NVAX (Novavax, Inc.) Stock Financials & Earnings | Market Cap Arena

NVAX (Novavax, Inc.) Stock Financials & Earnings | Market Cap Arena

NVAXNovavax, Inc.

Mkt Cap$2B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Revenue (TTM)$1.1B

Net Income (TTM)$440M

EPS (TTM)$2.39

Free Cash Flow (TTM)-$251M

Gross Margin93.3%

Op. Margin41.3%

Net Margin39.2%

FCF Margin-22.3%

P/S Ratio (TTM)1.5x

P/E Ratio (TTM)3.9x

YoY Rev Growth+64.7%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	1.4x	—
Q2 23	1.2x	—
Q3 23	2.4x	—
Q4 23	2.4x	—
Q1 24	2.1x	—
Q2 24	2.1x	—
Q3 24	2.0x	—
Q4 24	2.5x	—
Q1 25	1.4x	3.6x
Q2 25	1.6x	4.1x
Q3 25	1.6x	5.1x
Q4 25	1.5x	3.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
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

CapEx

Quarter	CapEx
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	$247K
Q3 25	$2M
Q4 25	$2M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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 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	SG&A
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 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	—	$655K	$13M	$57M
Q4 25	—	$3M	$33M	$111M

War Chest

Quarter	Cash	Short-term Investments	Total
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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	86M	+7.9%
Q2 23	104M	+20.8%
Q3 23	103M	-0.6%
Q4 23	124M	+19.6%
Q1 24	140M	+13.1%
Q2 24	166M	+18.5%
Q3 24	160M	-3.5%
Q4 24	160M	+0.1%
Q1 25	178M	+10.8%
Q2 25	177M	-0.2%
Q3 25	162M	-8.4%
Q4 25	173M	+6.6%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$100K	308
FY 15	$82K	443
FY 16	$43K	355
FY 17	$90K	347
FY 18	$90K	379
FY 19	$113K	165
FY 20	$28K	791
FY 21	$128K	2K
FY 22	$803K	2K
FY 23	$361K	2K
FY 24	$717K	952
FY 25	$1M	749