Novavax, Inc. (NVAX) Balance Sheet
NVAX balance sheet, 2025
December 31, 2025 · U.S. dollars$1.18B assets = $1.30B liabilities + −$127.8M equity
Liabilities exceed assets: shareholders’ equity is negative (−$127.8M).
Both columns are drawn to the same scale: what NVAX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NVAX financial health
Descriptive bands, not a rating. Fiscal 2025.
NVAX balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $394.3M2016 | $1.18B2025 | +12.9%/yr | |
| Total liabilities | $399.8M2016 | $1.30B2025 | +14.0%/yr | |
| Shareholders’ equity | −$5.5M2016 | −$127.8M2025 | — | |
| Cash & short-term investments | $144.4M2016 | $735.1M2025 | +19.8%/yr | |
| Total debt | $345.9M2016 | $248.8M2025 | −3.6%/yr | |
| Net cash (debt) | −$201.6M2016 | $486.3M2025 | +$687.8M | |
| Working capital | $221.4M2016 | $518.3M2025 | +$296.9M | |
| Book value per share | $10.902020 | −$0.742025 | — | |
| Current ratio | 4.332016 | 2.132025 | −2.21 | |
| Shares outstanding | 57.6M2020 | 173.1M2025 | +24.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NVAX assets
NVAX liabilities and equity
NVAX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NVAX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $735.1M | $923.1M | $568.5M | $1.34B | $1.52B | $711.0M | $78.8M | $70.2M | $106.3M | $144.4M |
| Cash & equivalents | $240.6M | $530.2M | $568.5M | $1.34B | $1.52B | $553.4M | $78.8M | $70.2M | $106.3M | $144.4M |
| Short-term investments | $494.4M | $392.9M | $10.4M | — | $0 | $157.6M | $0 | $22.0M | $51.0M | $91.1M |
| Receivables | $106.4M | $108.3M | $297.2M | $82.4M | $455.0M | $262.0M | $7.5M | −$70.3M | $37.9M | $233,000 |
| Inventory | $11.5M | $8.7M | $41.7M | $36.7M | $8.9M | −$166.7M | −$83.0M | $12.0M | $13.1M | $15.7M |
| Other current assets | $125.2M | $88.8M | $236.4M | $247.4M | $176.1M | $441.8M | $93.9M | $107.5M | $46.0M | $127.5M |
| Total current assets | $978.3M | $1.13B | $1.14B | $1.70B | $2.16B | $1.25B | $97.2M | $119.3M | $203.3M | $287.8M |
| Property, plant & equipment (net) | $67.7M | $300.0M | $491.0M | $400.5M | $228.7M | $180.0M | $11.4M | $28.4M | $36.0M | $40.2M |
| Goodwill & intangible assets | $113.5M | $107.5M | $127.5M | $126.3M | $136.2M | $141.1M | $56.7M | $58.5M | $61.4M | $60.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $17.1M | $24.0M | $35.2M | $28.5M | $56.7M | $13.2M | $7.5M | $1.8M | $1.8M | $5.4M |
| Total assets | $1.18B | $1.56B | $1.80B | $2.26B | $2.58B | $1.58B | $173.0M | $208.0M | $302.5M | $394.3M |
| Liabilities | ||||||||||
| Accounts payable | $24.6M | $41.6M | $132.6M | $216.5M | $127.0M | $54.3M | $2.9M | $9.3M | $5.6M | $5.7M |
| Short-term debt | $2.5M | $7.0M | $5.1M | $352.1M | $130.5M | $322.0M | $1.3M | $24.6M | $34.7M | $29.6M |
| Deferred revenue | $140.1M | $675.1M | $241.3M | $370.1M | $1.42B | $273.2M | $1.7M | $10.0M | $25.6M | $30.1M |
| Total current liabilities | $459.9M | $1.15B | $1.64B | $2.46B | $2.39B | $322.0M | $25.8M | $45.5M | $73.7M | $66.4M |
| Long-term debt | $244.2M | $169.7M | $168.0M | $166.5M | $323.5M | $322.0M | $320.6M | $319.2M | $317.8M | $316.3M |
| Lease obligations | $4.6M | $60.7M | $61.1M | $58.4M | $130.5M | $149.7M | $1.3M | — | — | — |
| Other long-term liabilities | $600.1M | $860.2M | $711.3M | $266.3M | $214.6M | $311.2M | $12.6M | $11.2M | $12.8M | $17.1M |
| Total liabilities | $1.30B | $2.18B | $2.51B | $2.89B | $2.93B | $955.3M | $359.0M | $375.9M | $404.2M | $399.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.6M | $1.6M | $1.4M | $868,000 | $764,000 | $714,000 | $324,000 | $3.8M | $3.2M | $2.7M |
| Retained earnings (deficit) | −$4.57B | −$5.01B | −$4.82B | −$4.28B | −$3.62B | −$1.87B | −$1.43B | −$1.30B | −$1.11B | −$930.0M |
| Treasury stock | — | — | — | — | −$85.1M | −$41.8M | −$2.6M | −$2.5M | −$2.5M | −$2.5M |
| Accumulated other comprehensive income | $2.0M | −$22.6M | $2.7M | −$6.4M | −$1.4M | $7.0M | −$12.5M | −$11.2M | −$8.6M | −$11.8M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | −$127.8M | −$623.8M | −$716.9M | −$634.1M | −$351.7M | $627.2M | −$186.0M | −$167.9M | −$101.7M | −$5.5M |
| Key figures | ||||||||||
| Total debt | $248.8M | $230.4M | $229.1M | $549.8M | $454.0M | $322.0M | $321.9M | $343.8M | $352.5M | $345.9M |
| Net cash (debt) | $486.3M | $692.7M | $339.4M | $787.1M | $1.06B | $389.0M | −$243.1M | −$273.7M | −$246.1M | −$201.6M |
| Working capital | $518.3M | −$25.5M | −$491.2M | −$756.6M | −$235.2M | $926.2M | $71.5M | $73.7M | $129.6M | $221.4M |
| Tangible book value | −$241.2M | −$731.3M | −$844.4M | −$760.4M | −$487.9M | $486.1M | −$242.8M | −$226.4M | −$163.2M | −$66.4M |
| Book value per share | −$0.74 | −$4.10 | −$7.11 | −$8.11 | −$4.73 | $10.90 | — | — | — | — |
| Shares outstanding | 173.1M | 152.2M | 100.8M | 78.2M | 74.4M | 57.6M | — | — | — | — |
| Current ratio | 2.13 | 0.98 | 0.70 | 0.69 | 0.90 | 3.88 | 3.77 | 2.62 | 2.76 | 4.33 |
| Quick ratio | 1.83 | 0.89 | 0.53 | 0.58 | 0.82 | 3.02 | 3.35 | −0.00 | 1.96 | 2.18 |
| Debt / equity | — | — | — | — | — | 0.51 | — | — | — | — |
| Equity / assets | −10.9% | −40.0% | −39.9% | −28.1% | −13.6% | 39.6% | −107.6% | −80.7% | −33.6% | −1.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $719.3M | $790.3M | $735.1M | $762.9M | $612.3M | $731.5M | $923.1M | $909.5M | $1.05B | $480.6M | $568.5M | $651.1M |
| Cash & equivalents | $191.5M | $228.4M | $240.6M | $268.0M | $253.7M | $263.3M | $530.2M | $573.6M | $680.2M | $480.6M | $568.5M | $651.1M |
| Short-term investments | $527.9M | $562.0M | $494.4M | $494.9M | $358.6M | $468.1M | $392.9M | $335.9M | $369.4M | — | $0 | — |
| Receivables | $18.7M | $23.3M | $106.4M | $34.2M | $226.4M | $44.5M | $108.3M | $95.0M | $32.1M | $21.4M | $297.2M | $123.7M |
| Inventory | $10.0M | $11.5M | $11.5M | $13.5M | $10.2M | $10.3M | $8.7M | $8.6M | $9.2M | $15.8M | $41.7M | $69.6M |
| Other current assets | $23.0M | $25.7M | $125.2M | $164.0M | $70.6M | $81.8M | $88.8M | $90.5M | $112.5M | $209.4M | $236.4M | $162.4M |
| Total current assets | $771.1M | $850.8M | $978.3M | $974.6M | $919.5M | $868.0M | $1.13B | $1.10B | $1.20B | $727.1M | $1.14B | $1.01B |
| Property, plant & equipment (net) | $58.0M | $63.5M | $67.7M | $73.0M | $282.7M | $291.0M | $300.0M | $451.5M | $458.1M | $472.3M | $491.0M | $491.7M |
| Goodwill & intangible assets | $112.5M | $112.9M | $113.5M | $113.1M | $113.0M | $112.0M | $107.5M | $126.8M | $123.4M | $123.2M | $127.5M | $123.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $14.0M | $16.0M | $17.1M | $19.2M | $21.4M | $21.9M | $24.0M | $30.5M | $33.8M | $31.0M | $35.2M | $34.9M |
| Total assets | $955.6M | $1.04B | $1.18B | $1.18B | $1.34B | $1.29B | $1.56B | $1.71B | $1.82B | $1.35B | $1.80B | $1.66B |
| Liabilities | ||||||||||||
| Accounts payable | $22.9M | $16.1M | $24.6M | $15.2M | $50.6M | $34.2M | $41.6M | $57.5M | $80.0M | $57.7M | $132.6M | $101.9M |
| Short-term debt | $4.1M | $2.1M | $2.5M | $5.0M | $5.6M | $5.5M | $7.0M | $9.7M | $9.4M | $6.3M | $5.1M | $1.3M |
| Deferred revenue | $86.6M | $88.8M | $140.1M | $104.3M | $113.8M | $108.3M | $675.1M | $613.4M | $666.4M | $240.9M | $241.3M | $192.2M |
| Total current liabilities | $330.6M | $342.5M | $459.9M | $429.9M | $389.1M | $422.2M | $1.15B | $1.18B | $1.16B | $804.4M | $1.64B | $1.47B |
| Long-term debt | $291.5M | $291.0M | $244.2M | $243.8M | $170.6M | $170.1M | $169.7M | $169.3M | $168.8M | $168.4M | $168.0M | $167.6M |
| Lease obligations | $5.8M | $4.0M | $4.6M | $7.3M | $57.9M | $58.5M | $60.7M | $64.0M | $64.4M | $60.9M | $61.1M | $54.5M |
| Other long-term liabilities | $524.2M | $554.4M | $600.1M | $662.9M | $739.2M | $776.3M | $860.2M | $888.7M | $923.7M | $1.25B | $711.3M | $699.3M |
| Total liabilities | $1.15B | $1.19B | $1.30B | $1.34B | $1.30B | $1.37B | $2.18B | $2.24B | $2.25B | $2.22B | $2.51B | $2.34B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.7M | $1.7M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.4M | $1.4M | $1.2M |
| Retained earnings (deficit) | −$4.63B | −$4.58B | −$4.57B | −$4.59B | −$4.38B | −$4.49B | −$5.01B | −$4.93B | −$4.81B | −$4.97B | −$4.82B | −$4.64B |
| Accumulated other comprehensive income | −$7.4M | −$5.1M | $2.0M | −$1.7M | −$458,000 | $1.6M | −$22.6M | $3.6M | −$10.5M | −$10.8M | $2.7M | −$11.9M |
| Total shareholders' equity | −$190.7M | −$144.8M | −$127.8M | −$156.7M | $37.6M | −$75.6M | −$623.8M | −$526.4M | −$431.7M | −$867.1M | −$716.9M | −$678.4M |
| Key figures | ||||||||||||
| Total debt | $295.6M | $295.1M | $248.8M | $251.1M | $228.5M | $228.7M | $230.4M | $233.3M | $233.2M | $229.3M | $229.1M | $222.1M |
| Net cash (debt) | $423.7M | $495.3M | $486.3M | $511.8M | $383.8M | $502.8M | $692.7M | $676.2M | $816.3M | $251.3M | $339.4M | $429.0M |
| Working capital | $440.5M | $508.4M | $518.3M | $544.7M | $530.4M | $445.9M | −$25.5M | −$77.3M | $45.6M | −$77.3M | −$491.2M | −$461.8M |
| Tangible book value | −$303.2M | −$257.6M | −$241.2M | −$269.8M | −$75.3M | −$187.7M | −$731.3M | −$653.2M | −$555.1M | −$990.3M | −$844.4M | −$802.1M |
| Book value per share | −$1.16 | −$0.89 | −$0.74 | −$0.97 | $0.21 | −$0.43 | −$3.89 | −$3.29 | −$2.60 | −$6.20 | −$5.80 | −$6.56 |
| Shares outstanding | 164.6M | 163.3M | 173.1M | 162.4M | 177.2M | 177.6M | 160.2M | 160.0M | 165.9M | 139.9M | 123.7M | 103.4M |
| Current ratio | 2.33 | 2.48 | 2.13 | 2.27 | 2.36 | 2.06 | 0.98 | 0.93 | 1.04 | 0.90 | 0.70 | 0.69 |
| Quick ratio | 2.23 | 2.38 | 1.83 | 1.85 | 2.16 | 1.84 | 0.89 | 0.85 | 0.93 | 0.62 | 0.53 | 0.53 |
| Debt / equity | — | — | — | — | 6.07 | — | — | — | — | — | — | — |
| Equity / assets | −20.0% | −13.9% | −10.9% | −13.3% | 2.8% | −5.9% | −40.0% | −30.7% | −23.7% | −64.1% | −39.9% | −40.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
NVAX financial position
At the end of fiscal 2025 (December 31, 2025), Novavax had total assets of $1.2 billion (down 24.6% from a year earlier), total liabilities of $1.3 billion and shareholders' equity of -$127.8 million. It held $735.1 million in cash and short-term investments against $248.8 million of debt, a net cash position of $486.3 million. Its current ratio was 2.13. In the latest quarter (ended June 30, 2026) total assets were $955.6 million and equity -$190.7 million.
Related: NVAX income statement, NVAX cash flow statement, NVAX key metrics. See the NVAX stock overview for the latest quote and news.
NVAX balance sheet FAQ
What are Novavax's total assets?
Novavax reported total assets of $1.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.6 billion a year earlier.
How much debt does Novavax have?
Novavax had $248.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Novavax have?
Novavax held $735.1 million in cash and short-term investments at the end of fiscal 2025; with $248.8 million of debt that is net cash of $486.3 million.
What is Novavax's book value?
Novavax's shareholders' equity (book value) was -$127.8 million at the end of fiscal 2025, or −$0.74 per share.
What is Novavax's current ratio?
Novavax had current assets of $978.3 million and current liabilities of $459.9 million, a current ratio of 2.13 (it can cover its short-term obligations).
How much goodwill does Novavax have?
Novavax carried $113.5 million of goodwill and intangible assets, 9.6% of total assets, at the end of fiscal 2025.