Saturday 17 October 2026 Export MRNA’s income statement to Excel — free account

Moderna, Inc.

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%

Follow MRNA

Alert me

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

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

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

Debt/Equity 0.09

P/E ratio 0.00

Fwd P/E (5.49)

P/S ratio 38.94

P/B ratio 12.83

Past 5Y EPS Growth —

This Y EPS Growth (14.49%)

Next Y EPS Growth 43.00%

Next Y revenue growth 8.08%

Next 5Y EPS Growth 27.88%

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

Valuation vs history

EV/Sales, ten years

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
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

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 →

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.