Vaxart

VXRT

Biotechnology · Healthcare

Price

$0.53

+0.02 (+3.31%)

Market Cap

$128.7M

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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)

Vaxart, Inc., a clinical-stage biotechnology company, engages in the discovery and development of oral recombinant protein vaccines based on its proprietary oral vaccine platform. The company's product pipeline includes norovirus vaccine, an oral tablet vaccine, which is in a Phase Ib clinical trial with bivalent oral tablet vaccine for the GI.1 and GII.4 norovirus strains; seasonal influenza vaccine, which is in Phase II clinical trial for the treatment of H1 influenza infection; respiratory sy

Winston Score History

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

+87.9% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+129.2% YoY

YoY Growth Rate

EPS growth accelerating

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

Relatively low insider ownership

Cash Runway

~5 years

$51M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$51M cash & investments at current burn rate

Strong grower

Vaxart is growing revenue at 88% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

Gross Margin

0.0%

Thin — 0.0% gross margin

Operating Margin

13.2%

Healthy — 13.2% operating margin

ROCE

5.1%

Weak — 5.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+439.3%

Fast-growing sales (439.3% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

41%

Weak — only 41% of profit becomes cash

FCF Margin

5.7%

Thin free cash flow (5.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.08

Conservative — low debt load (0.08)

Interest Cover

28.90x

Comfortably covers interest (28.9x)

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

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Valuation

P/E Ratio (TTM)

3.8x

Attractive valuation — P/E 3.8

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

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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