ net income) | −0.19x | 0.63x | 1.31x | 0.47x | −0.56x |
| Receivable days | 145 | – | – | – | – |
| Inventory days | – | 15 | 44 | 16 | 58 |
| Payable days | – | 88 | 141 | 75 | 123 |
| Interest cover | −79.8x | −32.4x | −39.3x | −12.4x | 20.1x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | – | 3.6 |
| Current ratio | 0.90x | 0.69x | 0.70x | 0.98x | 2.13x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.