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NASDAQ · BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES) · LARGE CAP

Novavax Inc. NVAX

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.1B
▲ 64.7% YoY
$440.3M
In brief

What this company does

Novavax, Inc., together with its wholly owned subsidiaries, develops vaccines using its technology platform, including its Matrix-M adjuvant and protein-based nanoparticles. As of December 31, 2025, the company had approximately 749 employees. The company's technology platform is used in its authorized COVID-19 Vaccine, Nuvaxovid, and in the R21/Matrix-M adjuvant malaria vaccine. Novavax, Inc. was incorporated in 1987 under the laws of the State of Delaware. Its principal executive offices are located at 21 Firstfield Road, Gaithersburg, Maryland.

Written from the business description in Novavax, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth
USD 1.1B
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.1 · Net income 0.4
0.8B1.6B-0.8B-1.6B200920112013201520172019202120232025
Compound annual growth
−17.2%
+18.8%
+41.0%
+71.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +18.8% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
39 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 40.3% · Net 39.2%
-5000%-10000%200920112013201520172019202120232025
ROE
FY2021 · ROE -1265.7%
-500%-1000%200920112013201520172019202120232025
Gross margin93.5%
Operating margin40.3%
Net margin39.2%
Return on assets32.2%
EBITDAUSD 480.8M

Cash & shareholders
—
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2021 · FCF 265.5
100M200M-100M-200M200920112013201520172019202120232025
Dividends paid—
Net buybacks—
Share of profit—
Consecutive raises—

Total assetsUSD 1.2B
EquityUSD -127.8M
CashUSD 240.6M
Current ratio2.13×

Equity funds -11% of total assets.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B1.10.71.02.01.10.50.00.00.00.00.00.00.00.00.00.0·
Operating income $B0.5−0.2−0.6−0.6−1.7−0.4−0.1−0.2−0.2−0.3−0.2−0.1−0.1−0.0−0.0−0.0−0.0
EBITDA $B0.5−0.2−0.5−0.6−1.7−0.4−0.1−0.2−0.2−0.3−0.2−0.1−0.0−0.0−0.0−0.0·
Income tax $B0.00.00.00.00.00.00.0···0.00.00.00.00.00.0·
Net income $B0.4−0.2−0.5−0.7−1.7−0.4−0.1−0.2−0.2−0.3−0.2−0.1−0.1−0.0−0.0−0.0−0.0
Free cash flow $B····0.3−0.1−0.1−0.2−0.1−0.3−0.1−0.1−0.1−0.0−0.0−0.0−0.0
EPS, diluted $2.58−1.23−5.41−8.42−23.44−7.27−5.51−9.99−12.56−1.03−0.60−0.37−0.31−0.22−0.17−0.34−0.47
Dividend / sh $·················
Payout %·················
ROE %····−1265.7−189.6···−195.0−60.1−38.3−36.7−42.5−34.3−55.4−57.7
Shares out B0.160.160.140.090.080.070.030.020.320.270.270.240.210.150.120.11·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 65 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 24 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityBiological Products, (No Diagnostic Substances)
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2009

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