What is Novavax's net debt?

Novavax (NVAX) reported net debt of $66.7M in Q1 2026.

How has Novavax's net debt changed year-over-year?

Novavax's net debt increased by 132.6% year-over-year, from -$204.81M to $66.7M.

What is the long-term trend for Novavax's net debt?

Over 5 years (2020 to 2025), Novavax's net debt has grown at a -30.6% compound annual growth rate (CAGR), from -$247.6M to $39.92M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Novavax NVAX Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

Cabot CorporationCBT

1.1×-0.3×

Travel + LeisureTNL

6×+1.6×

UnifirstUNF

-0.2×-0.1×

HES

Hess MidstreamHESM

3.1×-0.1×

TDA

USA TODAY Co., Inc.TDAY

8.8×+4.2×

Resolute Holdings Management RHLD

11.8×+10.5×

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

See full

Return on equity-238.6%—

Debt / equity1.5×—

Current ratio2.5×+0.4×

Where this comes from

Calculated from Novavax’s reported figures.

$295.1Mtotal debt−$228.4Mcash and equivalents=$66.7M

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 net debt?: Novavax (NVAX) reported net debt of $66.7M in Q1 2026.
How has Novavax's net debt changed year-over-year?: Novavax's net debt increased by 132.6% year-over-year, from -$204.81M to $66.7M.
What is the long-term trend for Novavax's net debt?: Over 5 years (2020 to 2025), Novavax's net debt has grown at a -30.6% compound annual growth rate (CAGR), from -$247.6M to $39.92M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.