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Vaxcyte

PCVX on Nasdaq. Vaxcyte develops vaccines that protect people from bacterial diseases. Market value $11.0bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-9.0%low

For every $100 of what the whole company costs, it produced $-9.01 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$66.70 a share, 67% above its 1-year low

Over the past year the price has ranged from $39.87 to $90.75.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.2
-0.3
-0.5
-0.7
-0.9
2021202220232024202512 monthsto Jun '26
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.08bn0.10bn0.12bn0.13bn0.15bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 88% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $284 million, compared with a loss of $167 million a year ago.
  • Over the past 12 months it spent $894 million more cash than it brought in, compared with $476 million a year earlier.
  • 6% more shares than a year ago. Each share owns a bit less of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$103m
December 2024-$137m
March 2025-$141m
June 2025-$167m
September 2025-$213m
December 2025-$247m
March 2026-$321m
June 2026-$284m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
24 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

None of the long-term investors we follow own it. 331 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $9m, $8m of it under preset trading plans.

  • Wassil Jim
    EVP, Chief Scientific Ofc, COO
    Sold
    under a preset trading plan
    Date
    1 October 2026
    Shares
    2,250
    Price
    $56.67
    Value
    $127,513
  • Wassil Jim
    EVP, Chief Scientific Ofc, COO
    Sold
    Date
    9 September 2026
    Shares
    1,334
    Price
    $59.52
    Value
    $79,401
  • Wassil Jim
    EVP, Chief Scientific Ofc, COO
    Sold
    Date
    4 September 2026
    Shares
    1,381
    Price
    $61.16
    Value
    $84,462
  • Wassil Jim
    CHIEF OPERATING OFFICER
    Sold
    Date
    1 September 2026
    Shares
    3,477
    Price
    $61.07
    Value
    $212,352
  • Dhaliwal Harpreet S.
    Chief Technical Ops Officer
    Sold
    under a preset trading plan
    Date
    5 August 2026
    Shares
    17,000
    Price
    $55.00
    Value
    $935,068
  • Wassil Jim
    CHIEF OPERATING OFFICER
    Sold
    under a preset trading plan
    Date
    3 August 2026
    Shares
    2,250
    Price
    $53.86
    Value
    $121,195
  • GUGGENHIME ANDREW
    PRESIDENT AND CFO
    Sold
    under a preset trading plan
    Date
    3 August 2026
    Shares
    10,000
    Price
    $53.89
    Value
    $538,879
  • PICKERING GRANT
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    under a preset trading plan
    Date
    27 July 2026
    Shares
    18,198
    Price
    $55.63
    Value
    $1m
  • GUGGENHIME ANDREW
    PRESIDENT AND CFO
    Sold
    under a preset trading plan
    Date
    6 July 2026
    Shares
    10,000
    Price
    $57.28
    Value
    $572,837
  • Wassil Jim
    CHIEF OPERATING OFFICER
    Sold
    under a preset trading plan
    Date
    1 July 2026
    Shares
    2,250
    Price
    $56.33
    Value
    $126,736

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.