Novavax, Inc. (NVAX) Stock Analysis
Healthcare · Biotechnology · NasdaqGS
Novavax, Inc. (NVAX) posted $1.12B in revenue for fiscal 2025 (up 64.7% year over year), at a 39.2% net margin, and has compounded revenue about 18.8%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Novavax, Inc.
Novavax, Inc. has grown revenue from $15.35M to $1.12B over the last 10 fiscal years, compounding about 18.8% a year. The most recent year was up 64.7%, so growth is actually accelerating.
Net margin sits at 39.2%, up 66.7 points year over year on a 93.5% gross margin. It carries about $244.21M of total debt.
The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Novavax, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Novavax, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.35M | $31.18M | $34.29M | $18.66M | $475.60M | $1.15B | $1.60B | $556.38M | $682.16M | $1.12B |
| Gross profit | — | — | — | — | — | — | $696.31M | $212.61M | $479.42M | $1.05B |
| Net income | $-279.97M | $-183.77M | $-184.75M | $-132.69M | $-418.26M | $-1.74B | $-657.94M | $-545.06M | $-187.50M | $440.30M |
| Net margin | -1823.5% | -589.5% | -538.8% | -711.0% | -87.9% | -152.1% | -41.1% | -98.0% | -27.5% | 39.2% |
Source: Novavax, Inc. SEC filings (10-K). 17 years of history available in the interactive view.
Novavax, Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 114.4% over 4 years (75.8M → 162.6M) — existing holders' stakes are being diluted.
- Debt with negative operating cash flowCarries $244.2M of debt while last year's operating cash flow was negative ($-244.6M).
Explore 17 years of Novavax, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Novavax, Inc. financial history by metric
About Novavax, Inc.
Novavax, Inc., a biotechnology company, engages in the discovery, development, and commercialization of vaccines to prevent serious infectious diseases in the United States, Europe, and internationally. The company commercializes Nuvaxovid, a COVID-19 vaccine; and R21 Matrix-M adjuvant malaria vaccine. It has license and collaboration agreements with Sanofi, Pfizer Inc., Takeda Pharmaceutical Company Limited, and Serum Life Sciences Limited for the to develop, manufacture, and commercialize the COVID-19 vaccine. The company was incorporated in 1987 and is headquartered in Gaithersburg, Maryland.
Novavax, Inc. — frequently asked questions
What is Novavax, Inc.'s revenue?
Novavax, Inc. (NVAX) reported revenue of $1.12B for fiscal year 2025, up 64.7% from the prior year, according to its SEC filings.
Is Novavax, Inc. profitable?
Yes. NVAX earned net income of $440.30M in fiscal 2025, a net margin of 39.2%.
What is NVAX's P/E ratio?
Novavax, Inc. trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How fast is Novavax, Inc. growing?
NVAX's revenue grew at roughly 18.8% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Novavax, Inc. have?
As of fiscal year 2025, NVAX carried roughly $244.21M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Novavax, Inc.'s gross margin?
NVAX's gross margin was 93.5% in fiscal 2025 — gross profit of $1.05B on revenue of $1.12B.
What is Novavax, Inc.'s market cap?
Novavax, Inc. (NVAX) has a market capitalization of about $1.44B, based on the latest data in our nightly-refreshed cache.
When does Novavax, Inc.'s fiscal year end?
NVAX's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from Novavax, Inc.'s official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.