VXRTOTCBiological Products, (No Diagnostic Substances)Fiscal year ends December 31
Vaxart, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$0.48+0.02 (+5.04%)
Close on Oct 19, 2026
- Market cap
- $115.15M
- P/E (TTM)
- 3.2
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2008 to 2025
Gross margin
–
Operating margin
7.6%+753.3 pts over 5 years
Net margin
6.9%+803.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +726.7% | +1204.0% | +125.8% | +25.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2015 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -24.4% | -47.3% | 22.3% | |
| Return on assets | -19.8% | -34.0% | 9.3% | |
| Current ratio | 7.87 | 10.93 | 1.57 | |
| Debt to equity | 0.01 | – | – | |
| Net debt to EBITDA | 2.39× | – | – | |
| Interest coverage | – | – | – | |
| Capex to revenue | 0.4% | 30.2% | 0.1% | |
| Diluted shares | 35M | 88M | 230M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Vaxart generated $277.54M from operations and spent $17.33M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$277.54M
Used
$17.33M
Capital expenditure$17.33M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.9%
×Asset turnover1.35×
×Equity multiplier2.40×
=Return on equity, FY202522.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.9% | 1.35× | 2.40× | 22.3% |
| FY2024 | -233.3% | 0.22× | 2.21× | -114.7% |
| FY2023 | -1117.6% | 0.06× | 1.46× | -97.9% |
| FY2022 | -100708.4% | 0.00× | 1.26× | -72.3% |
| FY2021 | -7900.2% | 0.00× | 1.20× | -45.3% |
| FY2020 | -796.3% | 0.04× | 1.39× | -47.3% |
| FY2019 | -189.1% | 0.27× | 2.99× | -154.3% |
| FY2016 | -273.1% | 0.12× | 1.31× | -43.9% |
| FY2015 | -77.6% | 0.25× | 1.24× | -24.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$16.33M
- Cash generatingOperating cash flow above zero$7.71M
- Return on assets improvedROA up on the prior year-72.9% → 9.8%
- Earnings backed by cashOperating cash flow above net income$7.71M vs $16.33M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose0.75 → 1.57
- No dilutionShare count did not rise202M → 230M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.31 → 1.43