NVAX Novavax margins

Relative Growth: Rel. Growth: 1

Relative Strength: Rel. Strength: 78

Relative Valuation: Rel. Valuation: 13

Relative Profitability: Rel. Profitability: 17

Gross margin

78.6%

Operating margin

-56.6%

EBITDA margin

-49.7%

Net margin

-59.9%

Novavax reports its operating margin is negative at -56.6%, its EBITDA margin is negative at -49.7%, and its net margin is negative at -59.9%, alongside a gross margin of 78.6%, an operating margin of -56.6%, an EBITDA margin of -49.7%, and a net margin of -59.9%. Net margin had the largest decline, decreasing by 99.1 percentage points, while the other available margins also declined.

NVAX margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Novavax recorded average margins of 77.3% gross, -12.09% operating, -2.82% EBITDA, and -10.08% net. Novavax's current performance shows that gross margin is above its three-year average and operating, EBITDA, and net margins are below their three-year averages.

NVAX margin expansion

Year-over-year margin changes in percentage points

Compared with last year, gross, operating, EBITDA, and net margins all declined, with net margin showing the largest decrease at 99.1 percentage points.

Gross margin expansion

-9.7pp

Operating margin expansion

-89.2pp

EBITDA margin expansion

-95.6pp

Net margin expansion

-99.1pp

NVAX Gross margin

The average gross margin for Novavax was 77.3% across the past 3 years. Right now, the current gross margin for Novavax is 78.6%, 1.3 percentage points above its three-year average. The gross margin for Novavax moved between 63% in Mar 2024 and 93.5% in Dec 2025.

NVAX Operating margin

Novavax recorded an average operating margin of -12.09% across the last 3 years. Novavax currently reports an operating margin of -56.6%, 44.5 percentage points below its three-year average. Over the last 3 years, Novavax's operating margin peaked at 40.3% in Dec 2025 and reached a low of -57.6% in Dec 2023.

NVAX EBITDA margin

Novavax recorded an average EBITDA margin of -2.82% across the last 3 years. Novavax currently reports an EBITDA margin of -49.7%, 46.9 percentage points below its three-year average. The EBITDA margin for Novavax moved between -49.7% in Jun 2026 and 45.9% in Jun 2025.

NVAX Net margin

Across the last 3 years, Novavax's net margin averaged -10.08%. The current net margin stands at -59.9%, 49.8 percentage points below its three-year average. Net margin was highest at 39.2% in Dec 2025 and lowest at -59.9% in Jun 2026.

NVAX margin group comparison

Margins compared with peer-group, industry and sector averages

Novavax's gross margin of 78.6% is higher than the Healthcare sector average but lower than the industry and its peers average. Looking at the Healthcare sector average of 68.3%, Novavax's gross margin is 15% higher.

NVAX margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Novavax's gross margin?

The current gross margin for NVAX is 78.6% as of Jun 30, 2026.

What is Novavax's operating margin?

For the period ending Jun 30, 2026, NVAX recorded an operating margin of -56.6%.

What is Novavax's EBITDA margin?

The current EBITDA margin for NVAX is -49.7% as of Jun 30, 2026.

What is Novavax's net margin?

For the period ending Jun 30, 2026, NVAX recorded a net margin of -59.9%.

What are the average margins of NVAX?

Novavax's gross, operating, EBITDA, and net margins averaged 77.3% gross, -12.1% operating, -2.8% EBITDA, and -10.1% net over the last 3 years.

What are the highest historical margins of NVAX?

Over this 5-year history, NVAX peaked at 100% gross in Dec 2021, 40.3% operating in Dec 2025, 45.9% EBITDA in Jun 2025, and 39.2% net in Dec 2025.

What are the lowest historical margins of NVAX?

Within the 5-year period, NVAX recorded its lowest margins at 32.2% gross in Mar 2023, -147.1% operating in Dec 2021, -146.6% EBITDA in Dec 2021, and -152.1% net in Dec 2021.