What is Novavax's EV / EBITDA?

Novavax (NVAX) reported EV / EBITDA of 2.4× in Q4 2025.

What does EV / EBITDA mean?

Enterprise value (market cap plus total debt minus cash) at the quarter end divided by trailing-twelve-month EBITDA. A capital-structure-neutral valuation multiple.

Novavax NVAX EV / EBITDA

EV / EBITDA at other companies

ModernaMRNA

50.1×+46.6×

Roivant SciencesROIV

1.8×—

Merck & Co.MRK

23.1×+11.7×

ALN

Alnylam PharmaceuticalsALNY

52.6×—

Gilead SciencesGILD

17.5×-0.7×

BioCryst PharmaceuticalsBCRX

4.6×—

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.

enterprise value/ebitda=2.4×

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 EV / EBITDA?: Novavax (NVAX) reported EV / EBITDA of 2.4× in Q4 2025.
What does EV / EBITDA mean?: Enterprise value (market cap plus total debt minus cash) at the quarter end divided by trailing-twelve-month EBITDA. A capital-structure-neutral valuation multiple.