Cash flow Novavax, Inc.

Equities

NVAX

US6700024010

Biotechnology & Medical Research

Market Closed - Nasdaq Other stock markets 04:00:00 2026-03-04 pm EST			5-day change	1st Jan Change
9.890 ^USD	+4.21%		+3.78%	+47.17%

Mar. 03	Novavax, Inc. Presents at TD Cowen 46th Annual Health Care Conference, Mar-03-2026 02:30 PM
Feb. 26	Health Care Down Amid Mixed Earnings -- Health Care Roundup	DJ

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Published financial data: NOVAVAX, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	1.15B	1.98B	984M	682M	1.12B
Total Revenues	1.15B	1.98B	984M	682M	1.12B
Cost of Goods Sold, Total	2.53B	2.14B	1.08B	570M	396M
Gross Profit	-1.39B	-156M	-94.76M	113M	728M
Selling General & Admin Expenses, Total	298M	489M	457M	324M	150M
R&D Expenses	-	-	-	20.87M	14.07M
Other Operating Expenses, Total	298M	489M	457M	344M	164M
Operating Income	-1.69B	-645M	-552M	-232M	563M
Interest Expense, Total	-21.13M	-19.88M	-14.42M	-20.08M	-22.55M
Interest And Investment Income	1.36M	-	-	-	-
Net Interest Expenses	-19.76M	-19.88M	-14.42M	-20.08M	-22.55M
Currency Exchange Gains (Loss)	-7.2M	-2.5M	7.9M	-4.4M	-16.7M
Other Non Operating Income (Expenses)	-997K	13.47M	30M	44.84M	57.33M
EBT, Excl. Unusual Items	-1.71B	-654M	-529M	-212M	581M
Restructuring Charges	-	-	-14.3M	-17M	-12.6M
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	51.95M	-97.84M
Other Unusual Items	-	-	-	-	-28.71M
EBT, Incl. Unusual Items	-1.71B	-654M	-543M	-177M	442M
Income Tax Expense	29.22M	4.29M	2.03M	10.88M	1.86M
Earnings From Continuing Operations	-1.74B	-658M	-545M	-187M	440M
Net Income to Company	-1.74B	-658M	-545M	-187M	440M
Net Income - (IS)	-1.74B	-658M	-545M	-187M	440M
Net Income to Common Incl Extra Items	-1.74B	-658M	-545M	-187M	440M
Net Income to Common Excl. Extra Items	-1.74B	-658M	-545M	-187M	440M
Per Share Items
Net EPS - Basic	-23.44	-8.42	-5.41	-1.23	2.72
Basic EPS - Continuing Operations	-23.44	-8.42	-5.41	-1.23	2.72
Basic Weighted Average Shares Outstanding	74.4M	78.18M	101M	152M	162M
Net EPS - Diluted	-23.44	-8.42	-5.41	-1.23	2.58
Diluted EPS - Continuing Operations	-23.44	-8.42	-5.41	-1.23	2.58
Diluted Weighted Average Shares Outstanding	74.4M	78.18M	101M	152M	173M
Normalized Basic EPS	-14.4	-5.23	-3.28	-0.87	2.24
Normalized Diluted EPS	-14.4	-5.23	-3.28	-0.87	2.1
Supplemental Items
EBITDA	-1.67B	-616M	-511M	-183M	591M
EBITA	-1.69B	-645M	-552M	-232M	563M
EBIT	-1.69B	-645M	-552M	-232M	563M
EBITDAR	-1.05B	-507M	-542M	-194M	599M
Total Revenues (As Reported)	1.15B	1.98B	984M	682M	1.12B
Effective Tax Rate - (Ratio)	-1.7	-0.66	-0.37	-6.16	0.42
Current Domestic Taxes	-	1.3M	-1.3M	43K	-26K
Current Foreign Taxes	29.22M	2.49M	1.44M	12.26M	1.91M
Total Current Taxes	29.22M	3.79M	145K	12.31M	1.88M
Deferred Foreign Taxes	-	-	2.04M	-1.42M	-17K
Total Deferred Taxes	-	-	2.04M	-1.42M	-17K
Normalized Net Income	-1.07B	-409M	-330M	-132M	363M
Interest on Long-Term Debt	20.85M	15.51M	14.07M	16.13M	16.73M
Supplemental Operating Expense Items
Advertising Expense	-	84M	91.5M	33.7M	1.9M
General and Administrative Expenses	298M	-	-	-	-
Research And Development Expense From Footnotes	2.53B	1.24B	738M	391M	342M
Net Rental Expense, Total	622M	108M	-30.79M	-10.78M	8.53M
Imputed Operating Lease Interest Expense	209M	30.24M	-7.91M	-6.37M	5.68M
Imputed Operating Lease Depreciation	413M	78.22M	-22.87M	-4.42M	2.85M
Stock-Based Comp., COGS (Total)	86.93M	67.6M	44.63M	3.43M	1.36M
Stock-Based Comp., R&D Exp. (Total)	-	-	-	20.87M	14.07M
Stock-Based Comp., G&A Exp. (Total)	96.7M	-	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	-	62.7M	40.73M	23.85M	20.59M
Total Stock-Based Compensation	184M	130M	85.36M	48.15M	36.02M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.52B	1.34B	569M	530M	241M
Short Term Investments	-	-	-	393M	494M
Total Cash And Short Term Investments	1.52B	1.34B	569M	923M	735M
Accounts Receivable, Total	455M	82.38M	297M	108M	106M
Total Receivables	455M	82.38M	297M	108M	106M
Inventory	-	36.68M	41.7M	8.75M	11.54M
Prepaid Expenses	120M	161M	70.3M	56.28M	16.94M
Restricted Cash	11.49M	10.3M	10.42M	10.63M	10.88M
Other Current Assets, Total	53.49M	76.37M	156M	21.89M	97.38M
Total Current Assets	2.16B	1.7B	1.14B	1.13B	978M
Gross Property Plant And Equipment	299M	448M	566M	349M	108M
Accumulated Depreciation	-29.9M	-47.29M	-74.97M	-49.16M	-40.62M
Net Property Plant And Equipment	269M	400M	491M	300M	67.7M
Goodwill	131M	126M	127M	107M	113M
Other Intangibles, Total	4.77M	-	-	-	-
Other Long-Term Assets, Total	16.57M	28.47M	35.16M	24M	17.08M
Total Assets	2.58B	2.26B	1.8B	1.56B	1.18B
Liabilities
Accounts Payable, Total	127M	217M	133M	41.58M	24.58M
Accrued Expenses, Total	674M	591M	292M	134M	107M
Current Portion of Long-Term Debt	-	325M	-	-	-
Current Portion of Leases	162M	44.06M	28.12M	17.1M	12.38M
Unearned Revenue Current, Total	1.42B	370M	241M	675M	140M
Other Current Liabilities	5.08M	913M	942M	287M	176M
Total Current Liabilities	2.39B	2.46B	1.64B	1.15B	460M
Long-Term Debt	323M	166M	168M	170M	244M
Long-Term Leases	39.12M	81.32M	84.5M	76.68M	21.45M
Unearned Revenue Non Current	173M	179M	622M	447M	359M
Other Non Current Liabilities	3M	5.61M	4.55M	337M	220M
Total Liabilities	2.93B	2.89B	2.51B	2.18B	1.3B
Common Stock, Total	764K	868K	1.4M	1.62M	1.65M
Additional Paid In Capital	3.35B	3.74B	4.19B	4.5B	4.54B
Retained Earnings	-3.62B	-4.28B	-4.82B	-5.01B	-4.57B
Treasury Stock	-85.1M	-90.66M	-92.27M	-95.85M	-103M
Comprehensive Income and Other	-1.35M	-6.38M	2.72M	-22.56M	2.01M
Total Common Equity	-352M	-634M	-717M	-624M	-128M
Total Equity	-352M	-634M	-717M	-624M	-128M
Total Liabilities And Equity	2.58B	2.26B	1.8B	1.56B	1.18B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	76.28M	86.17M	140M	161M	163M
ECS Total Common Shares Outstanding	75.84M	86.04M	140M	160M	163M
Book Value / Share	-4.64	-7.37	-5.14	-3.89	-0.79
Tangible Book Value	-488M	-760M	-844M	-731M	-241M
Tangible Book Value Per Share	-6.43	-8.84	-6.05	-4.56	-1.48
Total Debt	524M	617M	281M	263M	278M
Net Debt	-991M	-720M	-288M	-660M	-457M
Debt Equivalent Oper. Leases	4.97B	868M	-246M	-86.26M	68.23M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	-	13.91M	6.61M	2.09M	2.61M
Inventories - Work In Process, Total	-	21.41M	7.39M	4.9M	7.59M
Inventories - Finished Goods, Total	-	1.36M	27.69M	1.76M	1.34M
Land - (BS)	83.53M	101M	103M	14.94M	-
Machinery, Total	130M	140M	153M	66.23M	47.9M
Full Time Employees	1.54K	1.99K	1.54K	952	749
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	7.68M	7.68M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-1.74B	-658M	-545M	-187M	440M
Depreciation & Amortization - CF	12.26M	29.05M	41.22M	48.5M	27.61M
Amortization of Goodwill and Intangible Assets - (CF)	400K	-	-	-	-
Depreciation & Amortization, Total	12.66M	29.05M	41.22M	48.5M	27.61M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-	-	-	-51.95M	97.84M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	10.08M	4.13M	4.88M
Stock-Based Compensation (CF)	184M	130M	85.36M	48.15M	36.02M
Other Operating Activities, Total	137M	444M	71.27M	2.92M	36.42M
Change In Accounts Receivable	-192M	249M	-274M	354M	61.04M
Change In Inventories	-	-478M	-74.46M	12.91M	-3.24M
Change In Accounts Payable	600M	913M	-379M	-386M	-323M
Change in Unearned Revenues	1.33B	-1.05B	351M	67.1M	-623M
Change in Other Net Operating Assets	-	-	-	-	-
Cash from Operations	323M	-416M	-714M	-87.26M	-245M
Capital Expenditure	-57.49M	-89.06M	-53.77M	-13.06M	-5.56M
Sale of Property, Plant, and Equipment	-	-	-	193M	-
Cash Acquisitions	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-3.93M	-5.04M	-1.58M	-828K
Investment in Marketable and Equity Securities, Total	158M	-	-	-382M	-91.53M
Other Investing Activities, Total	-	-	-	-	19.65M
Cash from Investing	100M	-92.98M	-58.81M	-204M	-78.27M
Long-Term Debt Issued, Total	-	175M	-	-	42.61M
Total Debt Issued	-	175M	-	-	42.61M
Long-Term Debt Repaid, Total	-128M	-93.6M	-352M	-3.99M	-10.07M
Total Debt Repaid	-128M	-93.6M	-352M	-3.99M	-10.07M
Issuance of Common Stock	590M	249M	360M	265M	-
Repurchase of Common Stock	-	-	-	-	-
Issuance of Preferred Stock	-	-	-	-	-
Other Financing Activities, Total	-	-5.9M	-3.59M	-	-4.8M
Cash from Financing	462M	325M	4.47M	261M	27.74M
Foreign Exchange Rate Adjustments	-5.29M	4.52M	3.27M	-7.8M	5.92M
Net Change in Cash	880M	-179M	-765M	-38.52M	-289M
Supplemental Items
Cash Interest Paid	19.43M	18.04M	17.35M	17.57M	15.05M
Cash Income Tax Paid (Refund)	12.61M	17.98M	190K	949K	8.81M
Levered Free Cash Flow	727M	-213M	-979M	-176M	-332M
Unlevered Free Cash Flow	741M	-201M	-970M	-163M	-318M
Change In Net Working Capital	-1.66B	-136M	693M	100M	727M
Net Debt Issued / Repaid	-128M	81.66M	-352M	-3.99M	32.54M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-50.69	-16.67	-17.02	-8.63	25.72
Return on Total Capital	-164.51	-519.71	152.16	36.39	-335.14
Return On Equity %	-1.27K	133.49	80.69	27.97	-117.16
Return on Common Equity	-1.27K	133.49	80.69	27.97	-117.16
Margin Analysis
Gross Profit Margin %	-121.11	-7.87	-9.63	16.49	64.77
SG&A Margin	26.03	24.66	46.5	47.44	13.39
EBITDA Margin %	-146.03	-31.07	-51.94	-26.89	52.59
EBITA Margin %	-147.1	-32.53	-56.14	-34	50.13
EBIT Margin %	-147.13	-32.53	-56.14	-34	50.13
Income From Continuing Operations Margin %	-152.12	-33.2	-55.41	-27.49	39.19
Net Income Margin %	-152.12	-33.2	-55.41	-27.49	39.19
Net Avail. For Common Margin %	-152.12	-33.2	-55.41	-27.49	39.19
Normalized Net Income Margin	-93.48	-20.61	-33.59	-19.38	32.34
Levered Free Cash Flow Margin	63.46	-10.76	-99.54	-25.75	-29.55
Unlevered Free Cash Flow Margin	64.61	-10.14	-98.63	-23.91	-28.29
Asset Turnover
Asset Turnover	0.55	0.82	0.49	0.41	0.82
Fixed Assets Turnover	5.02	5.95	2.21	1.72	6.11
Receivables Turnover (Average Receivables)	3.2	7.38	5.18	3.36	10.46
Inventory Turnover (Average Inventory)	-	93.86	27.52	22.58	39.01
Short Term Liquidity
Current Ratio	0.9	0.69	0.7	0.98	2.13
Quick Ratio	0.82	0.58	0.53	0.89	1.83
Operating Cash Flow to Current Liabilities	0.14	-0.17	-0.44	-0.08	-0.53
Days Sales Outstanding (Average Receivables)	114.15	49.48	70.43	108.79	34.88
Days Outstanding Inventory (Average Inventory)	-	3.89	13.26	16.21	9.36
Average Days Payable Outstanding	13.06	28.95	58.81	59.39	30.29
Cash Conversion Cycle (Average Days)	-	24.42	24.88	65.6	13.95
Long Term Solvency
Total Debt/Equity	-149.03	-97.26	-39.14	-42.23	-217.64
Total Debt / Total Capital	303.97	-3.56K	-64.32	-73.11	185
LT Debt/Equity	-103.1	-39.08	-35.22	-39.49	-207.95
Long-Term Debt / Total Capital	210.29	-1.43K	-57.88	-68.37	176.76
Total Liabilities / Total Assets	113.65	128.07	139.88	139.98	110.86
EBIT / Interest Expense	-79.83	-32.43	-38.31	-11.55	24.98
EBITDA / Interest Expense	-49.81	-25.51	-27.92	-9.14	26.58
(EBITDA - Capex) / Interest Expense	-52.53	-29.99	-31.65	-9.79	26.34
Total Debt / EBITDA	-0.5	-1.22	-0.7	-1.44	0.46
Net Debt / EBITDA	0.94	1.42	0.72	3.6	-0.76
Total Debt / (EBITDA - Capex)	-0.47	-1.03	-0.62	-1.34	0.47
Net Debt / (EBITDA - Capex)	0.89	1.21	0.63	3.36	-0.77
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	141.02	72.89	-50.36	-30.65	64.69
Gross Profit, 1 Yr. Growth %	411.45	-88.76	-39.27	-310.11	546.71
EBITDA, 1 Yr. Growth %	309.14	-63.22	-17	-64.1	-422.1
EBITA, 1 Yr. Growth %	307.86	-61.77	-14.35	-58	-342.85
EBIT, 1 Yr. Growth %	307.37	-61.77	-14.35	-58	-342.85
Earnings From Cont. Operations, 1 Yr. Growth %	316.91	-62.27	-17.16	-65.6	-334.83
Net Income, 1 Yr. Growth %	316.91	-62.27	-17.16	-65.6	-334.83
Normalized Net Income, 1 Yr. Growth %	312.59	-61.88	-19.11	-59.99	-374.78
Diluted EPS Before Extra, 1 Yr. Growth %	222.51	-64.09	-35.72	-77.22	-309.01
Accounts Receivable, 1 Yr. Growth %	73.65	-81.9	260.84	-63.57	-1.7
Inventory, 1 Yr. Growth %	-	313.47	13.67	-79.02	31.96
Net Property, Plant and Equip., 1 Yr. Growth %	43.18	50.64	22.6	-38.9	-77.43
Total Assets, 1 Yr. Growth %	62.83	-12.34	-20.42	-13.19	-24.6
Tangible Book Value, 1 Yr. Growth %	-200.37	57.38	11.04	-13.39	-67.02
Common Equity, 1 Yr. Growth %	-156.07	80.3	13.07	-12.98	-79.52
Cash From Operations, 1 Yr. Growth %	-859.14	-228.79	71.65	-87.78	180.34
Capital Expenditures, 1 Yr. Growth %	5.24	63.4	-39.62	-75.72	-57.42
Levered Free Cash Flow, 1 Yr. Growth %	-376.41	-129.33	359.03	-82.06	88.99
Unlevered Free Cash Flow, 1 Yr. Growth %	-391.93	-127.13	382.94	-83.19	94.89
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	683.73	104.14	-7.36	-41.33	6.87
Gross Profit, 2 Yr. CAGR %	281.91	-24.18	-73.87	12.14	268.62
EBITDA, 2 Yr. CAGR %	267.53	22.67	-44.75	-45.42	7.53
EBITA, 2 Yr. CAGR %	261.68	24.79	-42.78	-40.02	0.99
EBIT, 2 Yr. CAGR %	260.75	24.79	-42.78	-40.02	0.99
Earnings From Cont. Operations, 2 Yr. CAGR %	262.51	25.42	-44.09	-46.62	-10.12
Net Income, 2 Yr. CAGR %	262.51	25.42	-44.09	-46.62	-10.12
Normalized Net Income, 2 Yr. CAGR %	247.83	25.42	-44.47	-43.11	4.86
Diluted EPS Before Extra, 2 Yr. CAGR %	106.32	7.61	-51.96	-61.74	-31.01
Accounts Receivable, 2 Yr. CAGR %	678.88	-43.93	-19.17	14.65	-40.16
Inventory, 2 Yr. CAGR %	-	-	116.79	-51.16	-47.38
Net Property, Plant and Equip., 2 Yr. CAGR %	384.64	46.05	35.9	-13.45	-62.87
Total Assets, 2 Yr. CAGR %	285.98	19.47	-16.48	-16.88	-19.1
Tangible Book Value, 2 Yr. CAGR %	41.77	25.07	32.2	-1.93	-46.55
Common Equity, 2 Yr. CAGR %	37.5	0.55	42.78	-0.81	-57.79
Cash From Operations, 2 Yr. CAGR %	53.75	212.69	48.69	-54.2	-41.46
Capital Expenditures, 2 Yr. CAGR %	456.38	27.86	-0.67	-61.71	-67.84
Levered Free Cash Flow, 2 Yr. CAGR %	199.81	-9.97	16.02	-9.26	-41.78
Unlevered Free Cash Flow, 2 Yr. CAGR %	219.79	-11.01	14.46	-9.9	-42.76
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	222.14	373.56	27.41	-15.89	-17.24
Gross Profit, 3 Yr. CAGR %	115.09	17.91	-29.59	-56.72	101.1
EBITDA, 3 Yr. CAGR %	116.15	70.64	7.69	-52.15	-1.36
EBITA, 3 Yr. CAGR %	113.52	71.02	10.08	-48.38	-4.4
EBIT, 3 Yr. CAGR %	113.25	70.71	10.08	-48.38	-4.4
Earnings From Cont. Operations, 3 Yr. CAGR %	111.33	70.52	9.23	-52.45	-12.53
Net Income, 3 Yr. CAGR %	111.33	70.52	9.23	-52.45	-12.53
Normalized Net Income, 3 Yr. CAGR %	110.15	66.46	8.36	-50.22	-3.83
Diluted EPS Before Extra, 3 Yr. CAGR %	32.86	15.19	-9.37	-62.54	-32.61
Accounts Receivable, 3 Yr. CAGR %	-	122.29	4.29	-38.03	8.92
Inventory, 3 Yr. CAGR %	-	-	-	-0.46	-31.98
Net Property, Plant and Equip., 3 Yr. CAGR %	111.47	227.08	37.77	4.11	-44.71
Total Assets, 3 Yr. CAGR %	131.39	135.49	4.34	-15.4	-19.54
Tangible Book Value, 3 Yr. CAGR %	29.16	46.32	20.21	14.82	-31.8
Common Equity, 3 Yr. CAGR %	27.94	50.5	4.56	21.05	-41.38
Cash From Operations, 3 Yr. CAGR %	20.45	44.93	156.03	-35.35	-16.22
Capital Expenditures, 3 Yr. CAGR %	247.32	263.32	-0.43	-37.89	-60.33
Levered Free Cash Flow, 3 Yr. CAGR %	93.79	38.14	54.96	-37.73	15.88
Unlevered Free Cash Flow, 3 Yr. CAGR %	99.79	40.51	56.38	-39.61	16.52
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	136.93	129.43	95.68	105.39	18.76
Gross Profit, 5 Yr. CAGR %	44.21	2.6	-7.44	3.4	21.8
EBITDA, 5 Yr. CAGR %	45.06	30.62	25.25	8.16	7.63
EBITA, 5 Yr. CAGR %	44.43	30.63	26.1	12.47	6.35
EBIT, 5 Yr. CAGR %	44.35	30.29	25.99	12.34	6.35
Earnings From Cont. Operations, 5 Yr. CAGR %	44.17	29.06	24.16	7.16	1.03
Net Income, 5 Yr. CAGR %	44.17	29.06	24.16	7.16	1.03
Normalized Net Income, 5 Yr. CAGR %	43.68	28.89	23.4	8.34	6.94
Diluted EPS Before Extra, 5 Yr. CAGR %	2.54	-7.69	-11.55	-25.88	-18.74
Accounts Receivable, 5 Yr. CAGR %	-	-	-	70.57	-16.49
Net Property, Plant and Equip., 5 Yr. CAGR %	46.25	61.92	76.8	92.18	-18.45
Total Assets, 5 Yr. CAGR %	45.56	49.5	53.93	55.26	-5.76
Tangible Book Value, 5 Yr. CAGR %	49	36.04	30.11	24.68	-13.08
Common Equity, 5 Yr. CAGR %	129.31	44.19	33.68	27.38	-27.26
Cash From Operations, 5 Yr. CAGR %	4.53	23.55	31.03	-8.58	41.89
Capital Expenditures, 5 Yr. CAGR %	25.86	84.29	108.28	47.71	-36.65
Levered Free Cash Flow, 5 Yr. CAGR %	33.59	23.04	57.84	16.76	4.75
Unlevered Free Cash Flow, 5 Yr. CAGR %	35.16	24.09	59.88	17.63	4.61