Novavax, Inc. (NVAX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-870.5%

-$73.43

vs $9.53 price

Levered DCF

-$30.44

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

-5.75

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	2.47×	-6.54×	-0.89×	-1.22×	-6.1×	-15.01×	-0.74×	-3.68×
P/B	-8.52×	-1.96×	-0.67×	-1.27×	-30.27×	10.23×	-0.52×	-4.05×
P/S	0.97×	1.79×	0.87×	0.5×	53.87×	286.66×	5.14×	19.84×
EV / EBITDA	2.23×	-8.55×	-0.3×	-0.03×	-5.7×	-15.9×	-2.99×	-5.7×
Gross margin	93.7%	70.3%	38.2%	43.5%	100.0%	100.0%	-510.0%	100.0%
Operating margin	50.1%	-36.5%	-101.8%	-40.3%	-853.6%	-1861.3%	-646.1%	-507.2%
Net margin	39.2%	-27.5%	-98.0%	-41.1%	-882.5%	-1868.2%	-697.1%	-538.8%
Current ratio	2.13×	0.98×	0.7×	0.69×	0.9×	2.15×	3.77×	2.62×
Debt / equity	-1.95×	-0.37×	-0.32×	-0.87×	-1.29×	0.75×	-1.73×	-1.9×
Interest coverage	24.98×	-12.4×	-39.3×	-32.43×	-79.83×	-27.52×	-8.86×	-14.27×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-344.7%	30.1%	76.0%	103.8%	495.8%	-66.7%	69.9%	110.0%
Return on invested capital	78.0%	-60.3%	-338.2%	-427.5%	-532.1%	-37.6%	-81.2%	-107.1%
Return on assets	37.4%	-12.0%	-30.3%	-29.1%	-67.7%	-26.4%	-75.2%	-88.8%
Free cash flow yield	-23.0%	-8.2%	-159.8%	-63.3%	2.5%	-1.5%	-144.4%	-27.4%
Earnings yield	40.4%	-15.3%	-112.7%	-81.9%	-16.4%	-6.5%	-135.6%	-27.2%
Enterprise value	$1.1B	$923.8M	$144.3M	$16.6M	$9.6B	$6.3B	$339M	$929.4M
Net debt / EBITDA	0.02×	2.77×	0.7×	1.3×	0.63×	0.21×	-2.14×	-1.53×
Cash conversion cycle (days)	-32	-1	98	-54	841	4,272	137	0