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Moderna

MRNA Nasdaq Biotechnology Financials FY2016–FY2025

Moderna's revenue fell 39.9% to $1.9 billion in fiscal 2025. Its operating margin was −158.1%, down from −121.9% a year earlier. Free cash flow was −$2.1 billion. It paid out $2 million in dividends and buybacks. The diluted share count rose 1.3%.

Last close · Oct 23, 2026

$200.10

1.2%
Value it Compare
Revenue Total sales reported in the income statement.
$1.9B
39.9% vs prior year
Operating margin Operating income as a share of revenue.
−158.1%
36.2 pts
Net income Profit after all expenses, interest and tax.
−$2.8B
Free cash flow Cash from operations minus capital spending.
−$2.1B
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−65.4%
Market cap Last close times the latest diluted share count, so it is approximate.
$79.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Moderna does

Moderna develops medicines and vaccines built on messenger RNA (mRNA), the molecule that carries instructions from genes to a cell's protein-making machinery. It has three commercial products: Spikevax and mNEXSPIKE, its COVID vaccines, and mRESVIA, a vaccine against respiratory syncytial virus (RSV). It launched mNEXSPIKE in the third quarter of 2025 and says it is now its top product in the U.S. retail channel.

Moderna earns its revenue from selling these vaccines. Total revenue in 2025 was $1.9 billion, largely from COVID vaccines. It also has experimental medicines in development for cancer, rare diseases and infectious diseases. With Merck, it is testing an individualized cancer therapy called intismeran in eight Phase 2 and Phase 3 trials. It has applications under review for a flu vaccine and a combined flu and COVID vaccine, and a norovirus vaccine in a Phase 3 study. In January 2026 it agreed with Recordati to carry a rare disease therapy through the final stages of development and, if approved, sell it worldwide.

Moderna says it has built a global manufacturing network since 2022, including facilities in the UK, Canada and Australia. It says the vaccine and drug markets are intensely competitive.

Legal name
Moderna, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 20, 2026
Accession · CIK
0001682852-26-000033
0001682852

Revenue and margins

Moderna had $1.9B of revenue in fiscal 2025, down 39.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$2.1B in fiscal 2025, −106.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Moderna returned $2.0M to shareholders in fiscal 2025. The diluted share count rose 1.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Moderna yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $5.2B and divides by 389.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Moderna can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $10.7B$9.9B$8.6B$7.0B$5.8B
Debt incl. finance leases ———$62.0M$635M
Debt / equity ———0.0x0.1x
Interest coverage 949.7x376.8x−108.7x−164.4x−307.4x
Current ratio 1.8x2.7x3.4x3.7x3.3x
Quick ratio 1.6x2.5x3.4x3.6x3.2x
Total assets $24.7B$25.9B$18.4B$14.1B$12.3B
Total liabilities $10.5B$6.7B$4.6B$3.2B$3.7B
Shareholders' equity $14.1B$19.1B$13.9B$10.9B$8.7B
Net debt (− = net cash) ———−$7.0B−$5.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$72.1M

5 insiders

Of sales under plans

99%

$71.7M

DateInsiderTradeSharesPriceValueFiling
Oct 15, 2026 Stephen HogePresident Sold plan 39,145 $220.72 $8.6M Form 4
Oct 14, 2026 Stephen HogePresident Sold plan 39,224 $213.48 $8.4M Form 4
Sep 15, 2026 Stephen HogePresident Sold plan 40,281 $146.07 $5.9M Form 4
Sep 14, 2026 Stephen HogePresident Sold plan 40,294 $144.13 $5.8M Form 4
Sep 10, 2026 James M MockChief Financial Officer Sold plan 34,836 $134.49 $4.7M Form 4
Sep 1, 2026 Shannon Thyme KlingerChief Legal Officer Sold plan 3,471 $139.95 $0.5M Form 4
Aug 5, 2026 Stephane BancelChief Executive Officer, Director Sold plan 499,246 $57.52 $28.7M Form 4
Jul 15, 2026 Stephen HogePresident Sold plan 53,336 $67.60 $3.6M Form 4
Jun 15, 2026 Stephen HogePresident Sold plan 53,336 $51.37 $2.7M Form 4
Jun 4, 2026 Shannon Thyme KlingerChief Legal Officer Sold plan 3,471 $50.00 $0.2M Form 4
May 21, 2026 Noubar AfeyanDirector Sold 9,263 $46.84 $0.4M Form 4
May 15, 2026 Stephen HogePresident Sold plan 53,336 $48.40 $2.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✕ ✕ ✕
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✕ ✕
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✕ ✕ ✕
F-score — / 9— / 92 / 9
Accruals ratio −7.2%−3.4%−7.2%
Altman Z'' 6.656.715.12

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Moderna MRNA $79.6B −39.9% −158.1% −106.2% −65.4% — 2
Pfizer PFE $171.1B −1.7% — 14.5% 7.3% 39.5x 6 Compare →
Johnson & Johnson JNJ $646.0B 6.1% — 20.9% 28.6% 40.0x 4 Compare →
AbbVie ABBV $505.9B 8.6% 24.7% 29.1% 15.7% 80.7x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $108M $206M $135M $60.0M $803M $18.5B $19.3B $6.8B $3.2B $1.9B
Gross profit — — $135M $60.0M $795M $15.9B $13.8B $2.2B $1.8B $1.1B
Research and development $275M $411M $454M $496M $1.4B $2.0B $3.3B $4.8B $4.5B $3.1B
Operating income −$224M −$269M −$413M −$546M −$763M $13.3B $9.4B −$4.2B −$3.9B −$3.1B
Interest expense $0.0M $0.0M $3.0M $6.0M $9.0M $14.0M $25.0M $39.0M $24.0M $10.0M
Pretax income −$215M −$256M −$384M −$515M −$744M $13.3B $9.6B −$3.9B −$3.6B −$2.8B
Income tax $1.0M −$0.1M $0.3M −$1.0M $3.0M $1.1B $1.2B $772M −$46.0M $54.0M
Net income −$216M −$256M −$385M −$514M −$747M $12.2B $8.4B −$4.7B −$3.6B −$2.8B
Diluted EPS −$3.79 −$4.18 −$4.95 −$1.55 −$1.96 $28.29 $20.12 −$12.33 −$9.28 −$7.26
Diluted shares 0.06B 0.06B 0.08B 0.33B 0.38B 0.43B 0.42B 0.38B 0.38B 0.39B
Cash flow
Cash from operations $66.7M −$332M −$331M −$459M $2.0B $13.6B $5.0B −$3.1B −$3.0B −$1.9B
Capital expenditure $33.1M $58.4M $106M $32.0M $68.0M $284M $400M $707M $1.1B $192M
Free cash flow $33.6M −$390M −$437M −$491M $2.0B $13.3B $4.6B −$3.8B −$4.1B −$2.1B
Depreciation and amortization $15.1M $20.5M $24.9M $31.0M $31.0M $232M $348M $617M $185M $211M
Stock-based compensation $39.4M $40.1M $72.6M $81.0M $93.0M $142M $226M $305M $429M $483M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $85.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $857M $3.3B $1.2B $0.0M $2.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $857M $3.3B $1.2B $0.0M $2.0M
Balance sheet
Cash and short-term investments $50.1M $756M $1.5B $1.1B $4.6B $10.7B $9.9B $8.6B $7.0B $5.8B
Total debt — — — — — — — — $0.0M $590M
Finance lease liabilities $0.0M $0.0M $0.0M $38.7M $134M $764M $1.1B $575M $62.0M $45.0M
Current assets — $783M $1.6B $1.1B $6.3B $16.1B $13.4B $10.3B $8.1B $6.5B
Current liabilities — $192M $223M $143M $4.4B $9.1B $4.9B $3.0B $2.2B $2.0B
Inventory $0.0M $0.0M $0.0M $0.0M $47.0M $1.4B $949M $202M $117M $153M
Property and equipment, net — $139M $212M $202M $297M $1.2B $2.0B $1.9B $2.2B $2.1B
Total assets — $1.1B $2.0B $1.6B $7.3B $24.7B $25.9B $18.4B $14.1B $12.3B
Total liabilities — $459M $432M $415M $4.8B $10.5B $6.7B $4.6B $3.2B $3.7B
Shareholders' equity −$335M −$551M $1.5B $1.2B $2.6B $14.1B $19.1B $13.9B $10.9B $8.7B
Margins
Gross margin — — 100.0% 100.0% 99.0% 85.8% 71.9% 31.5% 54.8% 55.4%
Operating margin −206.4% −130.9% −306.0% −910.0% −95.0% 72.0% 48.9% −61.9% −121.9% −158.1%
EBITDA margin −192.5% −120.9% −287.6% −858.3% −91.2% 73.2% 50.7% −52.9% −116.2% −147.3%
Net margin −199.5% −124.3% −284.8% −856.7% −93.0% 66.1% 43.4% −68.8% −110.0% −145.2%
FCF margin 31.0% −189.4% −323.3% −818.3% 244.0% 72.2% 23.8% −55.9% −125.3% −106.2%
Returns
Return on capital — — — — — — — — — −65.4%
Return on capital employed — — −31.4% −34.3% −34.7% 143.8% 51.7% −23.3% −28.9% −27.6%
Return on equity — — −78.6% −38.0% −40.0% 146.1% 50.3% −28.6% −28.8% −28.9%
Return on assets — — −25.3% −28.9% −16.7% 76.3% 33.1% −21.3% −21.9% −21.3%
Growth
Revenue growth — 89.9% −34.4% −55.6% 1,238.3% 2,200.3% 4.3% −64.5% −52.8% −39.9%
Net income growth — — — — — — −31.5% −156.4% — —
EPS growth — — — — — — −28.9% −161.3% — —
FCF growth — −1,260.7% — — — 580.8% −65.7% −183.5% — —
Share count change — 6.2% 25.8% 308.1% 15.1% 13.1% −3.5% −8.2% 0.5% 1.3%
Financial health
Debt / equity — — — — — — — — 0.0x 0.1x
Interest coverage — — −137.9x −91.0x −84.8x 949.7x 376.8x −108.7x −164.4x −307.4x
Current ratio — 4.1x 7.0x 7.9x 1.4x 1.8x 2.7x 3.4x 3.7x 3.3x
Quick ratio — 4.1x 7.0x 7.9x 1.4x 1.6x 2.5x 3.4x 3.6x 3.2x
Capital allocation
Capex / revenue 30.6% 28.4% 78.3% 53.3% 8.5% 1.5% 2.1% 10.3% 32.5% 9.9%
Stock comp / revenue 36.3% 19.5% 53.7% 135.0% 11.6% 0.8% 1.2% 4.5% 13.3% 24.9%
Payouts / FCF 0.0% — — — 0.0% 6.4% 72.7% — — —
Quality scores
Piotroski F-score — — — — — — — — — 2.0
Altman Z'' — −1.2 5.1 1.7 0.6 8.2 9.9 6.7 6.7 5.1
Accruals ratio — — −3.5% −3.1% −62.2% −8.9% 13.4% −7.2% −3.4% −7.2%

Source: SEC EDGAR XBRL filings (CIK 0001682852). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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