Nvax.O

(a) Capital structure and liquidity present a complex profile. The company reports total assets of $1.18 billion against total liabilities of $1.30 billion, resulting in negative total equity of -$128 million. Cash and equivalents stand at $241 million, providing a buffer against immediate obligations. However, operating cash flow is negative at -$245 million, indicating that core operations are consuming cash rather than generating it. The debt-to-equity ratio is reported as -0.0, reflecting the negative equity base. The current ratio is not explicitly provided, but the negative equity position suggests a fragile balance sheet structure that relies heavily on cash reserves and potential external financing.

(b) Profitability metrics show mixed signals. The company generated net income of $440 million on revenue of $1.12 billion, yielding a return on equity of 68.75%. This high ROE is mechanically driven by the small, negative equity base rather than operational efficiency. Return on assets is negative at -7.47%, indicating that the asset base is not generating positive returns relative to its size. Without cohort median data for direct comparison, the negative ROA and negative operating cash flow suggest that the company is in a growth or turnaround phase where capital investment exceeds immediate returns. The EV/EBITDA ratio is negative at -9.13, further highlighting the lack of positive EBITDA generation.

Revenue $139.5M, −79,1% YoY; Operating income −103,0% YoY.

• ▍Revenue $139.5M, −79,1% YoY
• ▍Operating income −103,0% YoY
• ▍Net income −101,8% YoY
• ▍Free cash flow −101,5% YoY
• ▍Net margin -6.8%

Revenue $147.1M, +66,6% YoY; Operating income +110,9% YoY.

• ▍Revenue $147.1M, +66,6% YoY
• ▍Operating income +110,9% YoY
• ▍Net income +121,6% YoY
• ▍Free cash flow +129,2% YoY
• ▍Net margin 11.9%

Revenue $70.4M, −16,6% YoY; Operating income −54,3% YoY.

• ▍Revenue $70.4M, −16,6% YoY
• ▍Operating income −54,3% YoY
• ▍Net income −66,8% YoY
• ▍Free cash flow −79,9% YoY
• ▍Net margin -287.3%

Revenue $239.2M, −42,4% YoY; Operating income −37,2% YoY.

• ▍Revenue $239.2M, −42,4% YoY
• ▍Operating income −37,2% YoY
• ▍Net income −34,4% YoY
• ▍Free cash flow −33,3% YoY
• ▍Net margin 44.5%

Revenue $666.7M; Operating income $515.5M.

• ▍Revenue $666.7M
• ▍Operating income $515.5M
• ▍Net margin 77.8%

Revenue $88.3M; Operating income -$131.1M.

• ▍Revenue $88.3M
• ▍Operating income -$131.1M
• ▍Net margin -91.8%

Revenue $84.5M; Operating income -$134.0M.

• ▍Revenue $84.5M
• ▍Operating income -$134.0M
• ▍Net margin -143.5%

Revenue $415.5M; Operating income $161.0M.

• ▍Revenue $415.5M
• ▍Operating income $161.0M
• ▍Net margin 39.1%

Revenue $1.12B, +64,7% YoY; Operating income +270,4% YoY.

• ▍Revenue $1.12B, +64,7% YoY
• ▍Operating income +270,4% YoY
• ▍Net income +334,8% YoY
• ▍Free cash flow +404,3% YoY
• ▍Net margin 39.2%

Revenue $682.2M, −30,6% YoY; Operating income +56,1% YoY.

• ▍Revenue $682.2M, −30,6% YoY
• ▍Operating income +56,1% YoY
• ▍Net income +65,6% YoY
• ▍Free cash flow +72,1% YoY
• ▍Net margin -27.5%

Revenue $983.7M, −50,4% YoY; Operating income +12,1% YoY.

• ▍Revenue $983.7M, −50,4% YoY
• ▍Operating income +12,1% YoY
• ▍Net income +17,2% YoY
• ▍Free cash flow +23,7% YoY
• ▍Net margin -55.4%

Revenue $1.98B, +72,9% YoY; Operating income +61,8% YoY.

• ▍Revenue $1.98B, +72,9% YoY
• ▍Operating income +61,8% YoY
• ▍Net income +62,3% YoY
• ▍Free cash flow +60,1% YoY
• ▍Net margin -33.2%