Latest Ratios: P/E Ratio 3.7x · EV/EBITDA 2.6x · ROE N/A. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $1.2B | $1.2B | $484M | $804M | $10.6B | $6.4B | $96M | $680M | $363M | $341M |
| Enterprise Value | $1.6B | $1.2B | $924M | $144M | $17M | $9.6B | $6.3B | $339M | $929M | $574M | $513M |
| P/E Ratio → | 3.72 | 2.65 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.38 | 1.04 | 1.79 | 0.87 | 0.50 | 53.87 | 286.66 | 5.14 | 19.84 | 11.64 | 22.22 |
| P/B Ratio | — | — | — | — | — | — | 10.23 | — | — | — | — |
| P/FCF | — | — | — | — | — | 40.10 | — | — | — | — | — |
| P/OCF | — | — | — | — | — | 32.96 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.04 | 1.35 | 0.26 | 0.01 | 48.50 | 282.85 | 18.16 | 27.11 | 18.42 | 33.43 |
| EV / EBITDA | 2.65 | 1.98 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 2.78 | 2.52 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | 36.10 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 93.7% | 93.7% | 70.3% | 38.2% | 43.5% | 100.0% | 100.0% | -510.0% | 100.0% | 100.0% | -1449.8% |
| Operating Margin | 50.1% | 50.1% | -36.5% | -101.8% | -40.3% | -853.6% | -1861.3% | -646.1% | -507.2% | -550.8% | -1752.8% |
| Net Profit Margin | 39.2% | 39.2% | -27.5% | -98.0% | -41.1% | -882.5% | -1868.2% | -697.1% | -538.8% | -589.5% | -1823.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | -1265.7% | -189.6% | — | — | — | -195.0% |
| ROA | 32.2% | 32.2% | -11.2% | -26.9% | -27.2% | -83.8% | -47.7% | -68.3% | -72.4% | -52.7% | -71.8% |
| ROIC | — | — | — | — | — | — | -104.4% | -130.9% | -136.7% | -93.3% | -110.2% |
| ROCE | 100.4% | 100.4% | -87.6% | -348.9% | — | -283.6% | -72.5% | -77.9% | -88.9% | -61.7% | -84.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | 0.75 | — | — | — | — |
| Debt / EBITDA | 0.42 | 0.42 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | — | -0.14 | — | — | — | — |
| Net Debt / EBITDA | 0.01 | 0.01 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | -4.00 | — | — | — | — | — |
| Interest Coverage | 20.61 | 20.61 | -7.80 | -36.67 | -31.88 | -80.15 | -26.62 | -8.75 | -14.16 | -12.06 | -20.59 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.13 | 2.13 | 0.98 | 0.70 | 0.69 | 0.90 | 2.15 | 3.77 | 2.62 | 2.76 | 4.33 |
| Quick Ratio | 2.10 | 2.10 | 0.97 | 0.67 | 0.68 | 0.90 | 2.15 | 3.77 | 2.36 | 2.58 | 4.10 |
| Cash Ratio | 1.60 | 1.60 | 0.80 | 0.35 | 0.54 | 0.63 | 1.23 | 3.06 | 1.54 | 1.44 | 2.17 |
| Asset Turnover | — | 0.95 | 0.44 | 0.31 | 0.71 | 0.08 | 0.01 | 0.11 | 0.16 | 0.10 | 0.04 |
| Inventory Turnover | 6.16 | 6.16 | 23.17 | 8.24 | 24.61 | — | — | — | — | — | 15.12 |
| Days Sales Outstanding | — | 34.58 | 57.94 | 195.00 | 18.80 | 840.53 | 4271.68 | 146.69 | — | — | 5.54 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 26.8% | 37.8% | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | 2.5% | — | — | — | — | — |
| Buyback Yield | 0.3% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.3% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $173M | $152M | $101M | $78M | $74M | $58M | $24M | $18M | $15M | $14M |
Lumpy licensing revenue dependency
According to recent market data, NVAX trades at an EV/EBITDA of 2.49, a valuation that appears to reflect deep investor skepticism regarding the long-term commercial viability of its vaccine platform compared to the broader biotechnology sector's historical trading ranges for established respiratory vaccine developers.
The current low valuation multiple suggests that the market is pricing in a terminal decline for the company's core COVID-19 product line rather than assigning value to the potential of the Matrix-M adjuvant platform. Investors should monitor whether this discount persists as the company shifts toward a licensing-heavy model, as the current P/S of 1.30 may undervalue the recurring nature of future royalty streams if clinical milestones are met.
Based on reported quarterly filings, NVAX's cash conversion cycle has exhibited extreme instability, swinging from -171 days in 2025Q1 to 16 days in 2026Q1, which highlights the company's struggle to maintain consistent working capital efficiency amidst shifting commercial and licensing revenue recognition patterns.
The wild fluctuations in DSO and DPO suggest that the company's operational efficiency is heavily dictated by the timing of large, non-recurring contract payments rather than standard inventory turnover. This volatility makes it difficult to assess the underlying health of the supply chain, as the company appears to be managing cash outflows to match the lumpy nature of its incoming licensing milestones.
As reported in financial statements, NVAX's current ratio of 2.48 in 2026Q1 indicates a temporary liquidity buffer, yet this position remains highly sensitive to the timing of licensing inflows and the ongoing cash obligations associated with the Gavi settlement through 2028.
While the current ratio has improved from the sub-1.0 levels seen in 2024, the company's liquidity remains vulnerable to any delays in clinical progress or commercial adoption of its vaccine candidates. The reliance on external licensing cash to maintain this liquidity suggests that the company lacks the self-sustaining operational cash flow required to weather prolonged periods of low commercial demand.
The use of P/E ratios to evaluate NVAX is fundamentally flawed, as reported earnings are frequently distorted by non-recurring licensing milestones and government grants, which obscure the true, underlying cash-generating capacity of the company's core vaccine manufacturing and adjuvant licensing business model.
Investors should instead focus on adjusted operating cash flow and the trajectory of royalty-based revenue, which better reflect the company's transition toward an asset-light licensing house. Relying on P/E multiples in this context risks misinterpreting one-time accounting gains as sustainable profitability, potentially leading to an overestimation of the company's long-term earnings power.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NVAX stock.
Novavax, Inc.'s current P/E ratio is 3.7x. The historical average is 2.6x. This places it at the 100th percentile of its historical range.
Novavax, Inc.'s current EV/EBITDA is 2.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.0x.
Based on historical data, Novavax, Inc. is trading at a P/E of 3.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Novavax, Inc. has 93.7% gross margin and 50.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Novavax, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.