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. In the quarter to June 2026, revenue grew 2.11%, EPS grew 7.51%, free cash flow grew 38.9% and total debt rose 1,765.6%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100.
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Moderna, Inc. (MRNA) Altman Z-score
Moderna, Inc.'s Altman Z-score for fiscal 2025 is 2.46, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.46 | (1.29) |
| FY2024 | 3.76 | (2.35) |
| FY2023 | 6.11 | (3.53) |
| FY2022 | 9.64 | 0.37 |
| FY2021 | 9.27 | 4.62 |
| FY2020 | 4.65 | (3.05) |
| FY2019 | 7.70 | 6.50 |
| FY2018 | 1.20 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.37 | — | 0.44 | |
| Retained earnings / total assets | 0.59 | — | 0.82 | |
| EBIT / total assets | (0.25) | — | −0.82 | |
| Market value of equity / total liabilities | 3.11 | — | 1.87 | |
| Sales / total assets | 0.16 | — | 0.16 | |
| Altman Z-score | Grey zone | 2.46 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.12 | ||
Z and Z″ put Moderna, Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ROIV Roivant Sciences Ltd. compare | 28.3× |
| ARGX argenex SE compare | 24.4× |
| VRTX Vertex Pharmaceuticals Incorporated compare | 12.1× |
| RVMD Revolution Medicines, Inc. compare | 7.7× |
| REGN Regeneron Pharmaceuticals, Inc. compare | 7.5× |
| ALNY Alnylam Pharmaceuticals, Inc. compare | 7.3× |
| ONC BeOne Medicines Ltd. - Sponsored ADR compare | 5.3× |
| MRNA Moderna, Inc. | 2.5× |
| RPRX Royalty Pharma PLC compare | 1.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on MRNA
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement