Recent News
On September 30, 2025 Vaxcyte announced an agreement with Thermo Fisher/Patheon to provide U.S.-based fill-finish capacity at Greenville, North Carolina, described as a long-term commercial manufacturing commitment representing up to $1.0 billion in services; the company filed a related 8-K and master services agreement dated September 24, 2025 outlining minimum order quantities, pricing, technology transfer payments and other commercial terms.
Technical Analysis
ADX at 20.08 indicates an emerging trend strength; that level implies the market moved out of a non-trending state into a developing trend, which supports the view that recent news can influence direction.
DI+ shows a dip & reversal, a bullish directional signal; DI- stands at 13.87 and is decreasing, which also reads bullish. Those directional indicator moves align with near-term upside bias derived from the manufacturing announcement and the valuation context.
MACD reads 0.45 with the MACD trend increasing and the MACD above its 0.07 signal line; that crossover constitutes a bullish momentum signal and reinforces the short-term upward tilt in price momentum.
MRO at -15.03 sits negative and, with the MRO trend increasing, indicates price below the model target and potential for price appreciation toward that target; the oscillator suggests upside potential consistent with the momentum signals.
RSI at 51.44 and increasing registers mild bullish momentum without showing overbought extremes, supporting an expectation of continued follow-through rather than immediate exhaustion.
Price sits above short-term averages: the 12-day EMA equals $33.37 and the 20- and 50-day averages sit near $32.78 and $32.60 respectively, while the 200-day average remains at $50.79; this structure shows short-term constructive momentum but longer-term price still below the 200-day trend line.
Bollinger bands place the close at $36.02 near the upper 2× band ($36.02) with lower bands near $29.54–$31.16; trading at the upper band raises the probability of near-term consolidation or a pullback toward $32 support, which would remain consistent with an emerging trend rather than a trend reversal.
Fundamental Analysis
Operating performance: EBIT of -$226,219,000 and EBITDA of -$221,230,000 reflect ongoing operating losses while research and development totaled $194,179,000, underscoring high R&D investment tied to the PCV pipeline.
Earnings: EPS actual measured -$1.22 versus an estimate of -$1.16, producing an EPS surprise of -5.17% (EPS difference -$0.06); forward EPS stands at -$1.1775, consistent with a development-stage earnings profile.
Liquidity and capital structure: cash of $306,744,000 and cash and short-term investments of $1,661,427,000 provide substantial liquidity; current ratio equals 11.11, well above the industry peer mean of 3.93, and the cash ratio at 10.75 indicates a strong near-term ability to fund operations relative to current liabilities.
Cash flow: operating cash flow equaled -$150,684,000 and free cash flow equaled -$130,921,000; free cash flow to net income equals 78.60%, indicating a meaningful portion of net losses did not translate one-to-one into cash outflows, but free cash growth shows mixed signs (freeCashGrowth QoQ and YoY metrics diverge).
Returns and leverage: return on assets registers -4.99% and return on equity registers -5.42%, while debt to assets stands at 2.60% and debt to equity at 2.80%, both reflecting low leverage relative to balance-sheet size.
Valuation multiples and peer context: price-to-book sits at 1.45, below the industry peer mean of 5.30 and industry peer median of 6.29 and inside the industry peer range from -10.06 to 16.59; P/B declined QoQ by 32.71% and YoY by 65.74%. PEG stands at -1.76 compared with an industry peer mean of 0.50, and forward PE at -33.83 reflects negative expected earnings. WMDST values the stock as under-valued given the combination of low relative P/B, large liquidity cushion, and program-level catalysts.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-06 |
| NEXT REPORT DATE: | 2025-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 348.2 M |
| Operating Cash Flow | $ -150.68 M | |
| Capital Expenditures | $ -9.76 M | |
| Change In Working Capital | $ 33.7 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -40.11 M | |
| End Period Cash Flow | $ 308.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 5.0 M | |
| Depreciation and Amortization | $ 5.0 M | |
| Research and Development | $ 194.2 M | |
| Total Operating Expenses | $ 226.2 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -221.23 M | |
| EBIT | $ -226.22 M | |
| Operating Income | $ -226.22 M | |
| Interest Income | $ 31.1 M | |
| Interest Expense | — | |
| Net Interest Income | $ 31.1 M | |
| Income Before Tax | $ -166.57 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -166.57 M | |
| Net Income From Continuing Operations | $ -166.57 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.16 | |
| EPS Actual | $ -1.22 | |
| EPS Difference | $ -0.06 | |
| EPS Surprise | -5.172 % | |
| Forward EPS | $ -1.18 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.3 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 3.1 B | |
| Total Current Assets | $ 1.7 B | |
| Cash and Short-Term Investments | $ 1.7 B | |
| Cash | $ 306.7 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 96.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 31.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 154.5 M | |
| Net Debt | — | |
| Total Debt | $ 85.8 M | |
| Total Liabilities | $ 234.0 M | |
| EQUITY | ||
| Total Equity | $ 3.1 B | |
| Retained Earnings | $ -1.70 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 23.81 | |
| Shares Outstanding | 129.816 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 4.4 B |
| Enterprise Value | $ 2.9 B | |
| Enterprise Multiple | -12.953 | |
| Enterprise Multiple QoQ | -56.938 % | |
| Enterprise Multiple YoY | -72.186 % | |
| Enterprise Multiple IPRWA | high: 47.216 median: 17.473 mean: 5.55 PCVX: -12.953 low: -68.907 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.076 | |
| Asset To Liability | 14.124 | |
| Debt To Capital | 0.027 | |
| Debt To Assets | 0.026 | |
| Debt To Assets QoQ | 0.581 % | |
| Debt To Assets YoY | 271.531 % | |
| Debt To Assets IPRWA | high: 0.995 mean: 0.195 median: 0.062 PCVX: 0.026 low: 0.0 |
|
| Debt To Equity | 0.028 | |
| Debt To Equity QoQ | 2.569 % | |
| Debt To Equity YoY | 280.79 % | |
| Debt To Equity IPRWA | high: 1.577 mean: 0.256 median: 0.059 PCVX: 0.028 low: -1.039 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.446 | |
| Price To Book QoQ | -32.705 % | |
| Price To Book YoY | -65.737 % | |
| Price To Book IPRWA | high: 16.592 median: 6.295 mean: 5.298 PCVX: 1.446 low: -10.064 |
|
| Price To Earnings (P/E) | -30.405 | |
| Price To Earnings QoQ | -40.706 % | |
| Price To Earnings YoY | -55.88 % | |
| Price To Earnings IPRWA | high: 44.732 mean: -11.015 median: -18.364 PCVX: -30.405 low: -73.374 |
|
| PE/G Ratio | -1.757 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -33.827 | |
| Forward PE/G | -1.954 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -1.955 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 3.1 B | |
| Net Invested Capital | $ 3.1 B | |
| Invested Capital | $ 3.1 B | |
| Net Tangible Assets | $ 3.1 B | |
| Net Working Capital | $ 1.6 B | |
| LIQUIDITY | ||
| Cash Ratio | 10.755 | |
| Current Ratio | 11.106 | |
| Current Ratio QoQ | -37.243 % | |
| Current Ratio YoY | -37.891 % | |
| Current Ratio IPRWA | high: 25.128 PCVX: 11.106 mean: 3.925 median: 2.52 low: 0.021 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.388 | |
| Cost Of Debt | 12.014 % | |
| Interest Coverage Ratio | -21.083 | |
| Interest Coverage Ratio QoQ | 25.126 % | |
| Interest Coverage Ratio YoY | 48.256 % | |
| Interest Coverage Ratio IPRWA | high: 677.4 mean: 35.973 median: 2.347 PCVX: -21.083 low: -1465.352 |
|
| Operating Cash Flow Ratio | -0.975 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -2.153 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | 17.308 % | |
| Earnings Growth QoQ | 482.761 % | |
| Earnings Growth YoY | -41.153 % | |
| Earnings Growth IPRWA | high: 155.0 % PCVX: 17.308 % median: 11.33 % mean: 2.32 % low: -181.25 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -130.92 M | |
| Free Cash Flow Yield | -2.948 % | |
| Free Cash Flow Yield QoQ | 5.023 % | |
| Free Cash Flow Yield YoY | 54.104 % | |
| Free Cash Flow Yield IPRWA | high: 36.371 % median: 0.516 % mean: -0.328 % PCVX: -2.948 % low: -74.318 % |
|
| Free Cash Growth | -32.174 % | |
| Free Cash Growth QoQ | -188.189 % | |
| Free Cash Growth YoY | 409.002 % | |
| Free Cash Growth IPRWA | high: 157.51 % median: 13.562 % mean: 3.798 % PCVX: -32.174 % low: -193.262 % |
|
| Free Cash To Net Income | 0.786 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 0.905 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -4.985 % | |
| Return On Assets QoQ | 22.032 % | |
| Return On Assets YoY | -19.075 % | |
| Return On Assets IPRWA | high: 36.544 % median: 1.616 % mean: -1.365 % PCVX: -4.985 % low: -68.545 % |
|
| Return On Capital Employed (ROCE) | -7.18 % | |
| Return On Equity (ROE) | -0.054 | |
| Return On Equity QoQ | 23.334 % | |
| Return On Equity YoY | -16.312 % | |
| Return On Equity IPRWA | high: 1.141 median: 0.04 mean: 0.008 PCVX: -0.054 low: -1.572 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |