NVAX
$11.26-12.17%
Novavax Inc.Stock · HealthcareRussell 2000 0.04%Nasdaq Composite 0.005%US Stock Market 0.002%Russell 3000 0.002%
NVAX financial statements
The full income statement, balance sheet, and cash-flow statement for Novavax Inc. (NVAX), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 160.1M2024-09 160.2M2024-12 160.8M2025-03 162.0M2025-06 162.4M2025-09 162.5M2025-12 162.9M2026-03 164.4M2026-06 164.9M+3.0% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 1.12B+64.7% | 682M-30.7% | 984M-50.4% | 1.98B+72.9% | 1.15B+141.0% | |
| Cost of revenue | 73.0M-64.0% | 203M-41.0% | 344M-61.9% | 903M | 0.00 | |
| Research & development | 342M-12.5% | 391M-47.0% | 738M-40.3% | 1.24B-51.3% | 2.53B+239.3% | |
| Selling, general & administrative | 157M-53.3% | 337M-28.1% | 469M-4.0% | 489M+63.8% | 298M+105.4% | |
| General & administrative | — | — | 469M-4.0% | 489M+63.8% | 298M+105.4% | |
| Restructuring | — | — | 14.6M | 0.00 | — | |
| Amortization of intangibles | — | — | — | — | 400K-33.3% | |
| Operating income | 453M+281.9% | -249M+56.1% | -567M+12.1% | -645M+61.8% | -1.69B-304.7% | |
| Interest expense | 22.5M+12.3% | 20.1M+39.3% | 14.4M-27.5% | 19.9M-5.9% | 21.1M+39.5% | |
| Interest & investment income | 29.5M-20.7% | 37.2M+85.1% | 20.1M | — | — | |
| Other non-operating income | 40.6M+0.5% | 40.4M+6.7% | 37.9M+245.5% | 11.0M+260.5% | -6.83M-150.2% | |
| Pre-tax income | 442M+350.4% | -177M+67.5% | -543M+16.9% | -654M+61.9% | -1.71B-309.9% | |
| Income tax | 1.86M-82.9% | 10.9M+435.9% | 2.03M-52.7% | 4.29M-85.3% | 29.2M | |
| 440M+334.8% | -187M+65.6% | -545M+17.2% | -658M+62.3% | -1.74B-316.9% | ||
| Net income to common | 440M+334.8% | -187M+65.6% | -545M | — | — | |
| $2.58+309.8% | -$1.23+77.3% | -$5.41+35.7% | -$8.42+64.1% | -$23.44-222.4% | ||
| EPS (basic) | $2.72+321.1% | -$1.23+77.3% | -$5.41+35.7% | -$8.42+64.1% | -$23.44-222.4% | |
| Weighted-avg shares (basic) | 162M+6.4% | 152M+51.0% | 101M+28.9% | 78.2M+5.1% | 74.4M+29.3% | |
| Weighted-avg shares (diluted) | 173M+13.7% | 152M+51.0% | 101M+28.9% | 78.2M+5.1% | 74.4M+29.3% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 978M-13.3% | 1.13B-1.3% | 1.14B-32.8% | 1.70B-21.0% | 2.16B+72.7% | ||
| Cash & equivalents | 241M-54.6% | 530M-6.7% | 569M-57.5% | 1.34B-11.8% | 1.52B+173.8% | |
| Short-term investments | 494M+25.9% | 393M | 0.00 | — | 0.00-100.0% | |
| Accounts receivable | — | — | — | — | 455M+73.7% | |
| Inventory | 11.5M+32.0% | 8.75M-79.0% | 41.7M+13.7% | 36.7M+313.5% | 8.87M | |
| Prepaid expenses | 26.8M-65.7% | 78.2M-65.4% | 226M-4.7% | 237M+44.0% | 165M-9.2% | |
| Other current assets | 9.87M-54.9% | 21.9M-85.9% | 156M+103.9% | 76.4M+71.2% | 44.6M+361.8% | |
| 1.18B-24.6% | 1.56B-13.2% | 1.80B-20.4% | 2.26B-12.3% | 2.58B+62.8% | ||
| Property, plant & equipment | 44.8M-67.6% | 138M-54.7% | 306M+3.9% | 294M+30.3% | 226M+25.4% | |
| Operating lease right-of-use | 20.3M-6.9% | 21.8M-12.6% | 25.0M-31.3% | 36.4M-9.3% | 40.1M+414.8% | |
| Goodwill | 113M+5.6% | 107M-15.7% | 127M+0.9% | 126M-3.9% | 131M-2.9% | |
| Intangible assets | — | — | — | — | 4.77M-16.7% | |
| Other non-current assets | 17.1M-28.8% | 24.0M-31.7% | 35.2M+23.5% | 28.5M+17.2% | 24.3M+83.8% | |
| 460M-60.2% | 1.15B-29.4% | 1.64B-33.5% | 2.46B+2.9% | 2.39B+312.4% | ||
| Accounts payable | 24.6M-40.9% | 41.6M-68.6% | 133M-38.8% | 217M+70.4% | 127M+133.8% | |
| Accrued liabilities | 107M-49.3% | 211M-46.5% | 395M-33.2% | 591M-12.3% | 674M+390.4% | |
| Deferred revenue | 140M-79.3% | 675M+179.8% | 241M-34.8% | 370M-73.6% | 1.40B+366.7% | |
| Current lease liability | 9.88M-2.1% | 10.1M-56.1% | 23.0M+36.2% | 16.9M-45.6% | 31.0M+719.2% | |
| Other current liabilities | 138M-37.3% | 220M-74.5% | 861M-7.4% | 930M+2479.1% | 36.1M+307.0% | |
| Finance lease liability (current) | 2.51M-64.2% | 7.01M+36.3% | 5.14M-81.1% | 27.2M-79.2% | 131M+23.3% | |
| 1.30B-40.3% | 2.18B-13.1% | 2.51B-13.1% | 2.89B-1.2% | 2.93B+206.6% | ||
| Long-term debt | 244M | — | — | — | — | |
| Deferred revenue (non-current) | 359M-19.7% | 447M-28.2% | 622M+246.8% | 179M+4.0% | 173M | |
| Non-current lease liability | 19.4M-15.7% | 23.0M-19.7% | 28.6M-42.9% | 50.1M+28.0% | 39.1M+286.4% | |
| Operating lease liability (total) | 29.2M-11.5% | 33.1M-70.7% | 113M-10.2% | 125M-37.5% | 201M+25.5% | |
| Finance lease liability (total) | 4.60M-92.4% | 60.7M | — | — | — | |
| Finance lease liability | 2.09M-96.1% | 53.7M-3.9% | 55.9M+79.0% | 31.2M | 0.00-100.0% | |
| Other non-current liabilities | 239M-33.5% | 360M+985.5% | 33.1M-40.5% | 55.7M+32.2% | 42.1M+212.5% | |
| -128M+79.5% | -624M+13.0% | -717M-13.1% | -634M-80.3% | -352M-156.1% | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock | 1.65M+1.9% | 1.62M+15.2% | 1.41M+61.9% | 868K+13.6% | 764K+7.0% | |
| Additional paid-in capital | 4.54B+0.9% | 4.50B+7.4% | 4.19B+12.2% | 3.74B+11.5% | 3.35B+32.2% | |
| Retained earnings | -4.57B+8.8% | -5.01B-3.9% | -4.82B-12.7% | -4.28B-18.2% | -3.62B-93.0% | |
| Treasury stock | 103M+7.5% | 95.9M+3.9% | 92.3M+1.8% | 90.7M+6.5% | 85.1M+103.6% | |
| Accumulated other comprehensive income | 2.01M+108.9% | -22.6M-928.8% | 2.72M+142.7% | -6.38M-371.3% | -1.35M-119.3% | |
| Total liabilities & equity | 1.18B-24.6% | 1.56B-13.2% | 1.80B-20.4% | 2.26B-12.3% | 2.58B+62.8% | |
| Common shares issued | 165M+1.9% | 162M+15.3% | 141M+61.9% | 86.8M+13.6% | 76.4M+7.1% | |
| Common shares outstanding | 163M+1.3% | 160M+15.0% | 140M+62.1% | 86.0M+13.4% | 75.8M+6.9% | |
| Shares outstanding (cover) | 163M+1.3% | 161M+14.9% | 140M+62.4% | 86.2M+13.0% | 76.3M+3.3% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| -245M-180.3% | -87.3M+87.8% | -714M-71.7% | -416M-228.8% | 323M+859.1% | ||
| Depreciation & amortization | 28.0M-41.7% | 48.0M+17.1% | 41.0M+41.4% | 29.0M+123.1% | 13.0M+202.3% | |
| Intangible amortization | — | — | — | — | 400K-33.3% | |
| Share-based compensation | 36.0M-25.2% | 48.2M-43.6% | 85.4M-34.5% | 130M-29.0% | 184M+43.4% | |
| Change in inventory | 3.24M+125.1% | -12.9M-117.3% | 74.5M-84.4% | 478M+5285.5% | 8.87M | |
| -78.3M+61.6% | -204M-247.0% | -58.8M+36.8% | -93.0M-192.8% | 100M+126.5% | ||
| Capital expenditure | 5.56M-57.4% | 13.1M-75.7% | 53.8M-39.6% | 89.1M+54.9% | 57.5M+5.2% | |
| Free cash flow | -250M-149.4% | -100M+86.9% | -768M-52.0% | -505M-290.2% | 265M+373.2% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00-100.0% | |
| Sales/maturities of investments | 354M-20.2% | 444M | 0.00 | 0.00 | — | |
| 27.7M-89.4% | 261M+5734.8% | 4.47M-98.6% | 325M-29.6% | 462M-53.1% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00-100.0% | 263M-26.9% | 360M+44.5% | 249M-55.9% | 565M-35.5% | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| FX effect on cash | 5.92M+176.0% | -7.80M-338.4% | 3.27M-27.6% | 4.52M+185.4% | -5.29M-350.2% | |
| Net change in cash | -289M-650.9% | -38.5M+95.0% | -765M-326.4% | -179M-120.4% | 880M+55.2% | |
| Interest paid | 15.0M-14.4% | 17.6M+1.3% | 17.3M-3.8% | 18.0M-7.2% | 19.4M+41.8% | |
| Income taxes paid | 8.81M+827.9% | 949K+399.5% | 190K-98.9% | 18.0M+42.6% | 12.6M | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 1.09B-15.3% | 1.29B+126.8% | 570M-29.3% | 807M-92.6% | 10.9B+32.5% | |
| P/E | 2.5× | — | — | — | — | |
| P/S | 1.0×-48.6% | 1.9×+249.0% | 0.5×+24.3% | 0.4×-95.4% | 9.5×-45.0% | |
| P/FCF | — | — | — | — | 41.1× | |
| Earnings yield | 40.2% | — | — | — | — | |
| FCF yield | — | — | — | — | 2.4% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: NVAX’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NVAX filings on SEC EDGAR → Not investment advice.