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.

218.01 18.49 −7.82%
Market cap
$94.4B
P/E
0.0×
Fwd P/E
−5.5×
Dividend yield
—
F-score
3/9
Altman Z
2.46
Beneish M
−3.52
Dividend safety
n/a

Insider Decisions trades per month

Total sells 64.63
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 2 — 1 1 — 3 2 1 1 3 —
Insider Ownership 8.22%

Capital & Financial Ratios $m

Market Cap 94,420.00
Revenue 2,228.00
Net Income (3,151.00)
Free Cash Flow (1,244.00)
Net Debt (4,541.00)
Current Ratio 2.29 (at or above 1.5: strong)
Debt/Equity 0.09 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (5.49) (negative: loss-making)
P/S ratio 38.94 (above 10: high)
P/B ratio 12.83 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth (14.49%) (below 0%: weak)
Next Y EPS Growth 43.00% (at or above 15%: strong)
Next Y revenue growth 8.08%
Next 5Y EPS Growth 27.88% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 74.44%
10-year low 10-year high
P/B against its own 10 years 86.12%
10-year low 10-year high
EV/Sales against its own 10 years 76.67%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
predictions special payouts not included in total or ratios

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%)

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — 13.03 11.54 17.68 103.26 115.03 62.55 35.80 22.28

Analyst estimates 2026–2028

Powerpack
High — — 22.75 29.79 178.50 497.49 249.42 207.51 170.47 48.92
People
People Employees — 680 760 830 1,300 2,700 3,900 5,600 5,800 4,700
Revenue/emp, $m 0.00 0.30 0.18 0.07 0.62 6.84 4.94 1.22 0.56 0.41
Income, $m
Income, $m Revenue 108 206 135 60 803 18,471 19,263 6,848 3,236 1,944
Gross margin, % 100.00 100.00 100.00 100.00 99.00 85.83 71.88 31.47 54.76 55.35
EBT (215) (256) (384) (515) (744) 13,285 9,575 (3,942) (3,607) (2,768)
EBT margin, % (198.50) (124.38) (284.60) (858.33) (92.65) 71.92 49.71 (57.56) (111.46) (142.39)
Net income (216) (256) (385) (514) (747) 12,202 8,362 (4,714) (3,561) (2,822)
Depreciation 18 22 23 27 41 286 379 560 94 148
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
Earnings (3.56) (3.97) (4.95) (1.55) (1.96) 30.31 21.26 (12.33) (9.28) (7.26)
Cash flow 1.10 (5.14) (4.08) (1.39) 5.32 33.80 12.64 (8.16) (7.82) (4.81)
Capex (0.55) (0.91) (1.30) (0.10) (0.18) (0.70) (1.02) (1.85) (2.74) (0.52)
Free cash flow 0.55 (6.04) (5.38) (1.48) 5.14 33.09 11.63 (10.01) (10.56) (5.33)
Book value (5.51) (8.55) 18.87 3.55 6.72 35.10 48.54 36.27 28.39 22.24
Shares, m 61 64 81 331 381 403 394 382 384 389
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 8.39 8.47 0.00 0.00 0.00
P/S 0.00 0.00 9.17 107.91 49.57 5.54 3.66 6.28 4.93 5.90
P/B 0.00 0.00 0.81 5.51 15.54 7.24 3.69 3.10 1.46 1.33
EV/Sales 0.00 0.00 (2.10) 90.15 43.97 4.99 3.19 5.10 2.78 3.23
EV/FCF (0.66) (0.66) 0.65 (11.02) 18.02 6.92 13.43 (9.14) (2.21) (3.03)
Cash, $m
Cash, $m Operating cash flow 67 (331) (331) (459) 2,027 13,620 4,981 (3,118) (3,004) (1,873)
Capex (33) (58) (106) (32) (68) (284) (400) (707) (1,051) (202)
Free cash flow 34 (390) (437) (491) 1,959 13,336 4,581 (3,825) (4,055) (2,075)
Balance, $m
Balance, $m Working capital 924 592 1,340 986 1,909 6,943 8,508 7,310 5,893 4,557
Total debt 13 16 33 39 110 599 912 575 39 610
Net debt (1,045) (741) (1,489) (1,065) (4,498) (10,128) (8,990) (8,029) (6,986) (5,189)
Shareholders’ equity (335) (551) 1,530 1,175 2,561 14,145 19,123 13,854 10,901 8,650
Returns, %
Returns, % ROA (18.42) (21.57) (26.38) (28.94) (16.74) 76.25 33.10 (21.29) (21.87) (21.31)
ROIC 0.00 0.00 (626.63) (311.74) 0.00 206.87 58.10 (45.48) (62.98) (55.51)
ROE 52.00 60.90 (82.11) (38.00) (39.99) 146.08 50.27 (28.59) (28.77) (28.87)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $129.0B 28.8× 25.5× +12.45% (above 0%: growing) +7.96% (above 0%: growing) +9.25% (above 0%: growing) 85.33% 37.40% Compare
MRNA Moderna, Inc. $94.4B — (loss-making) — (loss-making) +2.11% (above 0%: growing) n/m +38.94% (above 0%: growing) 35.86% (562.07%)
REGN Regeneron Pharmaceuticals, Inc. $82.0B 18.9× 16.5× +16.73% (above 0%: growing) −4.68% (below 0%: shrinking) −29.26% (below 0%: shrinking) 86.56% 30.15% Compare
ARGX argenex SE $53.2B 29.6× 32.4× +59.46% (above 0%: growing) +88.56% (above 0%: growing) +537.51% (above 0%: growing) 90.60% 32.04% Compare
RVMD Revolution Medicines, Inc. $40.6B — (loss-making) — (loss-making) −77.89% (below 0%: shrinking) n/m −69.98% (below 0%: shrinking) 100.00% 0.00% Compare
ONC BeOne Medicines Ltd. - Sponsored ADR $39.0B 62.6× 40.2× +29.63% (above 0%: growing) +143.68% (above 0%: growing) +117.92% (above 0%: growing) 89.76% 19.06% Compare
RPRX Royalty Pharma PLC $34.3B 42.3× 21.9× +16.50% (above 0%: growing) −40.00% (below 0%: shrinking) +31.57% (above 0%: growing) 100.00% 19.75% Compare
ALNY Alnylam Pharmaceuticals, Inc. $31.3B 39.5× 39.6× +66.86% (above 0%: growing) n/m +152.82% (above 0%: growing) 76.88% 17.93% Compare
ROIV Roivant Sciences Ltd. $24.6B — (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 $39.8B 34.5× 29.0× +16.62% +7.96% +20.41% 88.16% 19.41%

All 614 Biotechnology stocks →

MRNA metrics, ten years each

Moderna, Inc. (MRNA) key facts

  • Concern: Moderna, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, down 39.9% from fiscal 2024.
  • Moderna, Inc. (MRNA) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, MRNA traded at $218.01, a market capitalization of $94.4 billion.
  • Return on equity was −28.9% and debt-to-equity 0.09.
  • Its Piotroski F-score is 3 out of 9 and its Altman Z-score is 2.46 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Moderna, Inc. (MRNA) Latest News

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