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Moderna, Inc.

MRNA Healthcare Biotechnology

Moderna, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, down 39.9% from fiscal 2024.

Revenue
+2.11%
EPS
+7.51%
Free cash flow
+38.9%
Total debt
+1,765.6%

Quarter to June 2026, against a year earlier

259.81 18.35 +7.60%
Market cap
$96.4B
P/E
0.0×
Fwd P/E
−26.1×
Dividend yield
—
F-score
3/9
Altman Z
2.46
Beneish M
−3.52
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2022

  • Net product sales
  • Other revenue

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 81.65
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — 1 1 — 3 2 1 1 3 1 —
Insider Ownership 8.24%

Capital & Financial Ratios $m

Size
Market Cap 96,400.00
Revenue ttm 2,228.00
Net income ttm (3,151.00)
Free cash flow ttm (1,244.00)
Net debt Q (4,541.00)
Valuation
P/E 0.00
Forward P/E (26.10) (negative: loss-making)
Price / sales 43.18 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 14.23 (above 6: high)
Financial health
Current ratio Q 2.29 (at or above 1.5: strong)
Debt / equity Q 0.09 (at or below 0.5: strong)
Interest coverage Q (19.16)
Growth
Revenue growth Q +2.11% (above 0%: growing)
Operating income growth Q +10.14% (above 0%: growing)
EPS, this year −15.96% (below 0%: weak)
EPS, next year A +43.52% (at or above 15%: strong)
Revenue, next year A +8.13%
EPS, past 5 yrs —
EPS, next 5 yrs A +26.78% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 41.1×, against a ten-year median of 4.9×; over the ten years it ranged from −2.1× in 2018 to 395× in 2020.
P/S against its own 10 years 75.94%
10-year low 10-year high
P/B against its own 10 years 89.21%
10-year low 10-year high
EV/Sales against its own 10 years 77.56%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8,604 7,025 5,799 5,138
Receivables 892 358 184 17
Inventory 202 117 153 280
Other — — — —
10,325 8,099 6,544 5,815
2023 2024 2025 Q'26
Payables 520 405 317 167
ST’ Debt — — — —
Other 129 221 185 163
3,015 2,206 1,987 2,534

Compound Annual Growth %

10y 5y 3y
Sales — 19.34% (53.44%)
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 27.56% (23.24%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −1.97 Actual −1.97

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −2.15 −0.51 Beat by 1.64
Q4 FY25 −2.60 −2.11 Beat by 0.49
Q1 FY26 −3.02 −1.18 Beat by 1.84
Q2 FY26 −1.97 −1.97 Met by 0.00
Q3 FY26 −1.10 — Reports 6 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (3.40) (1.97) — — —
’25 (2.52) (2.13) (0.51) (2.11) (7.26)
’24 (3.07) (3.33) 0.03 (2.91) (9.28)
’23 0.19 (3.62) (9.53) 0.55 (12.33)
’22 8.58 5.24 2.53 3.61 20.12
’21 2.84 6.46 7.70 11.29 28.29
’20 (0.35) (0.31) (0.59) (0.69) (1.96)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 389 145 — — —
’25 108 142 1,016 678 1,944
’24 167 241 1,862 966 3,236
’23 1,862 344 1,831 2,811 6,848
’22 6,066 4,749 3,364 5,084 19,263
’21 1,937 4,354 4,969 7,211 18,471
’20 8 67 157 571 803
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (630) (526) — — —
’25 (1,037) (919) (847) 930 (1,873)
’24 (989) (1,274) (1,566) 825 (3,004)
’23 (1,225) (915) (1,600) 622 (3,118)
’22 2,763 304 252 1,662 4,981
’21 2,971 4,063 3,276 3,310 13,620
’20 (106) (24) 893 1,264 2,027
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (692) (563) — — —
’25 (1,164) (922) (880) 891 (2,075)
’24 (1,185) (1,456) (1,717) 303 (4,055)
’23 (1,338) (1,149) (1,740) 402 (3,825)
’22 2,631 217 163 1,570 4,581
’21 2,936 4,033 3,177 3,190 13,336
’20 (112) (43) 874 1,240 1,959
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 53.7% a year for ten years.

Implied
53.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 108 206 135 60 803 18,471 19,263 6,848 3,236 1,944 2,228 +37.8% 2,102 2,444 3,342 +19.8%
Gross margin, % 100.00 100.00 100.00 100.00 99.00 85.83 71.88 31.47 54.76 55.35 23.38 (44.6) pt
EBT (215) (256) (384) (515) (744) 13,285 9,575 (3,942) (3,607) (2,768) (3,087) +32.8%
EBT margin, % (198.50) (124.38) (284.60) (858.33) (92.65) 71.92 49.71 (57.56) (111.46) (142.39) (138.55) +56.1 pt
Net income (216) (256) (385) (514) (747) 12,202 8,362 (4,714) (3,561) (2,822) (3,151) +33.0%
Per share, $
Per share, $ Revenue 1.78 3.19 1.67 0.18 2.11 45.83 48.89 17.93 8.43 5.00 5.60 +12.1%
Earnings (3.56) (3.97) (4.95) (1.55) (1.96) 30.31 21.26 (12.33) (9.28) (7.26) (7.99) +8.2%
Cash flow 1.10 (5.14) (4.08) (1.39) 5.32 33.80 12.64 (8.16) (7.82) (4.81) (2.70) n/m
Capex (0.55) (0.91) (1.30) (0.10) (0.18) (0.70) (1.02) (1.85) (2.74) (0.52) (0.43) (0.5%)
Free cash flow 0.55 (6.04) (5.38) (1.48) 5.14 33.09 11.63 (10.01) (10.56) (5.33) (3.13) n/m
Book value (5.51) (8.55) 18.87 3.55 6.72 35.10 48.54 36.27 28.39 22.24 16.99 n/m
Shares, m 61 64 81 331 381 403 394 382 384 389 393 +22.9%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 8.39 8.47 0.00 0.00 0.00 0.00 1.7
P/S 0.00 0.00 9.17 107.91 49.57 5.54 3.66 6.28 4.93 5.90 43.18 19.3
P/B 0.00 0.00 0.81 5.51 15.54 7.24 3.69 3.10 1.46 1.33 14.23 3.9
EV/Sales 0.00 0.00 (2.10) 90.15 43.97 4.99 3.19 5.10 2.78 3.23 41.14 15.1
EV/FCF (0.66) (0.66) 0.65 (11.02) 18.02 6.92 13.43 (9.14) (2.21) (3.03) (73.68) 1.2
Cash, $m
Cash, $m Operating cash flow 67 (331) (331) (459) 2,027 13,620 4,981 (3,118) (3,004) (1,873) (1,073) n/m
Capex (33) (58) (106) (32) (68) (284) (400) (707) (1,051) (202) (171) +22.2%
Free cash flow 34 (390) (437) (491) 1,959 13,336 4,581 (3,825) (4,055) (2,075) (1,244) n/m
Balance, $m
Balance, $m Working capital 924 592 1,340 986 1,909 6,943 8,508 7,310 5,893 4,557 3,281 +19.4%
Net debt (1,045) (741) (1,489) (1,065) (4,498) (10,128) (8,990) (8,029) (6,986) (5,189) (4,541) +19.5%
Shareholders’ equity (335) (551) 1,530 1,175 2,561 14,145 19,123 13,854 10,901 8,650 6,761 n/m
Returns, %
Returns, % ROA (18.42) (21.57) (26.38) (28.94) (16.74) 76.25 33.10 (21.29) (21.87) (21.31) (27.43) (2.9) pt
ROIC 0.00 0.00 (626.63) (311.74) 0.00 206.87 58.10 (45.48) (62.98) (55.51) (93.47) (55.5) pt
ROE 52.00 60.90 (82.11) (38.00) (39.99) 146.08 50.27 (28.59) (28.77) (28.87) (39.00) (80.9) pt
People
People Employees — 680 760 830 1,300 2,700 3,900 5,600 5,800 4,700 — +27.3%
Revenue/emp, $m 0.00 0.30 0.18 0.07 0.62 6.84 4.94 1.22 0.56 0.41 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Moderna is a biotechnology company that develops medicines made from messenger RNA, or mRNA. These medicines are designed to direct a patient’s cells to produce proteins that can prevent disease or provide therapeutic benefit. Its platform combines mRNA science, delivery technology and manufacturing processes.

The company sells three commercial respiratory vaccines: the COVID vaccines Spikevax and mNEXSPIKE, and the RSV vaccine mRESVIA. Its customers include commercial-market buyers, foreign governments and international organizations. In the United States, it primarily sells COVID and RSV vaccines to wholesalers and distributors, with some direct sales to retailers and healthcare providers.

Where the money comes from and where it goes Fiscal 2022

Fiscal 2022: revenue by products and services, and margins
Net product sales 18,435 95.70%
Other revenue 828 4.30%
Gross margin 71.88%
Operating margin 48.90%
Pre-tax margin 49.71%

Revenue by segment since 2016

Moderna, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VRTX Vertex Pharmaceuticals Incorporated $137.5B 34.6× 33.2× +11.85% (above 0%: growing) −39.19% (below 0%: shrinking) −52.11% (below 0%: shrinking) 84.71% 20.72% Compare
MRNA Moderna, Inc. $96.4B — (loss-making) — (loss-making) +2.11% (above 0%: growing) n/m +38.94% (above 0%: growing) 35.86% (562.07%)
REGN Regeneron Pharmaceuticals, Inc. $93.4B 19.2× 19.2× +36.27% (above 0%: growing) +35.98% (above 0%: growing) +3.85% (above 0%: growing) 88.79% 40.04% Compare
ARGX argenex SE $56.3B 29.8× 30.1× +52.13% (above 0%: growing) +43.85% (above 0%: growing) +537.51% (above 0%: growing) 90.58% 27.70% Compare
ONC BeOne Medicines Ltd. - Sponsored ADR $40.4B 65.9× 48.8× +33.81% (above 0%: growing) +143.68% (above 0%: growing) +33.59% (above 0%: growing) 88.52% 22.15% Compare
RPRX Royalty Pharma PLC $39.0B 44.8× 27.3× +13.26% (above 0%: growing) −51.52% (below 0%: shrinking) +364.63% (above 0%: growing) 100.00% 59.53% Compare
RVMD Revolution Medicines, Inc. $38.1B — (loss-making) — (loss-making) +1,188.71% (above 0%: growing) n/m −99.06% (below 0%: shrinking) 100.00% (188.88%) Compare
GMAB Genmab A/S Sponsored ADR $31.5B 41.7× 47.3× +24.86% (above 0%: growing) −9.26% (below 0%: shrinking) −7.69% (below 0%: shrinking) 92.73% 32.47% Compare
ROIV Roivant Sciences Ltd. $26.5B — (loss-making) — (loss-making) −33.55% (below 0%: shrinking) n/m −29.99% (below 0%: shrinking) 80.31% (25,380.93%) Compare
Median of peers $39.7B 38.1× 31.7× +29.34% +13.36% −1.92% 89.69% 24.93%

All 621 Biotechnology stocks →

From the latest earnings call

Updated

  • Jamie Mock said second-half revenue will depend principally on the size of the U.S. vaccination market, while strategic-partnership supply supports international revenue.
  • Jamie Mock said Moderna lowered its 2026 cost-of-sales and R&D outlooks as manufacturing and operational efficiencies reduced projected spending.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
William Blair Oct 27, 2026 Downgrade Outperform → Hold —
Piper Sandler Oct 26, 2026 Target raised — 167.00 → 230.00
Citi Oct 23, 2026 Reiterated Sell 80.00
Goldman Sachs Oct 23, 2026 Target raised Hold 120.00 → 137.00
Bernstein Oct 22, 2026 Reiterated Hold 45.00
Bank of America Oct 9, 2026 Target raised Hold 170.00 → 200.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 79.85%
Held by the ten largest 53.92%
Holder Shares Stake Change
Fidelity (FMR) 51.86m 13.00% +6.19m
Vanguard 41.98m 10.52% +333.96k
BlackRock 30.60m 7.67% +963.53k
Capital Group 22.28m 5.58% +3.58m
Baillie Gifford 18.21m 4.56% −1.78m
State Street 15.73m 3.94% +864.78k
Geode Capital Management 9.71m 2.43% +275.20k
Morgan Stanley 9.54m 2.39% +1.07m
Theleme Partners LLP 8.06m 2.02% +9.33k
Two Sigma 7.19m 1.80% −1.89m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 16 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 19.93m 15.80m 28.00
2024 19.88m 5.78m 40.00
2023 17.07m (155.55m) 95.00
2022 19.36m (306.22m) 172.00
2021 18.16m 793.04m 243.00

Ownership

Directors and executive officers, together 10.80%
FMR LLC 10.40%
The Vanguard Group 9.80%
Stéphane Bancel, Chief Executive Officer and Director 7.60%
BlackRock, Inc. 6.40%
Baillie Gifford & Co 5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Moderna, Inc. (MRNA) Latest News

6 Nov

Impact 4 · · ACCESS Newswire
Impact 3 · · The Motley Fool
Impact 3 · · TIKR
Impact 3 · · MarketBeat
Impact 3 · · 24/7 Wall St.
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Impact 3 · · Proactive Investors
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Impact 3 · · InvestorsHub
Impact 3 · · Investing.com
Impact 3 · · StockStory
Impact 3 · · Financial Times

5 Nov

Impact 3 · · ACCESS Newswire
Impact 3 · · TIKR

4 Nov

Impact 3 · · Trefis

3 Nov

Impact 3 · · The Motley Fool

2 Nov

Impact 3 · · Zacks
Impact 3 · · The Motley Fool

1 Nov

Impact 3 · · TheStreet

31 Oct

Impact 3 · · Simply Wall St.

30 Oct

Impact 3 · · MarketBeat transcript

29 Oct

Impact 4 · · Zacks
Impact 4 · · clinicaltrialsarena.com
Impact 4 · · The Motley Fool
Impact 3 · · The Motley Fool
Impact 3 · · Zacks

28 Oct

Impact 4 · · TheStreet
Impact 4 · · 24/7 Wall St.
Impact 4 · · Trefis

MRNA metrics, ten years each

stockrow.com/MRNA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com