Vaxart, Inc.

VXRT
About 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.

Country: United StatesPrice: $0.37Market Cap: $90.2M

Investment snapshot

6%positive consensus
Scored 1d ago

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

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe 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.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked 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.

MetricGraham

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

VerdictFAILFAILFAILNot rankedNEUTRALPASSFAILNEUTRALFAILFAILNEUTRALNEUTRALFAILNEUTRALFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of Safety+51.3%+69.7%N/AN/AN/AN/A-42.3%+35.1%N/AN/A+67.3%N/AN/AN/AN/AN/AN/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 $0.37
    Buffett fair value$1.22
    ✓Buffett+69.7% margin vs $0.37
    Munger fair value$0.26
    ✗Munger-42.3% margin vs $0.37
    Pabrai fair value$0.57
    ✓Pabrai+35.1% margin vs $0.37
    Ackman 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 growing
    FCF Positive and Growing$7.6M
    ✓LynchPositive and growing
    Operating Cash Flow$7.7M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=4.15%, ROA=8.77%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)11.5x
    ✗Dreman< 8x
    P/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<= 25
    Positive Operating Cash Flow frequency10/25 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating 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 Assets
    Debt/Equity & Interest Coverage
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity
    ✗Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current 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 < 1.00x
    Debt Levels
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity
    ✗Ackman<= 1.0
    Negative 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% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency7/23 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth726.7%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-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 holding
    5-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>= 2.0
    ROIC (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 YoY
    Revenue / Total Assets Change YoY0.17x -> 1.28x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities1.71
    ✓Dreman> 1.5
    Return 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 each
    Reinvestment 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 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)7/28 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (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 years
    Free Cash Flow Proxy$24.8M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE43.8%
    ✓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 > 0
    ROA 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 > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-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 < 15
    Return on Equity-79.2% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency7/23 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating 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 years
    Revenue growth vs. gross and operating margin trendrevenue up, operating margin -1129.5% -> 7.6%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+32.21%; #187/6340 (top 2.9%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+43.81%; #256/5226 (top 4.9%)
    ✓AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.3382; #4677/5884 (top 79.5%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR-17.8% over 3 years
    ✗Neff7%-20% annualized
    Positive 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<= 15x
    Price-to-Book Ratio1.0x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic 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< 8x
    Valuation 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 < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share11.8x
    ✓Ackman<= 25
    Price 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-section
    Positive book equity / market capitalization+0.7352; #2087/6449 (top 32.4%)
    ✗AsnessTop 30% of eligible cross-section
    Price / 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-section
    Trailing 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

Industry: Pharmaceutical Products
SIC Sector: Chemicals & Pharmaceuticals
Size: Micro Cap($90.2M)
Revenue: $237.3M+726.7% YoY
Net Income: $16.3M+124.4% YoY

Financial Snapshot

Operating Margin7.6%
Return on Equity18.6%
Debt / Equity--
Current Ratio1.57
EPS (Diluted)$0.07
Buybacks (1y)$199.0K
Buybacks (2y)$413.0K
Shares Retired−5.6%

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.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived 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 values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-03-13
FY 2024
Sources
  • 10-K · 2025-03-20
FY 2023
Sources
  • 10-K · 2024-03-14
FY 2022
Sources
  • 10-K · 2023-03-15
FY 2021
Sources
  • 10-K · 2022-02-24
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 Margin16.6%↑150%-162.7%↓1409%-48.5%↓32%13.2%↑118%7.6%↑103%-231.0%↑80%-1129.5%↑99%-107090.7%↓1213%-8156.1%
ROE43.8%↑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 Ratio1.71↑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

Revenue$237.3MBottom 25%
Net Income$16.3MMedian
ROE18.6%Top 25%
D/E—
Op. Margin7.6%Median
Curr. Ratio1.57Median
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
Merck & Co., Inc.MRK$364.3B$147.76$65.0B$18.3B34.7%0.94—1.542/95/94/70/3F-Score 41/11
ABBOTT LABORATORIESABT$188.0B$108.52$44.3B$6.5B12.5%0.2518.2%1.583/94/92/71/3F-Score 53/11
BRISTOL MYERS SQUIBB COBMY$129.7B$63.43$48.2B$7.1B38.2%2.4419.4%1.262/91/93/71/3F-Score 85/11
BIO-TECHNE CorpTECH$11.4B$72.80$1.2B$73.4M3.8%—8.4%3.464/93/93/70/3F-Score 54/11
REPLIGEN CORPRGEN$10.7B$167.79$738.3M$48.9M2.3%0.267.5%8.373/92/93/70/3F-Score 75/11
IONIS PHARMACEUTICALS INCIONS$4.8B$29.06$943.7M$381.4M-78.0%3.60-40.4%3.833/91/91/70/3F-Score 43/11
NEOGEN CORPNEOG$2.5B$11.23$870.4M$7.9M-0.4%0.76-2.5%3.823/91/92/70/3F-Score 64/11
Pharvaris N.V.PHVS$2.4B$33.36—$206.4M-64.8%0.00——0/90/92/70/3F-Score 22/11