Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NOVAVAX INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
15.4
31.2
34.3
18.7
476
1,146
1,982
984
682
1,123
Cost of revenue
0
0
903
344
203
73
Gross profit
476
1,146
1,079
640
479
1,050
Research and development
238
168
174
114
747
2,535
1,235
738
391
342
Selling, general and administrative
489
469
337
157
General and administrative
46.5
34.5
34.4
34.4
145
298
489
469
Operating income
-269
-172
-174
-121
-417
-1,687
-645
-567
-249
453
Interest expense
13
14.1
13.6
13.6
15.1
21.1
19.9
14.4
20.1
22.5
Interest income
20.1
37.2
29.5
Other non-operating income
-0.03
0.07
0.11
-0.01
13.6
-6.83
11
37.9
40.4
40.6
Pre-tax income
-133
-418
-1,715
-654
-543
-177
442
Income tax
0
0
29.2
4.29
2.03
10.9
1.87
Net income
-280
-184
-185
-133
-418
-1,744
-658
-545
-187
440
EBITDA
-261
-164
-167
-115
-412
-1,674
-616
-526
-201
481
EPS, basic
-20.53
-12.56
-9.99
-5.51
-7.27
-23.44
-8.42
-5.41
-1.23
2.72
EPS, diluted
-20.53
-12.56
-9.99
-5.51
-7.27
-23.44
-8.42
-5.41
-1.23
2.58
Shares, basic (weighted)
13.6
14.6
18.5
24.1
57.6
74.4
78.2
101
152
162
Shares, diluted (weighted)
13.6
14.6
18.5
24.1
57.6
74.4
78.2
101
152
173
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
144
106
70.2
78.8
553
1,515
1,337
569
530
241
Short-term investments
91.1
51
22
0
158
0
0
393
494
Receivables
0.23
7.5
262
455
Inventory
8.87
36.7
41.7
8.75
11.5
Other current assets
6.3
4.69
4.32
4.38
9.66
44.6
76.4
156
21.9
9.87
Total current assets
288
203
119
97.2
1,248
2,155
1,703
1,144
1,129
978
Property, plant and equipment
40.2
36
28.4
11.4
180
226
294
306
138
44.8
Lease right-of-use assets
7.79
40.1
36.4
25
21.8
20.3
Goodwill
51.7
53.6
52
51.2
135
131
126
127
107
113
Intangible assets
9.23
7.87
6.54
5.58
5.73
4.77
Other non-current assets
0.8
0.87
0.81
7.12
13.2
24.3
28.5
35.2
24
17.1
Total assets
394
302
208
173
1,582
2,577
2,259
1,797
1,560
1,177
Accounts payable
5.69
5.61
9.3
2.91
54.3
127
217
133
41.6
24.6
Accrued liabilities
24.5
29.6
19.6
14.9
137
674
591
395
211
107
Deferred revenue
30.1
25.6
10
1.68
300
1,400
370
241
675
140
Total current liabilities
66.4
73.7
45.5
25.8
580
2,390
2,460
1,635
1,154
460
Lease liabilities
10.1
39.1
50.1
28.6
23
19.4
Other non-current liabilities
14.6
10.3
8.69
12.6
13.5
42.1
55.7
33.1
360
239
Total liabilities
400
404
376
359
955
2,928
2,893
2,514
2,184
1,304
Total debt
244
Paid-in capital
936
1,020
1,145
1,261
2,535
3,352
3,738
4,192
4,501
4,540
Retained earnings
-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
-2.58
-41.8
-85.1
-90.7
-92.3
-95.9
-103
Other comprehensive income
-11.8
-8.62
-11.2
-12.5
7.02
-1.35
-6.38
2.72
-22.6
2.01
Shareholders' equity
-5.55
-102
-168
-186
627
-352
-634
-717
-624
-128
Total equity
-5.55
-102
-168
-186
627
-352
-634
-717
-624
-128
Total liabilities and equity
394
302
208
173
1,582
2,577
2,259
1,797
1,560
1,177
Shares outstanding
13.6
323
19.2
32.4
71
75.8
86
140
160
163
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-280
-184
-185
-133
-418
-1,744
-658
-545
-187
440
Depreciation and amortization
7.7
7.6
7.4
5.1
4.3
13
29
41
48
28
Stock-based compensation
19.2
19.8
18.3
17
128
184
130
85.4
48.2
36
Change in receivables
2.07
Change in inventory
0
-8.87
-478
-74.5
12.9
-3.24
Change in payables
-4.81
5.19
-6.74
-11.5
163
600
913
-379
-386
-323
Cash from operations
-259
-144
-185
-137
-42.5
323
-416
-714
-87.3
-245
Capital expenditures
-18.2
-4.19
-1.37
-1.86
-54.6
-57.5
-89.1
-53.8
-13.1
-5.56
Acquisitions
0
0
0
-166
0
0
Purchases of investments
-357
-218
-120
-17.5
-363
-2.17
0
0
-826
-445
Sales and maturities of investments
0
0
444
354
Cash from investing
28
36
28.6
38.5
-378
100
-93
-58.8
-204
-78.3
Stock issued
0
63.4
100
97.4
876
565
249
360
263
0
Cash from financing
280
64.5
103
98.4
985
462
325
4.47
261
27.7
Exchange rate effect
-0.34
0.14
-0.05
-0.03
2.12
-5.29
4.52
3.27
-7.8
5.93
Net change in cash
48.8
-43.8
-53.5
0.22
567
880
-179
-765
-38.5
-289
Free cash flow
-277
-149
-186
-138
-97.2
265
-505
-768
-100
-250
Interest paid
6.19
12.2
12.2
12.2
13.7
19.4
18
17.3
17.6
15
Income taxes paid
0
0
12.6
18
0.19
0.95
8.81
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $10.63 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
78.6%
Gross profit / revenue.
Operating margin
-56.6%
Operating income / revenue.
EBITDA margin
-52.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-59.3%
Pre-tax income / revenue.
Net margin
-59.9%
Net income / revenue.
FCF margin
-10.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-8.9%
Cash from operations / revenue.
Return on assets (ROA)
-25.9%
Net income / average total assets.
R&D / revenue
82.2%
Research and development expense / revenue.
SG&A / revenue
29.3%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
7.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.3%
Capital expenditures / revenue.
D&A / revenue
4.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
64.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-17.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
18.8%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
119.1%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-0.9%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
17.2%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-24.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-19.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-5.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
13.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
30.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
24.6%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.33x
Current assets / current liabilities.
Quick ratio
2.18x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.18x
(Cash + short-term investments) / current liabilities.
Debt / assets
30.5%
Total debt / total assets.
Liabilities / assets
120.0%
Total liabilities / total assets.
Net debt
-$427.9M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$2.51
Revenue / diluted weighted shares.
FCF per share
-$0.26
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.22
Cash from operations / diluted weighted shares.
Book value per share
-$1.16
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
4.24x
Market cap / revenue.
EV/Sales
3.20x
Enterprise value / revenue.
FCF yield
-2.4%
Free cash flow / market cap.
Earnings yield
-14.1%
Net income / market cap (the inverse of P/E).
What was NOVAVAX INC's revenue in fiscal 2025?
NOVAVAX INC reported revenue of $1.12B for fiscal 2025, 64.7% higher than the year before.
Was NOVAVAX INC profitable in fiscal 2025?
Yes. Net income was $440.3M, a net margin of 39.2%.
How much free cash flow did NOVAVAX INC generate in fiscal 2025?
Cash from operations of $244.6M minus capital expenditures of $5.6M left free cash flow of -$250.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.