Latest Ratios: P/E Ratio 9.0x · EV/EBITDA 4.0x · ROE 22.3%. (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 | $152M | $81M | $323M | $279M | $468M | $3.1B | $2.8B | $75M | $119M | $276M | $259M |
| Enterprise Value | $107M | $36M | $321M | $271M | $451M | $2.9B | $2.7B | $64M | $111M | $315M | $242M |
| P/E Ratio → | 8.99 | 5.00 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.64 | 0.34 | 11.24 | 37.82 | 4371.70 | 3425.04 | 687.66 | 7.65 | 28.55 | 47.32 | 29.09 |
| P/B Ratio | 1.65 | 0.92 | 5.48 | 4.83 | 4.23 | 16.29 | 22.55 | 5.83 | 10.57 | — | 13.85 |
| P/FCF | 20.12 | 10.65 | — | — | — | — | — | — | — | — | — |
| P/OCF | 19.75 | 10.45 | — | — | — | — | — | — | — | — | — |
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 | — | 0.15 | 11.17 | 36.71 | 4216.64 | 3291.39 | 661.77 | 6.52 | 26.66 | 53.94 | 27.14 |
| EV / EBITDA | 4.03 | 1.34 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 5.95 | 1.82 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 4.73 | — | — | — | — | — | — | — | — | — |
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 | 100.0% | 100.0% | 100.0% | 39.0% | 100.0% | -5365.1% | -390.9% | 100.0% | -315.4% | -111.6% | -98.1% |
| Operating Margin | 7.6% | 7.6% | -231.0% | -1129.5% | -107090.7% | -8156.1% | -745.7% | -160.1% | -523.1% | -156.1% | -309.0% |
| Net Profit Margin | 6.9% | 6.9% | -233.3% | -1117.6% | -100708.4% | -7900.2% | -796.3% | -189.1% | -433.0% | -213.4% | -330.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.3% | 22.3% | -114.7% | -97.9% | -72.3% | -45.3% | -47.3% | -154.2% | -160.2% | — | -90.6% |
| ROA | 9.3% | 9.3% | -51.9% | -67.1% | -57.5% | -37.7% | -34.0% | -51.6% | -90.6% | -55.8% | -52.1% |
| ROIC | 27.1% | 27.1% | -93.3% | -87.1% | -105.9% | -125.5% | -221.7% | -461.4% | -974.1% | -1087.7% | -1586.5% |
| ROCE | 20.7% | 20.7% | -86.3% | -77.9% | -66.2% | -41.4% | -35.8% | -56.8% | -156.8% | -53.3% | -56.3% |
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 | 0.10 | 0.10 | 0.40 | 0.46 | 0.25 | 0.13 | 0.18 | 0.18 | 0.32 | — | 0.02 |
| Debt / EBITDA | 0.34 | 0.34 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.51 | -0.03 | -0.14 | -0.15 | -0.64 | -0.85 | -0.87 | -0.70 | — | -0.93 |
| Net Debt / EBITDA | -1.68 | -1.68 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -5.92 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 6.95 | 6.95 | -21.46 | -55.81 | -81.52 | -46.54 | -16.07 | -6.60 | -5.68 | — | -15.17 |
Net cash position: cash ($54M) exceeds total debt ($9M)
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 | 1.57 | 1.57 | 0.75 | 3.32 | 5.55 | 15.69 | 10.93 | 1.92 | 1.96 | 0.83 | 6.76 |
| Quick Ratio | 1.57 | 1.57 | 0.75 | 3.32 | 5.55 | 15.69 | 10.93 | 1.92 | 1.96 | 0.83 | 6.76 |
| Cash Ratio | 0.74 | 0.74 | 0.57 | 2.89 | 5.23 | 15.44 | 10.79 | 1.47 | 1.53 | 0.66 | 6.54 |
| Asset Turnover | — | 1.28 | 0.17 | 0.08 | 0.00 | 0.00 | 0.03 | 0.27 | 0.12 | 1.29 | 0.22 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 78.99 | 152.22 | 148.79 | 68.22 | 29.05 | 30.13 | 133.94 | 157.62 | 39.38 | 24.61 |
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 | 11.1% | 20.0% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 5.0% | 9.4% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $230M | $487M | $487M | $487M | $487M | $487M | $216M | $63M | $44M | $35M |
Clinical trial funding dependency
As reported in recent financial filings, Vaxart trades at a TTM P/S ratio of 0.55, a valuation that appears to discount the company's clinical-stage status while simultaneously reflecting the market's skepticism regarding the long-term sustainability of its current milestone-driven revenue model compared to established biotech peers.
The current EV/EBITDA of 3.22 is likely an artifact of non-recurring revenue recognition rather than a reflection of normalized operational earnings. Investors should monitor whether this valuation floor holds as the company transitions from grant-funded research toward the capital-intensive Phase 2b and Phase 3 clinical trial phases.
Based on historical data, Vaxart's ROIC has exhibited extreme volatility, swinging from a peak of 121.7% in 2025Q4 to a negative 21.6% in 2025Q3, which underscores the difficulty of compounding capital in a business model where returns are dictated by lumpy, non-recurring government contract milestones.
The erratic ROIC trend suggests that the company is not yet generating sustainable returns on its invested capital, as the underlying asset base is primarily composed of clinical trial costs rather than revenue-generating infrastructure. This pattern warrants further investigation into whether future pipeline readouts can stabilize these returns.
According to recent SEC filings, Vaxart's asset turnover ratio has remained consistently low, averaging below 0.30 over the last ten quarters, which highlights the company's structural inability to efficiently convert its heavy investment in clinical research assets into meaningful, recurring commercial revenue streams.
The lack of a stable cash conversion cycle reflects the company's reliance on external funding rather than customer-driven sales. Without a transition to commercial product distribution, the efficiency metrics will likely remain distorted by the timing of clinical trial milestones and federal grant disbursements.
As noted in financial statements, Vaxart's valuation and margin profile diverge significantly from peers like Novavax, where the latter benefits from a more established commercial footprint, suggesting that Vaxart's current market pricing is driven more by its unique oral delivery platform than by immediate operational performance.
While peers often struggle with the complexities of injectable manufacturing, Vaxart's reliance on non-dilutive funding creates a unique risk profile that is not fully captured by standard peer comparisons. The gap in net margins between Vaxart and its competitors appears structural, rooted in the pre-commercial nature of its pipeline.
Investors frequently misapply the P/E ratio to Vaxart, as the reported TTM P/E of 7.71 is heavily skewed by one-time milestone payments that do not represent the company's underlying earning power or its ongoing, high-burn clinical research operational requirements.
Using P/E to value a pre-revenue or milestone-dependent biotech firm obscures the reality of its cash burn and reliance on external capital. A more appropriate metric would be the cash runway or the enterprise value relative to the probability-adjusted net present value of its clinical pipeline assets.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VXRT stock.
Vaxart, Inc.'s current P/E ratio is 9.0x. The historical average is 33.3x. This places it at the 33th percentile of its historical range.
Vaxart, Inc.'s current EV/EBITDA is 4.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.0x.
Vaxart, Inc.'s return on equity (ROE) is 22.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -31.6%.
Based on historical data, Vaxart, Inc. is trading at a P/E of 9.0x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Vaxart, Inc. has 100.0% gross margin and 7.6% operating margin.
Vaxart, Inc.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.