We assign a fundamental rating of 6 out of 10 to DVAX. DVAX was compared to 525 industry peers in the Biotechnology industry. DVAX has only an average score on both its financial health and profitability. DVAX is showing excellent growth while it is valued at reasonable prices. Keep and eye on this one! With these ratings, DVAX could be worth investigating further for growth investing!.

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1. Profitability

2. Health

3. Growth

4. Valuation

5. Dividend

1. Profitability

1.1 Basic Checks

DVAX had positive earnings in the past year.
DVAX had a positive operating cash flow in the past year.
The reported net income has been mixed in the past 5 years: DVAX reported negative net income in multiple years.
Of the past 5 years DVAX 4 years had a positive operating cash flow.

1.2 Ratios

DVAX has a better Return On Assets (-4.59%) than 86.29% of its industry peers.
DVAX has a better Return On Equity (-8.13%) than 88.57% of its industry peers.
Looking at the Return On Invested Capital, with a value of 1.05%, DVAX belongs to the top of the industry, outperforming 89.14% of the companies in the same industry.

		Industry Rank	Sector Rank
ROA	-4.59%
ROE	-8.13%
ROIC	1.05%

ROA(3y)10.61%

ROA(5y)3.5%

ROE(3y)17.99%

ROE(5y)-8.35%

ROIC(3y)N/A

ROIC(5y)N/A

1.3 Margins

DVAX's Profit Margin has declined in the last couple of years.
DVAX has a better Operating Margin (3.16%) than 89.52% of its industry peers.
Looking at the Gross Margin, with a value of 83.17%, DVAX belongs to the top of the industry, outperforming 86.29% of the companies in the same industry.
In the last couple of years the Gross Margin of DVAX has grown nicely.

		Industry Rank	Sector Rank
OM	3.16%
PM (TTM)	N/A
GM	83.17%

OM growth 3YN/A

OM growth 5YN/A

PM growth 3Y-15.64%

PM growth 5YN/A

GM growth 3Y10.73%

GM growth 5Y12.85%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

DVAX has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
DVAX has less shares outstanding than it did 1 year ago.
The number of shares outstanding for DVAX has been increased compared to 5 years ago.
DVAX has a worse debt/assets ratio than last year.

2.2 Solvency

DVAX has an Altman-Z score of 2.52. This is not the best score and indicates that DVAX is in the grey zone with still only limited risk for bankruptcy at the moment.
DVAX has a Altman-Z score of 2.52. This is in the better half of the industry: DVAX outperforms 67.81% of its industry peers.
DVAX has a debt to FCF ratio of 3.24. This is a good value and a sign of high solvency as DVAX would need 3.24 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 3.24, DVAX belongs to the top of the industry, outperforming 92.76% of the companies in the same industry.
DVAX has a Debt/Equity ratio of 0.49. This is a healthy value indicating a solid balance between debt and equity.
The Debt to Equity ratio of DVAX (0.49) is worse than 70.48% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.49
Debt/FCF	3.24
Altman-Z	2.52

ROIC/WACC0.12

WACC8.45%

2.3 Liquidity

A Current Ratio of 7.62 indicates that DVAX has no problem at all paying its short term obligations.
The Current ratio of DVAX (7.62) is better than 73.14% of its industry peers.
A Quick Ratio of 6.94 indicates that DVAX has no problem at all paying its short term obligations.
The Quick ratio of DVAX (6.94) is better than 70.29% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	7.62
Quick Ratio	6.94

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WACC

Debt/Equity

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Altman-Z score

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3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 211.54% over the past year.
Measured over the past years, DVAX shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -19.10% on average per year.
The Revenue has grown by 26.73% in the past year. This is a very strong growth!
DVAX shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 51.10% yearly.

EPS 1Y (TTM)211.54%

EPS 3Y-19.1%

EPS 5YN/A

EPS Q2Q%75%

Revenue 1Y (TTM)26.73%

Revenue growth 3Y-14.23%

Revenue growth 5Y51.1%

Sales Q2Q%17.67%

3.2 Future

DVAX is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 63.12% yearly.
The Revenue is expected to grow by 15.42% on average over the next years. This is quite good.

EPS Next Y-318.17%

EPS Next 2Y72.81%

EPS Next 3Y63.12%

EPS Next 5YN/A

Revenue Next Year21.89%

Revenue Next 2Y18.83%

Revenue Next 3Y17.54%

Revenue Next 5Y15.42%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The estimated forward Revenue growth is still strong, although it is decreasing when compared to the stronger growth in the past years.

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4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 37.77, the valuation of DVAX can be described as expensive.
Based on the Price/Earnings ratio, DVAX is valued cheaply inside the industry as 92.00% of the companies are valued more expensively.
DVAX is valuated rather expensively when we compare the Price/Earnings ratio to 28.30, which is the current average of the S&P500 Index.
With a Price/Forward Earnings ratio of 28.81, DVAX can be considered very expensive at the moment.
Based on the Price/Forward Earnings ratio, DVAX is valued cheaper than 92.00% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 25.57, DVAX is valued at the same level.

		Industry Rank	Sector Rank
PE	37.77
Fwd PE	28.81

4.2 Price Multiples

DVAX's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. DVAX is cheaper than 90.29% of the companies in the same industry.
DVAX's Price/Free Cash Flow ratio is rather cheap when compared to the industry. DVAX is cheaper than 95.05% of the companies in the same industry.

		Industry Rank	Sector Rank
P/FCF	22.58
EV/EBITDA	70.62

4.3 Compensation for Growth

DVAX has a very decent profitability rating, which may justify a higher PE ratio.
A more expensive valuation may be justified as DVAX's earnings are expected to grow with 63.12% in the coming years.