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ZYBERNO

Stock Report

Updated Aug 31, 2026

Vaxart, Inc. (VXRT)

Healthcare • OTC

$0.50

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

66.0/100

GOOD BUSINESS

Vaxart, Inc. (VXRT) scores 66/100 — strong fundamentals with solid profitability and healthy cash flow generation.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full VXRT quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-12.2%

Market Overestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full VXRT valuation analysis · → View full VXRT Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):EXCELLENT (53.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.19x)

Operating Margin (Operational Efficiency):GOOD (16.3%)

Return on Capital (Capital Efficiency):EXCELLENT (113.5%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Vaxart, Inc. (VXRT) stock report — Zyberno Score 66/100 (GOOD BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, Vaxart, Inc. (VXRT) shows a Brina Gap of -12.2%, which weakens the case: based on the company's ROIC (113.5%) and reinvestment rate (-28.4%), the business can fundamentally grow at -32.2% — but the current enterprise value implies the market expects -20.0%.

Over the trailing twelve months, VXRT generated $14.59M in Owner Earnings. Capital was deployed as follows: $463.00K invested in capital expenditures. Reinvestment rate: -28.4%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:0.50

Market Cap:$121.49M

Valuation Multiples (4)

P/E Ratio:

3.29x

📊 Click to view full VXRT P/E analysis →

P/B Ratio:1.47x

P/S Ratio:0.50x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$65.30M

Ev Ebitda Ratio:1.48x

Pfcf Ratio:9.29x

Price Action & Momentum (3)

12-1 Momentum:

+30.3% (74th pctile)

📈 Click to view full VXRT Momentum analysis →

Momentum Percentile:74 / 100

% of 52-Week High:59.4%

B. Profitability Assessment

Return Metrics (7)

ROE:

53.0%

📊 Click to view full VXRT ROE analysis →

ROA:20.9%

Roic:

113.5%

📊 Click to view full VXRT ROIC analysis →

Reinvestment Rate:-28.4%

Fundamental Growth Rate (g):-32.2%

Market-Implied Growth Rate:-20.0%

Brina Gap:

-12.2%

☷ Click to view full VXRT Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:16.3%

Net Margin Ttm:15.9%

Ebitda Margin:18.2%

TTM Performance (2)

Operating Margin Ttm:16.3%

Net Margin Ttm:15.9%

Yield Metrics (3)

Earnings Yield:$30.37

Owner Earnings Yield:$10.76

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.01

📊 Click to view full VXRT Earnings Surprise analysis →

EPS Surprise vs Expected:-37.4%

Latest Earnings Filed:2022-02-24

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):64.9%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.60x

Quick Ratio:1.60x

Cash Ratio:0.88x

Leverage Analysis (3)

Debt To Equity Ttm:0.19x

Debt-to-Equity Ratio:0.19x

Debt To Ebitda:0.18x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:43,583,000.00

Cash And Cash Equivalents:64,000,000.00

Long Term Debt:$5.27M

Net Debt:-$56.19M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $243.06M

Linear Growth: 64.9%

📊 Click to view full VXRT Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00$39.61M

Bottom Line Performance (3)

$38.59M

Income Before Tax:$39.01M

Ebitda Ttm:44,213,000.00

Operating Expenses (5)

Operating Expenses:203,451,000.00

R And D Expense:184,264,000.00

Sga Expense:19,187,000.00

Income Tax Expense:$419.00K

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:677.8%

Sga To Revenue Percentage:70.6%

Ebitda Margin:18.2%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$165.19M

Current Assets:$116.69M

Ppe Net:19,098,000.00

Goodwill:4,508,000.00

Intangible Assets:$2.46M

Liability Structure (4)

Total Liabilities:82,814,000.00

Current Liabilities:73,108,000.00

Long Term Debt:$5.27M

Short Term Debt:$2.54M

Equity & Capital (3)

Equity:$82.37M

Retained Earnings:-$468.51M

Common Stock:350,000,000.00

Working Capital Items (3)

Accounts Receivable:11,000.00

Inventory:0.00

Accounts Payable:16,972,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:1,290,000.00

C. Cash Flow Analysis

Operating Activities (2)

$15.26M$14.80M

Investment Activities (2)

Investing Cash Flow:-$676.00K

Capital Expenditures Ttm:463,000.00

Financing Activities (3)

Financing Cash Flow:-$338.00K

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:4,600,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (2)

EPS (Basic TTM):0.17

Earnings Per Share Ttm:$0.16

Revenue & Cash Per Share (3)

Sales Per Share Ttm:1.00

Operating Cash Flow Per Share:$0.03

Fcf Per Share Ttm:0.06

Book Value & Capital (2)

Book Value Per Share:$0.34

Cash Per Share:0.26

Dividend Policy (1)

Dividend Payout Ratio:0.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.31x

Working Capital Turnover Ttm:5.58x

Receivables Management (2)

Receivables Turnover Ttm:22,096.73x

Days Sales Outstanding Ttm:0.02

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:25.49

Cash Conversion Cycle:-1,024.47

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:80.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $14.59M

Linear Growth: 0.0%

📊 Click to view full VXRT Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.06

Owner Earnings Yield:$10.76

Damodaran Growth Analysis (4)

Reinvestment Rate:-28.4%

Fundamental Growth Rate (g):-32.2%

Market-Implied Growth Rate:-20.0%

Brina Gap:

-12.2%

☷ Click to view full VXRT Brina Gap analysis →

Return Scenarios (1)

Forward Expected Return (Yield + Growth):

-9.2%

📊 Click to view full VXRT expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):64.9%

Other Growth Rates (1)

Book Value Growth Rate (Linear):-19.2%

C. Company Profile & Context

Corporate Information (6)

Symbol:VXRT

Company Name:Vaxart, Inc.

Sector:Healthcare

Industry:Biological Products, (No Diagnostic Substances)

Exchange:OTC

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:penny

Volume Category:N/A

Share Structure (3)

Shares Outstanding:242.17M

Shares Outstanding Basic:242.17M

Shares Outstanding Diluted:242.18M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 13:28:32 UTC

Data Timestamp:2026-08-19T07:58:49.246888