NVAXNOVAVAX INC
Biological Products, (no Diagnostic Substances)
- Revenue
- $1.1B
- 65% YoY
- Operating margin
- 40.3%
- 210% YoY
- EBITDA
- $481M
- 339% YoY
- Market cap
- $1.7B
- Employees
- 749
- $1M revenue each
- Net debt / EBITDA
- 0.2×
- $100M net debt
- AI in 10-K
- 1.6
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 3 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$9M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes-56% of net incomeCash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo12% of assetsOver 40% of assets
- Shareholder dissentYes51% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 85th pctBottom quartile of its SIC industry
- Quiet on AINo1.6 per 10K words · 47th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.7B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes4 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.1B | $2.0B | $984M | $682M | $1.1B | 65% |
| Operating income | −$1.7B | −$645M | −$567M | −$249M | $453M | 282% |
| Net income | −$1.7B | −$658M | −$545M | −$187M | $440M | 335% |
| Operating cash flow | $323M | −$416M | −$714M | −$87M | −$245M | 180% |
| Capex | $57M | — | — | — | — | |
| Stock-based comp | $184M | $130M | $85M | $48M | $36M | 25% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 16, 2026 | SHAH CAPITAL MANAGEMENT | SCHEDULE 13D/A | 6.5% | Passive |
| May 15, 2026 | SHAH CAPITAL MANAGEMENT | SCHEDULE 13D/A | 9.0% | Active |
| Apr 8, 2026 | SHAH CAPITAL MANAGEMENT | SCHEDULE 13D/A | 9.1% | Active |
| Nov 12, 2025 | SHAH CAPITAL MANAGEMENT | SCHEDULE 13D/A | 8.3% | Active |
| Oct 14, 2025 | SHAH CAPITAL MANAGEMENT | SCHEDULE 13D/A | 7.3% | Active |
| May 20, 2024 | SHAH CAPITAL MANAGEMENT | SC 13D/A | 7.9% | Passive |
| May 7, 2024 | SHAH CAPITAL MANAGEMENT | SC 13D/A | 7.6% | Active |
| Apr 15, 2024 | SHAH CAPITAL MANAGEMENT | SC 13D/A | 19.6% | Passive |
| Apr 15, 2024 | SHAH CAPITAL MANAGEMENT | SC 13D | 20.1% | Passive |
| Apr 27, 2023 | SHAH CAPITAL MANAGEMENT | SC 13D | 10.0% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $9M | $6M | 6 | 85 |
| FY2024 | — | — | 7 | 60 |
| FY2023 | — | — | 4 | 59 |
| FY2022 | — | — | 9 | 50 |
| FY2021 | — | — | 128 | 70 |