Flagship explainer

What drives NOVAVAX INC’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−117%Tax burden100%net income ÷ pretax incomeInterest burden98%pretax ÷ operating incomeOperating margin40%operating income ÷ revenueAsset turnover0.82×revenue ÷ average assetsEquity multiplier-3.64×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$440MFY2025
Income before tax$442MFY2025
Operating income$453MFY2025
$1.1BFY2025
Ending assets$1.2BFY2025
Beginning assets$1.6BFY2024
−$128MFY2025
−$624MFY2024
Source: · event Dec 31, 2025 · retrieved Sep 4, 2026 · annual-row source set
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