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Stocks · Health care · Biological Products, (No Diagnostic Substances)

NOVAVAX INC

NVAX Clue Score49
United States Fiscal year ends December CIK 0001000694
$12.75 +15.80% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $12.75 −92.29% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue15.4Operating income−269.1Net income−280.0Fiscal year 2017Revenue31.2 +103.1%Operating income−171.7Net income−183.8Fiscal year 2018Revenue34.3 +10.0%Operating income−173.9Net income−184.7Fiscal year 2019Revenue18.7 −45.6%Operating income−120.6Net income−132.7EPS, diluted−5.51Fiscal year 2020Revenue475.6 +2,448.5%Operating income−416.7Net income−418.3EPS, diluted−7.27Fiscal year 2021Revenue1,146.3 +141.0%Operating income−1,686.6Net income−1,743.8EPS, diluted−23.44Fiscal year 2022Revenue1,981.9 +72.9%Operating income−644.7Net income−657.9EPS, diluted−8.42Fiscal year 2023Revenue983.7 −50.4%Operating income−566.5Net income−545.1EPS, diluted−5.41Fiscal year 2024Revenue682.2 −30.7%Operating income−248.9Net income−187.5EPS, diluted−1.23Fiscal year 2025Revenue1,123.5 +64.7%Operating income452.8Net income440.3EPS, diluted2.58
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 15.4 31.2 34.3 18.7 475.6 1,146.3 1,981.9 983.7 682.2 1,123.5
Growth +103.1% +10.0% −45.6% +2,448.5% +141.0% +72.9% −50.4% −30.7% +64.7%
Operating income −269.1 −171.7 −173.9 −120.6 −416.7 −1,686.6 −644.7 −566.5 −248.9 452.8
Net income −280.0 −183.8 −184.7 −132.7 −418.3 −1,743.8 −657.9 −545.1 −187.5 440.3
Growth
EPS, diluted n/a n/a n/a −5.51 −7.27 −23.44 −8.42 −5.41 −1.23 2.58

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin−1,752.8%Net margin−1,823.5%Free cash flow margin−1,804.0%Fiscal year 2017Operating margin−550.8%Net margin−589.5%Free cash flow margin−476.9%Fiscal year 2018Operating margin−507.2%Net margin−538.8%Free cash flow margin−543.0%Fiscal year 2019Operating margin−646.1%Net margin−711.0%Free cash flow margin−742.0%Fiscal year 2020Operating margin−87.6%Net margin−87.9%Free cash flow margin−20.4%Fiscal year 2021Operating margin−147.1%Net margin−152.1%Free cash flow margin23.2%Fiscal year 2022Operating margin−32.5%Net margin−33.2%Fiscal year 2023Operating margin−57.6%Net margin−55.4%Fiscal year 2024Operating margin−36.5%Net margin−27.5%Fiscal year 2025Operating margin40.3%Net margin39.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −1,752.8% −550.8% −507.2% −646.1% −87.6% −147.1% −32.5% −57.6% −36.5% 40.3%
Net margin −1,823.5% −589.5% −538.8% −711.0% −87.9% −152.1% −33.2% −55.4% −27.5% 39.2%
Free cash flow margin −1,804.0% −476.9% −543.0% −742.0% −20.4% 23.2% n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−258.8Capital expenditure−18.2Free cash flow−277.0Fiscal year 2017Operating cash flow−144.5Capital expenditure−4.2Free cash flow−148.7Fiscal year 2018Operating cash flow−184.8Capital expenditure−1.4Free cash flow−186.2Fiscal year 2019Operating cash flow−136.6Capital expenditure−1.9Free cash flow−138.5Fiscal year 2020Operating cash flow−42.5Capital expenditure−54.6Free cash flow−97.2Fiscal year 2021Operating cash flow322.9Capital expenditure−57.5Free cash flow265.5Fiscal year 2022Operating cash flow−415.9Fiscal year 2023Operating cash flow−714.0Fiscal year 2024Operating cash flow−87.3Fiscal year 2025Operating cash flow−244.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −258.8 −144.5 −184.8 −136.6 −42.5 322.9 −415.9 −714.0 −87.3 −244.6
Capital expenditure −18.2 −4.2 −1.4 −1.9 −54.6 −57.5 n/a n/a n/a n/a
Free cash flow −277.0 −148.7 −186.2 −138.5 −97.2 265.5 n/a n/a n/a n/a
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash144.4Shareholders’ equity−5.5Fiscal year 2017Cash106.3Shareholders’ equity−101.7Fiscal year 2018Cash70.2Shareholders’ equity−167.9Fiscal year 2019Cash78.8Shareholders’ equity−186.0Fiscal year 2020Cash553.4Shareholders’ equity627.2Fiscal year 2021Cash1,515.1Shareholders’ equity−351.7Fiscal year 2022Cash1,336.9Shareholders’ equity−634.1Fiscal year 2023Cash568.5Shareholders’ equity−716.9Fiscal year 2024Cash530.2Shareholders’ equity−623.8Fiscal year 2025Cash240.6Total debt244.2Net cash (debt)−3.6Shareholders’ equity−127.8
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 144.4 106.3 70.2 78.8 553.4 1,515.1 1,336.9 568.5 530.2 240.6
Total debt n/a n/a n/a n/a n/a n/a n/a n/a n/a 244.2
Net cash (debt) n/a n/a n/a n/a n/a n/a n/a n/a n/a −3.6
Shareholders’ equity −5.5 −101.7 −167.9 −186.0 627.2 −351.7 −634.1 −716.9 −623.8 −127.8

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020† 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024† 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
15.4 31.2 34.3 18.7 475.6 1,146.3 1,981.9 983.7 682.2 1,123.5
Growth +103.1% +10.0% −45.6% +2,448.5% +141.0% +72.9% −50.4% −30.7% +64.7%
n/a n/a n/a n/a 0.0 0.0 902.6 343.8 202.7 73.0
237.9 168.4 173.8 113.8 747.0 2,534.5 1,235.3 737.5 391.2 342.3
46.5 34.5 34.4 34.4 145.3 298.4 488.7 468.9 337.2 157.5
−269.1 −171.7 −173.9 −120.6 −416.7 −1,686.6 −644.7 −566.5 −248.9 452.8
Growth
n/a n/a n/a −132.7 −418.3 −1,714.5 −653.6 −543.0 −176.6 442.2
n/a n/a n/a 0.0 0.0 29.2 4.3 2.0 10.9 1.9
−280.0 −183.8 −184.7 −132.7 −418.3 −1,743.8 −657.9 −545.1 −187.5 440.3
Growth
Per share
n/a n/a n/a −5.51 −7.27 −23.44 −8.42 −5.41 −1.23 2.72
n/a n/a n/a −5.51 −7.27 −23.44 −8.42 −5.41 −1.23 2.58
Growth
n/a n/a n/a 24.1 57.6 74.4 78.2 100.8 152.2 162.0
n/a n/a n/a 24.1 57.6 74.4 78.2 100.8 152.2 173.1
Growth +138.8% +29.3% +5.1% +28.9% +51.0% +13.7%

† The diluted share count jumps at 2020 and 2024, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 18.8% a year over five years.
  • Operating margin is up 127.9 points on five years ago, at 40.3%.
  • A net loss in 9 of 10 years on file.