Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Vaxart, 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
FY2017
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
8.9
5.84
4.16
9.86
4.05
0.89
0.11
7.38
28.7
237
Research and development
28.3
12.4
17.3
14.5
19.9
48.7
81.1
68.1
74.2
202
General and administrative
8
3.5
6.68
6.19
15.2
21.9
29.4
22.6
20.8
17.6
Operating expenses
25.9
25.6
34.2
73.6
115
90.7
95
219
Operating income
-27.5
-10
-21.8
-15.8
-30.2
-72.8
-115
-83.3
-66.3
18.1
Interest expense
3.04
0.82
0.32
0
0
Interest income
0.05
0.06
Other non-operating income
-1.6
0.43
3.86
-2.37
-0.06
0.03
-0.04
Pre-tax income
-29.1
-9.58
-17.9
-18.2
-32
-70.4
-108
-82.2
-66.7
16.8
Income tax
0.3
0.11
0.49
0.24
0.11
0.07
0.26
0.26
0.48
Net income
-29.4
-9.58
-18
-18.6
-32.2
-70.5
-108
-82.5
-66.9
16.3
EBITDA
-27.4
-9.64
-18.6
-12.2
-27.5
-68.5
-109
-74.7
-57.4
26.7
EPS, basic
-0.76
-91.65
-2.90
-0.86
-0.36
-0.58
-0.84
-0.57
-0.33
0.07
EPS, diluted
-0.76
-91.65
-2.90
-0.86
-0.36
-0.58
-0.84
-0.57
-0.33
0.07
Shares, basic (weighted)
38.6
0.14
6.32
21.6
88.3
121
128
145
202
230
Shares, diluted (weighted)
38.6
0.14
6.32
21.6
88.3
121
128
145
202
230
Balance sheet
FY2017
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
2.59
1.57
11.5
13.5
127
144
44
34.8
25.2
53.8
Short-term investments
20.9
1.42
0
22.7
49.7
4.96
26.5
9.99
Receivables
0.6
0.63
1.8
3.62
0.33
0.07
0.02
3.01
5.76
14.6
Other current assets
0.7
0.14
1.34
0.45
1.33
2.61
3.71
0.33
0.32
0.67
Total current assets
39.9
3.75
14.6
17.6
129
169
99.5
45.5
68.3
136
Property, plant and equipment
0.2
0.73
1.07
0.21
1.48
6.6
15.6
11.7
8.71
5.43
Lease right-of-use assets
1.99
6.84
13.2
25.7
24.8
20.4
11.4
Goodwill
0
4.51
4.51
4.51
4.51
4.51
Intangible assets
0.04
19.4
17.1
15.4
10.6
5.02
4.29
3.56
2.83
Long-term investments
0
16.2
0
Other non-current assets
0.1
0.14
0.37
0.89
3.57
0.93
0.84
0.54
Total assets
40.1
4.52
35.2
37
153
221
154
91.8
166
186
Accounts payable
1.4
1.39
0.96
0.85
2.13
3.87
5.51
1.58
6.96
21.5
Accrued liabilities
2.9
1.61
1.52
4.57
4.8
5.06
8.08
5.63
11.4
47.9
Deferred revenue
1.4
1.2
3.33
0
2
0
Total current liabilities
5.9
4.52
7.48
9.17
11.8
10.8
17.9
13.7
90.9
86.8
Long-term debt
0.1
3.44
1.94
Lease liabilities
1.47
5.16
12
19.5
17.4
14.4
6.01
Other non-current liabilities
0.1
0.1
0.16
0.02
0.11
0.17
0.23
0.29
0.44
0.82
Total liabilities
21.4
43.2
24
24.1
29.2
33.6
43.3
34
107
98.3
Total debt
15.9
17.7
Paid-in capital
160
41.3
109
130
272
407
438
468
536
548
Retained earnings
-164
-80
-98
-117
-149
-219
-327
-410
-477
-460
Treasury stock
0
-0.37
-0.35
-0.16
Other comprehensive income
19
19
0
-0.07
-0.3
-0
0
-0
Shareholders' equity
18.7
-38.7
11.2
13
123
188
111
57.8
58.9
87.8
Total equity
18.7
-38.7
11.2
13
123
188
111
57.8
58.9
87.8
Total liabilities and equity
40.1
4.52
35.2
37
153
221
154
91.8
166
186
Shares outstanding
38.6
0.14
7.14
48.3
110
126
134
153
228
240
Cash flow statement
FY2017
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-29.4
-9.58
-18
-18.6
-32.2
-70.5
-108
-82.5
-66.9
16.3
Depreciation and amortization
0.1
0.38
3.2
3.6
2.71
4.21
5.81
8.62
8.85
8.58
Stock-based compensation
1.9
0.48
0.54
0.63
4.36
8.87
13.6
14.1
11.5
8.31
Deferred income tax
0
0
0
0
0
0
0
Change in receivables
0.1
0.96
13.5
-1.82
3.29
0.26
0.05
-2.99
-2.75
-8.8
Change in payables
-3.3
-1.56
-3.78
-0.06
1.21
1.63
0.36
-2.44
5.27
14.6
Cash from operations
-30
-10
-14.5
-13.1
-23.8
-59.8
-94.8
-70.5
-44.8
7.71
Capital expenditures
-0.12
-0.71
-0.85
-1.22
-5.16
-9.6
-1.87
-0.55
-0.15
Acquisitions
-0.02
-4.83
0
Purchases of investments
-36.3
-7.35
-0.57
0
0
-44.8
-55
-27.5
-64.3
-23.2
Cash from investing
-1.6
3.18
26.2
-0.85
-1.22
-49.1
-20.4
44
-21.3
16.6
Stock issued
0
0.02
0.01
2.54
9.18
122
17.2
0.02
0.03
0
Cash from financing
-0.4
0.02
-1.73
16
138
126
17.5
15.2
56.6
4.24
Net change in cash
-32
-6.83
9.94
2.02
113
16.9
-97.7
-11.3
-9.53
28.6
Free cash flow
-10.2
-15.3
-13.9
-25
-65
-104
-72.3
-45.3
7.57
Interest paid
0.34
0.36
0.23
0
0
Income taxes paid
0.1
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 $0.45 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
16.3%
Operating income / revenue.
EBITDA margin
18.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
16.0%
Pre-tax income / revenue.
Net margin
15.9%
Net income / revenue.
FCF margin
13.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
14.0%
Cash from operations / revenue.
Effective tax rate
1.1%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
46.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
23.4%
Net income / average total assets.
Return on invested capital (ROIC)
124.6%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
75.8%
Research and development expense / revenue.
Stock-based pay / revenue
2.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.2%
Capital expenditures / revenue.
D&A / revenue
2.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
726.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
1,204.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
125.8%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
49.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-7.4%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-6.6%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
11.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
6.5%
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
4.0%
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
14.0%
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
21.7%
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
21.1%
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
1.60x
Current assets / current liabilities.
Quick ratio
0.88x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.88x
(Cash + short-term investments) / current liabilities.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
1.8%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.16
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
$1.00
Revenue / diluted weighted shares.
FCF per share
$0.14
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.14
Cash from operations / diluted weighted shares.
Book value per share
$0.34
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
2.86x
Market cap / net income. Only when net income is positive.
P/S
0.45x
Market cap / revenue.
P/B
1.34x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.46x
Market cap / tangible book value, when positive.
P/FCF
3.30x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
3.24x
Market cap / cash from operations, when positive.
EV/Sales
0.19x
Enterprise value / revenue.
EV/EBIT
1.17x
Enterprise value / operating income, when both are positive.
EV/EBITDA
1.04x
Enterprise value / EBITDA, when both are positive.
EV/FCF
1.39x
Enterprise value / free cash flow, when both are positive.
FCF yield
30.3%
Free cash flow / market cap.
Earnings yield
35.0%
Net income / market cap (the inverse of P/E).
What was Vaxart, Inc.'s revenue in fiscal 2025?
Vaxart, Inc. reported revenue of $237.3M for fiscal 2025, 726.7% higher than the year before.
Was Vaxart, Inc. profitable in fiscal 2025?
Yes. Net income was $16.3M, a net margin of 6.9%.
How much free cash flow did Vaxart, Inc. generate in fiscal 2025?
Cash from operations of $7.7M minus capital expenditures of $145.0K left free cash flow of $7.6M.
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.