NOVAVAX INC
NVAX · Biological Products, (No Diagnostic Substances) · 164.4M shares · +43%/yr ↑ shares · EDGAR filings ↗
Reference price $8.00 · est. market cap ~$1.3B — last insider sale, 2024-12-31 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C56COVID-vaccine maker showing reported profitability (Sanofi-deal-driven) but negative equity and a declining core.
Strengths
- Reported profitability this year — operating margin 40%, ROA 37% (likely Sanofi-licensing-milestone-driven)
Risks
- Negative operating cash flow — OCF margin -22%; net margin reflects one-off deal economics
- Negative equity — ROE -345%
- Declining COVID-vaccine demand — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +43%/yr over 4y (dilution)
- Strong balance sheetStrong balance sheet — $735M cash & investments
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- AccumulatingInstitutional holders rose 7→9 QoQ (2025-12-31→2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
93.5%
Operating margin
40.3%
Net margin
39.2%
Return on equity
-344.7%
Return on assets
37.4%
Revenue growth (QoQ)
-5.2%
Current ratio
2.1×
EBITDA
$481M
Tangible book value
-$241M
Cash & investments
$735M
Stock comp / revenue
3.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-20 | King Rachel K. | Option exercise | 19K | — |
| 2026-06-20 | Rodgers Richard J | Option exercise | 19K | — |
| 2026-06-20 | DOUGLAS RICHARD | Option exercise | 19K | — |
| 2026-06-20 | MCGLYNN MARGARET G | Option exercise | 19K | — |
| 2026-06-20 | MOTT DAVID M | Option exercise | 19K | — |
| 2026-06-20 | Alton Gregg H | Option exercise | 19K | — |
| 2026-04-25 | Newton Charles W. | Option exercise | 9.5K | — |
| 2026-03-10 | Shiver John W. | Option exercise | 7.9K | — |
| 2026-03-07 | Kelly James Patrick | Option exercise | 12K | — |
| 2026-03-07 | Kelly James Patrick | Tax withheld | 5.9K | $9.98 |
| 2026-03-03 | Kelly James Patrick | Option exercise | 43K | — |
| 2026-03-03 | Kelly James Patrick | Tax withheld | 21K | $9.49 |
| 2026-03-03 | Jacobs John C | Option exercise | 150K | — |
| 2026-03-03 | Jacobs John C | Tax withheld | 69K | $9.49 |
| 2026-03-03 | O'Hara Elaine | Option exercise | 56K | — |
| 2026-03-03 | O'Hara Elaine | Tax withheld | 22K | $9.49 |
| 2026-03-03 | Casey Mark J | Option exercise | 38K | — |
| 2026-03-03 | Casey Mark J | Tax withheld | 11K | $9.49 |
| 2026-03-03 | Draghia-Akli Ruxandra | Option exercise | 27K | — |
| 2026-03-03 | Draghia-Akli Ruxandra | Tax withheld | 11K | $9.49 |
| 2026-03-01 | Jacobs John C | Option exercise | 83K | — |
| 2026-03-01 | Jacobs John C | Tax withheld | 38K | $10.14 |
| 2026-03-01 | Kelly James Patrick | Option exercise | 59K | — |
| 2026-03-01 | Kelly James Patrick | Tax withheld | 28K | $10.14 |
| 2026-03-01 | O'Hara Elaine | Option exercise | 20K | — |
| 2026-03-01 | O'Hara Elaine | Tax withheld | 5.4K | $10.14 |
| 2026-03-01 | O'Hara Elaine | Option exercise | 40K | — |
| 2026-03-01 | O'Hara Elaine | Tax withheld | 11K | $10.14 |
| 2026-03-01 | Casey Mark J | Option exercise | 4.0K | — |
| 2026-03-01 | Casey Mark J | Tax withheld | 1.2K | $10.14 |
| 2026-01-23 | Jacobs John C | Option exercise | 83K | — |
| 2026-01-23 | Jacobs John C | Tax withheld | 39K | $9.17 |
| 2025-12-11 | Casey Mark J | Tax withheld | 13K | $6.69 |
| 2025-12-11 | Casey Mark J | Option exercise | 42K | — |
| 2025-11-11 | Draghia-Akli Ruxandra | Tax withheld | 6.0K | $7.40 |
| 2025-11-11 | Draghia-Akli Ruxandra | Option exercise | 14K | — |
| 2025-10-29 | Rodgers Richard J | Option exercise | 3.8K | — |
| 2025-06-12 | King Rachel K. | Option exercise | 10K | — |
| 2025-06-12 | MOTT DAVID M | Option exercise | 10K | — |
| 2025-06-12 | DOUGLAS RICHARD | Option exercise | 10K | — |
| 2025-06-12 | Rodgers Richard J | Option exercise | 10K | — |
| 2025-06-12 | MCGLYNN MARGARET G | Option exercise | 10K | — |
| 2025-06-12 | Alton Gregg H | Option exercise | 10K | — |
| 2025-03-07 | Trizzino John | Option exercise | 29K | — |
| 2025-03-07 | Trizzino John | Tax withheld | 14K | $8.34 |
| 2025-03-07 | Kelly James Patrick | Option exercise | 12K | — |
| 2025-03-07 | Kelly James Patrick | Tax withheld | 5.9K | $8.34 |
| 2025-03-01 | Casey Mark J | Tax withheld | 1.2K | $8.33 |
| 2025-03-01 | Trizzino John | Option exercise | 48K | — |
| 2025-03-01 | Trizzino John | Tax withheld | 23K | $8.33 |
| 2025-03-01 | Casey Mark J | Option exercise | 4.0K | — |
| 2025-03-01 | Kelly James Patrick | Option exercise | 59K | — |
| 2025-03-01 | Kelly James Patrick | Tax withheld | 28K | $8.33 |
| 2025-03-01 | Jacobs John C | Option exercise | 83K | — |
| 2025-03-01 | Jacobs John C | Tax withheld | 38K | $8.33 |
| 2025-03-01 | O'Hara Elaine | Option exercise | 20K | — |
| 2025-03-01 | O'Hara Elaine | Option exercise | 40K | — |
| 2025-03-01 | O'Hara Elaine | Tax withheld | 5.4K | $8.33 |
| 2025-03-01 | O'Hara Elaine | Tax withheld | 11K | $8.33 |
| 2025-01-23 | Jacobs John C | Tax withheld | 39K | $9.55 |
| 2025-01-23 | Jacobs John C | Option exercise | 83K | — |
| 2024-12-31 | YOUNG JAMES F | Sell | 5.4K | $8.00 |
| 2024-12-31 | Alton Gregg H | Grant | 2.0K | $8.61 |
| 2024-12-31 | Kelly James Patrick | Option exercise | 35K | — |
| 2024-12-31 | Kelly James Patrick | Tax withheld | 17K | $8.04 |
| 2024-12-31 | MCGLYNN MARGARET G | Grant | 1.2K | $8.61 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (5)
Suppliers (1)
- Serum Institute of India Pvt. Ltd. (SII)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Shareholder vote | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2026-01-20 | Material agreement | filing ↗ |
| 2026-01-12 | ResultsReg FDExhibits | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
| 2025-11-04 | Reg FDOtherExhibits | filing ↗ |
| 2025-10-22 | Material agreementImpairmentOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-18 | 0001104659-26-076648 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001628280-26-030917 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001628280-26-030924 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001000694-26-000007 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001000694-26-000011 ↗ |
| 8-K | 2026-01-20 | 2026-01-15 | 0001104659-26-004785 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001104659-26-002725 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001000694-25-000048 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001000694-25-000046 ↗ |
| 8-K | 2025-11-04 | 2025-11-03 | 0001104659-25-105818 ↗ |
| 8-K | 2025-10-22 | 2025-10-17 | 0001104659-25-101390 ↗ |
| 8-K | 2025-10-07 | 2025-10-01 | 0001104659-25-097317 ↗ |