What is Novavax's cash ratio?

Novavax (NVAX) reported cash ratio of 0.7× in Q1 2026.

How has Novavax's cash ratio changed year-over-year?

Novavax's cash ratio increased by 6.9% year-over-year, from 0.6× to 0.7×.

What is the long-term trend for Novavax's cash ratio?

Over 5 years (2020 to 2025), Novavax's cash ratio has grown at a -11.3% compound annual growth rate (CAGR), from 1× to 0.5×.

What does cash ratio mean?

Cash and equivalents divided by current liabilities at the quarter end. The most conservative liquidity measure — what the company could pay immediately with cash on hand.

Novavax NVAX Cash ratio

Cash ratio at other companies

ModernaMRNA

0.8×-0.2×

Roivant SciencesROIV

5×+4.4×

Merck & Co.MRK

0.2×-0.1×

Vaxcyte, Inc.PCVX

1.1×-2.5×

Viridian Therapeutics, Inc.VRDN

3.4×0.0×

ALN

Alnylam PharmaceuticalsALNY

1.3×+0.3×

Other financials

Income statement

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Revenue$139.5M-79.1%

Gross profit$108.8M-83.3%

Operating income-$15.4M-103%

Net income-$9.5M-102%

EPS (diluted)-$0.06-102%

Balance sheet

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Cash & equivalents$228.4M-13.3%

Total debt$295.1M+404%

Total equity-$144.8M-91.4%

Total assets$1.0B-19.3%

Cash flow

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Operating cash flow-$32.4M+82.5%

CapEx$1.3M-20.4%

Free cash flow-$33.7M+82.0%

Valuation

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Market cap$1.46B+41.0%

Enterprise value$1.53B+83.6%

P/S2.5×+1.6×

Profitability

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Gross margin85%-2.5pp

Operating margin-13.1%-45.9pp

Net margin-14.7%-52.9pp

FCF margin-58.9%-61.4pp

Returns & leverage

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Return on equity-238.6%—

Debt / equity1.5×—

Current ratio2.5×+0.4×

Where this comes from

Calculated from Novavax’s reported figures.

cash and equivalents/total current liabilities=0.7×

Based on the most recent quarter.

The official record: Novavax’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Novavax's cash ratio?: Novavax (NVAX) reported cash ratio of 0.7× in Q1 2026.
How has Novavax's cash ratio changed year-over-year?: Novavax's cash ratio increased by 6.9% year-over-year, from 0.6× to 0.7×.
What is the long-term trend for Novavax's cash ratio?: Over 5 years (2020 to 2025), Novavax's cash ratio has grown at a -11.3% compound annual growth rate (CAGR), from 1× to 0.5×.
What does cash ratio mean?: Cash and equivalents divided by current liabilities at the quarter end. The most conservative liquidity measure — what the company could pay immediately with cash on hand.