PCVXVaxcyte, Inc.
Biological Products, (no Diagnostic Substances)
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$907M
- 61% YoY
- Market cap
- $9.0B
- Employees
- 507
- Net debt / EBITDA
- —
- AI in 10-K
- 1.5
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$14M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo86% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.5 per 10K words · 46th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$9.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$12M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Operating income | −$104M | −$232M | −$468M | −$570M | −$924M | 62% |
| Net income | −$100K | −$223K | −$402K | −$464K | −$767K | 65% |
| Operating cash flow | −$121M | −$171M | −$297M | −$453M | −$656M | 45% |
| Capex | $7M | $6M | $16M | $22M | $14M | 39% |
| Stock-based comp | $11M | $24M | $49M | $85M | $139M | 64% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $12M · 54
- Net
- −$12M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $14M | −$27M | 176 | 142 |
| FY2024 | $40M | $43M | 313 | 107 |
| FY2023 | $12M | $28M | 240 | 109 |
| FY2022 | $14M | $30M | 183 | 105 |
| FY2021 | $5M | $4M | 91 | 118 |