Vaxart, Inc. (VXRT) intrinsic value & 10-year financials
Vaxart, Inc. (VXRT) has a Graham intrinsic value of $2.33 per share. At $0.45 on Oct 17, 2026, the stock trades 81% below that value. Over the last 10 fiscal years revenue grew 43.3% a year to $237.3M, with an average return on invested capital of -18.2%.
- Graham intrinsic value
- $2.33
- Share price (Oct 17, 2026)
- $0.45
- Price vs Graham value
- 81% below
- Market cap
- $103.7M
- Revenue (FY2025)
- $237.3M
- Revenue growth (10-yr CAGR)
- 43.3%
- ROIC (10-yr avg)
- -18.2%
- Free cash flow (FY2025)
- $7.6M
VXRT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $237.3M | $16.3M | $0.07 | $7.6M | 7.6% | 39.9% |
| FY2024 | $28.7M | -$66.9M | -$0.33 | -$45.3M | -231.0% | -149.7% |
| FY2023 | $7.4M | -$82.5M | — | -$72.3M | -1129.5% | -131.8% |
| FY2022 | $107.0K | -$107.8M | — | -$104.4M | -107090.7% | -161.6% |
| FY2021 | $892.0K | -$70.5M | — | -$65.0M | -8156.1% | -123.9% |
| FY2020 | $4.0M | -$32.2M | — | -$25.0M | -745.7% | -96.4% |
| FY2019 | $9.9M | -$18.6M | — | -$13.9M | -160.1% | -171.7% |
| FY2018 | $4.2M | -$18.0M | — | -$15.3M | -523.1% | 628.8% |
| FY2017 | $5.8M | -$9.6M | — | -$10.2M | -171.5% | 39.3% |
| FY2016 | $9.3M | -$25.4M | -$0.66 | -$14.3M | -271.0% | -55.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Vaxart, Inc. is a consistent compounder, expanding top-line revenue at 43.3% annually over the past decade.
Vaxart, Inc. has historically struggled to out-earn its cost of capital, averaging just -47.5% ROIC.
Vaxart, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Vaxart, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $2.33 per share.