Vaxart, Inc.
VXRTAbout the company
Vaxart, Inc., a clinical-stage biotechnology company, discovers and develops oral recombinant protein vaccines based on its vector-adjuvant-antigen standardized technology proprietary oral vaccine platform.
Investment snapshot
Positive
1
BUY / PASS
Neutral / negative
6 / 9
NEUTRAL / FAIL
Median fair value
$0.76
+105.4% vs price
Models with upside
4 / 17
Positive margin of safety
Strongest signal
Models split on VXRT at $0.37 — fair values range $0.26–$1.22
Key risk
11 of 12 flag VXRT's debt & leverage — Graham, Buffett, Lynch +8 more
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | Not ranked | NEUTRAL | PASS | FAIL | NEUTRAL | FAIL | FAIL | NEUTRAL | NEUTRAL | FAIL | NEUTRAL | FAIL | FAIL | NEUTRAL |
| Score | |||||||||||||||||
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| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||
| Margin of Safety | +51.3% | +69.7% | N/A | N/A | N/A | N/A | -42.3% | +35.1% | N/A | N/A | +67.3% | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-13 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-13 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-13 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-13 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-13 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-13 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-13 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-13 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14 |
Where It Passes
- Valuation models80% pass✓ 4✗ 1▾
Models split on VXRT at $0.37 — fair values range $0.26–$1.22
Graham fair value$0.76✓Graham+51.3% margin vs $0.37Buffett fair value$1.22✓Buffett+69.7% margin vs $0.37Munger fair value$0.26✗Munger-42.3% margin vs $0.37Pabrai fair value$0.57✓Pabrai+35.1% margin vs $0.37Ackman fair value$1.13✓Ackman+67.3% margin vs $0.37 - Cash Flow60% pass✓ 8✗ 4▾
6 of 10 pass — Piotroski, Dreman, Marks +1 more object
Free Cash Flow Proxy$24.8M✓BuffettPositive and growingFCF Positive and Growing$7.6M✓LynchPositive and growingOperating Cash Flow$7.7M✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=4.15%, ROA=8.77%✗PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)11.5x✗Dreman< 8xP/E or FCF YieldP/E=5.3x, FCF Yield=8.4%✓PabraiP/E < 15 or FCF Yield > 10%FCF Positive2/16 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap35.9%✓Ackman>= 4%Price / FCF per Share11.8x✓Ackman<= 25Positive Operating Cash Flow frequency10/25 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$32.0M✓Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization+35.45%; #159/4519 (top 3.5%)✓OshaughnessyTop 10% of eligible cross-section
Where It Falls Short
- Debt & Leverage8% pass✓ 3✗ 12▾
11 of 12 flag VXRT's debt & leverage — Graham, Buffett, Lynch +8 more
LT Debt vs Net Current Assets✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest Coverage✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity✗Lynch< 0.33Cash - Long-term Debt✗LynchPositive preferredLT Debt / Total Assets Change0.00% -> 0.00%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities1.71✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00xDebt Levels✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDA✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity✗Ackman<= 1.0Negative debt-to-equity (higher means less debt)✗AsnessTop 30% of eligible cross-section - Verdicts10% pass✓ 1✗ 9▾
Split decision: 9 FAIL · 6 NEUTRAL · 1 PASS
Overall verdict✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (3/7)•GreenblattNot ranked•PiotroskiNEUTRAL (F-Score 6)✓DremanPASS (5/11)✗MungerFAIL (1/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)•AckmanNEUTRAL (6/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (3/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked) - Growth25% pass✓ 5✗ 8▾
6 of 8 flag VXRT's growth — Graham, Lynch, Dreman +3 more
EPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthN/A (no inventory)✓LynchInventory growth < Revenue growthEPS Growth Direction✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency7/23 years positive✓MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth726.7%✓Ackman>= 5%Positive EPS Growth Frequency✗AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendrevenue up, operating margin -1129.5% -> 7.6%✓SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR125.8%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR-17.8% over 3 years✗Neff7%-20% annualized - Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag VXRT's efficiency — Graham, Buffett, Greenblatt +3 more
Current Ratio1.71✗Graham>= 2.0ROIC (3-5 yr avg)-79.1%✗Buffett> 10%ROIC - WACC-89.1%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)✗Greenblatt> 25%Current Ratio Change YoY0.75 -> 1.57✓PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.17x -> 1.28x✓PiotroskiImproved YoYCurrent Assets / Current Liabilities1.71✓Dreman> 1.5Return on Invested Capital✗Munger> 15%ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROIC✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)✗SleepROIC > 12% in a majority of years - Profitability31% pass✓ 16✗ 19▾
11 of 16 flag VXRT's profitability — Graham, Buffett, Lynch +8 more
Positive EPS (10 years)5/28 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)7/28 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-74.5%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)7.6% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy$24.8M✓BuffettPositive and growingEarnings Variance (10-yr CoV)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE43.8%✓Lynch> 15%EBIT / Enterprise Value68.5%✓Greenblatt> 10%Earnings Yield + ROC AssessmentEY=68.5%, ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets8.77%✓PiotroskiROA > 0ROA Change YoY-40.24% -> 8.77% (delta: +49.01%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=4.15%, ROA=8.77%✗PiotroskiCFO/Assets > ROAGross Margin Change YoY✗PiotroskiImproved YoYPre-Tax Income / Revenue16.4%✓Dreman>= 8%Net Income / Shareholders' Equity43.8%✓Dreman> 12%Margin of SafetyP/E=5.3x, P/B=1.0x✓PabraiP/B < 1.5 or P/E < 15Return on Equity-79.2% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePositive Net Income Frequency7/23 years positive✓MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue16.6%✓Ackman>= 15%Net Income / Shareholders Equity43.8%✓Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-1129.5% (2023) -> 7.6% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendrevenue up, operating margin -1129.5% -> 7.6%✓SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization+32.21%; #187/6340 (top 2.9%)✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity+43.81%; #256/5226 (top 4.9%)✓AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.3382; #4677/5884 (top 79.5%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR-17.8% over 3 years✗Neff7%-20% annualizedPositive Diluted-EPS Years1/8 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Valuation31% pass✓ 15✗ 13▾
9 of 13 flag VXRT's valuation — Graham, Lynch, Greenblatt +6 more
Price / Book Value per Share1.0x✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio1.0x✓Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value68.5%✓Greenblatt> 10%Earnings Yield + ROC AssessmentEY=68.5%, ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS5.3x✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)11.5x✗Dreman< 8xValuation ReasonablenessP/E=5.3x, OE Yield=27.8%✓MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldP/E=5.3x, FCF Yield=8.4%✓PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/E=5.3x, P/B=1.0x✓MarksP/E < 15 or P/B < 2.0Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePrice / FCF per Share11.8x✓Ackman<= 25Price vs. Trailing Low112% of trailing low ($0.33)✓Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization+32.21%; #187/6340 (top 2.9%)✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+0.7352; #2087/6449 (top 32.4%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS5.3x✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share1.11x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+2.0103; #1081/5247 (top 20.6%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization+35.45%; #159/4519 (top 3.5%)✓OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-40.80%; #4831/6202 (top 77.9%)✗OshaughnessyTop 10% of eligible cross-section
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 5.6% of shares last year.
- Buybacks
- $199.0K
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, ebit, pre tax income, operating cash flow, depreciation amortization, capex, buybacks. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $90.2Mcurrent | -- | -- | -- | $139.5Mest. | $154.9Mest. | $181.1Mest. | $145.7Mest. | $622.8Mest. |
| Revenue | $181.3M↑22% | $10.6M↓85% | $27.2M↓32% | $39.2M↑88% | $237.3M↑727% | $28.7M↑289% | $7.4M↑6796% | $107.0K↓88% | $892.0K |
| Operating Income | $30.1M↑162% | -$17.3M↓121% | -$13.2M↑10% | $5.2M↑135% | $18.1M↑127% | -$66.3M↑20% | -$83.3M↑27% | -$114.6M↓58% | -$72.8M |
| Net Income | $29.0M↑157% | -$17.7M↓117% | -$13.5M↑10% | $5.2M↑133% | $16.3M↑124% | -$66.9M↑19% | -$82.5M↑23% | -$107.8M↓53% | -$70.5M |
| EPS (Diluted) | -- | -- | -- | $0.02 | $0.07↑121% | $-0.33 | -- | -- | $-0.58 |
| Gross Margin | — | — | — | — | — | — | — | — | — |
| Operating Margin | 16.6%↑150% | -162.7%↓1409% | -48.5%↓32% | 13.2%↑118% | 7.6%↑103% | -231.0%↑80% | -1129.5%↑99% | -107090.7%↓1213% | -8156.1% |
| ROE | 43.8%↑123% | — | — | — | 18.6%↑116% | -113.6%↑20% | -142.7%↓46% | -97.4%↓159% | -37.6% |
| Total Debt | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Shareholders' Equity | $66.3M↑148% | $66.3M↑148% | $82.4M↑151% | $94.1M↑106% | $87.8M↑49% | $58.9M↑2% | $57.8M↓48% | $110.6M↓41% | $187.5M |
| Current Ratio | 1.71↑147% | 1.71↑147% | 1.60↑167% | 1.71↑170% | 1.57↑109% | 0.75↓77% | 3.32↓40% | 5.55↓65% | 15.69 |
| Debt / Equity | — | — | — | — | — | — | — | — | — |
| Operating Cash Flow | $32.8M↑208% | $1.4M↓45% | $2.8M↑117% | -$2.1M↑79% | $7.7M↑117% | -$44.8M↑36% | -$70.5M↑26% | -$94.8M↓58% | -$59.8M |
| Free Cash Flow | $32.0M | $1.1M↓57% | $2.7M | -$2.5M↑74% | $7.6M↑117% | -$45.3M↑37% | -$72.3M↑31% | -$104.4M↓61% | -$65.0M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Pharmaceutical Products
VXRT vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Merck & Co., Inc.MRK | $364.3B | $147.76 | $65.0B | $18.3B | 34.7% | 0.94 | — | 1.54 | 2/9 | 5/9 | 4/7 | 0/3 | F-Score 4 | 1/11 |
| ABBOTT LABORATORIESABT | $188.0B | $108.52 | $44.3B | $6.5B | 12.5% | 0.25 | 18.2% | 1.58 | 3/9 | 4/9 | 2/7 | 1/3 | F-Score 5 | 3/11 |
| BRISTOL MYERS SQUIBB COBMY | $129.7B | $63.43 | $48.2B | $7.1B | 38.2% | 2.44 | 19.4% | 1.26 | 2/9 | 1/9 | 3/7 | 1/3 | F-Score 8 | 5/11 |
| BIO-TECHNE CorpTECH | $11.4B | $72.80 | $1.2B | $73.4M | 3.8% | — | 8.4% | 3.46 | 4/9 | 3/9 | 3/7 | 0/3 | F-Score 5 | 4/11 |
| REPLIGEN CORPRGEN | $10.7B | $167.79 | $738.3M | $48.9M | 2.3% | 0.26 | 7.5% | 8.37 | 3/9 | 2/9 | 3/7 | 0/3 | F-Score 7 | 5/11 |
| IONIS PHARMACEUTICALS INCIONS | $4.8B | $29.06 | $943.7M | $381.4M | -78.0% | 3.60 | -40.4% | 3.83 | 3/9 | 1/9 | 1/7 | 0/3 | F-Score 4 | 3/11 |
| NEOGEN CORPNEOG | $2.5B | $11.23 | $870.4M | $7.9M | -0.4% | 0.76 | -2.5% | 3.82 | 3/9 | 1/9 | 2/7 | 0/3 | F-Score 6 | 4/11 |
| Pharvaris N.V.PHVS | $2.4B | $33.36 | — | $206.4M | -64.8% | 0.00 | — | — | 0/9 | 0/9 | 2/7 | 0/3 | F-Score 2 | 2/11 |