CureVac N.V.(CVAC)Earnings, Financials & Key Ratios
CVAC•NASDAQ
$4.66
6.5× P/E·Price updated Jun 20, 2026
AboutCureVac N.V., a clinical-stage biopharmaceutical company, focuses on developing various transformative medicines based on messenger ribonucleic acid (mRNA). It is developing prophylactic vaccines, such as mRNA-based vaccine candidates CV2CoV, which is in Phase 1 clinical trial against SARS-CoV-2; CV7202, a prophylactic mRNA-based vaccine, which has completed Phase 1 clinical trial for rabies virus glycoprotein; and CVSQIV, which is in Phase 1 clinical trial against influenza, as well as vaccine for lassa fever, yellow fever, respiratiory syncytial virus, rotavirus, malaria, and universal influenza. The company also develops RNA-based cancer immunotherapies, including CV8102, which is in Phase 1 clinical trial for treating cutaneous melanoma and adenoidcystic carcinoma, as well as squamous cell cancer of skin, head, and neck. The company was founded in 2000 and is headquartered in Tübingen, Germany.Show more
- Revenue$535M+895.5%
- EBITDA$196M+178.3%
- Net Income$162M+162.3%
- EPS (Diluted)0.72+161.0%
- Gross Margin80.23%+161.1%
- EBITDA Margin36.71%+107.9%
- Operating Margin33.2%+106.5%
- Net Margin30.3%+106.3%
- ROE26.73%+153.9%
CVAC Price & Volume
CureVac N.V. (CVAC) stock price & volume — 10-year historical chart
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Milestone Dependence Masks Persistent mRNA Operational Losses
Investment Thesis • Updated 2025Q2
VerdictNegative
Growth:Contracting
Profitability:Negative
Financial:Adequate
Cash Flow:Burning
Primary Risk:Clinical and commercial binary outcomes
Key Thesis Takeaways
- CureVac's reliance on lumpy, non-recurring milestone payments creates significant revenue volatility, as evidenced by a 91.4% year-over-year revenue decline in 2025Q2.
- While the company maintains a conservative debt-to-equity ratio of 0.06, the lack of a sustainable commercial product pipeline forces a continued reliance on cash reserves to fund quarterly R&D expenditures often exceeding $34M.
- Investors should monitor the company's ability to transition from clinical-stage development to commercial viability, as the current $1.5B accumulated deficit highlights the substantial financial risk inherent in its mRNA platform strategy.
Verdict Logic
the company's fundamental reliance on milestone payments rather than recurring product sales, combined with a persistent quarterly cash burn of $43.6M, suggests significant long-term capital risk.
CVAC Growth Metrics
CureVac N.V. (CVAC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years98.39%
3 Years73.21%
TTM682.03%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM170.11%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM170.73%
Return on Capital
10 Years-40.1%
5 Years-21.31%
3 Years-16.16%
Last Year26.67%
CVAC Recent Earnings
CureVac N.V. (CVAC) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 4/12 qtrs (36%)
Q4 2025Latest
Nov 24, 2025Metric
Actual
Est
EPS
$0.10+41.2%
$0.17
Rev
$573M
—
Q3 2025
Aug 15, 2025Metric
Actual
Est
EPS
$0.30-66.7%
$0.18
Rev
$1M-62.7%
$4M
Q2 2025
May 20, 2025Metric
Actual
Est
EPS
$0.24-50.0%
$0.16
Rev
$978,951-79.7%
$5M
Q2 2025
Apr 10, 2025Metric
Actual
Est
EPS
$0.15+31.8%
$0.22
Rev
$15M+122.7%
$7M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q4 2025Latest | Nov 24, 2025 | $0.10vs $0.17+41.2% | $573M |
| Q3 2025 | Aug 15, 2025 | $0.30vs $0.18-66.7% | $1Mvs $4M-62.7% |
| Q2 2025 | May 20, 2025 | $0.24vs $0.16-50.0% | $978,951vs $5M-79.7% |
| Q2 2025 | Apr 10, 2025 | $0.15vs $0.22+31.8% | $15Mvs $7M+122.7% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for CureVac N.V. (CVAC)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $4.66 | $1.05B | 6.47 | 895.54% | 30.3% | 26.73% | — | |
| $79.77 | $31.64B | -10.99 | -39.23% | -143.55% | -36.73% | — | |
| $94.29 | $23.84B | -18.30 | 0.2% | -44.95% | -6.72% | — | |
| $7.60 | $216.02M | -3.17 | -51.43% | -173.47% | -36.55% | — | |
| $17.43 | $1.96B | -4.57 | 16.92% | -597.04% | -57.27% | — | |
| $37.92 | $3.9B | -46.81 | 120.01% | -49.17% | -5.89% | — |
Compare CVAC vs Peers
CureVac N.V. (CVAC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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CVAC Frequently Asked Questions
CureVac N.V. (CVAC) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is CureVac N.V.'s revenue?
CureVac N.V. (CVAC) reported $510.5M in revenue for fiscal year 2024. This represents a 3866% increase from $12.9M in 2018.
How fast is CureVac N.V. growing?
CureVac N.V. (CVAC) grew revenue by 895.5% over the past year. This is strong growth.
Is CVAC profitable?
Yes, CureVac N.V. (CVAC) is profitable, generating $193.6M in net income for fiscal year 2024 (30.3% net margin).
Dividend & Returns
What is CVAC's return on equity?
CureVac N.V. (CVAC) has a return on equity (ROE) of 26.7%. This is excellent, indicating efficient use of shareholder capital.
What is CureVac N.V.'s free cash flow?
CureVac N.V. (CVAC) generated $196.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.