Vaxcyte, Inc. (PCVX) Balance Sheet
PCVX balance sheet, 2025
December 31, 2025 · U.S. dollars$3.05B assets = $360.5M liabilities + $2.69B equity
Both columns are drawn to the same scale: what PCVX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PCVX financial health
Descriptive bands, not a rating. Fiscal 2025.
PCVX balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $39.6M2017 | $3.05B2025 | +72.1%/yr | |
| Total liabilities | $8.7M2017 | $360.5M2025 | +59.3%/yr | |
| Shareholders’ equity | $30.9M2017 | $2.69B2025 | +74.7%/yr | |
| Cash & short-term investments | $36.1M2017 | $1.56B2025 | +60.1%/yr | |
| Total debt | $4.5M2017 | $228.8M2025 | +63.4%/yr | |
| Net cash (debt) | $31.6M2017 | $1.33B2025 | +$1.3B | |
| Working capital | $32.1M2017 | $1.42B2025 | +$1.4B | |
| Book value per share | −$2.182019 | $19.732025 | — | |
| Current ratio | 8.532017 | 7.912025 | −0.62 | |
| Debt / equity | 0.152017 | 0.092025 | −0.06 | |
| Shares outstanding | 48.9M2019 | 136.1M2025 | +18.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PCVX assets
PCVX liabilities and equity
PCVX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PCVX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $1.56B | $1.75B | $1.08B | $931.4M | $246.0M | $386.2M | $59.0M | $66.1M | $36.1M |
| Cash & equivalents | $174.0M | $387.9M | $397.5M | $834.7M | $69.0M | $386.2M | $59.0M | $66.1M | $36.1M |
| Short-term investments | $1.39B | $1.36B | $682.8M | $96.7M | $177.0M | $0 | — | — | — |
| Receivables | $46.6M | $20.7M | $3.6M | $1.0M | $1.2M | $300,000 | $200,000 | $0 | $0 |
| Inventory | $0 | $0 | −$6.2M | −$1.0M | −$1.2M | −$300,000 | −$200,000 | $0 | $0 |
| Other current assets | $19.8M | $20.1M | $18.3M | $11.2M | $10.4M | $2.8M | $2.7M | $578,000 | $209,000 |
| Total current assets | $1.63B | $1.79B | $1.10B | $942.6M | $256.3M | $389.0M | $61.7M | $66.7M | $36.3M |
| Property, plant & equipment (net) | $491.7M | $270.1M | $110.6M | $31.6M | $35.9M | $3.3M | $3.4M | $3.4M | $3.0M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $881.7M | $1.39B | $162.7M | $26.5M | $27.1M | $0 | $0 | $0 | $0 |
| Other non-current assets | $45.2M | $65.7M | $38.7M | $5.4M | $5.0M | $550,000 | $584,000 | $723,000 | $311,000 |
| Total assets | $3.05B | $3.51B | $1.41B | $1.01B | $324.3M | $392.8M | $65.7M | $70.8M | $39.6M |
| Liabilities | |||||||||
| Accounts payable | $70.9M | $48.5M | $14.6M | $9.8M | $6.8M | $29.8M | $3.4M | $2.8M | $1.8M |
| Short-term debt | $6.1M | $5.9M | $7.1M | $5.9M | $5.3M | — | $161,000 | $297,000 | $283,000 |
| Deferred revenue | — | — | −$119.7M | — | — | — | — | −$297,000 | — |
| Total current liabilities | $205.8M | $140.2M | $145.3M | $40.5M | $28.7M | $46.9M | $11.1M | $6.7M | $4.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $450,000 | $3.6M | $3.8M |
| Lease obligations | $117.5M | $71.1M | $29.2M | $17.9M | $16.8M | $0 | $161,000 | $458,000 | — |
| Other long-term liabilities | $154.7M | $65.3M | $22.1M | $12.0M | $11.6M | $122,000 | $160.6M | $118.2M | $670,000 |
| Total liabilities | $360.5M | $205.5M | $167.4M | $52.6M | $40.3M | $47.0M | $172.1M | $128.5M | $8.7M |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $134,000 | $128,000 | $98,000 | $82,000 | $56,000 | $54,000 | $7,000 | $6,000 | $6,000 |
| Retained earnings (deficit) | −$2.15B | −$1.39B | −$924.4M | −$522.1M | −$298.6M | −$198.6M | −$109.3M | −$59.1M | −$29.6M |
| Accumulated other comprehensive income | $1.6M | −$3.9M | $179,000 | −$361,000 | −$241,000 | −$392.8M | −$160.3M | −$1.8M | — |
| Total shareholders' equity | $2.69B | $3.31B | $1.24B | $953.6M | $284.0M | $345.8M | −$106.4M | −$57.7M | $30.9M |
| Key figures | |||||||||
| Total debt | $228.8M | $71.1M | $29.2M | $17.9M | $16.8M | — | $611,000 | $3.9M | $4.5M |
| Net cash (debt) | $1.33B | $1.68B | $1.05B | $913.4M | $229.2M | — | $58.4M | $62.1M | $31.6M |
| Working capital | $1.42B | $1.65B | $950.6M | $902.0M | $227.6M | $342.1M | $50.7M | $60.0M | $32.1M |
| Tangible book value | $2.69B | $3.31B | $1.24B | $953.6M | $284.0M | $345.8M | −$106.4M | −$57.7M | $30.9M |
| Book value per share | $19.73 | $27.10 | $12.77 | $14.70 | $5.47 | — | −$2.18 | — | — |
| Shares outstanding | 136.1M | 122.0M | 97.2M | 64.9M | 51.9M | — | 48.9M | — | — |
| Current ratio | 7.91 | 12.75 | 7.54 | 23.26 | 8.93 | 8.30 | 5.58 | 9.93 | 8.53 |
| Quick ratio | 7.81 | 12.61 | 7.46 | 23.01 | 8.61 | 8.25 | 5.35 | 9.85 | 8.48 |
| Debt / equity | 0.09 | 0.02 | 0.02 | 0.02 | 0.06 | — | — | — | 0.15 |
| Equity / assets | 88.2% | 94.1% | 88.1% | 94.8% | 87.6% | 88.0% | −161.9% | −81.5% | 78.1% |
| 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 | $1.49B | $1.74B | $1.56B | $1.71B | $1.66B | $1.67B | $1.75B | $2.18B | $1.45B | $1.49B | $1.08B | $1.27B |
| Cash & equivalents | $183.2M | $260.8M | $174.0M | $281.1M | $306.7M | $346.9M | $387.9M | $1.05B | $518.7M | $611.5M | $397.5M | $545.1M |
| Short-term investments | $1.30B | $1.48B | $1.39B | $1.43B | $1.35B | $1.32B | $1.36B | $1.13B | $934.0M | $875.0M | $682.8M | $720.5M |
| Receivables | $0 | $0 | $46.6M | $400,000 | $100,000 | $0 | $20.7M | $17.9M | $17.9M | $100,000 | $3.6M | $1.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$17.9M | −$9.5M | $12.5M | $0 | $23.1M |
| Other current assets | $65.8M | $76.3M | $19.8M | $55.4M | $54.2M | $44.8M | $20.1M | $33.4M | $20.4M | $18.0M | $12.1M | $4.7M |
| Total current assets | $1.55B | $1.81B | $1.63B | $1.77B | $1.72B | $1.72B | $1.79B | $2.21B | $1.48B | $1.52B | $1.10B | $1.30B |
| Property, plant & equipment (net) | $370.6M | $373.8M | $491.7M | $337.0M | $327.9M | $304.9M | $332.6M | $249.9M | $203.3M | $157.3M | $145.3M | $27.8M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.02B | $1.00B | $881.7M | $959.3M | $1.17B | $1.28B | $1.39B | $1.09B | $399.2M | $413.2M | $162.7M | $168.6M |
| Other non-current assets | $194.0M | $157.0M | $45.2M | $108.2M | $96.6M | $77.6M | $3.2M | $3.4M | $3.2M | $3.7M | $4.0M | $4.3M |
| Total assets | $3.14B | $3.35B | $3.05B | $3.17B | $3.31B | $3.38B | $3.51B | $3.56B | $2.09B | $2.09B | $1.41B | $1.50B |
| Liabilities | ||||||||||||
| Accounts payable | $100.9M | $63.1M | $70.9M | $49.0M | $31.4M | $20.5M | $48.5M | $18.2M | $10.5M | $21.7M | $14.6M | $15.7M |
| Short-term debt | $6.5M | $6.1M | $6.1M | $5.8M | $6.3M | $6.1M | $5.9M | $9.6M | $7.3M | $7.2M | $7.1M | $6.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$65.9M | — | — | — |
| Total current liabilities | $271.3M | $242.1M | $205.8M | $200.0M | $154.5M | $97.0M | $140.2M | $123.8M | $82.8M | $87.1M | $145.3M | $85.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $115.4M | $116.3M | $117.5M | $84.4M | $85.8M | $87.2M | $71.1M | $28.0M | $25.6M | $27.4M | $29.2M | $13.8M |
| Other long-term liabilities | $108.9M | $110.2M | $154.7M | $78.7M | $79.5M | $81.1M | $65.3M | $18.3M | $18.3M | $20.2M | $22.1M | $7.8M |
| Total liabilities | $380.2M | $352.3M | $360.5M | $278.7M | $234.0M | $178.1M | $205.5M | $142.1M | $101.1M | $107.3M | $167.4M | $93.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $148,000 | $147,000 | $134,000 | $133,000 | $133,000 | $132,000 | $128,000 | $127,000 | $114,000 | $112,000 | $98,000 | $98,000 |
| Retained earnings (deficit) | −$2.76B | −$2.48B | −$2.15B | −$1.91B | −$1.70B | −$1.53B | −$1.39B | −$1.25B | −$1.15B | −$1.02B | −$924.4M | −$743.6M |
| Accumulated other comprehensive income | −$7.5M | −$6.8M | $1.6M | $856,000 | −$1.9M | −$322,000 | −$3.9M | $139,000 | $1.8M | $2.9M | $179,000 | −$2.3M |
| Total shareholders' equity | $2.76B | $3.00B | $2.69B | $2.89B | $3.07B | $3.20B | $3.31B | $3.42B | $1.99B | $1.98B | $1.24B | $1.40B |
| Key figures | ||||||||||||
| Total debt | $115.4M | $116.3M | $228.8M | $84.4M | $85.8M | $87.2M | $71.1M | $28.0M | $25.6M | $27.4M | $29.2M | $13.8M |
| Net cash (debt) | $1.37B | $1.62B | $1.33B | $1.63B | $1.58B | $1.58B | $1.68B | $2.15B | $1.43B | $1.46B | $1.05B | $1.25B |
| Working capital | $1.28B | $1.57B | $1.42B | $1.57B | $1.56B | $1.62B | $1.65B | $2.09B | $1.40B | $1.43B | $950.6M | $1.21B |
| Tangible book value | $2.76B | $3.00B | $2.69B | $2.89B | $3.07B | $3.20B | $3.31B | $3.42B | $1.99B | $1.98B | $1.24B | $1.40B |
| Book value per share | $19.09 | $21.48 | $19.73 | $21.24 | $22.58 | $23.58 | $26.91 | $27.63 | $16.94 | $17.76 | $11.88 | $13.80 |
| Shares outstanding | 144.5M | 139.5M | 136.1M | 136.2M | 136.0M | 135.7M | 122.8M | 123.7M | 117.3M | 111.7M | 104.4M | 101.7M |
| Current ratio | 5.72 | 7.49 | 7.91 | 8.83 | 11.11 | 17.70 | 12.75 | 17.88 | 17.88 | 17.42 | 7.54 | 15.14 |
| Quick ratio | 5.48 | 7.18 | 7.81 | 8.56 | 10.76 | 17.24 | 12.61 | 17.76 | 17.75 | 17.07 | 7.46 | 14.82 |
| Debt / equity | 0.04 | 0.04 | 0.09 | 0.03 | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 |
| Equity / assets | 87.9% | 89.5% | 88.2% | 91.2% | 92.9% | 94.7% | 94.1% | 96.0% | 95.2% | 94.9% | 88.1% | 93.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
PCVX financial position
At the end of fiscal 2025 (December 31, 2025), Vaxcyte had total assets of $3.0 billion (down 13.3% from a year earlier), total liabilities of $360.5 million and shareholders' equity of $2.7 billion. It held $1.6 billion in cash and short-term investments against $228.8 million of debt, a net cash position of $1.3 billion. Its current ratio was 7.91. In the latest quarter (ended June 30, 2026) total assets were $3.1 billion and equity $2.8 billion.
Related: PCVX income statement, PCVX cash flow statement, PCVX key metrics. See the PCVX stock overview for the latest quote and news.
PCVX balance sheet FAQ
What are Vaxcyte's total assets?
Vaxcyte reported total assets of $3.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.5 billion a year earlier.
How much debt does Vaxcyte have?
Vaxcyte had $228.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.09.
How much cash does Vaxcyte have?
Vaxcyte held $1.6 billion in cash and short-term investments at the end of fiscal 2025; with $228.8 million of debt that is net cash of $1.3 billion.
What is Vaxcyte's book value?
Vaxcyte's shareholders' equity (book value) was $2.7 billion at the end of fiscal 2025, or $19.73 per share.
What is Vaxcyte's current ratio?
Vaxcyte had current assets of $1.6 billion and current liabilities of $205.8 million, a current ratio of 7.91 (it can cover its short-term obligations).