What is Novavax's debt-to-equity?

Novavax (NVAX) reported debt-to-equity of 1.5× in Q2 2025.

What does debt-to-equity mean?

Total debt (including capitalized leases and financing obligations) divided by shareholders' equity at the quarter end. Measures how much the company is financed by debt relative to equity.

Novavax NVAX Debt-to-equity

Debt-to-equity at other companies

ModernaMRNA

0.2×+0.1×

Roivant SciencesROIV

0×0.0×

Merck & Co.MRK

1.1×+0.3×

Vaxcyte, Inc.PCVX

0×0.0×

Viridian Therapeutics, Inc.VRDN

0.1×0.0×

ALN

Alnylam PharmaceuticalsALNY

0.2×-0.4×

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+28.6%

Enterprise value$1.53B+68.6%

P/S2.5×+1.5×

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%—

Current ratio2.5×+0.4×

Where this comes from

Calculated from Novavax’s reported figures.

total debt/total stockholders equity=1.5×

Based on the most recent quarter.

The official record: Novavax’s 10-Q, filed August 6, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Novavax's debt-to-equity?: Novavax (NVAX) reported debt-to-equity of 1.5× in Q2 2025.
What does debt-to-equity mean?: Total debt (including capitalized leases and financing obligations) divided by shareholders' equity at the quarter end. Measures how much the company is financed by debt relative to equity.