Exelixis vs Moderna
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The short version
- Exelixis is the larger business, with $2.3B of revenue in fiscal 2025 against $1.9B for Moderna.
- Exelixis grew revenue faster (7.0%, against −39.9%).
- Exelixis kept more of each dollar of sales as operating profit (37.6% operating margin, against −158.1%).
- Exelixis turned more of its sales into free cash flow (37.8% FCF margin, against −106.2%).
- Exelixis earned a higher return on the capital invested in it (64.9%, against −65.4%).
| Latest fiscal year | EXEL · FY25 | MRNA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.8B | $79.6B |
| Revenue | $2.3B | $1.9B |
| Free cash flow | $876M | −$2.1B |
| Net income | $783M | −$2.8B |
| Growth | ||
| Revenue growth | 7.0% | −39.9% |
| 5-year growth | 18.6% | 19.3% |
| Share count change | −4.8% | 1.3% |
| Profitability | ||
| Gross margin | 96.4% | 55.4% |
| Operating margin | 37.6% | −158.1% |
| Net margin | 33.7% | −145.2% |
| FCF margin | 37.8% | −106.2% |
| Return on capital | 64.9% | −65.4% |
| Return on equity | 35.5% | −28.9% |
| Balance sheet | ||
| Net debt | −$1.1B | −$5.2B |
| Net debt / EBITDA | −1.2x | — |
| Dividends and buybacks | $948M | $2.0M |
| Valuation & quality | ||
| P/E | 20.3x | — |
| Piotroski F-score | 6 | 2 |
Revenue
FY16
EXEL $192M
MRNA $108M
FY17
EXEL $453M
MRNA $206M
FY18
EXEL $854M
MRNA $135M
FY19
EXEL $968M
MRNA $60.0M
FY20
EXEL $988M
MRNA $803M
FY21
EXEL $1.4B
MRNA $18.5B
FY22
EXEL $1.6B
MRNA $19.3B
FY23
EXEL $1.8B
MRNA $6.8B
FY24
EXEL $2.2B
MRNA $3.2B
FY25
EXEL $2.3B
MRNA $1.9B
EXEL
MRNA
Operating margin
FY16
EXEL −14.7%
MRNA −206.4%
FY17
EXEL 36.7%
MRNA −130.9%
FY18
EXEL 51.4%
MRNA −306.0%
FY19
EXEL 38.2%
MRNA −910.0%
FY20
EXEL 11.1%
MRNA −95.0%
FY21
EXEL 20.0%
MRNA 72.0%
FY22
EXEL 12.5%
MRNA 48.9%
FY23
EXEL 9.3%
MRNA −61.9%
FY24
EXEL 27.9%
MRNA −121.9%
FY25
EXEL 37.6%
MRNA −158.1%
EXEL
MRNA
Free cash flow
FY16
EXEL $205M
MRNA $33.6M
FY17
EXEL $144M
MRNA −$390M
FY18
EXEL $382M
MRNA −$437M
FY19
EXEL $514M
MRNA −$491M
FY20
EXEL $179M
MRNA $2.0B
FY21
EXEL $347M
MRNA $13.3B
FY22
EXEL $335M
MRNA $4.6B
FY23
EXEL $293M
MRNA −$3.8B
FY24
EXEL $672M
MRNA −$4.1B
FY25
EXEL $876M
MRNA −$2.1B
EXEL
MRNA
Return on capital
FY16
EXEL —
MRNA —
FY17
EXEL —
MRNA —
FY18
EXEL 178.6%
MRNA —
FY19
EXEL 41.7%
MRNA —
FY20
EXEL 12.5%
MRNA —
FY21
EXEL 31.8%
MRNA —
FY22
EXEL 16.3%
MRNA —
FY23
EXEL 11.3%
MRNA —
FY24
EXEL 38.5%
MRNA —
FY25
EXEL 64.9%
MRNA −65.4%
EXEL
MRNA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.