Moderna
MRNA Nasdaq· Biotechnology
Last close · Oct 26, 2026
$198.85
KIRA · Stoqly’s AI analyst, in plain words
- Moderna had $1.9B of revenue in fiscal 2025, down 39.9% on the year before. Over five years, revenue changed +19.3% a year on average.
- Its operating margin was −158.1%, down 36.2 pts: of every 100 in sales, about −158 is left after running the business.
- Moderna lost $2.8B in fiscal 2025.
- Free cash flow was −$2.1B in fiscal 2025, −106.2% of revenue.
- Moderna returned $2.0M to shareholders in fiscal 2025. The diluted share count rose 1.3%.
- Moderna has $5.2B more cash than debt.
Market cap
$79.1B
P/E
—
Revenue
$1.9B
Net income
−$2.8B
Free cash flow
−$2.1B
Operating margin
−158.1%
Moderna in 30 seconds · fiscal 2025
Are sales growing?
−39.9%
No. Sales fell 39.9% last year.
Does it make a profit?
−145.2%
No. It lost money last year.
Does profit turn into cash?
−106.2%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 9
Weak. It passes 2 of 9 health tests.
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.
Biggest risks, in its own words
- Regulatory and market uncertainty that has affected, and may keep affecting, demand for its products.
- Difficulty carrying out its near-term strategy and focused pipeline of medicines.
- Intense competition in vaccines and drugs, and commercial challenges it has already faced.
- Delays or failures in clinical trials and in getting regulatory approvals for new products.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 20, 2026
- Legal name
- Moderna, Inc.
- CIK
- 0001682852
Moderna · MRNA
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $18.5B | $19.3B | $6.8B | $3.2B | $1.9B |
| Revenue growth | 2,200.3% | 4.3% | −64.5% | −52.8% | −39.9% |
| Gross margin | 85.8% | 71.9% | 31.5% | 54.8% | 55.4% |
| Operating margin | 72.0% | 48.9% | −61.9% | −121.9% | −158.1% |
| Net income | $12.2B | $8.4B | −$4.7B | −$3.6B | −$2.8B |
| Net margin | 66.1% | 43.4% | −68.8% | −110.0% | −145.2% |
| Diluted EPS | $28.29 | $20.12 | −$12.33 | −$9.28 | −$7.26 |
| Cash | |||||
| Cash from operations | $13.6B | $5.0B | −$3.1B | −$3.0B | −$1.9B |
| Capital expenditure | $284M | $400M | $707M | $1.1B | $192M |
| Free cash flow | $13.3B | $4.6B | −$3.8B | −$4.1B | −$2.1B |
| FCF margin | 72.2% | 23.8% | −55.9% | −125.3% | −106.2% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $857M | $3.3B | $1.2B | $0.0M | $2.0M |
| Share count change | 13.1% | −3.5% | −8.2% | 0.5% | 1.3% |
| Debt and strength | |||||
| Cash and short-term investments | $10.7B | $9.9B | $8.6B | $7.0B | $5.8B |
| Debt incl. finance leases | — | — | — | $62.0M | $635M |
| Shareholders' equity | $14.1B | $19.1B | $13.9B | $10.9B | $8.7B |
| Current ratio | 1.8x | 2.7x | 3.4x | 3.7x | 3.3x |
| Interest coverage | 949.7x | 376.8x | −108.7x | −164.4x | −307.4x |
| Returns and quality | |||||
| Return on capital | — | — | — | — | −65.4% |
| Return on equity | 146.1% | 50.3% | −28.6% | −28.8% | −28.9% |
| Piotroski F-score | — | — | — | — | 2 |
| Altman Z'' | 8.2 | 9.9 | 6.7 | 6.7 | 5.1 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$81.6M
6 insiders
Of sales under plans
99%
$80.5M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Moderna · MRNA
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Moderna MRNA | $79.1B | −39.9% | −158.1% | −106.2% | −65.4% | — | 2 |
| Pfizer PFE | $169.8B | −1.7% | — | 14.5% | 7.3% | 39.2x | 6 |
| Johnson & Johnson JNJ | $652.1B | 6.1% | — | 20.9% | 28.6% | 40.4x | 4 |
| AbbVie ABBV | $507.8B | 8.6% | 24.7% | 29.1% | 15.7% | 81.0x | 7 |
KIRA
At $198.85 a share, the company is worth $79.1B.
Moderna grew sales faster than 0 of its 3 similar companies.
Source: SEC EDGAR XBRL filings (CIK 0001682852). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.