Vaxart

VXRT

Biotechnology · Healthcare

Price

$0.52

+0.00 (+0.06%)

Market Cap

$125.9M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

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Share count falling — buybacks

−52.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 487.3M (2021) → 230.3M (2025)

Winston Score History

The full picture

Vaxart is a small biotechnology company that makes vaccines you swallow as a pill instead of getting a shot. Most vaccines today are injected, but Vaxart is working on oral tablet vaccines for diseases like influenza, norovirus, and COVID-19. The company is based in South San Francisco and is still in the clinical trial stage, meaning none of its vaccines have been approved for sale yet.

Vaxart earns most of its revenue through government grants and research partnerships rather than product sales, since it has no approved products on the market. It operates primarily in the United States and is a very small company with a market cap around $100 million. The main appeal of its technology is that pill-based vaccines are easier to store and distribute than traditional shots, but the biggest risk is that its vaccine candidates could fail in clinical trials, which would severely threaten the company's future.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-31.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+14.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$202M/ year

↑ Rising (+172% vs prior year)

85.0% of revenue

4.7x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

1.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$64M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Vaxart is putting 85% of revenue into R&D and that number is rising. That's 4.7x the sector average. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

0.0%

Thin — 0.0% gross margin

Profit after running costs

Operating Margin

0.0%

Thin — 0.0% operating margin

Return on the money invested

ROCE

58.5%

Exceptional — 58.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+201.1%

Fast-growing sales (+201.1% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

88%

Modest — 88% of profit becomes cash

Spare cash per sale

FCF Margin

13.7%

Converts sales into free cash efficiently (13.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.09

Conservative — low debt load (0.09)

Covers its interest

Interest Cover

47.09x

Comfortably covers interest (47.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

3.5x

Attractive valuation — P/E 3.5

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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