NVAX Novavax

XNGS Sideways Alert

Health Care

· How we analyze

About the company

Novavax, based in Maryland, develops protein-based vaccines, including a coronavirus vaccine. Distribution and further development of the coronavirus vaccine now run through a partnership with Sanofi; Novavax receives payments and royalties for this. As of Oct 16, 2026

Fact sheet (from the annual report) Biotechnology and vaccines · Gaithersburg, USA

Novavax is a vaccine company headquartered in Gaithersburg in the state of Maryland. Its technology is based on protein-based nanoparticles and the adjuvant Matrix-M, which strengthens the immune response to vaccines. The platform is used in the approved Covid-19 vaccine Nuvaxovid and in a partner’s malaria vaccine. Marketing of Nuvaxovid lies with Sanofi, to which the US license was also transferred in November 2025. Novavax earns revenue from licenses and royalties and milestone payments from the partnership with Sanofi, among other sources. The company also provides Matrix-M for collaborations, for example for the malaria vaccine made by the Serum Institute of India.

Automatically summarized from SEC annual report (10-K, filed Feb 26, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 17, 2026

Price performance at a glance

Last 30 trading days
  • Today +6.6%
  • 7 days −12.3%
  • 30 days −5.7%
  • 1 year +15.2%
Day range (last trading day)
−10.7%Price at 93% of the range+0.8%
52-week range
−38.1%Price at 53% of the range+33.6%
Distance from the all-time high
−97.0%

Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.

Gap with volume · Analysis method

This method currently detects no pattern for NVAX. The check runs daily after the close.

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What does the pattern show?

What is this? After strong news, usually earnings, the price opened above the previous day’s high and closed much higher on heavy volume. Such moves often continue for a few more days.

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Symbol on TradingView: NASDAQ:NVAX

Fundamental analysis

Novavax · Sector Health Care · amounts in USD

Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Feb 26, 2026.

Quality checks

Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.

Fiscal year to Dec 31, 2025

Quality Profitability, consistency, balance sheet · 3 without data 3 of 5 criteria met Growth Revenue and earnings per share · 2 without data 3 of 5 criteria met Dividend Level, consistency, coverage · 6 without data 0 of 1 criteria met Financial strength Piotroski, debt, liquidity · 1 without data 1 of 5 criteria met

Quality 3 of 5 met · 3 without data

  • met: Gross margin above 40% 93.5%
  • met: Operating margin above 15% 40.3%
  • met: Net margin above 10% 39.2%
  • no data: Return on equity above 15% negative equity
  • no data: Free cash flow margin above 10% not stated in the SEC filings
  • not met: Profit in each of the last 5 fiscal years 1 of 5
  • no data: Free cash flow positive in each of the last 3 fiscal years not stated in the SEC filings
  • not met: Equity ratio above 30% −10.9%
Gross margin

93.5% Fiscal year 2025

No rank: too few peers or not computed yet.

Share of revenue left after the direct cost of the products sold.

Operating margin

40.3% Fiscal year 2025

No rank: too few peers or not computed yet.

Operating income divided by revenue: what the core business earns before interest and taxes.

Net margin

39.2% Fiscal year 2025

No rank: too few peers or not computed yet.

Profit after all costs, interest and taxes divided by revenue.

Return on assets

37.4% Fiscal year 2025 (total assets at year end)

No rank: too few peers or not computed yet.

Net income divided by total assets at fiscal year end.

Equity ratio

−10.9% Fiscal year 2025

No rank: too few peers or not computed yet.

Equity as a share of total assets. Usually low for banks.

Growth 3 of 5 met · 2 without data

  • not met: Over 3 years, revenue grew by more than 5% per year −17.2%
  • met: Over 5 years, revenue grew by more than 5% per year +18.8%
  • met: Over 10 years, revenue grew by more than 5% per year +41.0%
  • no data: Over 3 years, EPS grew by more than 5% per year not computable (loss in the first or last year, or figures missing)
  • no data: Over 5 years, EPS grew by more than 5% per year not computable (loss in the first or last year, or figures missing)
  • not met: Revenue rose in at least 4 of the last 5 fiscal years 3 of 5
  • met: Revenue rose in the last fiscal year +64.7%
Revenue growth 3 years

−17.2% per year

No rank: too few peers or not computed yet.

Average growth per year over 3 fiscal years.

Revenue growth 5 years

+18.8% per year

No rank: too few peers or not computed yet.

Average growth per year over 5 fiscal years.

Revenue growth 10 years

+41.0% per year

No rank: too few peers or not computed yet.

Average growth per year over 10 fiscal years.

Dividend 0 of 1 met · 6 without data

  • not met: Pays a dividend no dividend per share reported for the last fiscal year
  • no data: Payout ratio at most 60% of earnings pays no dividend
  • no data: Dividend paid in each of the last 5 fiscal years pays no dividend
  • no data: Dividend per share never lowered in the last 5 fiscal years pays no dividend
  • no data: Dividend per share higher than 5 years ago pays no dividend
  • no data: Free cash flow per share covers the dividend pays no dividend
  • no data: Dividends paid over the last 5 years covered by free cash flow pays no dividend

Financial strength 1 of 5 met · 1 without data

  • not met: Piotroski F-Score at least 7 of 9 5 of 9
  • not met: Long-term debt no higher than equity negative equity
  • met: Current assets cover current liabilities 2.13
  • not met: Positive equity −127.8M USD
  • not met: In 5 years, share count up by at most 5% +200.8%
  • no data: Free cash flow positive in the last fiscal year capital expenditure or operating cash flow not reported
Piotroski F-Score

5 of 9 Fiscal year 2025

No rank: too few peers or not computed yet.

Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.

Debt / equity

negative equity at fiscal year end

No rank: too few peers or not computed yet.

Long-term financial debt divided by equity.

Liquidity (current ratio)

2.13 at fiscal year end

No rank: too few peers or not computed yet.

Current assets divided by current liabilities.

Change in share count

+200.8% in 5 years

No rank: too few peers or not computed yet.

Change in diluted share count. Negative = share buybacks, positive = new shares.

The 9 criteria of the Piotroski F-Score
  • met: Profit in the last fiscal year (positive return on assets)
  • not met: Positive operating cash flow
  • met: Return on assets higher than the prior year
  • not met: Operating cash flow higher than net income
  • not met: Long-term debt relative to total assets fell
  • met: Liquidity (current assets / current liabilities) rose
  • not met: No additional shares (diluted share count did not rise)
  • met: Gross margin higher than the prior year
  • met: Revenue relative to total assets higher than the prior year

Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.

Price-based criteria (P/E, dividend yield) are shown to signed-in users.

Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock.

In short

  • Light green: Revenue grew over 5 years (+18.8% per year), at least as fast as the sector median.
  • Light green: Net margin 39.2%, above the sector median (12.9%).
  • Light red: Profit in 1 of 10 fiscal years.

Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.

RevenueNet income Net margin (below) in USD
  1. Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 15.4M USD · Net income −280.0M USD · Net margin −1,823.5%
  2. Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 31.2M USD · Net income −183.8M USD · Net margin −589.5%
  3. Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 34.3M USD · Net income −184.7M USD · Net margin −538.8%
  4. Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 18.7M USD · Net income −132.7M USD · Net margin −711.0%
  5. Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 475.6M USD · Net income −418.3M USD · Net margin −87.9%
  6. Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 1.1B USD · Net income −1.7B USD · Net margin −152.1%
  7. Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 2.0B USD · Net income −657.9M USD · Net margin −33.2%
  8. Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 983.7M USD · Net income −545.1M USD · Net margin −55.4%
  9. Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 682.2M USD · Net income −187.5M USD · Net margin −27.5%
  10. Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 1.1B USD · Net income 440.3M USD · Net margin 39.2%

Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 1.1B USD · Net income 440.3M USD · Net margin 39.2%

Figures over time

Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.

Money flow in fiscal year 2025

Of 100 USD of revenue, 93.5 USD gross profit, 40.3 USD operating income and 39.2 USD net income remained.

Money flow as a table
Fiscal year 2025, amounts in USD, share of revenue
ItemAmountof revenue
Revenue1.1B USD100.0%
Gross profit1.1B USD93.5%
Cost of revenue73.0M USD6.5%
Operating income452.8M USD40.3%
Research & development342.3M USD30.5%
Other operating expenses255.3M USD22.7%
Net income440.3M USD39.2%
Taxes, interest & other12.5M USD1.1%

Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.

Margins

The operating margin rose in 5 years from −87.6% to 40.3%.

Gross marginOperating marginNet margin Margins above ±200% hidden (revenue very small relative to the result).
  1. Fiscal year 2016: Gross margin not available · Operating margin not available · Net margin not available
  2. Fiscal year 2017: Gross margin not available · Operating margin not available · Net margin not available
  3. Fiscal year 2018: Gross margin not available · Operating margin not available · Net margin not available
  4. Fiscal year 2019: Gross margin not available · Operating margin not available · Net margin not available
  5. Fiscal year 2020: Gross margin not available · Operating margin −87.6% · Net margin −87.9%
  6. Fiscal year 2021: Gross margin not available · Operating margin −147.1% · Net margin −152.1%
  7. Fiscal year 2022: Gross margin 54.5% · Operating margin −32.5% · Net margin −33.2%
  8. Fiscal year 2023: Gross margin 65.1% · Operating margin −57.6% · Net margin −55.4%
  9. Fiscal year 2024: Gross margin 70.3% · Operating margin −36.5% · Net margin −27.5%
  10. Fiscal year 2025: Gross margin 93.5% · Operating margin 40.3% · Net margin 39.2%

Returns

Return on assets rose in 5 years from −26.4% to 37.4%.

Return on equityReturn on assets
  1. Fiscal year 2016: Return on equity not available · Return on assets −71.0%
  2. Fiscal year 2017: Return on equity not available · Return on assets −60.8%
  3. Fiscal year 2018: Return on equity not available · Return on assets −88.8%
  4. Fiscal year 2019: Return on equity not available · Return on assets −76.7%
  5. Fiscal year 2020: Return on equity −66.7% · Return on assets −26.4%
  6. Fiscal year 2021: Return on equity not available · Return on assets −67.7%
  7. Fiscal year 2022: Return on equity not available · Return on assets −29.1%
  8. Fiscal year 2023: Return on equity not available · Return on assets −30.3%
  9. Fiscal year 2024: Return on equity not available · Return on assets −12.0%
  10. Fiscal year 2025: Return on equity not available · Return on assets 37.4%

Equity and long-term debt

The equity ratio fell in 5 years from 39.6% to −10.9%.

EquityLong-term debt in USD Long-term debt, depending on the filing, includes the current portion or leases.
  1. Fiscal year 2016: Equity −5.5M USD · Long-term debt 316.3M USD
  2. Fiscal year 2017: Equity −101.7M USD · Long-term debt 317.8M USD
  3. Fiscal year 2018: Equity −167.9M USD · Long-term debt 319.2M USD
  4. Fiscal year 2019: Equity −186.0M USD · Long-term debt 320.6M USD
  5. Fiscal year 2020: Equity 627.2M USD · Long-term debt 322.0M USD
  6. Fiscal year 2021: Equity −351.7M USD · Long-term debt 323.5M USD
  7. Fiscal year 2022: Equity −634.1M USD · Long-term debt 166.5M USD
  8. Fiscal year 2023: Equity −716.9M USD · Long-term debt 168.0M USD
  9. Fiscal year 2024: Equity −623.8M USD · Long-term debt 169.7M USD
  10. Fiscal year 2025: Equity −127.8M USD · Long-term debt 244.2M USD

Liquidity (current ratio)

The current ratio stayed roughly the same in 5 years (2.13).

Current ratio
  1. Fiscal year 2016: Current ratio 4.33
  2. Fiscal year 2017: Current ratio 2.76
  3. Fiscal year 2018: Current ratio 2.62
  4. Fiscal year 2019: Current ratio 3.77
  5. Fiscal year 2020: Current ratio 2.15
  6. Fiscal year 2021: Current ratio 0.90
  7. Fiscal year 2022: Current ratio 0.69
  8. Fiscal year 2023: Current ratio 0.70
  9. Fiscal year 2024: Current ratio 0.98
  10. Fiscal year 2025: Current ratio 2.13

Cash flow

Operating cash flow fell in 5 years from −42.5M USD to −244.6M USD.

Operating cash flow in USD
  1. Fiscal year 2016: Operating cash flow −255.5M USD
  2. Fiscal year 2017: Operating cash flow −138.7M USD
  3. Fiscal year 2018: Operating cash flow −184.8M USD
  4. Fiscal year 2019: Operating cash flow −136.6M USD
  5. Fiscal year 2020: Operating cash flow −42.5M USD
  6. Fiscal year 2021: Operating cash flow 322.9M USD
  7. Fiscal year 2022: Operating cash flow −415.9M USD
  8. Fiscal year 2023: Operating cash flow −714.0M USD
  9. Fiscal year 2024: Operating cash flow −87.3M USD
  10. Fiscal year 2025: Operating cash flow −244.6M USD

Share count

The share count rose in 5 years by 200.8% – more new shares were issued than repurchased (dilution).

Diluted share count
  1. Fiscal year 2016: Diluted share count not available
  2. Fiscal year 2017: Diluted share count not available
  3. Fiscal year 2018: Diluted share count not available
  4. Fiscal year 2019: Diluted share count 24.1M
  5. Fiscal year 2020: Diluted share count 57.6M
  6. Fiscal year 2021: Diluted share count 74.4M
  7. Fiscal year 2022: Diluted share count 78.2M
  8. Fiscal year 2023: Diluted share count 100.8M
  9. Fiscal year 2024: Diluted share count 152.2M
  10. Fiscal year 2025: Diluted share count 173.1M

From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.

Dividends and share repurchases

How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.

Dividend per share
none pays no dividend
Share count over 5 years
+200.8% more shares – dilution

Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.

Valuation over time

Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users.

Key figures with traffic lights

Each light follows a simple, disclosed rule. The comparison is with the sector median of all 63 symbols in the Health Care sector on our list (current members of the S&P 500 and other lists).

Revenue growth

Light green: above sector

+18.8% per year, last 5 years

Sector Health Care: median +7.8% (60 symbols)

What does this mean? Revenue: over 5 years it grew by 18.8% per year on average – at least as fast as the median company in the sector (+7.8%).

Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.

Net income (total)

Light gray: not computable

– per year, last 5 years

Sector Health Care: median +7.5% (46 symbols)

per share: not computable (loss in the first or last year)

What does this mean? There was a loss in the first or last year. An annual growth rate cannot be calculated meaningfully then.

Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.

Net margin

Light green: above sector

39.2% last fiscal year

Sector Health Care: median 12.9% (63 symbols)

What does this mean? Of every 100 USD in revenue, 39.19 USD remained as profit – at least as much as the median company in the sector (12.9%). Five years ago the margin was −87.9%.

Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.

Debt / equity

Light gray: negative equity

– latest balance sheet

Sector Health Care: median 0.66 (40 symbols)

What does this mean? Equity is negative (e.g. due to share buybacks). A debt-to-equity ratio cannot be formed meaningfully then.

Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.

Payout ratio

Light gray: none found

– Dividend / earnings per share

Sector Health Care: median 28% (31 symbols)

What does this mean? The loaded SEC filings of the last two fiscal years contain no dividend per share. Either the company pays none, or it reports it under a different tag.

Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.

Profitable years

Light red: 9 loss years

1 of 10 fiscal years with a profit

What does this mean? In 1 of the last 10 fiscal years the bottom line showed a profit. 9 years ended with a loss.

Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).

Last fiscal year and 13F

Information, not a trading signal · Source: SEC EDGAR
Revenue (FY)
1.1B USD
Revenue vs. prior year
+64.7%
Net income (FY)
440.3M USD
Net income vs. prior year
–
EPS (FY)
2.58 USD
13F funds with a position
–
Funds vs. prior quarter
–
Shares held vs. prior quarter
–
Fiscal year to Dec 31, 2025 · 10-K filed Feb 26, 2026 · Price-based figures (P/E, P/S, dividend yield, market cap) only when logged in. · Values as first reported; debt = reported financial debt (US GAAP: long-term). 13F: reporting date Jun 30, 2026, 9 tracked funds have filed (latest Aug 14, 2026), filed with up to 45 days of delay. Stock positions only; comparison with Mar 31, 2026 only across funds that filed for both quarters.
All figures as a table
Fiscal years (amounts in USD, per share in USD)
YearEndRevenueNet income MarginEarnings per shareDividend per sharePayout
2025Dec 31, 2025 1.1B440.3M 39.2% 2.58 – –
2024Dec 31, 2024 682.2M−187.5M −27.5% −1.23 – –
2023Dec 31, 2023 983.7M−545.1M −55.4% −5.41 – –
2022Dec 31, 2022 2.0B−657.9M −33.2% −8.42 – –
2021Dec 31, 2021 1.1B−1.7B −152.1% −23.44 – –
2020Dec 31, 2020 475.6M−418.3M −87.9% −7.27 – –
2019Dec 31, 2019 18.7M−132.7M −711.0% −5.51 – –
2018Dec 31, 2018 34.3M−184.7M −538.8% – – –
2017Dec 31, 2017 31.2M−183.8M −589.5% – – –
2016Dec 31, 2016 15.4M−280.0M −1,823.5% – – –
Quarters (amounts in USD, per share in USD)
QuarterEndRevenueNet income MarginEarnings per shareDividend per sharePayout
Q2/26Jun 30, 2026 56.7M−53.4M −94.2% −0.32 – –
Q1/26Mar 31, 2026 139.5M−9.5M −6.8% −0.06 – –
Q4/25*Dec 31, 2025 147.1M17.5M 11.9% – – –
Q3/25Sep 30, 2025 70.4M−202.4M −287.3% −1.25 – –
Q2/25Jun 30, 2025 239.2M106.5M 44.5% 0.62 – –
Q1/25Mar 31, 2025 666.7M518.6M 77.8% 2.93 – –
Q4/24*Dec 31, 2024 88.3M−81.0M −91.8% – – –
Q3/24Sep 30, 2024 84.5M−121.3M −143.5% −0.76 – –
Q2/24Jun 30, 2024 415.5M162.4M 39.1% 0.99 – –
Q1/24Mar 31, 2024 93.9M−147.6M −157.2% −1.05 – –
Q4/23*Dec 31, 2023 291.3M−178.4M −61.2% – – –
Q3/23Sep 30, 2023 187.0M−130.8M −69.9% −1.26 – –

* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.

How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.

Insiders

All insider transactions

In the last 12 months, insiders of this stock have not acquired or disposed of shares on the market (SEC Form 4).

Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.

Trend score +30

Price vs. EMA 50-15
Price vs. EMA 200+15
EMA 50 vs. EMA 200+20
ADX (trend strength)-15
Highs and lows+10
Relative strength+15

Volatility and trend strength

ADX 14 (trend strength)39.8
Rel. strength 60 d+33.9%

ATR and moving averages as price values only when logged in.

More stocks from Health Care

All symbols in this sector

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