We assign a fundamental rating of 4 out of 10 to NVAX. NVAX was compared to 525 industry peers in the Biotechnology industry. There are concerns on the financial health of NVAX while its profitability can be described as average. NVAX has a correct valuation and a medium growth rate.

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1. Profitability

2. Health

3. Growth

4. Valuation

5. Dividend

1. Profitability

1.1 Basic Checks

In the past year NVAX was profitable.
NVAX had a negative operating cash flow in the past year.
In the past 5 years NVAX always reported negative net income.
In the past 5 years NVAX reported 4 times negative operating cash flow.

1.2 Ratios

NVAX's Return On Assets of 28.96% is amongst the best of the industry. NVAX outperforms 98.10% of its industry peers.
NVAX's Return On Invested Capital of 43.90% is amongst the best of the industry. NVAX outperforms 99.43% of its industry peers.

		Industry Rank	Sector Rank
ROA	28.96%
ROE	N/A
ROIC	43.9%

ROA(3y)-23.82%

ROA(5y)-33.12%

ROE(3y)N/A

ROE(5y)N/A

ROIC(3y)N/A

ROIC(5y)N/A

1.3 Margins

With an excellent Profit Margin value of 32.10%, NVAX belongs to the best of the industry, outperforming 96.38% of the companies in the same industry.
With an excellent Operating Margin value of 39.15%, NVAX belongs to the best of the industry, outperforming 98.48% of the companies in the same industry.
Looking at the Gross Margin, with a value of 91.82%, NVAX belongs to the top of the industry, outperforming 93.14% of the companies in the same industry.

		Industry Rank	Sector Rank
OM	39.15%
PM (TTM)	32.1%
GM	91.82%

OM growth 3YN/A

OM growth 5YN/A

PM growth 3YN/A

PM growth 5YN/A

GM growth 3YN/A

GM growth 5YN/A

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

NVAX has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
The number of shares outstanding for NVAX has been increased compared to 1 year ago.
The number of shares outstanding for NVAX has been increased compared to 5 years ago.
The debt/assets ratio for NVAX is higher compared to a year ago.

2.2 Solvency

NVAX has an Altman-Z score of -2.15. This is a bad value and indicates that NVAX is not financially healthy and even has some risk of bankruptcy.
NVAX has a Altman-Z score of -2.15. This is comparable to the rest of the industry: NVAX outperforms 49.71% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	N/A
Debt/FCF	N/A
Altman-Z	-2.15

ROIC/WACC4.97

WACC8.84%

2.3 Liquidity

NVAX has a Current Ratio of 2.27. This indicates that NVAX is financially healthy and has no problem in meeting its short term obligations.
Looking at the Current ratio, with a value of 2.27, NVAX is doing worse than 73.33% of the companies in the same industry.
A Quick Ratio of 2.24 indicates that NVAX has no problem at all paying its short term obligations.
The Quick ratio of NVAX (2.24) is worse than 71.24% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	2.27
Quick Ratio	2.24

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 165.04% over the past year.
Looking at the last year, NVAX shows a very strong growth in Revenue. The Revenue has grown by 20.27%.
Measured over the past years, NVAX shows a very strong growth in Revenue. The Revenue has been growing by 105.31% on average per year.

EPS 1Y (TTM)165.04%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%-64.47%

Revenue 1Y (TTM)20.27%

Revenue growth 3Y-15.89%

Revenue growth 5Y105.31%

Sales Q2Q%-16.64%

3.2 Future

Based on estimates for the next years, NVAX will show a quite strong growth in Earnings Per Share. The EPS will grow by 17.51% on average per year.
NVAX is expected to show a very negative growth in Revenue. In the coming years, the Revenue will decrease by -13.97% yearly.

EPS Next Y239.21%

EPS Next 2Y33.81%

EPS Next 3Y22.54%

EPS Next 5Y17.51%

Revenue Next Year55.16%

Revenue Next 2Y-25.63%

Revenue Next 3Y-26.98%

Revenue Next 5Y-13.97%

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.

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4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 6.24 indicates a rather cheap valuation of NVAX.
Based on the Price/Earnings ratio, NVAX is valued cheaper than 98.86% of the companies in the same industry.
NVAX's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.21.
The Forward Price/Earnings Ratio is negative for NVAX. No positive earnings are expected for the next year.

		Industry Rank	Sector Rank
PE	6.24
Fwd PE	N/A

4.2 Price Multiples

NVAX's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. NVAX is cheaper than 99.62% of the companies in the same industry.

		Industry Rank	Sector Rank
P/FCF	N/A
EV/EBITDA	1.07

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as NVAX's earnings are expected to grow with 22.54% in the coming years.