Novavax (NVAX) Financials

$7.48 +1.23 (+19.74%)

Closing price 04/23/2025 03:59 PM Eastern

Extended Trading

$7.44 -0.04 (-0.52%)

As of 07:31 AM Eastern

Annual Income Statements for Novavax

This table shows Novavax's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-83	-157	-280	-184	-185	-133	-418	-1,744	-658	-545	-187
Consolidated Net Income / (Loss)	-83	-157	-280	-184	-185	-133	-418	-1,744	-658	-545	-187
Net Income / (Loss) Continuing Operations	-83	-157	-280	-184	-185	-133	-418	-1,744	-658	-545	-187
Total Pre-Tax Income	-83	-157	-280	-184	-185	-133	-418	-1,715	-654	-543	-177
Total Operating Income	-84	-157	-269	-172	-174	-121	-417	-1,687	-645	-567	-249
Total Gross Profit	31	36	15	31	0.00	19	476	1,146	1,079	640	479
Total Revenue	31	36	15	31	0.00	19	476	1,146	1,982	984	682
Operating Revenue	31	36	15	31	0.00	19	476	1,146	1,982	984	682
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	903	344	203
Operating Cost of Revenue	-	-	-	-	-	-	0.00	0.00	903	344	203
Total Operating Expenses	114	193	284	203	174	139	892	2,833	1,724	1,206	728
Selling, General & Admin Expense	20	31	47	34	34	34	145	298	489	469	337
Research & Development Expense	94	163	238	168	174	114	747	2,535	1,235	738	391
Total Other Income / (Expense), net	0.74	0.30	-11	-12	-11	-12	-1.54	-28	-8.91	23	72
Interest Expense	0.16	0.24	13	14	14	14	15	21	20	14	20
Other Income / (Expense), net	0.00	-0.12	-0.03	0.07	0.11	-0.01	14	-6.83	11	38	92
Income Tax Expense	-	-	-	-	-	0.00	0.00	29	4.29	2.03	11
Basic Earnings per Share	($0.37)	($0.60)	($1.03)	($12.56)	($9.99)	($5.51)	($7.27)	($23.44)	($8.42)	($5.41)	($1.23)
Weighted Average Basic Shares Outstanding	225.85M	262.25M	270.80M	14.63M	18.49M	24.10M	57.55M	74.40M	78.18M	100.77M	152.19M
Diluted Earnings per Share	($0.37)	($0.60)	($1.03)	($12.56)	($9.99)	($5.51)	($7.27)	($23.44)	($8.42)	($5.41)	($1.23)
Weighted Average Diluted Shares Outstanding	225.85M	262.25M	270.80M	14.63M	18.49M	24.10M	57.55M	74.40M	78.18M	100.77M	152.19M
Weighted Average Basic & Diluted Shares Outstanding	225.85M	262.25M	270.80M	14.63M	18.49M	24.10M	57.55M	76.28M	86.17M	139.95M	160.84M

This table shows Novavax's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-169	-182	-294	58	-131	-178	-148	162	-121	-81
Consolidated Net Income / (Loss)	-169	-182	-294	58	-131	-178	-148	162	-121	-81
Net Income / (Loss) Continuing Operations	-169	-182	-294	58	-131	-178	-148	162	-121	-81
Total Pre-Tax Income	-166	-185	-293	58	-131	-177	-145	165	-122	-74
Total Operating Income	-127	-244	-313	55	-126	-184	-145	161	-134	-131
Total Gross Profit	300	176	47	369	88	136	35	369	24	52
Total Revenue	735	357	81	424	187	291	94	415	85	88
Operating Revenue	735	357	81	424	187	291	94	415	85	88
Total Cost of Revenue	435	182	34	56	99	155	59	46	61	37
Operating Cost of Revenue	435	182	34	56	99	155	59	46	61	37
Total Operating Expenses	427	420	360	313	214	320	179	208	158	183
Selling, General & Admin Expense	123	162	113	94	107	155	87	101	71	78
Research & Development Expense	304	258	247	219	106	165	93	107	87	104
Total Other Income / (Expense), net	-39	59	20	2.41	-5.84	6.87	-0.46	3.59	12	57
Interest Expense	4.17	4.60	4.32	3.12	2.86	4.12	4.11	4.14	4.24	7.59
Other Income / (Expense), net	-35	64	24	5.53	-2.98	11	3.65	7.73	16	65
Income Tax Expense	2.47	-2.26	1.18	-0.14	-0.70	1.69	2.26	2.21	-1.03	7.45
Basic Earnings per Share	($2.15)	($2.40)	($3.41)	$0.65	($1.26)	($1.39)	($1.05)	$1.09	($0.76)	($0.51)
Weighted Average Basic Shares Outstanding	78.27M	78.18M	86.16M	89.36M	103.43M	100.77M	139.92M	148.38M	160.05M	152.19M
Diluted Earnings per Share	($2.15)	($2.30)	($3.41)	$0.58	($1.26)	($1.32)	($1.05)	$0.99	($0.76)	($0.41)
Weighted Average Diluted Shares Outstanding	78.27M	78.18M	86.16M	104.07M	103.43M	100.77M	139.92M	165.86M	160.05M	152.19M
Weighted Average Basic & Diluted Shares Outstanding	78.50M	86.17M	86.31M	94.40M	118.79M	139.95M	140.40M	160.09M	160.18M	160.84M

This table details how cash moves in and out of Novavax's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-87	61	49	-44	-53	0.22	567	880	-179	-765	-39
Net Cash From Operating Activities	-67	-126	-259	-144	-185	-137	-43	323	-416	-714	-87
Net Cash From Continuing Operating Activities	-67	-126	-259	-144	-185	-137	-43	323	-416	-714	-87
Net Income / (Loss) Continuing Operations	-83	-157	-280	-184	-185	-133	-418	-1,744	-658	-545	-187
Consolidated Net Income / (Loss)	-83	-157	-280	-184	-185	-133	-418	-1,744	-658	-545	-187
Depreciation Expense	4.42	5.98	8.51	9.82	8.16	5.68	4.89	13	29	41	48
Non-Cash Adjustments To Reconcile Net Income	7.19	-21	18	23	11	14	359	320	574	167	3.26
Changes in Operating Assets and Liabilities, net	3.91	45	-6.57	5.26	-21	-24	12	1,734	-361	-377	48
Net Cash From Investing Activities	-130	-21	28	36	29	38	-378	100	-93	-59	-204
Net Cash From Continuing Investing Activities	-130	-21	28	36	29	38	-378	100	-93	-59	-204
Purchase of Property, Plant & Equipment	-7.27	-18	-18	-4.19	-1.37	-1.86	-55	-57	-93	-59	-15
Purchase of Investments	-176	-229	-357	-218	-120	-17	-363	-2.17	0.00	0.00	-826
Sale of Property, Plant & Equipment	0.04	-	-	-	0.00	18	-	-	0.00	0.00	193
Sale and/or Maturity of Investments	54	226	403	258	150	40	206	160	0.00	0.00	444
Net Cash From Financing Activities	110	208	280	65	103	98	985	462	325	4.47	261
Net Cash From Continuing Financing Activities	110	208	280	65	103	98	985	462	325	4.47	261
Repayment of Debt	-0.80	-0.73	-10	-	-	-	0.00	0.00	0.00	-325	0.00
Repurchase of Common Equity	-	-	-	-	-	-	-	0.00	-5.26	-3.59	0.00
Issuance of Debt	0.00	0.07	325	0.04	-	-	0.00	0.00	175	0.00	0.00
Issuance of Common Equity	108	204	0.00	63	100	97	876	565	249	360	263
Other Financing Activities, net	2.62	4.80	-35	1.15	2.75	0.99	-91	-103	-94	-27	-2.69
Other Net Changes in Cash	-	-	-0.34	0.14	-	-	2.12	-	-	-	-7.80
Cash Interest Paid	0.18	0.10	6.19	12	12	12	14	19	18	17	18
Cash Income Taxes Paid	-	-	-	-	-	0.00	0.00	13	18	0.19	0.95

This table details how cash moves in and out of Novavax's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-94	56	-712	-119	148	-83	-88	200	-107	-43
Net Cash From Operating Activities	-39	-118	-326	-172	-40	-177	-84	314	-145	-173
Net Cash From Continuing Operating Activities	-39	-118	-326	-172	-40	-177	-84	314	-145	-173
Net Income / (Loss) Continuing Operations	-169	-182	-294	58	-131	-178	-148	162	-121	-81
Consolidated Net Income / (Loss)	-169	-182	-294	58	-131	-178	-148	162	-121	-81
Depreciation Expense	8.35	7.22	9.04	10	11	11	12	11	13	13
Non-Cash Adjustments To Reconcile Net Income	253	98	40	51	36	40	18	26	16	-56
Changes in Operating Assets and Liabilities, net	-131	-41	-81	-291	44	-50	34	115	-52	-49
Net Cash From Investing Activities	-30	-22	-24	-7.78	-18	-9.08	-7.25	-373	32	144
Net Cash From Continuing Investing Activities	-30	-22	-24	-7.78	-18	-9.08	-7.25	-373	32	144
Purchase of Property, Plant & Equipment	-30	-22	-24	-7.78	-18	-9.08	-7.25	-3.13	-2.01	-2.25
Purchase of Investments	-	-	-	-	-	-	-	-	-72	-384
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	-	-	338
Net Cash From Financing Activities	-31	191	-354	61	197	100	5.89	258	-0.10	-3.42
Net Cash From Continuing Financing Activities	-31	191	-354	61	197	100	5.89	258	-0.10	-3.42
Other Financing Activities, net	-31	-48	-26	-0.65	2.11	-2.86	-0.98	1.81	-0.10	-3.42
Other Net Changes in Cash	-	-	-8.37	-0.62	9.35	-	-	-	6.03	-11
Cash Interest Paid	8.66	0.78	6.57	4.73	0.46	5.60	1.21	5.97	1.32	9.07
Cash Income Taxes Paid	0.07	0.14	0.00	0.13	-	0.06	-0.07	-0.58	1.29	0.31

This table presents Novavax's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	276	386	394	302	208	173	1,582	2,577	2,259	1,797	1,560
Total Current Assets	188	287	288	203	119	97	1,248	2,155	1,703	1,144	1,129
Cash & Equivalents	32	93	144	106	70	79	553	1,515	1,337	569	530
Restricted Cash	0.30	35	30	28	11	2.95	94	11	10	10	11
Short-Term Investments	136	138	91	51	22	0.00	158	-	-	0.00	393
Accounts Receivable	7.51	2.32	-	-	-	7.50	262	455	82	297	108
Inventories, net	-	-	-	-	-	-	-	8.87	37	42	8.75
Prepaid Expenses	9.20	19	22	18	16	7.98	181	165	237	226	78
Plant, Property, & Equipment, net	20	32	40	36	28	11	180	226	294	306	138
Total Noncurrent Assets	68	66	66	63	60	64	154	196	261	348	293
Goodwill	55	53	52	54	52	51	135	131	126	127	107
Other Noncurrent Operating Assets	0.92	0.16	0.80	0.87	0.81	7.12	13	64	135	220	186
Total Liabilities & Shareholders' Equity	276	386	394	302	208	173	1,582	2,577	2,259	1,797	1,560
Total Liabilities	46	93	400	404	376	359	955	2,928	2,893	2,514	2,184
Total Current Liabilities	34	76	66	74	46	26	580	2,390	2,460	1,635	1,154
Accounts Payable	13	12	5.69	5.61	9.30	2.91	54	127	217	133	42
Accrued Expenses	19	27	25	30	20	15	137	674	591	395	211
Current Deferred Revenue	1.14	34	30	26	10	1.68	273	1,423	370	241	675
Other Current Liabilities	0.07	3.01	1.06	7.75	1.60	1.26	115	167	957	867	227
Total Noncurrent Liabilities	12	17	333	331	330	333	376	538	433	879	1,030
Long-Term Debt	0.40	0.00	316	318	319	321	322	323	166	168	170
Noncurrent Deferred Revenue	10	4.17	2.50	2.50	2.50	-	0.00	173	179	622	447
Other Noncurrent Operating Liabilities	1.64	13	15	10	8.69	13	54	42	87	89	413
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	230	293	-5.55	-102	-168	-186	627	-352	-634	-717	-624
Total Preferred & Common Equity	230	293	-5.55	-102	-168	-186	627	-352	-634	-717	-624
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	230	293	-5.55	-102	-168	-186	627	-352	-634	-717	-624
Common Stock	732	954	939	1,024	1,145	1,261	2,536	3,353	3,739	4,194	4,503
Retained Earnings	-493	-650	-930	-1,114	-1,299	-1,432	-1,874	-3,618	-4,276	-4,821	-5,008
Treasury Stock	-2.45	-2.45	-2.45	-2.45	-2.45	-2.58	-42	-85	-91	-92	-96
Accumulated Other Comprehensive Income / (Loss)	-6.61	-9.12	-12	-8.62	-11	-13	7.02	-1.35	-6.38	2.72	-23

This table presents Novavax's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	2,267	1,543	1,685	1,657	1,354	1,819	1,712
Total Current Assets	1,760	971	1,128	1,007	727	1,203	1,104
Cash & Equivalents	1,281	625	506	651	481	680	574
Restricted Cash	11	10	10	10	10	10	11
Short-Term Investments	-	-	-	-	-	369	336
Accounts Receivable	112	113	395	124	21	32	95
Inventories, net	82	34	23	70	16	9.17	8.64
Prepaid Expenses	275	189	193	152	199	102	80
Plant, Property, & Equipment, net	256	307	300	301	291	289	286
Total Noncurrent Assets	252	264	258	349	335	327	323
Goodwill	118	130	128	124	123	123	127
Other Noncurrent Operating Assets	126	134	129	226	212	203	196
Total Liabilities & Shareholders' Equity	2,267	1,543	1,685	1,657	1,354	1,819	1,712
Total Liabilities	2,833	2,438	2,440	2,336	2,221	2,250	2,239
Total Current Liabilities	1,668	1,919	1,596	1,469	804	1,158	1,181
Accounts Payable	145	125	87	102	58	80	58
Accrued Expenses	551	519	458	311	257	159	219
Current Deferred Revenue	405	416	300	192	241	666	613
Other Current Liabilities	243	860	750	863	248	252	291
Total Noncurrent Liabilities	1,165	519	843	867	1,416	1,093	1,058
Long-Term Debt	0.00	167	167	168	168	169	169
Noncurrent Deferred Revenue	1,035	274	607	609	841	533	515
Other Noncurrent Operating Liabilities	130	79	69	90	406	390	373
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-566	-896	-755	-678	-867	-432	-526
Total Preferred & Common Equity	-566	-896	-755	-678	-867	-432	-526
Preferred Stock	-	-	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-566	-896	-755	-678	-867	-432	-526
Common Stock	3,641	3,769	3,857	4,068	4,206	4,479	4,492
Retained Earnings	-4,094	-4,570	-4,512	-4,643	-4,969	-4,806	-4,927
Treasury Stock	-90	-91	-91	-92	-94	-94	-95
Accumulated Other Comprehensive Income / (Loss)	-24	-3.17	-8.18	-12	-11	-11	3.60

This table displays calculated financial ratios and metrics derived from Novavax's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	46.59%	18.24%	-57.65%	103.06%	-100.00%	0.00%	2,448.48%	141.02%	72.89%	-50.36%	-30.65%
EBITDA Growth	-61.29%	-91.97%	-71.32%	38.15%	-2.38%	30.02%	-246.53%	-322.06%	64.02%	19.40%	77.83%
EBIT Growth	-60.99%	-88.02%	-71.04%	36.23%	-1.26%	30.62%	-234.27%	-320.08%	62.57%	16.59%	70.39%
NOPAT Growth	-59.61%	-87.88%	-71.15%	36.19%	-1.29%	30.67%	-245.59%	-304.73%	61.77%	12.13%	56.06%
Net Income Growth	-59.57%	-89.20%	-78.39%	34.36%	-0.53%	28.18%	-215.21%	-316.91%	62.27%	17.16%	65.60%
EPS Growth	-19.35%	-62.16%	-71.67%	34.36%	-0.53%	44.84%	-31.94%	-222.42%	64.08%	35.75%	77.26%
Operating Cash Flow Growth	-47.74%	-88.15%	-105.22%	44.17%	-27.93%	26.08%	68.86%	859.14%	-228.79%	-71.65%	87.78%
Free Cash Flow Firm Growth	35.60%	-45.02%	-186.78%	47.62%	-27.48%	35.81%	-322.90%	236.99%	-199.55%	-46.96%	111.31%
Invested Capital Growth	-11.85%	-59.81%	81.79%	-23.76%	51.06%	9.74%	151.02%	-1,177.37%	4.17%	24.30%	-23.06%
Revenue Q/Q Growth	-6.20%	-2.35%	-2.87%	19.16%	-100.00%	201.89%	186.78%	-7.76%	7.32%	-6.29%	-22.94%
EBITDA Q/Q Growth	-27.10%	-46.85%	9.35%	3.73%	0.66%	11.78%	-56.18%	-63.04%	51.73%	2.19%	50.06%
EBIT Q/Q Growth	-26.27%	-42.90%	8.46%	3.54%	0.70%	12.87%	-55.64%	-62.56%	50.42%	1.37%	40.51%
NOPAT Q/Q Growth	-26.27%	-42.94%	8.46%	3.52%	0.73%	12.87%	-58.71%	-61.48%	47.40%	9.62%	17.41%
Net Income Q/Q Growth	-26.72%	-43.09%	7.19%	3.30%	0.81%	11.65%	-53.48%	-62.20%	50.23%	0.70%	34.18%
EPS Q/Q Growth	-23.33%	-36.36%	7.21%	3.30%	0.81%	10.70%	-64.11%	-63.00%	0.00%	15.34%	42.52%
Operating Cash Flow Q/Q Growth	-12.61%	-38.40%	-3.94%	12.77%	-1.02%	13.61%	-168.30%	-39.84%	35.06%	-9.00%	3.98%
Free Cash Flow Firm Q/Q Growth	-7.43%	11.35%	-28.33%	10.72%	-0.40%	14.64%	-103.89%	5.90%	-5.86%	5.10%	180.97%
Invested Capital Q/Q Growth	-13.78%	-67.66%	32.48%	7.45%	7.95%	1.72%	147.22%	-33.76%	2.80%	3.79%	-8.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	0.00%	100.00%	100.00%	100.00%	54.46%	65.05%	70.28%
EBITDA Margin	-257.19%	-417.58%	-1,689.14%	-514.50%	0.00%	-615.79%	-83.73%	-146.63%	-30.51%	-49.55%	-15.84%
Operating Margin	-272.97%	-433.75%	-1,752.84%	-550.78%	0.00%	-646.13%	-87.62%	-147.13%	-32.53%	-57.59%	-36.49%
EBIT Margin	-272.97%	-434.09%	-1,753.04%	-550.56%	0.00%	-646.20%	-84.76%	-147.73%	-31.98%	-53.74%	-22.95%
Profit (Net Income) Margin	-270.55%	-432.93%	-1,823.53%	-589.46%	0.00%	-711.04%	-87.94%	-152.12%	-33.20%	-55.41%	-27.49%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	101.70%	100.66%	100.37%	106.16%
Interest Burden Percent	99.11%	99.73%	104.02%	107.06%	106.29%	110.03%	103.76%	101.25%	103.14%	102.73%	112.82%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-88.17%	-252.20%	-534.33%	-299.86%	0.00%	-153.63%	-289.09%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-71.92%	-230.65%	-449.77%	-367.68%	0.00%	-174.45%	-183.35%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	49.84%	192.10%	339.32%	642.46%	0.00%	228.61%	99.48%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-38.33%	-60.10%	-195.01%	342.60%	137.02%	74.98%	-189.60%	-1,265.72%	133.49%	80.69%	27.97%
Cash Return on Invested Capital (CROIC)	-75.57%	-166.87%	-592.38%	-272.90%	-320.31%	-162.91%	-375.14%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-32.75%	-47.54%	-68.98%	-49.27%	0.00%	-63.31%	-45.93%	-81.43%	-26.21%	-26.06%	-9.32%
Return on Assets (ROA)	-32.46%	-47.41%	-71.76%	-52.75%	0.00%	-69.67%	-47.65%	-83.85%	-27.21%	-26.88%	-11.17%
Return on Common Equity (ROCE)	-38.33%	-60.10%	-195.01%	342.60%	137.02%	74.98%	-189.60%	-1,265.72%	133.49%	80.69%	27.97%
Return on Equity Simple (ROE_SIMPLE)	-36.12%	-53.62%	0.00%	180.64%	110.01%	71.33%	-66.69%	495.84%	103.76%	76.03%	30.06%
Net Operating Profit after Tax (NOPAT)	-59	-110	-188	-120	-122	-84	-292	-1,181	-451	-397	-174
NOPAT Margin	-191.08%	-303.63%	-1,226.99%	-385.54%	0.00%	-452.29%	-61.33%	-102.99%	-22.77%	-40.31%	-25.54%
Net Nonoperating Expense Percent (NNEP)	-16.24%	-21.55%	-84.56%	67.83%	35.32%	20.82%	-105.73%	-66.80%	-20.07%	-23.45%	-2.25%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	316.20%	72.24%	38.37%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	45.54%	34.95%	29.72%
SG&A Expenses to Revenue	65.00%	85.08%	303.05%	110.50%	0.00%	184.42%	30.55%	26.03%	24.66%	47.67%	49.43%
R&D to Revenue	307.97%	448.67%	1,549.79%	540.27%	0.00%	610.02%	157.07%	221.11%	62.33%	74.97%	57.34%
Operating Expenses to Revenue	372.97%	533.75%	1,852.84%	650.78%	0.00%	746.13%	187.62%	247.13%	86.99%	122.64%	106.77%
Earnings before Interest and Taxes (EBIT)	-84	-157	-269	-172	-174	-121	-403	-1,693	-634	-529	-157
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-79	-151	-259	-160	-164	-115	-398	-1,681	-605	-487	-108
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.16	7.74	0.00	0.00	0.00	0.00	11.32	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	8.71	9.90	0.00	0.00	0.00	0.00	14.60	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	46.13	62.46	22.26	12.47	0.00	5.67	14.93	9.44	0.41	0.58	1.89
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	20.03	79.89	8.62	15.03	17.57	5.99	45.84	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	40.67	55.14	25.55	16.72	0.00	18.47	13.91	8.39	0.00	0.16	0.77
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	29.77	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.54	0.00	0.00	6.10
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	-57.04	-3.12	-1.90	-1.72	0.51	-0.92	-0.77	-0.23	-0.27
Long-Term Debt to Equity	0.00	0.00	-57.04	-3.12	-1.90	-1.72	0.51	-0.92	-0.26	-0.23	-0.27
Financial Leverage	-0.69	-0.83	-0.75	-1.75	-1.32	-1.31	-0.54	-6.12	2.09	0.94	0.88
Leverage Ratio	1.18	1.27	2.72	-6.50	-1.89	-1.08	3.98	15.10	-4.91	-3.00	-2.50
Compound Leverage Factor	1.17	1.26	2.83	-6.95	-2.01	-1.18	4.13	15.28	-5.06	-3.08	-2.83
Debt to Total Capital	0.43%	0.13%	101.78%	147.09%	211.03%	238.21%	33.93%	-1,146.40%	-344.25%	-30.61%	-37.36%
Short-Term Debt to Total Capital	0.26%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-227.62%	0.00%	0.00%
Long-Term Debt to Total Capital	0.17%	0.00%	101.78%	147.09%	211.03%	238.21%	33.93%	-1,146.40%	-116.63%	-30.61%	-37.36%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.57%	99.87%	-1.78%	-47.09%	-111.03%	-138.21%	66.07%	1,246.40%	444.25%	130.61%	137.36%
Debt to EBITDA	-0.01	0.00	-1.22	-1.98	-1.94	-2.79	-0.81	-0.19	-0.81	-0.34	-1.57
Net Debt to EBITDA	2.12	1.75	-0.19	-0.82	-1.32	-2.08	1.21	0.72	1.42	0.84	7.07
Long-Term Debt to EBITDA	-0.01	0.00	-1.22	-1.98	-1.94	-2.79	-0.81	-0.19	-0.28	-0.34	-1.57
Debt to NOPAT	-0.02	0.00	-1.68	-2.64	-2.62	-3.80	-1.10	-0.27	-1.09	-0.42	-0.97
Net Debt to NOPAT	2.86	2.41	-0.27	-1.10	-1.78	-2.83	1.66	1.02	1.90	1.04	4.38
Long-Term Debt to NOPAT	-0.01	0.00	-1.68	-2.64	-2.62	-3.80	-1.10	-0.27	-0.37	-0.42	-0.97
Altman Z-Score	15.57	11.60	-4.33	-5.84	-9.95	-13.11	2.77	-1.58	-2.93	-4.37	-4.05
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.52	3.76	4.33	2.76	2.62	3.77	2.15	0.90	0.69	0.70	0.98
Quick Ratio	5.15	3.05	3.55	2.14	2.02	3.35	1.68	0.82	0.58	0.53	0.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-50	-73	-209	-109	-139	-90	-379	519	-516	-759	86
Operating Cash Flow to CapEx	-927.02%	-690.22%	-1,421.65%	-3,448.94%	-13,471.21%	0.00%	-77.88%	561.78%	-447.32%	-1,214.11%	0.00%
Free Cash Flow to Firm to Interest Expense	-319.85	-302.18	-16.11	-7.77	-10.24	-6.58	-24.99	24.54	-25.97	-52.62	4.27
Operating Cash Flow to Interest Expense	-426.84	-523.20	-19.96	-10.27	-13.58	-10.04	-2.81	15.29	-20.92	-49.53	-4.35
Operating Cash Flow Less CapEx to Interest Expense	-472.89	-599.00	-21.36	-10.56	-13.68	-8.83	-6.42	12.57	-25.60	-53.61	4.52
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.11	0.04	0.09	0.00	0.10	0.54	0.55	0.82	0.49	0.41
Accounts Receivable Turnover	6.51	7.38	0.00	0.00	0.00	0.00	3.53	3.20	7.38	5.18	3.36
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	39.63	8.77	8.04
Fixed Asset Turnover	1.80	1.39	0.42	0.82	0.00	0.94	4.97	5.65	7.62	3.28	3.07
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.25	1.97	2.33
Days Sales Outstanding (DSO)	56.08	49.49	0.00	0.00	0.00	0.00	103.42	114.15	49.48	70.43	108.49
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.21	41.61	45.41
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	69.46	185.35	156.80
Cash Conversion Cycle (CCC)	56.08	49.49	0.00	0.00	0.00	0.00	103.42	114.15	-10.77	-73.31	-2.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	62	25	45	35	52	57	144	-1,555	-1,490	-1,128	-1,388
Invested Capital Turnover	0.46	0.83	0.44	0.78	0.00	0.34	4.71	-1.63	-1.30	-0.75	-0.54
Increase / (Decrease) in Invested Capital	-8.37	-37	20	-11	18	5.10	87	-1,699	65	362	-260
Enterprise Value (EV)	1,247	1,999	392	521	921	345	6,616	9,614	-49	159	524
Market Capitalization	1,414	2,264	342	389	704	106	7,099	10,817	807	570	1,288
Book Value per Share	$0.96	$1.08	($0.02)	($0.32)	($0.44)	($7.00)	$9.85	($4.65)	($8.08)	($6.04)	($3.89)
Tangible Book Value per Share	$0.68	$0.85	($0.25)	($0.52)	($0.59)	($9.13)	$7.64	($6.39)	($9.69)	($7.11)	($4.57)
Total Capital	231	293	311	216	151	135	949	-28	-143	-549	-454
Total Debt	1.00	0.40	316	318	319	321	322	323	491	168	170
Total Long-Term Debt	0.40	0.00	316	318	319	321	322	323	166	168	170
Net Debt	-167	-265	51	132	216	239	-483	-1,203	-856	-411	-764
Capital Expenditures (CapEx)	7.23	18	18	4.19	1.37	-16	55	57	93	59	-178
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-14	-54	-44	-56	-29	-10	-136	-1,762	-1,779	-1,070	-959
Debt-free Net Working Capital (DFNWC)	155	211	221	130	74	71	669	-235	-432	-491	-25
Net Working Capital (NWC)	154	211	221	130	74	71	669	-235	-757	-491	-25
Net Nonoperating Expense (NNE)	24	47	92	64	63	48	127	563	207	149	13
Net Nonoperating Obligations (NNO)	-167	-268	51	136	220	244	-483	-1,203	-856	-411	-764
Total Depreciation and Amortization (D&A)	4.84	5.98	9.81	11	9.58	5.68	4.89	13	29	41	48
Debt-free, Cash-free Net Working Capital to Revenue	-44.71%	-150.24%	-288.99%	-179.31%	0.00%	-55.29%	-28.68%	-153.70%	-89.76%	-108.79%	-140.61%
Debt-free Net Working Capital to Revenue	504.40%	582.50%	1,442.22%	415.82%	0.00%	382.87%	140.57%	-20.52%	-21.78%	-49.94%	-3.73%
Net Working Capital to Revenue	502.44%	581.42%	1,442.22%	415.82%	0.00%	382.87%	140.57%	-20.52%	-38.17%	-49.94%	-3.73%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($7.40)	($12.00)	($20.60)	($12.60)	($10.00)	($5.51)	($7.27)	($23.44)	($8.42)	($5.41)	($1.23)
Adjusted Weighted Average Basic Shares Outstanding	11.97M	13.52M	13.60M	17.19M	22.07M	51.53M	73.86M	74.40M	78.18M	100.77M	152.19M
Adjusted Diluted Earnings per Share	($7.40)	($12.00)	($20.60)	($12.60)	($10.00)	($5.51)	($7.27)	($23.44)	($8.42)	($5.41)	($1.23)
Adjusted Weighted Average Diluted Shares Outstanding	11.97M	13.52M	13.60M	17.19M	22.07M	51.53M	73.86M	74.40M	78.18M	100.77M	152.19M
Adjusted Basic & Diluted Earnings per Share	($7.40)	($12.00)	($20.60)	($12.60)	($10.00)	($5.51)	($7.27)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	11.29M	13.11M	13.54M	14.63M	18.49M	24.10M	57.55M	76.28M	86.17M	139.95M	160.84M
Normalized Net Operating Profit after Tax (NOPAT)	-59	-110	-188	-120	-122	-91	-292	-1,181	-451	-397	-174
Normalized NOPAT Margin	-191.08%	-303.63%	-1,226.99%	-385.54%	0.00%	-486.11%	-61.33%	-102.99%	-22.77%	-40.31%	-25.54%
Pre Tax Income Margin	-270.55%	-432.93%	-1,823.53%	-589.46%	0.00%	-711.04%	-87.94%	-149.57%	-32.98%	-55.20%	-25.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-533.06	-652.93	-20.76	-12.20	-12.77	-8.86	-26.62	-80.15	-31.88	-36.67	-7.80
NOPAT to Interest Expense	-373.14	-456.70	-14.53	-8.54	-8.94	-6.20	-19.26	-55.88	-22.70	-27.51	-8.68
EBIT Less CapEx to Interest Expense	-579.11	-728.73	-22.16	-12.50	-12.87	-7.65	-30.22	-82.87	-36.56	-40.75	1.07
NOPAT Less CapEx to Interest Expense	-419.19	-532.50	-15.93	-8.84	-9.04	-4.99	-22.87	-58.60	-27.38	-31.59	0.19
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.80%	-0.66%	0.00%

This table displays calculated financial ratios and metrics derived from Novavax's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	310.74%	60.85%	-88.50%	128.28%	-74.55%	-18.48%	15.94%	-2.11%	-54.80%	-69.69%
EBITDA Growth	49.95%	78.96%	-228.32%	114.32%	23.65%	6.31%	53.81%	153.13%	10.14%	66.95%
EBIT Growth	47.95%	78.18%	-236.72%	112.13%	20.59%	4.07%	51.05%	176.65%	8.18%	61.76%
NOPAT Growth	58.59%	70.44%	-205.98%	116.44%	1.22%	24.73%	53.69%	185.72%	-6.68%	28.59%
Net Income Growth	47.71%	78.46%	-244.49%	111.36%	22.44%	2.12%	49.80%	179.93%	7.25%	54.58%
EPS Growth	0.00%	0.00%	-233.20%	108.88%	41.40%	42.61%	69.21%	70.69%	39.68%	68.94%
Operating Cash Flow Growth	72.77%	65.59%	-267.86%	-0.61%	-2.45%	-50.05%	74.34%	282.78%	-265.18%	2.05%
Free Cash Flow Firm Growth	-72.02%	-121.01%	-106.61%	-470.92%	-259.39%	-108.21%	-471.50%	218.38%	102.50%	134.31%
Invested Capital Growth	-31.87%	4.17%	-14.30%	25.37%	23.53%	24.30%	12.78%	-19.88%	-8.96%	-23.06%
Revenue Q/Q Growth	295.09%	-51.35%	-77.35%	424.30%	-55.94%	55.81%	-67.79%	342.69%	-79.66%	4.50%
EBITDA Q/Q Growth	69.03%	-12.41%	-61.78%	125.44%	-265.07%	-37.94%	20.25%	239.39%	-158.60%	49.26%
EBIT Q/Q Growth	67.79%	-11.07%	-60.31%	121.15%	-310.88%	-34.19%	18.20%	219.52%	-169.99%	44.12%
NOPAT Q/Q Growth	73.66%	-91.75%	-28.25%	125.39%	-258.19%	-46.12%	21.10%	256.68%	-159.06%	2.19%
Net Income Q/Q Growth	66.97%	-8.09%	-61.27%	119.74%	-325.44%	-36.41%	17.29%	210.05%	-174.70%	33.20%
EPS Q/Q Growth	67.08%	-6.98%	-48.26%	117.01%	-317.24%	-4.76%	20.45%	194.29%	-176.77%	46.05%
Operating Cash Flow Q/Q Growth	77.35%	-204.37%	-176.36%	47.19%	76.94%	-345.80%	52.74%	476.12%	-146.08%	-19.58%
Free Cash Flow Firm Q/Q Growth	226.69%	-183.73%	79.53%	-562.31%	-40.39%	-9.37%	43.80%	237.19%	-97.04%	1,401.33%
Invested Capital Q/Q Growth	-3.66%	2.80%	8.45%	19.10%	-6.22%	3.79%	-5.48%	-11.20%	3.45%	-8.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.84%	49.14%	57.89%	86.86%	47.09%	46.81%	36.91%	88.87%	28.27%	58.48%
EBITDA Margin	-20.91%	-48.32%	-345.10%	16.74%	-62.73%	-55.53%	-137.48%	43.29%	-124.71%	-60.56%
Operating Margin	-17.31%	-68.24%	-386.37%	13.07%	-67.19%	-63.01%	-154.31%	38.75%	-158.58%	-148.43%
EBIT Margin	-22.05%	-50.34%	-356.27%	14.37%	-68.78%	-59.24%	-150.42%	40.61%	-139.74%	-74.73%
Profit (Net Income) Margin	-22.95%	-50.99%	-363.07%	13.67%	-69.94%	-61.23%	-157.21%	39.08%	-143.53%	-91.76%
Tax Burden Percent	101.49%	98.78%	100.40%	100.25%	99.47%	100.96%	101.56%	98.66%	99.16%	110.12%
Interest Burden Percent	102.57%	102.56%	101.50%	94.88%	102.22%	102.39%	102.91%	97.54%	103.59%	111.49%
Effective Tax Rate	0.00%	0.00%	0.00%	-0.25%	0.00%	0.00%	0.00%	1.34%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	2,526.49%	133.49%	278.29%	100.17%	88.23%	80.69%	45.24%	49.63%	47.29%	27.97%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-16.85%	-41.26%	-221.18%	10.66%	-36.80%	-28.73%	-103.52%	22.90%	-73.42%	-30.36%
Return on Assets (ROA)	-17.54%	-41.80%	-225.40%	10.14%	-37.41%	-29.70%	-108.19%	22.03%	-75.41%	-37.28%
Return on Common Equity (ROCE)	2,526.49%	133.49%	278.29%	100.17%	88.23%	80.69%	45.24%	49.63%	47.29%	27.97%
Return on Equity Simple (ROE_SIMPLE)	233.57%	0.00%	128.99%	77.77%	80.92%	0.00%	45.98%	68.18%	54.11%	0.00%
Net Operating Profit after Tax (NOPAT)	-89	-171	-219	56	-88	-128	-101	159	-94	-92
NOPAT Margin	-12.12%	-47.77%	-270.46%	13.10%	-47.03%	-44.11%	-108.02%	38.23%	-111.01%	-103.90%
Net Nonoperating Expense Percent (NNEP)	-6.14%	-1.12%	-8.68%	0.34%	-5.86%	-7.88%	-11.67%	0.57%	-4.42%	1.83%
Return On Investment Capital (ROIC_SIMPLE)	-	119.61%	-	-	-	23.41%	-	-	-	20.20%
Cost of Revenue to Revenue	59.16%	50.86%	42.11%	13.14%	52.91%	53.19%	63.09%	11.13%	71.73%	41.52%
SG&A Expenses to Revenue	16.73%	45.23%	139.01%	22.08%	57.47%	53.28%	92.48%	24.38%	83.71%	88.71%
R&D to Revenue	41.42%	72.15%	305.25%	51.71%	56.81%	56.53%	98.75%	25.74%	103.14%	118.20%
Operating Expenses to Revenue	58.15%	117.38%	444.26%	73.79%	114.28%	109.81%	191.23%	50.12%	186.85%	206.91%
Earnings before Interest and Taxes (EBIT)	-162	-180	-288	61	-129	-173	-141	169	-118	-66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-154	-173	-279	71	-117	-162	-129	180	-105	-53
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.77	0.41	0.44	0.40	0.65	0.58	0.57	1.80	2.28	1.89
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.25	0.00	0.09	0.18	0.18	0.16	0.25	0.90	1.44	0.77
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	62.07	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	62.10	0.00	6.10
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-0.57	-0.77	-0.19	-0.22	-0.25	-0.23	-0.19	-0.39	-0.32	-0.27
Long-Term Debt to Equity	0.00	-0.26	-0.19	-0.22	-0.25	-0.23	-0.19	-0.39	-0.32	-0.27
Financial Leverage	24.75	2.09	2.08	1.20	1.17	0.94	0.45	1.05	1.03	0.88
Leverage Ratio	-46.19	-4.91	-5.27	-3.68	-3.15	-3.00	-1.64	-2.95	-2.80	-2.50
Compound Leverage Factor	-47.38	-5.03	-5.35	-3.49	-3.22	-3.07	-1.69	-2.88	-2.90	-2.79
Debt to Total Capital	-134.40%	-344.25%	-22.90%	-28.48%	-32.82%	-30.61%	-24.11%	-64.24%	-47.39%	-37.36%
Short-Term Debt to Total Capital	-134.40%	-227.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	-116.63%	-22.90%	-28.48%	-32.82%	-30.61%	-24.11%	-64.24%	-47.39%	-37.36%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	234.40%	444.25%	122.90%	128.48%	132.82%	130.61%	124.11%	164.24%	147.39%	137.36%
Debt to EBITDA	-0.26	-0.81	-0.15	-0.31	-0.34	-0.34	-0.50	-0.74	-0.78	-1.57
Net Debt to EBITDA	0.77	1.42	0.43	0.65	0.99	0.84	0.96	3.90	3.47	7.07
Long-Term Debt to EBITDA	0.00	-0.28	-0.15	-0.31	-0.34	-0.34	-0.50	-0.74	-0.78	-1.57
Debt to NOPAT	-0.38	-1.09	-0.20	-0.38	-0.38	-0.42	-0.60	-0.82	-0.80	-0.97
Net Debt to NOPAT	1.13	1.90	0.57	0.79	1.13	1.04	1.16	4.34	3.56	4.38
Long-Term Debt to NOPAT	0.00	-0.37	-0.20	-0.38	-0.38	-0.42	-0.60	-0.82	-0.80	-0.97
Altman Z-Score	-1.60	-2.27	-4.47	-2.86	-3.70	-3.72	-4.66	-2.35	-3.25	-3.86
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.06	0.69	0.51	0.71	0.69	0.70	0.90	1.04	0.93	0.98
Quick Ratio	0.83	0.58	0.38	0.56	0.53	0.53	0.62	0.93	0.85	0.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	281	-236	-48	-320	-449	-491	-276	378	11	168
Operating Cash Flow to CapEx	-131.13%	-533.97%	-1,382.09%	-2,210.28%	-215.62%	-1,947.36%	-1,152.48%	10,056.61%	-7,197.51%	-7,689.30%
Free Cash Flow to Firm to Interest Expense	67.50	-51.21	-11.18	-102.27	-156.89	-119.16	-67.06	91.30	2.65	22.19
Operating Cash Flow to Interest Expense	-9.28	-25.61	-75.44	-55.04	-13.87	-42.94	-20.32	75.86	-34.19	-22.83
Operating Cash Flow Less CapEx to Interest Expense	-16.37	-30.40	-80.90	-57.53	-20.30	-45.14	-22.09	75.10	-34.66	-23.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.82	0.62	0.74	0.54	0.49	0.69	0.56	0.53	0.41
Accounts Receivable Turnover	16.67	7.38	4.60	5.42	8.92	5.18	14.85	4.63	8.10	3.36
Inventory Turnover	0.00	39.63	13.09	5.05	4.88	8.77	14.77	22.01	8.21	8.04
Fixed Asset Turnover	7.85	7.62	4.90	5.76	3.77	3.28	3.33	3.36	3.02	3.07
Accounts Payable Turnover	7.05	5.25	7.09	2.98	3.00	1.97	4.04	4.30	4.03	2.33
Days Sales Outstanding (DSO)	21.90	49.48	79.37	67.34	40.91	70.43	24.58	78.90	45.07	108.49
Days Inventory Outstanding (DIO)	0.00	9.21	27.89	72.30	74.87	41.61	24.72	16.59	44.47	45.41
Days Payable Outstanding (DPO)	51.79	69.46	51.48	122.42	121.60	185.35	90.30	84.92	90.63	156.80
Cash Conversion Cycle (CCC)	-29.89	-10.77	55.79	17.22	-5.83	-73.31	-41.00	10.57	-1.09	-2.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-1,533	-1,490	-1,364	-1,104	-1,172	-1,128	-1,190	-1,323	-1,277	-1,388
Invested Capital Turnover	-1.37	-1.30	-1.06	-1.24	-0.78	-0.75	-0.78	-0.81	-0.72	-0.54
Increase / (Decrease) in Invested Capital	-370	65	-171	375	361	362	174	-219	-105	-260
Enterprise Value (EV)	457	-49	129	292	190	159	245	886	1,271	524
Market Capitalization	1,424	807	597	641	683	570	568	1,778	2,022	1,288
Book Value per Share	($7.24)	($8.08)	($10.39)	($8.74)	($7.19)	($6.04)	($6.20)	($3.07)	($3.29)	($3.89)
Tangible Book Value per Share	($8.85)	($9.69)	($11.90)	($10.23)	($8.50)	($7.11)	($7.08)	($3.95)	($4.08)	($4.57)
Total Capital	-241	-143	-729	-587	-511	-549	-699	-263	-357	-454
Total Debt	325	491	167	167	168	168	168	169	169	170
Total Long-Term Debt	0.00	166	167	167	168	168	168	169	169	170
Net Debt	-967	-856	-468	-349	-494	-411	-323	-891	-751	-764
Capital Expenditures (CapEx)	30	22	24	7.78	18	9.08	7.25	3.13	2.01	2.25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-875	-1,779	-1,583	-985	-1,123	-1,070	-568	-1,015	-997	-959
Debt-free Net Working Capital (DFNWC)	417	-432	-948	-469	-462	-491	-77	46	-77	-25
Net Working Capital (NWC)	92	-757	-948	-469	-462	-491	-77	46	-77	-25
Net Nonoperating Expense (NNE)	80	12	75	-2.41	43	50	46	-3.54	27	-11
Net Nonoperating Obligations (NNO)	-967	-856	-468	-349	-494	-411	-323	-891	-751	-764
Total Depreciation and Amortization (D&A)	8.35	7.22	9.04	10	11	11	12	11	13	13
Debt-free, Cash-free Net Working Capital to Revenue	-47.37%	-89.76%	-116.50%	-61.66%	-107.01%	-108.79%	-57.02%	-102.72%	-112.68%	-140.61%
Debt-free Net Working Capital to Revenue	22.56%	-21.78%	-69.75%	-29.34%	-43.99%	-49.94%	-7.75%	4.61%	-8.73%	-3.73%
Net Working Capital to Revenue	4.98%	-38.17%	-69.75%	-29.34%	-43.99%	-49.94%	-7.75%	4.61%	-8.73%	-3.73%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.15)	($2.40)	($3.41)	$0.65	($1.26)	($1.39)	($1.05)	$1.09	($0.76)	($0.51)
Adjusted Weighted Average Basic Shares Outstanding	78.27M	78.18M	86.16M	89.36M	103.43M	100.77M	139.92M	148.38M	160.05M	152.19M
Adjusted Diluted Earnings per Share	$0.00	($2.30)	($3.41)	$0.58	($1.26)	($1.32)	($1.05)	$0.99	($0.76)	($0.41)
Adjusted Weighted Average Diluted Shares Outstanding	78.50M	78.18M	86.16M	104.07M	103.43M	100.77M	139.92M	165.86M	160.05M	152.19M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	78.50M	86.17M	86.31M	94.40M	118.79M	139.95M	140.40M	160.09M	160.18M	160.84M
Normalized Net Operating Profit after Tax (NOPAT)	-89	-171	-219	39	-88	-128	-101	159	-94	-92
Normalized NOPAT Margin	-12.12%	-47.77%	-270.46%	9.15%	-47.03%	-44.11%	-108.02%	38.23%	-111.01%	-103.90%
Pre Tax Income Margin	-22.62%	-51.63%	-361.60%	13.63%	-70.31%	-60.65%	-154.80%	39.61%	-144.75%	-83.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-38.85	-39.10	-66.82	19.52	-44.99	-41.92	-34.34	40.73	-27.88	-8.70
NOPAT to Interest Expense	-21.36	-37.10	-50.73	17.80	-30.76	-31.21	-24.66	38.34	-22.15	-12.10
EBIT Less CapEx to Interest Expense	-45.93	-43.90	-72.28	17.03	-51.42	-44.12	-36.10	39.97	-28.35	-9.00
NOPAT Less CapEx to Interest Expense	-28.44	-41.90	-56.19	15.31	-37.19	-33.42	-26.42	37.59	-22.62	-12.39
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-0.80%	-0.77%	-1.51%	-1.61%	-0.66%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Novavax's Financials

When does Novavax's fiscal year end?

According to the most recent income statement we have on file, Novavax's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Novavax's net income changed over the last 10 years?

Novavax's net income appears to be on an upward trend, with a most recent value of -$187.50 million in 2024, rising from -$82.95 million in 2014. The previous period was -$545.06 million in 2023.

What is Novavax's operating income?

Novavax's total operating income in 2024 was -$248.93 million, based on the following breakdown:

Total Gross Profit: $479.42 million
Total Operating Expenses: $728.35 million

How has Novavax revenue changed over the last 10 years?

Over the last 10 years, Novavax's total revenue changed from $30.66 million in 2014 to $682.16 million in 2024, a change of 2,125.0%.

How much debt does Novavax have?

Novavax's total liabilities were at $2.18 billion at the end of 2024, a 13.1% decrease from 2023, and a 4,609.1% increase since 2014.

How much cash does Novavax have?

In the past 10 years, Novavax's cash and equivalents has ranged from $32.34 million in 2014 to $1.52 billion in 2021, and is currently $530.23 million as of their latest financial filing in 2024.

How has Novavax's book value per share changed over the last 10 years?

Over the last 10 years, Novavax's book value per share changed from 0.96 in 2014 to -3.89 in 2024, a change of -504.5%.

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This page (NASDAQ:NVAX) was last updated on 4/24/2025 by MarketBeat.com Staff

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Novavax (NVAX) Financials

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