Novavax, Inc. (NVAX) Key Metrics
NVAX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.86B
- Enterprise value
- $1.32B
- P/E (TTM)
- —
- Forward P/E
- 2.6
- PEG ratio
- 1.32
- Price / sales
- 4.5 10-yr median 1.4
- Price / book
- 41.2
- EV / EBITDA
- 1.7
- Dividend yield
- —
- Beta
- 2.44
NVAX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNVAX valuation Price multiples at each fiscal year-end price.
Price / sales−42.3%
1.0
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−13.3 pts
−21.5%
2025 · hover or tap a bar for each year
20162025
NVAX returns How much profit the business earns on the capital it uses.
Return on assets+43.3 pts
32.2%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin−7.6 pts
−22.3%
2025 · hover or tap a bar for each year
20162025
Asset turnover+102.1%
0.82
2025 · hover or tap a bar for each year
20162025
NVAX per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+44.8%
$6.49
2025 · hover or tap a bar for each year
20162025
Earnings per share
$2.54
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$1.45
2025 · hover or tap a bar for each year
20162025
Book value per share
−$0.74
2025 · hover or tap a bar for each year
20162025
Shares outstanding+13.7%
173.1M
2025 · hover or tap a bar for each year
20162025
NVAX financial health Debt, liquidity and how easily interest is covered.
Net debt+$206.4M
−$486.3M
2025 · hover or tap a bar for each year
20162025
Current ratio+117.5%
2.13
2025 · hover or tap a bar for each year
20162025
Interest coverage
25.0
2025 · hover or tap a bar for each year
20162025
Debt / assets+43.2%
0.21
2025 · hover or tap a bar for each year
20162025
NVAX efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−74 days
35 days
2025 · hover or tap a bar for each year
20162025
Days of inventory+7 days
52 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding+13 days
170 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−80 days
-83 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue−1.4 pts
0.5%
2025 · hover or tap a bar for each year
20162025
NVAX valuation history
Fiscal year-endToday10-year median
NVAX returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NVAX debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NVAX cash returned to shareholders
DividendsBuybacksFree cash flow
NVAX price vs earnings per share
Share price at year-endEPS (right axis)
NVAX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.16B | $1.22B | $483.7M | $803.7M | $10.64B | $6.42B | — | — | — | — |
| Enterprise value | $677.0M | $530.9M | $144.3M | $16.6M | $9.58B | $6.03B | — | — | — | — |
| P/E ratio | 2.6 | — | — | — | — | — | — | — | — | — |
| Price / sales | 1.0 | 1.8 | 0.9 | 0.5 | 9.3 | 13.5 | — | — | — | — |
| Price / book | — | — | — | — | — | 10.2 | — | — | — | — |
| Price / free cash flow | — | — | — | — | 40.1 | — | — | — | — | — |
| Price / operating cash flow | — | — | — | — | 33.0 | — | — | — | — | — |
| EV / sales | 0.6 | 0.8 | 0.3 | 0.0 | 8.4 | 12.7 | — | — | — | — |
| EV / EBITDA | 1.4 | — | — | — | — | — | — | — | — | — |
| EV / free cash flow | — | — | — | — | 36.1 | — | — | — | — | — |
| Earnings yield | 37.9% | −15.3% | −112.7% | −81.9% | −16.4% | −6.7% | — | — | — | — |
| Free cash flow yield | −21.5% | −8.2% | −159.8% | −63.3% | 2.5% | −1.5% | — | — | — | — |
| Dividend yield | — | — | — | — | — | 0.6% | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.4% | — | — | — | 0.0% | 1.2% | — | — | — | — |
| Share price at fiscal year-end | $6.72 | $8.04 | $4.80 | $10.28 | $143.07 | $111.51 | $3.98 | $36.80 | $24.80 | $25.20 |
| Per share | ||||||||||
| Revenue per share | $6.49 | $4.48 | $5.52 | $20.45 | $15.41 | $8.26 | — | — | — | — |
| Earnings per share | $2.54 | −$1.23 | −$5.41 | −$8.42 | −$23.44 | −$7.43 | — | — | — | — |
| Operating cash flow per share | −$1.41 | −$0.57 | −$7.09 | −$5.32 | $4.34 | −$0.74 | — | — | — | — |
| Free cash flow per share | −$1.45 | −$0.66 | −$7.67 | −$6.51 | $3.57 | −$1.69 | — | — | — | — |
| Cash per share | $4.25 | $6.07 | $5.64 | $17.10 | $20.36 | $12.35 | — | — | — | — |
| Book value per share | −$0.74 | −$4.10 | −$7.11 | −$8.11 | −$4.73 | $10.90 | — | — | — | — |
| Tangible book value per share | −$1.39 | −$4.81 | −$8.38 | −$9.73 | −$6.56 | $8.45 | — | — | — | — |
| Dividends per share | — | — | — | — | — | $0.68 | — | — | — | — |
| Capex per share | $0.03 | $0.09 | $0.58 | $1.19 | $0.77 | $0.95 | — | — | — | — |
| Debt per share | $1.44 | $1.51 | $2.27 | $7.03 | $6.10 | $5.60 | — | — | — | — |
| Shares outstanding | 173.1M | 152.2M | 100.8M | 78.2M | 74.4M | 57.6M | — | — | — | — |
| Change in shares outstanding | +13.7% | +51.0% | +28.9% | +5.1% | +29.3% | — | — | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | — | — | — | — | — | −193.8% | — | — | — | — |
| Return on invested capital (ROIC) | — | — | — | — | — | −223.0% | −117.1% | −109.9% | −79.7% | −164.5% |
| Return on assets (ROA) | 32.2% | −11.2% | −26.9% | −27.2% | −83.8% | −48.7% | −68.3% | −72.4% | −52.7% | −71.8% |
| Return on tangible assets | 41.4% | −12.9% | −32.6% | −30.9% | −71.5% | −29.7% | −111.9% | −123.6% | −76.2% | −84.0% |
| Free cash flow margin | −22.3% | −14.7% | −138.9% | −31.8% | 23.2% | −20.4% | −742.0% | −543.0% | −458.3% | — |
| Income quality (OCF / net income) | −0.56 | — | — | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $248.8M | $230.4M | $229.1M | $549.8M | $454.0M | $322.0M | $321.9M | $343.8M | $352.5M | $345.9M |
| Cash & short-term investments | $735.1M | $923.1M | $568.5M | $1.34B | $1.52B | $711.0M | $78.8M | $70.2M | $106.3M | $144.4M |
| Net debt | −$486.3M | −$692.7M | −$339.4M | −$787.1M | −$1.06B | −$389.0M | $243.1M | $273.7M | $246.1M | $201.6M |
| Debt / equity | — | — | — | — | — | 0.51 | — | — | — | — |
| Debt / assets | 0.21 | 0.15 | 0.13 | 0.24 | 0.18 | 0.20 | 1.86 | 1.65 | 1.17 | 0.88 |
| Net debt / EBITDA | −0.99 | — | — | — | — | — | — | — | — | — |
| Current ratio | 2.13 | 0.98 | 0.70 | 0.69 | 0.90 | 3.88 | 3.77 | 2.62 | 2.76 | 4.33 |
| Quick ratio | 2.10 | 0.97 | 0.67 | 0.68 | 0.90 | 4.39 | 6.99 | 2.36 | 2.58 | 4.10 |
| Interest coverage | 25.0 | -12.4 | -39.3 | -32.4 | -79.8 | -27.5 | -8.9 | -14.3 | -12.2 | -20.8 |
| Working capital | $518.3M | −$25.5M | −$491.2M | −$756.6M | −$235.2M | $926.2M | $71.5M | $73.7M | $129.6M | $221.4M |
| Invested capital | −$614.0M | −$1.32B | −$1.06B | −$1.42B | −$1.41B | $238.2M | $57.0M | $105.7M | $144.4M | $196.0M |
| Tangible asset value | −$241.2M | −$731.3M | −$844.4M | −$760.4M | −$487.9M | $486.1M | −$242.8M | −$226.4M | −$163.2M | −$66.4M |
| Net current asset value | −$326.0M | −$1.06B | −$1.37B | −$1.19B | −$773.3M | $292.9M | −$261.7M | −$256.6M | −$200.9M | −$112.0M |
| Graham net-net per share | −$2.79 | −$7.72 | −$16.89 | −$18.88 | −$14.35 | −$2.28 | — | — | — | — |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | $39.1M | — | — | $0 | $0 |
| Share buybacks (net) | $4.8M | — | — | — | $0 | $39.1M | $0 | $0 | $0 | $0 |
| Dividends + buybacks / free cash flow | — | — | — | — | 0.0% | — | — | — | — | — |
| Capex / revenue | 0.5% | 1.9% | 10.6% | 5.8% | 5.0% | 11.5% | 10.0% | 4.0% | 13.4% | 118.6% |
| Capex / operating cash flow | — | — | — | — | 17.8% | — | — | — | — | — |
| Capex / depreciation | 0.20 | 0.27 | 1.43 | 3.20 | 4.54 | 11.18 | 0.33 | 0.17 | 0.43 | 2.14 |
| Stock-based compensation / revenue | 3.2% | 7.1% | 15.3% | 8.1% | 16.0% | 26.9% | 91.4% | 53.4% | 63.5% | 124.8% |
| R&D / revenue | 30.0% | 57.3% | 132.6% | 77.3% | 221.1% | 157.1% | 610.0% | 506.9% | 540.3% | 1,549.8% |
| SG&A / revenue | 14.0% | 49.4% | 85.4% | 30.6% | 26.0% | 30.5% | 184.4% | 100.4% | 110.5% | 303.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 34.9 | 108.5 | 124.5 | 61.3 | 114.2 | 103.4 | -614.4 | -172.5 | 223.3 | 30.3 |
| Days of inventory on hand | 52.1 | 45.4 | 41.6 | 9.2 | -2,274.6 | -61.0 | -113.8 | 26.3 | 31.2 | 22.0 |
| Days payables outstanding | 169.7 | 156.8 | 185.3 | 69.5 | 2,614.5 | 14.0 | 19.6 | 15.7 | 12.2 | 13.5 |
| Cash conversion cycle (days) | -82.8 | -2.9 | -19.2 | 1.1 | -4,774.9 | 28.4 | -747.7 | -161.9 | 242.3 | 38.9 |
| Receivables turnover | 10.46 | 3.36 | 2.93 | 5.95 | 3.20 | 3.53 | — | — | 1.63 | 12.03 |
| Payables turnover | 2.15 | 2.33 | 1.97 | 5.25 | 0.14 | 26.10 | 18.65 | 23.31 | 29.82 | 27.08 |
| Inventory turnover | 7.01 | 8.04 | 8.77 | 39.63 | — | — | — | 13.87 | 11.69 | 16.58 |
| Asset turnover | 0.82 | 0.41 | 0.27 | 0.66 | 0.55 | 0.54 | 0.10 | 0.13 | 0.09 | 0.04 |
| Average receivables | $107.4M | $202.8M | $189.8M | $268.7M | $358.5M | $134.8M | −$31.4M | −$16.2M | $19.1M | $1.3M |
| Average payables | $33.1M | $87.1M | $174.6M | $171.8M | $90.7M | $28.6M | $6.1M | $7.5M | $5.6M | $8.8M |
| Average inventory | $10.1M | $25.2M | $39.2M | $22.8M | −$78.9M | −$124.8M | −$35.5M | $12.5M | $14.4M | $14.4M |
| Intangibles / total assets | 9.6% | 6.9% | 7.1% | 5.6% | 5.3% | 8.9% | 32.8% | 28.1% | 20.3% | 15.4% |
Computed from NVAX's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NVAX valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Novavax traded at 2.6 times earnings. It ended the year with $248.8 million of debt and $735.1 million in cash and short-term investments, a net cash position of $486.3 million. It returned $4.8 million to shareholders: $0 in dividends and $4.8 million in share buybacks.
See the NVAX income statement, the NVAX chart for price history, or the NVAX stock overview for the latest quote and news.
NVAX key metrics FAQ
What is Novavax's P/E ratio?
Novavax traded at 2.6 times earnings at the end of fiscal 2025.
What is Novavax's EV/EBITDA?
Novavax's enterprise value was 1.4 times EBITDA at the end of fiscal 2025 (enterprise value $677.0 million, EBITDA $492.3 million); the current EV/EBITDA is 1.7.
How much debt does Novavax have?
Novavax had total debt of $248.8 million at the end of fiscal 2025 and more cash than debt.
Does Novavax buy back its shares?
Yes. Novavax spent $4.8 million on net share repurchases in fiscal 2025 Shares outstanding changed +13.7% over the year, to 173.1M..
What is Novavax's free cash flow yield?
Novavax generated -$250.2 million of free cash flow in fiscal 2025, a free cash flow yield of −21.5% on its market value at year-end ($1.2 billion).
What is Novavax's current ratio?
Novavax's current ratio was 2.13 at the end of fiscal 2025: current assets were 2.13 times current liabilities.