What is the 13F Pro Quality Score for NVAX?

13F Pro ranks NOVAVAX INC (NVAX) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View NVAX's current score at https://13fpro.ai/research/NVAX (free sign-up required for the full ranking).

Which hedge funds own the most NVAX stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of NVAX include SHAH CAPITAL MANAGEMENT, BlackRock,, STATE STREET. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/NVAX as soon as new 13F filings post.

Where does 13F Pro source NVAX data?

All NOVAVAX INC fundamentals and ownership data come directly from SEC EDGAR. NOVAVAX INC files with the SEC under CIK 1000694. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is NVAX in?

NOVAVAX INC (NVAX) is classified in the Healthcare sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/healthcare.

How often is NVAX research updated on 13F Pro?

NVAX's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

NOVAVAX INC(NVAX)Stock Analysis

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13F Pro Quality Score

65.5/100

Rank #572 of 2,879 stocksTOP 25%

View Healthcare peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

80.1/100

Profitability

93.7/100

Balance Sheet

99.1/100

Earnings Quality

30.0/100

Free Cash Flow

13.6/100

Institutional Flow

59.7/100

Revenue Scale

51.6/100

Dilution Risk

32.3/100

NVAX Stock Analysis & AI Quality Score

AI stock analysis and institutional research for NOVAVAX INC (NVAX), a Healthcare sector company. 13F Pro's AI-powered ranking engine scores NVAX at 65.5/100 on a 32-signal composite quality model, placing it at rank #572 of 2,879 stocks — the top 25% of the AI-ranked universe. NVAX scores in the top quartile across balance sheet strength (99.1), profitability (93.7), revenue growth (80.1). Areas of concern include free cash flow (13.6) and earnings quality (30.0), which score below median versus the broader universe. Shareholder dilution risk is elevated at 32.3/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), NOVAVAX INC reports quarterly revenue of $139.5M, net income of $-9.5M, free cash flow of $-32.4M. Top institutional holders of NVAX by reported 13-F value include SHAH CAPITAL MANAGEMENT, BlackRock,, STATE STREET, based on the most recent SEC filings. NVAX trades on the Nasdaq exchange and files with the SEC under CIK 1000694. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate NVAX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for NOVAVAX INC directly from SEC EDGAR. NOVAVAX INC's 13F Pro composite quality score has ranged between 8 and 67 since 2021, currently 65.5 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.

✦

Fun facts about NOVAVAX INC

Quirks, history, and lore behind NVAX — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. biotechnology company · small-cap · listed on Nasdaq · headquartered in Maryland.
2
The Numbers
Revenue surged to the billions during the pandemic era, then cratered — a brutal reminder that a one-product revenue spike is not a business model.
3
The History
Founded in 1987, it spent over three decades as a mostly overlooked clinical-stage vaccine developer before the world suddenly needed exactly what it was working on.
4
The Secret
Its platform uses recombinant nanoparticle technology — essentially engineering protein-based particles to teach the immune system what to fight, without using a live virus.
5
The Lore
It received roughly $1.6 billion in U.S. government funding through Operation Warp Speed, yet was the last major COVID-19 vaccine to reach U.S. authorization.
6
The Giveaway
Its protein-based COVID-19 vaccine was seen as an option for those hesitant about mRNA shots — but by the time Nuvaxovid arrived, the crowd had already left the party.

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Revenue

Q1 2026

$139.5M

Net Income

Q1 2026

$-9.5M

Free Cash Flow

Q1 2026

$-32.4M

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+14.2% YoY

$1.12BFY 2025

FY21 $1.15BFY22 $1.98BFY23 $983.7MFY25 $1.12B

Net Income

+180.8% YoY

$440.3MFY 2025

FY21 $-1.74BFY22 $-657.9MFY23 $-545.1MFY25 $440.3M

Operating Income

+179.9% YoY

$452.8MFY 2025

FY21 $-1.69BFY22 $-644.7MFY23 $-566.5MFY25 $452.8M

EPS (Diluted)

+147.7% YoY

$2.58FY 2025

FY21 $-23.44FY22 $-8.42FY23 $-5.41FY25 $2.58

Total Assets

-34.5% YoY

$1.18BFY 2025

FY21 $2.58BFY22 $2.26BFY23 $1.80BFY25 $1.18B

Total Debt

$244.2MFY 2025

FY21 —FY22 —FY23 —FY25 $244.2M

Op. Cash Flow

+65.7% YoY

$-244.6MFY 2025

FY21 $322.9MFY22 $-415.9MFY23 $-714.0MFY25 $-244.6M

Metric	FY 2025	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Revenue	$1.12B +14.2%	$983.7M -50.4%	$1.98B +72.9%	$1.15B +141.0%	$475.6M +2448.5%	$18.7M
Net Income	$440.3M +180.8%	$-545.1M +17.2%	$-657.9M +62.3%	$-1.74B -316.9%	$-418.3M -215.2%	$-132.7M
Operating Income	$452.8M +179.9%	$-566.5M +12.1%	$-644.7M +61.8%	$-1.69B -304.7%	$-416.7M -245.6%	$-120.6M
EPS (Diluted)	$2.58 +147.7%	$-5.41 +35.7%	$-8.42 +64.1%	$-23.44 -222.4%	$-7.27 -31.9%	$-5.51
Total Assets	$1.18B -34.5%	$1.80B -20.4%	$2.26B -12.3%	$2.58B +62.8%	$1.58B +815.0%	$173.0M
Total Debt	$244.2M	—	—	—	—	—
Operating Cash Flow	$-244.6M +65.7%	$-714.0M -71.7%	$-415.9M -228.8%	$322.9M +859.1%	$-42.5M +68.9%	$-136.6M

AI Insight: NVAX Financial Trends

Novavax shows extreme revenue volatility with Q1 2025 spike to $667M followed by decline to $140M in Q1 2026.

• Revenue peaked at $667M in Q1 2025 but fell 79% to $140M by Q1 2026.

• Operating income swung from $516M profit in Q1 2025 to $15M loss in Q1 2026.

• Equity improved from negative $624M in Q4 2024 to positive $38M in Q2 2025.

⚠ Operating cash flow remains negative in latest quarter at negative $32M despite revenue recovery.

⚠ New debt of $291M appeared in Q1 2026 for the first time in the dataset.

AI Insight: NVAX Ratio Trends

Novavax profitability collapsed from 77.3% operating margin in Q1 2025 to -11.1% in Q1 2026, reflecting severe operational deterioration.

• Operating margin plunged from 77.3% in Q1 2025 to -11.1% in Q1 2026, marking sharp reversal.

• Net profit margin declined from 77.8% in Q1 2025 to -6.8% in Q1 2026.

• ROA turned negative at -3.6% in Q1 2026 after reaching 31.9% in Q2 2025.

• ROIC remained deeply negative at -42.2% in Q1 2026 versus -53.4% TTM.

⚠ Extreme margin volatility spanning from 77% positive to -159% negative across recent quarters.

⚠ Consistently negative ROIC indicates persistent capital destruction despite periodic profitability spikes.

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Available Research

13F Pro tracks comprehensive data for NOVAVAX INC including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of NVAX

SHAH CAPITAL MANAGEMENT
$120.8M14,845,097 sh
BlackRock, Inc.
$104.6M12,844,319 sh
STATE STREET CORP
$73.0M8,970,518 sh
D. E. Shaw & Co., Inc.
$62.8M7,709,858 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$58.2M7,151,625 sh
VANGUARD CAPITAL MANAGEMENT LLC
$58.0M7,130,147 sh
Sanofi
$56.0M6,880,481 sh
BANK OF AMERICA CORP /DE/
$54.0M6,637,213 sh
UBS Group AG
$36.4M4,477,701 sh
GEODE CAPITAL MANAGEMENT, LLC
$31.7M3,898,413 sh

Fund	Value	Shares
SHAH CAPITAL MANAGEMENT	$120.8M	14,845,097
BlackRock, Inc.	$104.6M	12,844,319
STATE STREET CORP	$73.0M	8,970,518
D. E. Shaw & Co., Inc.	$62.8M	7,709,858
VANGUARD PORTFOLIO MANAGEMENT LLC	$58.2M	7,151,625
VANGUARD CAPITAL MANAGEMENT LLC	$58.0M	7,130,147
Sanofi	$56.0M	6,880,481
BANK OF AMERICA CORP /DE/	$54.0M	6,637,213
UBS Group AG	$36.4M	4,477,701
GEODE CAPITAL MANAGEMENT, LLC	$31.7M	3,898,413

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Is NVAX a good stock to buy?

13F Pro's AI-powered analysis of NOVAVAX INC (NVAX) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Healthcare sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for NVAX are available on the NVAX stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own NVAX?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling NVAX. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of NOVAVAX INC's investment landscape.