Bavarian Nordic Net Assets
Bavarian Nordic net assets. Based on the latest financial reports, Bavarian Nordic (BAVA) has net assets worth Dkr12.87 Billion DKK (≈ $2.01 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Dkr14.95 Billion ≈ $2.34 Billion USD) and total liabilities (Dkr2.08 Billion ≈ $326.13 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. See Bavarian Nordic (BAVA) balance sheet quality index to measure how much of total assets are equity-financed.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | Dkr12.87 Billion |
| % of Total Assets | 86.06% |
| Annual Growth Rate | 23.77% |
| 5-Year Change | 74.52% |
| 10-Year Change | 538.01% |
| Growth Volatility | 76.69 |
Net Assets of Bavarian Nordic (2000–2025)
Net assets of Bavarian Nordic from 2000 to 2025. This chart illustrates how Bavarian Nordic's net assets have evolved over time, based on quarterly financial data. Also explore BAVA net asset momentum to track the company's year-over-year net asset growth rate.
Annual Net Assets for Bavarian Nordic (2000–2025)
The table below shows the annual net assets of Bavarian Nordic from 2000 to 2025. For live market cap and overall valuation, see market cap of Bavarian Nordic.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | Dkr12.87 Billion ≈ $2.01 Billion |
+12.81% |
| 2024-12-31 | Dkr11.41 Billion ≈ $1.78 Billion |
+10.33% |
| 2023-12-31 | Dkr10.34 Billion ≈ $1.62 Billion |
+44.61% |
| 2022-12-31 | Dkr7.15 Billion ≈ $1.12 Billion |
-3.05% |
| 2021-12-31 | Dkr7.37 Billion ≈ $1.15 Billion |
+50.68% |
| 2020-12-31 | Dkr4.89 Billion ≈ $765.76 Million |
+162.37% |
| 2019-12-31 | Dkr1.87 Billion ≈ $291.86 Million |
-14.45% |
| 2018-12-31 | Dkr2.18 Billion ≈ $341.18 Million |
-12.99% |
| 2017-12-31 | Dkr2.51 Billion ≈ $392.13 Million |
+24.24% |
| 2016-12-31 | Dkr2.02 Billion ≈ $315.61 Million |
+50.26% |
| 2015-12-31 | Dkr1.34 Billion ≈ $210.04 Million |
+7.22% |
| 2014-12-31 | Dkr1.25 Billion ≈ $195.90 Million |
+28.25% |
| 2013-12-31 | Dkr976.29 Million ≈ $152.75 Million |
-2.34% |
| 2012-12-31 | Dkr999.68 Million ≈ $156.41 Million |
-17.22% |
| 2011-12-31 | Dkr1.21 Billion ≈ $188.94 Million |
+49.01% |
| 2010-12-31 | Dkr810.43 Million ≈ $126.80 Million |
+15.08% |
| 2009-12-31 | Dkr704.21 Million ≈ $110.18 Million |
-30.63% |
| 2008-12-31 | Dkr1.02 Billion ≈ $158.82 Million |
-16.63% |
| 2007-12-31 | Dkr1.22 Billion ≈ $190.51 Million |
+76.12% |
| 2006-12-31 | Dkr691.40 Million ≈ $108.17 Million |
+9.73% |
| 2005-12-31 | Dkr630.10 Million ≈ $98.58 Million |
+99.79% |
| 2004-12-31 | Dkr315.39 Million ≈ $49.35 Million |
-9.11% |
| 2003-12-31 | Dkr347.00 Million ≈ $54.29 Million |
+76.65% |
| 2002-12-31 | Dkr196.44 Million ≈ $30.73 Million |
+345.01% |
| 2001-12-31 | Dkr44.14 Million ≈ $6.91 Million |
-29.17% |
| 2000-12-31 | Dkr62.33 Million ≈ $9.75 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Bavarian Nordic's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 1181739700000.0% over the analyzed period, indicating profitable operations and earnings retention.
Bavarian Nordic Net Assets Breakdown (December 2025)
Bavarian Nordic net assets breakdown by equity component as of December 2025.
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | Dkr11.82 Billion | 91.82% |
| Common Stock | Dkr792.37 Million | 6.16% |
| Other Comprehensive Income | Dkr269.98 Million | 2.10% |
| Total Equity | Dkr12.87 Billion | 100.00% |
Bavarian Nordic Competitors by Market Cap
The table below lists competitors of Bavarian Nordic ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
ERMENEGILDO ZEG.DL -0001
F:JN0
|
$2.94 Billion |
|
First BanCorp
F:OLWN
|
$2.94 Billion |
|
Relay Therapeutics Inc
NASDAQ:RLAY
|
$2.95 Billion |
|
Jilin Aodong Pharmaceutical Group Co Ltd
SHE:000623
|
$2.95 Billion |
|
China South Publishing & Media Group Co Ltd
SHG:601098
|
$2.94 Billion |
|
Hypera S.A
SA:HYPE3
|
$2.94 Billion |
|
L&K Engineering Suzhou Co Ltd
SHG:603929
|
$2.94 Billion |
|
TIZA Information Industry Corporation Inc
SHE:300209
|
$2.94 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Bavarian Nordic's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 11,408,561,000 to 12,870,078,000, a change of 1,461,517,000 (12.8%).
- Net income of 1,375,378,000 contributed positively to equity growth.
- Share repurchases of 150,121,000 reduced equity.
- New share issuances of 78,666,000 increased equity.
- Other comprehensive income increased equity by 81,324,001.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | Dkr1.38 Billion | +10.69% |
| Share Repurchases | Dkr150.12 Million | -1.17% |
| Share Issuances | Dkr78.67 Million | +0.61% |
| Other Comprehensive Income | Dkr81.32 Million | +0.63% |
| Other Changes | Dkr76.27 Million | +0.59% |
| Total Change | Dkr- | 12.81% |
Book Value vs Market Value Analysis
This analysis compares Bavarian Nordic's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.49x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 37.89x to 1.49x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2001-12-31 | Dkr6.48 | Dkr245.40 | x |
| 2002-12-31 | Dkr22.15 | Dkr245.40 | x |
| 2003-12-31 | Dkr34.62 | Dkr245.40 | x |
| 2004-12-31 | Dkr33.57 | Dkr245.40 | x |
| 2005-12-31 | Dkr57.39 | Dkr245.40 | x |
| 2006-12-31 | Dkr53.78 | Dkr245.40 | x |
| 2007-12-31 | Dkr84.07 | Dkr245.40 | x |
| 2008-12-31 | Dkr66.85 | Dkr245.40 | x |
| 2009-12-31 | Dkr55.24 | Dkr245.40 | x |
| 2010-12-31 | Dkr55.08 | Dkr245.40 | x |
| 2011-12-31 | Dkr46.08 | Dkr245.40 | x |
| 2012-12-31 | Dkr30.31 | Dkr245.40 | x |
| 2013-12-31 | Dkr29.60 | Dkr245.40 | x |
| 2014-12-31 | Dkr36.90 | Dkr245.40 | x |
| 2015-12-31 | Dkr37.13 | Dkr245.40 | x |
| 2016-12-31 | Dkr52.61 | Dkr245.40 | x |
| 2017-12-31 | Dkr62.19 | Dkr245.40 | x |
| 2018-12-31 | Dkr53.48 | Dkr245.40 | x |
| 2019-12-31 | Dkr45.71 | Dkr245.40 | x |
| 2020-12-31 | Dkr90.56 | Dkr245.40 | x |
| 2021-12-31 | Dkr116.87 | Dkr245.40 | x |
| 2022-12-31 | Dkr101.53 | Dkr245.40 | x |
| 2023-12-31 | Dkr134.79 | Dkr245.40 | x |
| 2024-12-31 | Dkr146.07 | Dkr245.40 | x |
| 2025-12-31 | Dkr164.94 | Dkr245.40 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Bavarian Nordic utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 10.69%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 22.29%
- • Asset Turnover: 0.41x
- • Equity Multiplier: 1.16x
- Recent ROE (10.69%) is above the historical average (-15.45%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2001 | -208.61% | 0.00% | 0.00x | 1.40x | Dkr-96.50 Million |
| 2002 | 35.70% | 57.91% | 0.38x | 1.62x | Dkr50.48 Million |
| 2003 | 43.39% | 29.84% | 1.18x | 1.24x | Dkr115.86 Million |
| 2004 | -16.81% | -32.17% | 0.27x | 1.91x | Dkr-84.55 Million |
| 2005 | -15.08% | -38.26% | 0.27x | 1.48x | Dkr-157.55 Million |
| 2006 | -23.43% | -91.81% | 0.18x | 1.39x | Dkr-229.61 Million |
| 2007 | -5.22% | -19.12% | 0.19x | 1.42x | Dkr-185.20 Million |
| 2008 | -21.38% | -103.56% | 0.12x | 1.68x | Dkr-317.38 Million |
| 2009 | -56.23% | -529.52% | 0.06x | 1.80x | Dkr-466.41 Million |
| 2010 | -71.19% | -183.71% | 0.21x | 1.81x | Dkr-658.01 Million |
| 2011 | -26.86% | -61.94% | 0.26x | 1.64x | Dkr-445.10 Million |
| 2012 | -24.01% | -23.61% | 0.66x | 1.54x | Dkr-339.97 Million |
| 2013 | -4.79% | -3.85% | 0.83x | 1.49x | Dkr-144.36 Million |
| 2014 | 2.07% | 2.13% | 0.64x | 1.51x | Dkr-99.27 Million |
| 2015 | 4.43% | 5.82% | 0.51x | 1.48x | Dkr-74.82 Million |
| 2016 | 1.52% | 3.04% | 0.36x | 1.40x | Dkr-171.12 Million |
| 2017 | 7.24% | 13.24% | 0.43x | 1.26x | Dkr-69.29 Million |
| 2018 | -16.60% | -72.30% | 0.16x | 1.40x | Dkr-579.99 Million |
| 2019 | -18.59% | -52.34% | 0.09x | 3.78x | Dkr-533.32 Million |
| 2020 | 5.67% | 14.98% | 0.21x | 1.79x | Dkr-211.91 Million |
| 2021 | -6.30% | -24.49% | 0.16x | 1.64x | Dkr-1.20 Billion |
| 2022 | -4.86% | -11.03% | 0.25x | 1.73x | Dkr-1.06 Billion |
| 2023 | 14.27% | 20.89% | 0.49x | 1.39x | Dkr441.20 Million |
| 2024 | 8.66% | 17.28% | 0.40x | 1.26x | Dkr-152.88 Million |
| 2025 | 10.69% | 22.29% | 0.41x | 1.16x | Dkr88.37 Million |
Industry Comparison
This section compares Bavarian Nordic's net assets metrics with peer companies in the Biotechnology industry.
Industry Context
- Industry: Biotechnology
- Average net assets among peers: $3,605,143,400
- Average return on equity (ROE) among peers: 10.65%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Bavarian Nordic (BAVA) | Dkr12.87 Billion | -208.61% | 0.16x | $2.94 Billion |
| ALK-Abelló A/S (ALK-B) | $2.35 Billion | 7.69% | 0.45x | $7.81 Billion |
| Genmab A/S (GMAB) | $14.05 Billion | 15.42% | 0.08x | $37.70 Billion |
| Gubra A/S (GUBRA) | $1.15 Billion | 147.53% | 0.15x | $761.00 Million |
| Pharma Equity Group A/S Cl A (PEG) | $36.39 Million | -118.94% | 12.85x | $14.40 Million |
| Zealand Pharma A/S (ZEAL) | $441.40 Million | 1.54% | 0.06x | $2.58 Billion |
About Bavarian Nordic
Bavarian Nordic A/S develops, manufactures, and supplies life-saving vaccines. The company offers non-replicating smallpox and monkeypox vaccines under the IMVAMUNE, IMVANEX, and JYNNEOS names; rabies vaccine for human use under the Rabipur/RabAvert name; tick-borne encephalitis vaccine under the Encepur name; Vaxchora, an oral vaccine for immunization against cholera; and Vivotif/Typhoral, an or… Read more