Novavax (NVAX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Novavax

NasdaqGS•Healthcare•Biotechnology

$9.23-0.36(-0.04%)Pre-market

Market Cap

$1.65B

P/S

4.0x

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.

How this company scores

WeakMetricSide Score: 23/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Profitability (8/25); weakest: Growth (3/25).

Profitability8/25

Growth3/25

Balance Sheet & Red Flags5/25

Cash & Earnings Quality7/25

Strengths

Long cash runway

Grade capped at D

Negative equity — the balance sheet is insolvent.
Interest coverage below 1× (-10.3x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 2.5x5y range 2.2x – 4.1x

Currently near its 4-quarter median.

P/S · 4.0x5y range 0.4x – 12.6x

Currently above its 20-quarter median.

P/B · 27.1x5y range 27.1x – 87.5x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $1.65B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $413.80M
Q. Revenue: $56.70M
TTM EBITDA: $-193.42M
TTM Op. Income: $-234.12M
Q. Op. Income: $-54.91M
TTM Net Income: $-247.73M
Q. Net Income: $-53.39M
EPS: $-0.32
Shares Out.: $164.57M

$413.80M in TTM revenue declined 61.6% YoY, reaching $56.70M last quarter. TTM EBITDA of $-193.42M and TTM operating income of $-234.12M show growth is flowing through to the bottom line. However, net income is negative at $247.73M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 2 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 74.9%
EBITDA Margin: -91.4%
Op. Margin: -96.8%
Net Margin: -94.2%

Op. margin of -96.8% is down 139.1% YoY — costs are rising relative to revenue. Net margin at -94.2% and gross margin of 74.9% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 4.0x
P/B Ratio: N/A

P/S of 4.0x and P/B of 0.0x. Over the past year, P/E is up 0% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $955.58M
Cash: $191.46M
Long-Term Debt: $291.49M
Book Value: $-190.71M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-72.81M
TTM Free Cash Flow: $-42.85M
FCF Margin: -10.4%
FCF / Net Income: 0.2

TTM FCF of $-42.85M on $-72.81M in operating cash flow. The FCF / Net Income ratio of 0.2x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has risen for 4 consecutive quarters — an improving trend.