NVAX HealthcareBeta data

Novavax, Inc.

$9.68+1.57%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 1.6B USD
Enterprise value: 1.2B USD
Full-time employees: 749

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.44 vs a peer median of 0.63)higher risk: bigger price swings (beta 2.44 vs peers 0.63)

Ranks #1,153 of 1,157 healthcare companies (bottom 1%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Novavax's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Shareholders being diluted. Shares outstanding up 92% from December 2022 to July 2026.
Novavax had 92% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Novavax had 92% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Operating margin at a 6-year high. 40% in 2025, the best of the last 6 years.
Novavax kept 40% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Novavax looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

7/ 100

Oct 5 7 → Nov 4 7

Fundamentals: Yahoo Finance, not primary filings

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-16.3%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-8.6%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-2.7%

Yahoo Finance · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield-12.0%

Yahoo FinanceOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

0/100

Weak

2/3 inputs reported · Partial data

Since last quarter: ▼ Weaker

12-month revenue fell 30.6%

Why

Weaker than most peers on:

▼ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0976 · MAD: 0.2991

3-year revenue growth-36.3%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.70Sector median: 0.0584 · MAD: 0.0840

Revenue growth-61.6%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.87Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

18/100

Weak

2/3 inputs reported · Partial data

Since last quarter: ▼ Weaker

Operating margin fell 43.5 points to -56.6%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-56.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -5.23Sector median: 0.0706 · MAD: 0.1217

Return on assets-25.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -5.14Sector median: 0.0166 · MAD: 0.0537

Return on invested capitalUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin-2.6%

Yahoo Finance · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.44

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -4.28Sector median: 0.6250 · MAD: 0.3380

Current ratio2.33×

Yahoo FinanceReported value33% base weight · Z-score -0.18Sector median: 2.5860 · MAD: 1.3850

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -9.77Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Novavax

Is Novavax getting weaker?: Its latest SEC filing (Aug 6, 2026) got weaker in some ways: operating margin fell 43.5 points to -56.6%; 12-month revenue fell 30.6%. Its overall score is unchanged at 7/100 since Oct 28, 2026.
How is Novavax valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -16.3% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -16.3% vs peers 1.5% (weaker than 100% of peers).
Is Novavax growing?: More slowly than most of its peers. Growth scores 0/100 against 1,393 healthcare peers. 3-year revenue growth -36.3% vs a peer median of 5.8% (weaker than 100% of peers).3-year revenue growth -36.3% vs peers 5.8% (weaker than 100% of peers).
How profitable is Novavax?: Less profitable than most of its peers. Profitability scores 18/100 against 1,393 healthcare peers. Operating margin -56.6% vs a peer median of 7.1% (weaker than 84% of peers).Operating margin -56.6% vs peers 7.1% (weaker than 84% of peers).
How risky is Novavax?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 2.44 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.44 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Operating margin fell 43.5 points to -56.6%
12-month revenue fell 30.6%

Worth watching: Novavax is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	596.3M USD	413.8M USD	−30.6%
Net income (12 months)	−87.8M USD	−247.7M USD	+182.0%
Operating margin	-13.1%	-56.6%	−43.5 pts
Debt	291.0M USD	291.5M USD	+0.2%
Cash	228.4M USD	191.5M USD	−16.2%
Shares outstanding	164.4M	164.9M	+0.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	100.0%	54.5%	65.1%	70.3%	93.5%	▲ 23 pts
Operating margin	-147.1%	-32.5%	-57.6%	-36.5%	40.3%	▲ 77 pts
Net margin	-152.1%	-33.2%	-55.4%	-27.5%	39.2%	▲ 67 pts
Return on assets (ROA)	-67.7%	-29.1%	-30.3%	-12.0%	37.4%	▲ 49 pts
Return on equity (ROE)	—	—	—	—	—	—
Free cash flow margin	23.2%	-25.5%	-78.0%	-14.7%	-22.3%	▼ 7.6 pts
Current ratio	0.90×	0.69×	0.70×	0.98×	2.13×	▲ 117%
Quick ratio	0.90×	0.68×	0.67×	0.97×	2.10×	▲ 117%
Interest coverage	-79.83×	-32.43×	-39.30×	-12.40×	20.08×	▲ 262%

NVAX price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.44 vs a peer median of 0.63)higher risk: bigger price swings (beta 2.44 vs peers 0.63)

Ranks #1,153 of 1,157 healthcare companies (bottom 1%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Novavax's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Shareholders being diluted. Shares outstanding up 92% from December 2022 to July 2026.

Novavax had 92% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Novavax had 92% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Operating margin at a 6-year high. 40% in 2025, the best of the last 6 years.

Novavax kept 40% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Novavax looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about Novavax

Is Novavax getting weaker?

Its latest SEC filing (Aug 6, 2026) got weaker in some ways: operating margin fell 43.5 points to -56.6%; 12-month revenue fell 30.6%. Its overall score is unchanged at 7/100 since Oct 28, 2026.

How is Novavax valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -16.3% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -16.3% vs peers 1.5% (weaker than 100% of peers).

Is Novavax growing?

More slowly than most of its peers. Growth scores 0/100 against 1,393 healthcare peers. 3-year revenue growth -36.3% vs a peer median of 5.8% (weaker than 100% of peers).3-year revenue growth -36.3% vs peers 5.8% (weaker than 100% of peers).

How profitable is Novavax?

Less profitable than most of its peers. Profitability scores 18/100 against 1,393 healthcare peers. Operating margin -56.6% vs a peer median of 7.1% (weaker than 84% of peers).Operating margin -56.6% vs peers 7.1% (weaker than 84% of peers).

How risky is Novavax?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 2.44 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.44 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

596.3M USD

413.8M USD

−30.6%

Net income (12 months)

−87.8M USD

−247.7M USD

+182.0%

Operating margin

-13.1%

-56.6%

−43.5 pts

Debt

291.0M USD

291.5M USD

+0.2%

Cash

228.4M USD

191.5M USD

−16.2%

Shares outstanding

164.4M

164.9M

+0.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

100.0%

54.5%

65.1%

70.3%

93.5%

▲ 23 pts

Operating margin

-147.1%

-32.5%

-57.6%

-36.5%

40.3%

▲ 77 pts

Net margin

-152.1%

-33.2%

-55.4%

-27.5%

39.2%

▲ 67 pts

Return on assets (ROA)

-67.7%

-29.1%

-30.3%

-12.0%

37.4%

▲ 49 pts

Return on equity (ROE)

—

Free cash flow margin

23.2%

-25.5%

-78.0%

-14.7%

-22.3%

▼ 7.6 pts

Current ratio

0.90×

0.69×

0.70×

0.98×

2.13×

▲ 117%

Quick ratio

0.90×

0.68×

0.67×

0.97×

2.10×

▲ 117%

Interest coverage

-79.83×

-32.43×

-39.30×

-12.40×

20.08×

▲ 262%