Vaxart, Inc. (VXRT) Key Metrics
VXRT valuation today
Trailing 12 months · as of October 21, 2026- Market cap
- $114.6M
- Enterprise value
- $61.6M
- P/E (TTM)
- 2.9
- Forward P/E
- 42.7
- PEG ratio
- —
- Price / sales
- 0.5 10-yr median 19.9
- Price / book
- 1.4 10-yr median 5.7
- EV / EBITDA
- 1.3
- Dividend yield
- —
- Beta
- 1.06
VXRT key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsVXRT valuation Price multiples at each fiscal year-end price.
VXRT returns How much profit the business earns on the capital it uses.
VXRT per-share figures Results divided by the shares outstanding at year-end.
VXRT financial health Debt, liquidity and how easily interest is covered.
VXRT efficiency & capital use Working capital cycle and where the cash goes.
VXRT valuation history
VXRT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VXRT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VXRT cash returned to shareholders
VXRT price vs earnings per share
VXRT key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $80.6M | $322.6M | $279.1M | $468.2M | $3.06B | $2.78B | $75.6M | $118.7M | — | — |
| Enterprise value | $25.8M | $294.2M | $265.9M | $401.9M | $2.91B | $2.68B | $64.4M | $110.9M | — | — |
| P/E ratio | 4.9 | — | — | — | — | — | — | — | — | — |
| Price / sales | 0.3 | 11.2 | 37.8 | — | — | 687.7 | 7.7 | 28.6 | — | — |
| Price / book | 0.9 | 5.5 | 4.8 | 4.2 | 16.3 | 22.5 | 5.8 | 10.6 | — | — |
| Price / free cash flow | 10.7 | — | — | — | — | — | — | — | — | — |
| Price / operating cash flow | 10.5 | — | — | — | — | — | — | — | — | — |
| EV / sales | 0.1 | 10.3 | 36.0 | — | — | 661.8 | 6.5 | 26.7 | — | — |
| EV / EBITDA | 0.9 | — | — | — | — | — | — | — | — | — |
| EV / free cash flow | 3.4 | — | — | — | — | — | — | — | — | — |
| Earnings yield | 20.3% | −20.8% | −29.5% | −23.0% | −2.3% | −1.2% | −24.7% | −15.2% | — | — |
| Free cash flow yield | 9.4% | −14.0% | −25.9% | −22.3% | −2.1% | −0.9% | −18.4% | −12.8% | — | — |
| Shareholder yield (dividends + buybacks) | — | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Share price at fiscal year-end | $0.35 | $0.66 | $0.57 | $0.96 | $6.27 | $5.71 | $0.35 | $1.88 | $6.23 | $13.53 |
| Per share | ||||||||||
| Revenue per share | $1.03 | $0.06 | $0.02 | $0.00 | $0.00 | $0.01 | $0.05 | $0.07 | — | — |
| Earnings per share | $0.07 | −$0.14 | −$0.17 | −$0.22 | −$0.14 | −$0.07 | −$0.09 | −$0.29 | — | — |
| Operating cash flow per share | $0.03 | −$0.09 | −$0.14 | −$0.19 | −$0.12 | −$0.05 | −$0.06 | −$0.23 | — | — |
| Free cash flow per share | $0.03 | −$0.09 | −$0.15 | −$0.21 | −$0.13 | −$0.05 | −$0.06 | −$0.24 | — | — |
| Cash per share | $0.28 | $0.11 | $0.08 | $0.19 | $0.34 | $0.26 | $0.06 | $0.18 | — | — |
| Book value per share | $0.38 | $0.12 | $0.12 | $0.23 | $0.38 | $0.25 | $0.06 | $0.18 | — | — |
| Tangible book value per share | $0.35 | $0.10 | $0.10 | $0.21 | $0.35 | $0.22 | −$0.02 | −$0.13 | — | — |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.02 | $0.01 | $0.00 | $0.00 | $0.01 | — | — |
| Debt per share | $0.04 | $0.05 | $0.05 | $0.06 | $0.05 | $0.05 | $0.01 | $0.06 | — | — |
| Shares outstanding | 230.3M | 487.3M | 487.3M | 487.3M | 487.3M | 487.3M | 215.7M | 63.2M | — | — |
| Change in shares outstanding | −52.7% | 0.0% | 0.0% | 0.0% | 0.0% | +125.9% | +241.5% | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 22.3% | −114.7% | −97.9% | −72.3% | −45.3% | −47.3% | −154.2% | −120.3% | −38.4% | −43.9% |
| Return on invested capital (ROIC) | 55.3% | −139.5% | −148.1% | −201.4% | −178.9% | −233.6% | −486.0% | −153.4% | — | — |
| Return on assets (ROA) | 9.3% | −51.9% | −67.1% | −57.5% | −37.7% | −34.0% | −51.6% | −47.8% | −22.1% | −33.4% |
| Return on tangible assets | 9.1% | −42.3% | −99.3% | −74.7% | −34.2% | −23.5% | −93.5% | −113.9% | −31.1% | −35.0% |
| Free cash flow margin | 3.2% | −157.9% | −980.1% | — | — | −617.2% | −141.4% | −366.8% | −174.0% | −153.8% |
| Income quality (OCF / net income) | 0.47 | — | — | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $9.0M | $23.3M | $26.5M | $27.4M | $24.5M | $22.1M | $2.3M | $3.6M | $38.9M | $700,000 |
| Cash & short-term investments | $63.8M | $51.7M | $39.7M | $93.7M | $166.5M | $126.9M | $13.5M | $11.5M | $38.6M | $69.0M |
| Net debt | −$54.8M | −$28.4M | −$13.2M | −$66.3M | −$142.0M | −$104.7M | −$11.2M | −$7.8M | $322,000 | −$68.3M |
| Debt / equity | 0.10 | 0.40 | 0.46 | 0.25 | 0.13 | 0.18 | 0.18 | 0.32 | 2.08 | 0.02 |
| Debt / assets | 0.05 | 0.14 | 0.29 | 0.18 | 0.11 | 0.15 | 0.06 | 0.10 | 0.97 | 0.01 |
| Net debt / EBITDA | −1.94 | — | — | — | — | — | — | — | — | — |
| Current ratio | 1.57 | 0.75 | 3.32 | 5.55 | 15.69 | 10.93 | 1.92 | 1.96 | 6.76 | 7.87 |
| Quick ratio | 1.57 | 0.75 | 3.32 | 5.44 | 15.69 | 10.91 | 1.92 | 1.96 | 6.76 | 7.87 |
| Interest coverage | 6.4 | -22.3 | -57.6 | -87.8 | -49.2 | -16.1 | -6.6 | -8.1 | -5.1 | -84.0 |
| Working capital | $49.4M | −$22.6M | $31.8M | $81.5M | $158.4M | $116.8M | $8.4M | $7.2M | $34.0M | $63.2M |
| Invested capital | $33.0M | $30.5M | $44.6M | $44.3M | $45.6M | $18.7M | $1.7M | $3.4M | $19.0M | −$22.1M |
| Tangible asset value | $80.5M | $50.9M | $49.0M | $101.1M | $172.4M | $108.0M | −$4.1M | −$8.2M | $18.7M | $46.2M |
| Net current asset value | $37.8M | −$39.2M | $11.5M | $56.2M | $135.5M | $99.4M | −$6.5M | −$9.3M | $18.5M | $45.9M |
| Graham number | $0.78 | — | — | — | — | — | — | — | — | — |
| Graham net-net per share | $0.02 | −$0.10 | $0.02 | $0.11 | $0.27 | $0.20 | −$0.04 | −$0.18 | — | — |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | $0 |
| Share buybacks (net) | — | $0 | $366,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Capex / revenue | 0.1% | 1.9% | 25.4% | 8,972.9% | 578.1% | 30.2% | 8.6% | 17.0% | 2.0% | 2.2% |
| Capex / operating cash flow | 1.9% | — | — | — | — | — | — | — | — | — |
| Capex / depreciation | 0.02 | 0.06 | 0.22 | 1.65 | 1.23 | 0.45 | 0.24 | 0.22 | 0.31 | 2.00 |
| Stock-based compensation / revenue | 3.5% | 40.1% | 191.5% | 12,698.1% | 994.1% | 107.7% | 6.4% | 13.0% | 8.2% | 21.5% |
| R&D / revenue | 85.0% | 258.6% | 923.5% | 75,751.4% | 5,465.1% | 490.9% | 147.4% | 415.4% | 211.6% | 282.8% |
| SG&A / revenue | 7.4% | 72.4% | 306.1% | 27,463.6% | 2,454.0% | 375.7% | 62.7% | 160.6% | 44.5% | 60.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 48.7 | 95.2 | 74.9 | 155.2 | 82.9 | 178.3 | 100.2 | 105.1 | 40.6 | 261.0 |
| Days of inventory on hand | — | — | 81.1 | 111.7 | 0.8 | 2.0 | 0.0 | 0.0 | — | 0.0 |
| Days payables outstanding | — | 354.5 | 287.9 | 524.3 | 22.5 | 27.4 | 22.8 | 25.0 | 78.3 | 10,585.0 |
| Cash conversion cycle (days) | — | -259.3 | -131.9 | -257.4 | 61.2 | 152.9 | 77.4 | 80.2 | -37.7 | -10,324.0 |
| Receivables turnover | 7.49 | 3.83 | 4.87 | 2.35 | 4.40 | 2.05 | 3.64 | 3.47 | 8.98 | 1.40 |
| Payables turnover | 0.00 | 1.03 | 1.27 | 0.70 | 16.24 | 13.31 | 16.03 | 14.63 | 4.66 | 0.03 |
| Inventory turnover | — | — | 4.50 | 3.27 | 445.19 | 181.40 | 14,540,000.00 | 17,275,000.00 | — | 200,000.00 |
| Asset turnover | 1.35 | 0.22 | 0.06 | 0.00 | 0.00 | 0.04 | 0.27 | 0.11 | 0.10 | 0.12 |
| Average receivables | $31.7M | $7.5M | $1.5M | $45,500 | $202,500 | $2.0M | $2.7M | $1.2M | $650,000 | $6.7M |
| Average payables | $14.2M | $4.3M | $3.5M | $4.7M | $3.0M | $1.5M | $907,000 | $1.2M | $2.6M | $2.9M |
| Average inventory | — | — | $1.0M | $1.0M | $109,500 | $109,500 | $1 | $1 | — | $0 |
| Intangibles / total assets | 3.9% | 4.8% | 9.6% | 6.2% | 6.8% | 10.1% | 46.2% | 55.1% | 0.1% | 0.1% |
Computed from VXRT's annual financial statements (latest annual report filed March 13, 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.
VXRT valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Vaxart traded at 4.9 times earnings. Based on the latest twelve months, the trailing P/E is 2.9 and the forward P/E is 42.7. Vaxart earned a return on equity of 22.3% and a return on invested capital of 55.3% in fiscal 2025. It ended the year with $9.0 million of debt and $63.8 million in cash and short-term investments, a net cash position of $54.8 million.
See the VXRT income statement, the VXRT chart for price history, or the VXRT stock overview for the latest quote and news.
VXRT key metrics FAQ
What is Vaxart's P/E ratio?
Vaxart's trailing P/E ratio is 2.9 based on the last twelve months of earnings (as of October 21, 2026), and its forward P/E is 42.7. At the end of fiscal 2025 it was 4.9.
What is Vaxart's EV/EBITDA?
Vaxart's enterprise value was 0.9 times EBITDA at the end of fiscal 2025 (enterprise value $25.8 million, EBITDA $28.2 million); the current EV/EBITDA is 1.3.
What is Vaxart's return on equity?
Vaxart's return on equity (ROE) was 22.3% in fiscal 2025: net income of $16.3 million on average shareholders' equity of $73.4 million.
What is Vaxart's ROIC?
Vaxart's return on invested capital was 55.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Vaxart have?
Vaxart had total debt of $9.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.10 and more cash than debt.
What is Vaxart's free cash flow yield?
Vaxart generated $7.6 million of free cash flow in fiscal 2025, a free cash flow yield of 9.4% on its market value at year-end ($80.6 million).
What is Vaxart's current ratio?
Vaxart's current ratio was 1.57 at the end of fiscal 2025: current assets were 1.57 times current liabilities.