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Novavax

Nasdaq:NVAX
Snowflake Description

High growth potential and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NVAX
Nasdaq
$207M
Market Cap
  1. Home
  2. US
  3. Pharmaceuticals & Biotech
Company description

Novavax, Inc., together with its subsidiary, Novavax AB, a late-stage biotechnology company, focuses on the discovery, development, and commercialization of vaccines to prevent serious infectious diseases. The last earnings update was 6 days ago. More info.


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  • Novavax has significant price volatility in the past 3 months.
NVAX Share Price and Events
7 Day Returns
6.1%
NasdaqGS:NVAX
-5.4%
US Biotechs
-1.1%
US Market
1 Year Returns
-73%
NasdaqGS:NVAX
-0.8%
US Biotechs
6.4%
US Market
NVAX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Novavax (NVAX) 6.1% -71.8% -68.7% -73% -89.6% -87.2%
US Biotechs -5.4% -1.2% 18.3% -0.8% 14.1% 15.9%
US Market -1.1% 0.3% 17.2% 6.4% 37.9% 42.1%
1 Year Return vs Industry and Market
  • NVAX underperformed the Biotechs industry which returned -0.8% over the past year.
  • NVAX underperformed the Market in United States of America which returned 6.4% over the past year.
Price Volatility
NVAX
Industry
5yr Volatility vs Market
Related Companies

NVAX Value

 Is Novavax undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Novavax to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Novavax.

NasdaqGS:NVAX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 14.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:NVAX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Biotechs Unlevered Beta Simply Wall St/ S&P Global 1.45
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.449 (1 + (1- 21%) (154.11%))
2.483
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (2 * 5.96%)
14.65%

Discounted Cash Flow Calculation for NasdaqGS:NVAX using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Novavax is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NasdaqGS:NVAX DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 14.65%)
2019 -153.82 Analyst x3 -134.16
2020 -162.41 Analyst x4 -123.56
2021 -84.96 Analyst x3 -56.37
2022 119.52 Analyst x3 69.17
2023 413.67 Analyst x2 208.82
2024 704.04 Est @ 70.2% 309.99
2025 1,055.74 Est @ 49.96% 405.45
2026 1,433.57 Est @ 35.79% 480.21
2027 1,804.44 Est @ 25.87% 527.20
2028 2,146.00 Est @ 18.93% 546.88
Present value of next 10 years cash flows $2,233.63
NasdaqGS:NVAX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $2,146.00 × (1 + 2.73%) ÷ (14.65% – 2.73%)
$18,494.82
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $18,494.82 ÷ (1 + 14.65%)10
$4,713.13
NasdaqGS:NVAX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,233.63 + $4,713.13
$6,946.76
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $6,946.76 / 382.85
$18.14
NasdaqGS:NVAX Discount to Share Price
Calculation Result
Value per share (USD) From above. $18.14
Current discount Discount to share price of $0.54
= -1 x ($0.54 - $18.14) / $18.14
97%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Novavax is available for.
Intrinsic value
>50%
Share price is $0.54 vs Future cash flow value of $18.14
Current Discount Checks
For Novavax to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Novavax's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Novavax's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Novavax's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Novavax's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:NVAX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $-0.50
NasdaqGS:NVAX Share Price ** NasdaqGS (2019-03-22) in USD $0.54
United States of America Biotechs Industry PE Ratio Median Figure of 36 Publicly-Listed Biotechs Companies 20.35x
United States of America Market PE Ratio Median Figure of 3,062 Publicly-Listed Companies 17.16x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Novavax.

NasdaqGS:NVAX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:NVAX Share Price ÷ EPS (both in USD)

= 0.54 ÷ -0.50

-1.08x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Novavax is loss making, we can't compare its value to the US Biotechs industry average.
  • Novavax is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Novavax's expected growth come at a high price?
Raw Data
NasdaqGS:NVAX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -1.08x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
40.8%per year
United States of America Biotechs Industry PEG Ratio Median Figure of 29 Publicly-Listed Biotechs Companies 1.54x
United States of America Market PEG Ratio Median Figure of 2,105 Publicly-Listed Companies 1.44x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Novavax, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Novavax's assets?
Raw Data
NasdaqGS:NVAX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $-0.44
NasdaqGS:NVAX Share Price * NasdaqGS (2019-03-22) in USD $0.54
United States of America Biotechs Industry PB Ratio Median Figure of 406 Publicly-Listed Biotechs Companies 3.22x
United States of America Market PB Ratio Median Figure of 5,165 Publicly-Listed Companies 1.85x
NasdaqGS:NVAX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:NVAX Share Price ÷ Book Value per Share (both in USD)

= 0.54 ÷ -0.44

-1.24x

* Primary Listing of Novavax.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Novavax has negative assets, we can't compare the value of its assets to the US Biotechs industry average.
X
Value checks
We assess Novavax's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Biotechs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Biotechs industry average (and greater than 0)? (1 check)
  5. Novavax has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

NVAX Future Performance

 How is Novavax expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
40.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Novavax expected to grow at an attractive rate?
  • Novavax's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Novavax's earnings growth is expected to exceed the United States of America market average.
  • Novavax's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:NVAX Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:NVAX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 40.8%
NasdaqGS:NVAX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 56.6%
United States of America Biotechs Industry Earnings Growth Rate Market Cap Weighted Average 18.7%
United States of America Biotechs Industry Revenue Growth Rate Market Cap Weighted Average 14.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.2%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:NVAX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:NVAX Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 708 783 310 4
2022-12-31 360 351 132 4
2021-12-31 88 40 -67 5
2020-12-31 1 -132 -194 5
2019-12-31 12 -134 -181 7
NasdaqGS:NVAX Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 34 -185 -185
2018-09-30 39 -177 -186
2018-06-30 39 -188 -186
2018-03-31 35 -160 -186
2017-12-31 31 -144 -184
2017-09-30 26 -162 -190
2017-06-30 21 -181 -212
2017-03-31 17 -230 -247
2016-12-31 15 -259 -280
2016-09-30 16 -249 -302
2016-06-30 19 -215 -269
2016-03-31 31 -165 -210

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Novavax's earnings are expected to grow significantly at over 20% yearly.
  • Novavax's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:NVAX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Novavax Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:NVAX Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.76 0.76 0.76 1.00
2022-12-31 0.32 0.32 0.32 1.00
2021-12-31 -0.10 -0.08 -0.12 2.00
2020-12-31 -0.33 -0.25 -0.43 4.00
2019-12-31 -0.40 -0.33 -0.47 6.00
NasdaqGS:NVAX Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 -0.50
2018-09-30 -0.53
2018-06-30 -0.56
2018-03-31 -0.60
2017-12-31 -0.63
2017-09-30 -0.68
2017-06-30 -0.77
2017-03-31 -0.91
2016-12-31 -1.03
2016-09-30 -1.12
2016-06-30 -0.99
2016-03-31 -0.78

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Novavax will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Novavax's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Novavax has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

NVAX Past Performance

  How has Novavax performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Novavax's growth in the last year to its industry (Biotechs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Novavax does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Novavax's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Novavax's 1-year growth to the US Biotechs industry average as it is not currently profitable.
Earnings and Revenue History
Novavax's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Novavax Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:NVAX Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 34.29 -184.75 34.41
2018-09-30 38.57 -186.26 33.73
2018-06-30 39.19 -186.29 33.53
2018-03-31 35.15 -186.27 34.25
2017-12-31 31.18 -183.77 34.45
2017-09-30 26.16 -190.04 34.26
2017-06-30 21.04 -211.68 39.69
2017-03-31 16.82 -246.57 44.85
2016-12-31 15.35 -279.97 46.53
2016-09-30 15.81 -301.66 47.03
2016-06-30 19.10 -268.53 42.54
2016-03-31 30.59 -209.82 35.53
2015-12-31 36.25 -156.94 30.84
2015-09-30 37.12 -109.68 27.05
2015-06-30 38.81 -96.28 22.75
2015-03-31 33.07 -93.51 21.46
2014-12-31 30.66 -82.95 19.93
2014-09-30 32.68 -65.46 17.65
2014-06-30 29.27 -61.03 16.75
2014-03-31 24.54 -55.80 14.96
2013-12-31 20.92 -51.98 14.82
2013-09-30 16.73 -45.96 13.21
2013-06-30 17.70 -37.88 11.49
2013-03-31 21.27 -31.17 10.03
2012-12-31 22.08 -28.51 10.14
2012-09-30 23.36 -24.18 10.12
2012-06-30 22.60 -20.17 10.73
2012-03-31 18.50 -19.25 11.51 -5.07

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Novavax has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) due to its liabilities exceeding its assets.
  • It is difficult to establish if Novavax has efficiently used its assets last year compared to the US Biotechs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Novavax improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Novavax's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Biotechs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Novavax has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

NVAX Health

 How is Novavax's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Novavax's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Novavax is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Novavax's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Novavax's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Novavax has negative shareholder equity (liabilities exceed assets) therefore debt is not covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Novavax Company Filings, last reported 2 months ago.

NasdaqGS:NVAX Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 -167.94 319.19 92.13
2018-09-30 -126.68 318.83 127.11
2018-06-30 -87.71 318.48 167.11
2018-03-31 -99.37 318.12 143.76
2017-12-31 -101.73 317.76 157.30
2017-09-30 -74.15 317.41 172.57
2017-06-30 -59.06 317.05 187.31
2017-03-31 -29.10 316.70 211.18
2016-12-31 -5.55 316.34 235.48
2016-09-30 49.78 316.03 300.28
2016-06-30 110.12 315.78 366.36
2016-03-31 185.43 315.52 433.87
2015-12-31 292.67 0.40 230.66
2015-09-30 367.02 0.54 290.19
2015-06-30 387.60 0.68 314.94
2015-03-31 399.71 0.83 327.74
2014-12-31 229.62 1.00 168.06
2014-09-30 261.65 1.61 178.09
2014-06-30 281.73 1.81 152.46
2014-03-31 191.06 2.01 112.83
2013-12-31 203.23 1.88 133.07
2013-09-30 216.57 2.59 146.41
2013-06-30 69.23 2.49 40.60
2013-03-31 77.57 1.96 44.28
2012-12-31 80.24 1.21 44.11
2012-09-30 61.38 1.26 28.41
2012-06-30 61.08 0.40 26.54
2012-03-31 54.32 0.41 20.72
  • Novavax has negative shareholder equity (liabilities exceed assets), this is a more serious situation compared with a high debt level.
  • Irrelevant to check if Novavax's debt level has increased considering it has negative shareholder equity.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Novavax has less than a year of cash runway based on current free cash flow.
  • Novavax has less than a year of cash runway if free cash flow continues to reduce at historical rates of -6.7% each year.
X
Financial health checks
We assess Novavax's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Novavax has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

NVAX Dividends

 What is Novavax's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Novavax dividends. Estimated to be 0% next year.
If you bought $2,000 of Novavax shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Novavax's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Novavax's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:NVAX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
Global Biotechs Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 2.4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.9%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:NVAX Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.00 1.00
2020-12-31 0.00 1.00
2019-12-31 0.00 1.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Novavax has not reported any payouts.
  • Unable to verify if Novavax's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Novavax's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Novavax has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Novavax's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess Novavax's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Novavax afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Novavax has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

NVAX Management

 What is the CEO of Novavax's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Stan Erck
COMPENSATION $2,771,685
AGE 70
TENURE AS CEO 7.9 years
CEO Bio

Mr. Stanley Charles Erck, also known as Stan, has been the Chief Executive Officer and President of Novavax, Inc. since April 2011. Mr. Erck served as Interim Chief Financial Officer of Novavax, Inc. from November 10, 2017 to March 14, 2018 and its Principal Accounting Officer until March 14, 2018. He served as the Chief Executive Officer and President of Intercell USA Inc. from May 2000 to 2008 and served as its Treasurer since May 2000. Mr. Erck has over 25 years of management experience in the healthcare and biotechnology industry to shepherd the development and commercialization of Iomai technology. He managed the process of developing companies from private funding through IPO. He served his first six years of career in management positions at Baxter International. He served as President and Chief Executive Officer of Procept for nine years. Mr. Erck served as Vice President of Corporate Development of Integrated Genetics (now Genzyme). He served as the Chief Executive Officer of PHT Corporation. He served as an Executive Chairman of Novavax, Inc. from February 2010 to April 2011. He has been Director of Novavax, Inc. since June 2009 and Maxcyte Inc. since April 2005. He served as Director of BioCryst Pharmaceuticals Inc. since December 2008 until December 03, 2018. He served as a Director of Intercell USA Inc., from May 2000 to 2008. He serves as a Director of MacCyte and MdBio Foundation. Mr. Erck holds his BS from the University of Illinois and his Masters in Business Administration from the University of Chicago, graduate School of Business.

CEO Compensation
  • Stan's compensation has been consistent with company performance over the past year.
  • Stan's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Novavax management team in years:

4.5
Average Tenure
58
Average Age
  • The tenure for the Novavax management team is about average.
Management Team

Stan Erck

TITLE
President
COMPENSATION
$3M
AGE
70
TENURE
7.9 yrs

John Trizzino

TITLE
Senior VP
COMPENSATION
$948K
AGE
58
TENURE
1 yrs

John Herrmann

TITLE
Senior VP
COMPENSATION
$913K
AGE
52
TENURE
7 yrs

Greg Glenn

TITLE
President of Research and Development
COMPENSATION
$1M
AGE
64
TENURE
3 yrs

Erika Trahan

TITLE
Senior Manager of Investor & Public Relations
TENURE
0.9 yrs

Sven Andréasson

TITLE
Senior Vice President of Corporate Development
AGE
66
TENURE
4.8 yrs

Jill Hoyt

TITLE
Senior Vice President of Human Resources
TENURE
4.2 yrs

Lou Fries

TITLE
Senior VP & Chief Medical Officer
TENURE
3 yrs

Tim Hahn

TITLE
Senior Vice President of Global Manufacturing Operations
COMPENSATION
$738K
AGE
54
TENURE
7.8 yrs

Rip Wilson

TITLE
Senior Vice President of Business Development
COMPENSATION
$850K
AGE
58
TENURE
7.3 yrs
Board of Directors Tenure

Average tenure and age of the Novavax board of directors in years:

9.8
Average Tenure
65
Average Age
  • The tenure for the Novavax board of directors is about average.
Board of Directors

Jim Young

TITLE
Chairman
COMPENSATION
$534K
AGE
65
TENURE
7.9 yrs

Stan Erck

TITLE
President
COMPENSATION
$3M
AGE
70
TENURE
9.8 yrs

Michael McManus

TITLE
Director
COMPENSATION
$247K
AGE
75
TENURE
21.2 yrs

Gary Evans

TITLE
Lead Independent Director
COMPENSATION
$236K
AGE
61
TENURE
12 yrs

Rajiv Modi

TITLE
Director
AGE
58
TENURE
10.2 yrs

Richard Douglas

TITLE
Director
COMPENSATION
$234K
AGE
65
TENURE
9.2 yrs

Rachel King

TITLE
Director
AGE
59
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Novavax insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
04. Feb 19 Buy Gregory Glenn Individual 31. Jan 19 31. Jan 19 13,168 $0.88 $11,588
01. Aug 18 Buy Gregory Glenn Individual 31. Jul 18 31. Jul 18 13,007 $0.88 $11,446
15. May 18 Buy Gregory Glenn Individual 14. May 18 14. May 18 20,000 $1.64 $32,800
15. May 18 Buy John Trizzino Individual 14. May 18 14. May 18 50,000 $1.64 $81,995
15. May 18 Buy Stanley Erck Individual 14. May 18 14. May 18 100,000 $1.65 $164,620
X
Management checks
We assess Novavax's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Novavax has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

NVAX News

Simply Wall St News

If You Had Bought Novavax (NASDAQ:NVAX) Stock Three Years Ago, You'd Be Sitting On A 91% Loss, Today

Even when you lose money, you don't have to lose the lesson. … Over three years, Novavax grew revenue at 8.2% per year. … So it seems unlikely the 54% share price drop (each year) is entirely about the revenue.

Simply Wall St -

Should You Worry About Novavax, Inc.'s (NASDAQ:NVAX) CEO Salary Level?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … Then we'll look at a snap shot of the business growth. … How Does Stan Erck's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Should You Take Comfort From Insider Transactions At Novavax, Inc. (NASDAQ:NVAX)?

So shareholders might well want to know whether insiders have been buying or selling shares in Novavax, Inc. … Novavax Insider Transactions Over The Last Year. … Happily, we note that in the last year insiders bought 195.79k shares for a total of US$302k.

Simply Wall St -

What Kind Of Shareholders Own Novavax Inc (NASDAQ:NVAX)?

Generally speaking, as a company grows, institutions will increase their ownership. … Novavax is not a large company by global standards. … institutional investors have bought into the company.

Simply Wall St -

How Much Did Novavax Inc's (NASDAQ:NVAX) CEO Pocket Last Year?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Stan Erck's Compensation Compare With Similar Sized Companies. … It would therefore appear that Novavax Inc pays Stan Erck more than the median CEO remuneration at companies of a similar size, in the same market

Simply Wall St -

Why Novavax Inc's (NASDAQ:NVAX) Ownership Structure Is Important

Today, I will be analyzing Novavax Inc’s (NASDAQ:NVAX) recent ownership structure, an important but not-so-popular subject among individual investors. … Ownership structure of a company has been found to affect share performance over time. … Therefore, it is beneficial for us to examine NVAX's ownership structure in more detail.

Simply Wall St -

Why You Need To Look At This Factor Before Buying Novavax Inc (NASDAQ:NVAX)

A widely-used metric to measure a stock's market risk is beta, and the broad market index represents a beta value of one. … NVAX, with its market capitalisation of US$617.51M, is a small-cap stock, which generally have higher beta than similar companies of larger size. … Therefore, investors can expect a high beta associated with the size of NVAX, but a lower beta given the nature of the industry it operates in.

Simply Wall St -

What Do Analysts Think About Novavax Inc's (NASDAQ:NVAX) Growth?

Novavax Inc's (NASDAQ:NVAX) latest earnings announcement in December 2017 signalled company earnings became less negative compared to the previous year's level as a result of recent tailwinds Today I want to provide a brief commentary on how market analysts view Novavax's earnings growth outlook over the next couple of years and whether the future looks brighter. … View our latest analysis for Novavax Analysts' expectations for the upcoming year seems relatively muted, with earnings continuing to flop around in the negative territory, reaching -US$190.38M in 2019. … The slope of this line is the rate of earnings growth, which in this case is 38.14%.

Simply Wall St -

Novavax Inc (NASDAQ:NVAX): Are Analysts Optimistic?

In this article, I will touch on the expectations for NVAX’s growth and when analysts expect the company to become profitable. … If this rate turns out to be too aggressive, NVAX may become profitable much later than analysts predict. … For a more comprehensive look at NVAX, take a look at NVAX’s company page on Simply Wall St.

Simply Wall St -

Has Novavax Inc (NASDAQ:NVAX) Improved Earnings Growth In Recent Times?

I use the ‘latest twelve-month’ data, which either annualizes the most recent 6-month earnings update, or in some cases, the most recent annual report is already the latest available financial data. … This suggests that, Novavax has historically performed better than recently, although it seems like earnings are now heading back towards a more favorable position once more. … This means that, while Novavax is currently running a loss, it may have been aided by industry tailwinds, moving earnings towards to right direction.What does this mean?

Simply Wall St -

NVAX Company Info

Description

Novavax, Inc., together with its subsidiary, Novavax AB, a late-stage biotechnology company, focuses on the discovery, development, and commercialization of vaccines to prevent serious infectious diseases. The company's lead vaccine candidates include ResVax, a respiratory syncytial virus (RSV) fusion (F) protein recombinant nanoparticle vaccine with aluminum phosphate as an adjuvant that is in Phase III clinical trial to protect infants from RSV disease through maternal immunization; and NanoFlu, which is in Phase II clinical trial for treating seasonal influenza in older adults. Its lead adjuvant is Matrix-M that is used to enable a vaccine to enhance the amplitude of the immune response and qualitatively change it, and the immune systems attack against microorganisms, as well as allows immunization with much lower doses of antigen. The company also develops RSV F vaccine for older adults in Phase II clinical trial, and healthy children between two and six years of age in Phase I clinical trial. In addition, it develops nanoparticle vaccine candidates for clinic testing against ebola virus in Phase I clinical trial, as well as MERS coronavirus in animals; and combination respiratory vaccine to protect against influenza and RSV. The company has a clinical development agreement with Bill & Melinda Gates Foundation. Novavax, Inc. was founded in 1987 and is headquartered in Gaithersburg, Maryland.

Details
Name: Novavax, Inc.
NVAX
Exchange: NasdaqGS
Founded: 1987
$207,121,917
382,850,125
Website: http://www.novavax.com
Address: Novavax, Inc.
20 Firstfield Road,
Gaithersburg,
Maryland, 20878,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS NVAX Common Stock Nasdaq Global Select US USD 05. Dec 1995
DB NVV Common Stock Deutsche Boerse AG DE EUR 05. Dec 1995
LSE 0UP6 Common Stock London Stock Exchange GB USD 05. Dec 1995
Number of employees
Current staff
Staff numbers
374
Novavax employees.
Industry
Biotechnology
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/24 23:40
End of day share price update: 2019/03/22 00:00
Last estimates confirmation: 2019/03/20
Last earnings filing: 2019/03/18
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.