Novavax Inc. (NVAX) intrinsic value & 10-year financials
Novavax Inc. (NVAX) has a Graham intrinsic value of $85.70 per share. At $11.26 on Oct 17, 2026, the stock trades 87% below that value. Over the last 10 fiscal years revenue grew 61.1% a year to $1.1B, with an average return on invested capital of 639.3%.
- Graham intrinsic value
- $85.70
- Share price (Oct 17, 2026)
- $11.26
- Price vs Graham value
- 87% below
- Market cap
- $1.9B
- Revenue (FY2025)
- $1.1B
- Revenue growth (10-yr CAGR)
- 61.1%
- ROIC (10-yr avg)
- 639.3%
- Free cash flow (FY2025)
- —
NVAX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.1B | $440.3M | $2.58 | — | 40.3% | -63.3% |
| FY2024 | $682.2M | -$187.5M | -$1.23 | — | -36.5% | 21.9% |
| FY2023 | $983.7M | -$545.1M | -$5.41 | — | -57.6% | 36.7% |
| FY2022 | $2.0B | -$657.9M | -$8.42 | — | -32.5% | 34.7% |
| FY2021 | $1.1B | -$1.7B | -$23.44 | $265.5M | -147.1% | 198.0% |
| FY2020 | $475.6M | -$418.3M | -$7.27 | -$97.2M | -87.6% | 591.8% |
| FY2019 | $18.7M | -$132.7M | -$5.51 | -$138.5M | -646.1% | 45.5% |
| FY2018 | $34.3M | -$184.7M | — | -$186.2M | -507.2% | 137.0% |
| FY2017 | $31.2M | -$183.8M | — | -$142.9M | -550.8% | 342.6% |
| FY2016 | $15.4M | -$280.0M | — | -$273.7M | -1752.8% | 5048.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NOVAVAX INC is a consistent compounder, expanding top-line revenue at 61.1% annually over the past decade.
NOVAVAX INC has earned high returns on invested capital, averaging 27.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
NOVAVAX INC capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NOVAVAX INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $85.70 per share.