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Novavax NVAX Operating margin

Operating margin at other companies

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ModernaMRNA
-153.3%+67.8pp
Roivant Sciences logo
Roivant SciencesROIV
-9,130.5%-13,995pp
Viridian Therapeutics, Inc. logo
Viridian Therapeutics, Inc.VRDN
-543.9%-271pp
ALN
Alnylam PharmaceuticalsALNY
17.5%+14.4pp
Gilead Sciences logo
Gilead SciencesGILD
34.9%+6.3pp
Nektar Therapeutics logo
Nektar TherapeuticsNKTR
-242%

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
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.

Based on trailing twelve months.

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 operating margin?
Novavax (NVAX) reported operating margin of -13.1% in Q1 2026.
How has Novavax's operating margin changed year-over-year?
Novavax's operating margin decreased by 140.0% year-over-year, from 32.8% to -13.1%.
What is the long-term trend for Novavax's operating margin?
Over 5 years (2020 to 2025), Novavax's operating margin has grown at a -14.4% compound annual growth rate (CAGR), from -87.6% to 40.3%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.