NVAX

MKT CAP:$1B

Novavax, Inc.

Market Cap

$1B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$8.63+$1.50 (+21.11%)

Apr 20, 2026

Company Details

Novavax, Inc., a biotechnology company, focuses on the discovery, development, and commercialization of vaccines to prevent serious infectious diseases and address health needs. The company's vaccine candidates include NVX-CoV2373, a corona...

CEO

John Charles Jacobs

IPO Date

Dec 5, 1995

Website

www.novavax.com

Key Metrics TTM

Revenue

$1.1B

+64.7% YoY

Net Income

$440M

EPS (Diluted)

$2.39

Free Cash Flow

-$251M

Revenue / Share

$6.49

Gross Margin

93.3%

Operating Margin

41.3%

Net Margin

39.2%

FCF Margin

-22.3%

P/S

1.2x

P/E

3.0x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$1.1B+64.7%EPS $2.54

Q4 2025

Feb 26, 2026

$147M+66.6%EPS $0.11

Q3 2025

Nov 6, 2025

$70M-16.6%EPS -$1.25

Q2 2025

Aug 6, 2025

$239M-42.4%EPS $0.60

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$605M	$589M	$209M
Q2 22	$186M	-$85M	-$483M
Q3 22	$735M	$300M	-$127M
Q4 22	$288M	$106M	-$244M
Q1 23	-$6M	-$41M	-$313M
Q2 23	$424M	$369M	$55M
Q3 23	$22M	-$77M	-$126M
Q4 23	$291M	$142M	-$184M
Q1 24	$94M	$45M	-$139M
Q2 24	$415M	$369M	$161M
Q3 24	$85M	$24M	-$134M
Q4 24	$88M	$52M	-$131M
Q1 25	$667M	$653M	$516M
Q2 25	$239M	$225M	$106M
Q3 25	$70M	$49M	-$178M
Q4 25	$147M	$122M	$21M

Valuation

Quarter	P/S	P/E
Q1 22	3.8x	—
Q2 22	5.5x	—
Q3 22	1.7x	—
Q4 22	0.7x	—
Q1 23	1.1x	—
Q2 23	0.9x	—
Q3 23	1.8x	—
Q4 23	1.8x	—
Q1 24	1.6x	—
Q2 24	1.6x	—
Q3 24	1.5x	—
Q4 24	2.0x	—
Q1 25	1.1x	2.8x
Q2 25	1.2x	3.2x
Q3 25	1.3x	3.9x
Q4 25	1.2x	3.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$89M	-$105M
Q2 22	-$171M	-$195M
Q3 22	-$39M	-$68M
Q4 22	-$118M	-$140M
Q1 23	-$326M	-$349M
Q2 23	-$172M	-$180M
Q3 23	-$40M	-$58M
Q4 23	-$177M	-$186M
Q1 24	-$84M	-$91M
Q2 24	$314M	$311M
Q3 24	-$145M	-$147M
Q4 24	-$173M	-$175M
Q1 25	-$186M	-$187M
Q2 25	-$127M	-$128M
Q3 25	$108M	$106M
Q4 25	-$39M	-$42M

Capital Expenditures

Quarter	CapEx
Q1 22	$17M
Q2 22	$25M
Q3 22	$30M
Q4 22	$22M
Q1 23	$24M
Q2 23	$8M
Q3 23	$18M
Q4 23	$9M
Q1 24	$7M
Q2 24	$3M
Q3 24	$2M
Q4 24	$2M
Q1 25	$2M
Q2 25	$247.0K
Q3 25	$2M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+35.2%	-39.7%
Q2 22	-37.6%	+3.9%
Q3 22	+310.7%	+77.3%
Q4 22	+139.6%	+440.0%
Q1 23	-101.1%	-22.5%
Q2 23	+128.3%	-44.8%
Q3 23	-97.0%	-82.9%
Q4 23	+1.2%	-10.7%
Q1 24	+1560.1%	-24.1%
Q2 24	-2.1%	-31.0%
Q3 24	+283.0%	+48.0%
Q4 24	-69.7%	-53.8%
Q1 25	+610.3%	-35.0%
Q2 25	-42.4%	-47.5%
Q3 25	-16.6%	+13.7%
Q4 25	+66.6%	-42.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$33M	5.4%
Q2 22	$38M	20.5%
Q3 22	$32M	4.3%
Q4 22	$28M	9.6%
Q1 23	$29M	—
Q2 23	$20M	4.8%
Q3 23	$21M	94.1%
Q4 23	$16M	5.4%
Q1 24	$12M	12.3%
Q2 24	$14M	3.4%
Q3 24	$12M	14.3%
Q4 24	$10M	11.8%
Q1 25	$10M	1.5%
Q2 25	$9M	3.9%
Q3 25	$9M	12.1%
Q4 25	$8M	5.4%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$383M	—	$96M
Q2 22	$290M	—	$108M
Q3 22	$304M	$123M	—
Q4 22	$258M	$327M	—
Q1 23	$247M	—	$113M
Q2 23	$219M	—	$94M
Q3 23	$106M	—	$107M
Q4 23	$165M	—	$155M
Q1 24	$93M	—	$82M
Q2 24	$107M	—	$101M
Q3 24	$87M	—	$71M
Q4 24	$104M	—	$78M
Q1 25	$89M	—	$48M
Q2 25	$78M	—	$41M
Q3 25	$98M	—	$32M
Q4 25	$74M	—	$27M

Revenue Segments

Quarter	Grant	Product	Royalties and Other	Nuvaxovid Sales	Supply Sales
Q2 22	$108M	$55M	$23M	—	—
Q3 22	$106M	$626M	$2M	—	—
Q2 23	$137M	$285M	$2M	—	—
Q4 23	$38M	$251M	$2M	—	—
Q1 24	—	$82M	$12M	—	—
Q2 24	—	$20M	$396M	—	—
Q3 24	—	$38M	$46M	—	—
Q4 24	—	$50M	$39M	—	—
Q1 25	—	—	$45M	$608M	$14M

Revenue by Geography

Quarter	Canada	Europe	Rest of the World	United States
Q1 25	$576M	$8M	$43M	$39M
Q2 25	—	$4M	$37M	$198M
Q3 25	—	$655.0K	$13M	$57M
Q4 25	—	$3M	$33M	$111M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.6B	$0	$1.6B
Q2 22	$1.4B	$0	$1.4B
Q3 22	$1.3B	$0	$1.3B
Q4 22	$1.3B	$0	$1.3B
Q1 23	$625M	$0	$625M
Q2 23	$506M	$0	$506M
Q3 23	$651M	$0	$651M
Q4 23	$569M	$0	$569M
Q1 24	$481M	$0	$481M
Q2 24	$680M	$369M	$1.0B
Q3 24	$574M	$336M	$910M
Q4 24	$530M	$393M	$923M
Q1 25	$263M	$468M	$731M
Q2 25	$254M	$359M	$612M
Q3 25	$268M	$495M	$763M
Q4 25	$241M	$494M	$735M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	81M	+8.5%	+10.5%
Q2 22	78M	-3.2%	+5.4%
Q3 22	78M	+0.2%	+4.7%
Q4 22	80M	+2.0%	+7.3%
Q1 23	86M	+7.9%	+6.7%
Q2 23	104M	+20.8%	+33.2%
Q3 23	103M	-0.6%	+32.1%
Q4 23	124M	+19.6%	+54.9%
Q1 24	140M	+13.1%	+62.4%
Q2 24	166M	+18.5%	+59.4%
Q3 24	160M	-3.5%	+54.7%
Q4 24	160M	+0.1%	+29.6%
Q1 25	178M	+10.8%	+27.0%
Q2 25	177M	-0.2%	+6.8%
Q3 25	162M	-8.4%	+1.4%
Q4 25	173M	+6.6%	+8.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$392.4K	2K
Q2 22	$120.7K	2K
Q3 22	$476.7K	2K
Q4 22	$144.5K	2K
Q1 23	-$3.2K	2K
Q2 23	$213.1K	2K
Q3 23	$11.1K	2K
Q4 23	$188.8K	2K
Q1 24	$60.8K	2K
Q2 24	$269.3K	2K
Q3 24	$54.8K	2K
Q4 24	$92.8K	952
Q1 25	$700.3K	952
Q2 25	$251.3K	952
Q3 25	$74.0K	952
Q4 25	$196.4K	749

Revenue / Employee