NVAX
Novavax, Inc.
NVAX lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover and profitability to improve, though they disagree widely on how much.
NVAX Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Weak | |
| Under pressure | |
| Strong |
NVAX's balance sheet is currently strong, but its revenue, profitability and cash flow are under pressure.
NVAX PE Valuation
NVAX has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 148x next year's earnings.
NVAX Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect NVAX to return to profit, with revenue growing. However, they disagree widely on these estimates.
NVAX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.06 | — |
| Q3 2026 | -$0.29 | -115% |
| Q2 2026 | -$1.35 | -157% |
| Q1 2026 | -$0.41 | -115% |
| Q4 2025 | $2.58 | +$3.81 |
| Q3 2025 | $1.89 | +$4.03 |
| Q2 2025 | $2.38 | +$5.02 |
| Q1 2025 | $2.75 | +$5.80 |
| Q4 2024 | -$1.23 | +$4.18 |
NVAX has swung to a loss: it lost $0.29 per share over the past year, after a profit the year before.
NVAX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $68.3M | -3% |
| Q2 2026 | $56.7M | -76% |
| Q1 2026 | $139.5M | -79% |
| Q4 2025 | $147.1M | +67% |
| Q3 2025 | $70.4M | -17% |
| Q2 2025 | $239.2M | -42% |
| Q1 2025 | $666.7M | +610% |
| Q4 2024 | $88.3M | -70% |
NVAX's revenue has slid since its 2022 peak: $68M last quarter, down 3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -46% | +207 points |
| Q2 2026 | -97% | -139 points |
| Q1 2026 | -11% | -88 points |
| Q4 2025 | 9.7% | +158 points |
| Q3 2025 | -253% | -94 points |
| Q2 2025 | 42% | +3.5 points |
| Q1 2025 | 77% | +232 points |
| Q4 2024 | -148% | -85 points |
NVAX's operating margin was −46% last quarter, up 207 points from the same quarter a year ago.
NVAX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$95.3M | -190% |
| Q2 2026 | -$73.4M | +$54.3M |
| Q1 2026 | -$33.7M | +$153M |
| Q4 2025 | -$41.6M | +$133.5M |
| Q3 2025 | $105.8M | +$252M |
| Q2 2025 | -$127.7M | -141% |
| Q1 2025 | -$186.7M | -$96.3M |
| Q4 2024 | -$175.1M | +$10.5M |
NVAX has burned cash in most quarters: −$244M over the past year, against −$384M the year before.
NVAX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +350K shares |
| 1 year | +1.6% | +2.6M shares |
| 3 years | +58% | +60.9M shares |
| 5 years | +123% | +90.8M shares |
| Available history | +584% | +141M shares |
NVAX has 165M diluted shares, up 1.6% from a year ago.
NVAX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2025 | 0.0x | Very low |
| Q3 2025 | -0.1x | Net Cash |
| Q2 2025 | -0.2x | Net Cash |
| Q1 2025 | -0.2x | Net Cash |
NVAX's net debt is less than a year of its operating earnings (EBITDA).
NVAX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.4 | Neutral |
| Stochastic | 41.0 | Neutral |
NVAX's weekly RSI is 46 (neutral) and its Stochastic is 41 (neutral).
NVAX PE vs Healthcare Sector
| Metric | NVAX | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
NVAX has no meaningful PE right now: it lost money over the past year.
NVAX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.6 | 17% below |
| 20 week MA | $9.52 | 8% below |
| 50 week MA | $8.98 | 2.4% below |
| 100 week MA | $8.32 | 5.3% above |
| 200 week MA | $8.39 | 4.4% above |
NVAX has slipped below its 8-, 20- and 50-week averages, though it's still 4.4% above its 200-week average.
NVAX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $3.99 | $129.3 | +3142% |
| 2021 | $129.3 | $177.3 | +37% |
| 2022 | $177.3 | $9.66 | -95% |
| 2023 | $9.66 | $4.80 | -50% |
| 2024 | $4.80 | $8.28 | +72% |
| 2025 | $8.28 | $6.83 | -18% |
| 2026 YTD | $6.83 | $8.76 | +28% |
NVAX's yearly returns have swung widely, from +3142% in 2020 to −95% in 2022. It's up 28% so far in 2026.