VXRT · CIK 0000072444
VAXART, INC.
Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.
Biological Products, (No Diagnostic Substances)
Company profile
Revenue
$237.3M
▲ +726.7% vs FY2024
Net income
$16.3M
▲ +124.4% vs FY2024
Free cash flow
$7.6M
▲ +116.7% vs FY2024
Diluted EPS
$0.07
▲ +121.2% vs FY2024
Revenue
Annual, as reported
Net income
Losses shown in terracotta
Recent quarters
momentum · last 12 quartersRevenue — Mar ’26 quarter
$39.2M
▲ +87.9% vs Mar ’25
Net income — Mar ’26 quarter
$5.2M
▲ +133.2% vs Mar ’25
Revenue — trailing 12 months
$255.6M
▲ +439.3% vs Mar ’25
Diluted EPS — trailing 12 months
$0.16
▲ +161.5% vs Mar ’25
Quarterly revenue
Discrete quarters; Q4 derived from the annual figure
Quarterly net income
Losses shown in terracotta
| Quarter | Revenue | Rev. YoY | Gross margin | Net income | Net margin | Diluted EPS |
|---|---|---|---|---|---|---|
| Mar ’26 | $39.2M | 87.9% | — | $5.2M | 13.2% | $0.02 |
| Dec ’25 | $104.2M | 586.5% | — | $55.0M | 52.8% | $0.25 |
| Sep ’25 | $72.4M | 1367.9% | — | −$8.1M | −11.2% | −$0.04 |
| Jun ’25 | $39.7M | 520.7% | — | −$15.0M | −37.7% | −$0.07 |
| Mar ’25 | $20.9M | 857.2% | — | −$15.6M | −74.7% | −$0.07 |
| Dec ’24 | $15.2M | 368.0% | — | −$12.0M | −78.9% | −$0.04 |
| Sep ’24 | $4.9M | 134.8% | — | −$14.1M | −285.4% | −$0.06 |
| Jun ’24 | $6.4M | 371.4% | — | −$16.5M | −257.2% | −$0.09 |
Profitability & returns
quality of earningsMargins
Share of revenue kept at each line
Operating marginNet margin
Returns on capital
Net income vs year-end equity and assets
Return on equityReturn on assets
Cash flow
cash generationFree cash flow
Operating cash flow less capital expenditure
Operating cash flow
Net cash from operations
Shareholder returns
capital allocationDiluted shares outstanding
Falling count means buybacks outpace dilution
Balance sheet
financial positionStockholders’ equity
At fiscal year end
Growth rates
compounding, annualizedRevenue CAGR
+1204.0%
3y
+125.8%
5y
+25.4%
10y
Share count change (split-adjusted)
+551.4%
10y
Key ratios
derived per fiscal year| Fiscal year | Op. margin | Net margin | FCF margin | ROE | ROA | Current ratio |
|---|---|---|---|---|---|---|
| FY2025 | 7.6% | 6.9% | 3.2% | 18.6% | 8.8% | 1.57× |
| FY2024 | −231.0% | −233.3% | −157.9% | −113.6% | −40.2% | 0.75× |
| FY2023 | −1129.5% | −1117.6% | −980.1% | −142.7% | −89.8% | 3.32× |
| FY2022 | −107090.7% | −100708.4% | −97551.4% | −97.4% | −70.0% | 5.55× |
| FY2021 | −8156.1% | −7900.2% | −7285.8% | −37.6% | −31.9% | 15.69× |
| FY2020 | −745.7% | −796.3% | −617.2% | −26.1% | −21.1% | 10.93× |
| FY2019 | −160.1% | −189.1% | −141.4% | −144.0% | −50.3% | 1.92× |
| FY2018 | −523.1% | −433.0% | −366.8% | −160.6% | −51.1% | 1.96× |
| FY2017 | −309.0% | −330.3% | −114.1% | −157.2% | −73.3% | 6.76× |
| FY2016 | −271.0% | −273.1% | −153.8% | −55.0% | −34.9% | 7.87× |
| FY2015 | −79.3% | −77.6% | −39.4% | — | −24.1% | 7.87× |
| FY2014 | — | — | −4.9% | — | — | — |
Annual figures
as reported| Fiscal year | Revenue | Gross profit | Op. income | Net income | Diluted EPS | Op. cash flow | Capex | Total assets | Liabilities | Equity | Cash | LT debt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY2025 | $237.3M | — | $18.1M | $16.3M | $0.07 | $7.7M | $145K | $186.1M | $98.3M | $87.8M | $53.8M | — |
| FY2024 | $28.7M | — | −$66.3M | −$66.9M | −$0.33 | −$44.8M | $554K | $166.4M | $107.5M | $58.9M | $25.2M | — |
| FY2023 | $7.4M | — | −$83.3M | −$82.5M | −$0.57 | −$70.5M | $1.9M | $91.8M | $34.0M | $57.8M | $34.8M | — |
| FY2022 | $107K | — | −$114.6M | −$107.8M | −$0.84 | −$94.8M | $9.6M | $153.8M | $43.3M | $110.6M | $44.0M | — |
| FY2021 | $892K | — | −$72.8M | −$70.5M | −$0.58 | −$59.8M | $5.2M | $221.2M | $33.6M | $187.5M | $143.7M | — |
| FY2020 | $4.0M | — | −$30.2M | −$32.2M | −$0.36 | −$23.8M | $1.2M | $152.6M | $29.2M | $123.4M | $126.9M | — |
| FY2019 | $9.9M | — | −$15.8M | −$18.6M | −$0.86 | −$13.1M | $850K | $37.0M | $24.1M | $13.0M | $13.5M | — |
| FY2018 | $4.2M | — | −$21.8M | −$18.0M | −$2.90 | −$14.5M | $707K | $35.2M | $24.0M | $11.2M | $11.5M | — |
| FY2017 | $8.9M | — | −$27.5M | −$29.4M | −$0.76 | −$10.0M | $117K | $40.1M | $21.4M | $18.7M | $17.7M | — |
| FY2016 | $9.3M | — | −$25.2M | −$25.4M | −$0.66 | −$14.1M | $200K | $72.7M | $26.5M | $46.2M | $49.7M | — |
| FY2015 | $24.6M | — | −$19.5M | −$19.1M | −$0.54 | −$9.6M | $100K | $79.4M | $9.9M | — | $44.7M | — |
| FY2014 | $68.7M | — | — | — | −$0.35 | −$3.3M | $100K | — | — | — | $81.7M | — |
Latest filings
the most recent regulatory filingsDEFA14ADEFINITIVE ADDITIONAL MATERIALS2026-07-02 ↗8-KCURRENT REPORT2026-07-02 ↗DFAN14ASEC filing2026-07-02 ↗DEFA14ADEFINITIVE ADDITIONAL MATERIALS2026-07-01 ↗8-KCurrent report — material event2026-06-26 ↗DEFA14ADEFINITIVE ADDITIONAL MATERIALS2026-06-26 ↗DEFA14ADEFINITIVE ADDITIONAL MATERIALS2026-06-26 ↗DEFA14ADEFINITIVE ADDITIONAL MATERIALS2026-06-26 ↗DEFA14ADEFINITIVE ADDITIONAL MATERIALS2026-06-26 ↗DFAN14ASEC filing2026-06-22 ↗
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