Halozyme vs Moderna
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KIRAβs take AI analyst
I put Halozyme and Moderna side by side, using each oneβs latest annual report. Here is what stands out:
- Moderna is the larger business, with $1.9B of revenue in fiscal 2025 against $1.4B for Halozyme.
- Halozyme grew revenue faster (37.6%, against β39.9%).
- Halozyme kept more of each dollar of sales as operating profit (33.6% operating margin, against β158.1%).
- Halozyme turned more of its sales into free cash flow (46.2% FCF margin, against β106.2%).
- Halozyme earned a higher return on the capital invested in it (19.2%, against β65.4%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Halozyme
HALO
10/10
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreShare count change
Moderna
MRNA
0/10
Side by side
Best in the row
| Latest fiscal year | HALO FY25 | MRNA FY25 |
|---|---|---|
| Size | ||
| Market cap | $15.5B | $79.1B |
| Revenue | $1.4B | $1.9B |
| Free cash flow | $645M | β$2.1B |
| Net income | $317M | β$2.8B |
| Growth | ||
| Revenue growth | 37.6% | β39.9% |
| 5-year growth | 39.2% | 19.3% |
| Share count change | β4.3% | 1.3% |
| Profitability | ||
| Gross margin | 83.6% | 55.4% |
| Operating margin | 33.6% | β158.1% |
| Net margin | 22.7% | β145.2% |
| FCF margin | 46.2% | β106.2% |
| Return on capital | 19.2% | β65.4% |
| Return on equity | 153.6% | β28.9% |
| Balance sheet | ||
| Net debt | $2.0B | β$5.2B |
| Net debt / EBITDA | 4.2x | β |
| Dividends and buybacks | $342M | $2.0M |
| Valuation & quality | ||
| P/E | 37.3x | β |
| Piotroski F-score | 5 | 2 |
Ten years
Revenue
FY16
HALO $147M
MRNA $108M
FY17
HALO $317M
MRNA $206M
FY18
HALO $152M
MRNA $135M
FY19
HALO $196M
MRNA $60.0M
FY20
HALO $268M
MRNA $803M
FY21
HALO $443M
MRNA $18.5B
FY22
HALO $660M
MRNA $19.3B
FY23
HALO $829M
MRNA $6.8B
FY24
HALO $1.0B
MRNA $3.2B
FY25
HALO $1.4B
MRNA $1.9B
HALO
MRNA
Operating margin
FY16
HALO β56.7%
MRNA β206.4%
FY17
HALO 25.6%
MRNA β130.9%
FY18
HALO β45.7%
MRNA β306.0%
FY19
HALO β34.5%
MRNA β910.0%
FY20
HALO 53.9%
MRNA β95.0%
FY21
HALO 62.2%
MRNA 72.0%
FY22
HALO 40.5%
MRNA 48.9%
FY23
HALO 40.7%
MRNA β61.9%
FY24
HALO 54.3%
MRNA β121.9%
FY25
HALO 33.6%
MRNA β158.1%
HALO
MRNA
Free cash flow
FY16
HALO β$53.5M
MRNA $33.6M
FY17
HALO $133M
MRNA β$390M
FY18
HALO β$54.2M
MRNA β$437M
FY19
HALO β$89.5M
MRNA β$491M
FY20
HALO $53.0M
MRNA $2.0B
FY21
HALO $298M
MRNA $13.3B
FY22
HALO $235M
MRNA $4.6B
FY23
HALO $373M
MRNA β$3.8B
FY24
HALO $468M
MRNA β$4.1B
FY25
HALO $645M
MRNA β$2.1B
HALO
MRNA
Return on capital
FY16
HALO β103.0%
MRNA β
FY17
HALO 61.2%
MRNA β
FY18
HALO β28.1%
MRNA β
FY19
HALO β38.2%
MRNA β
FY20
HALO β
MRNA β
FY21
HALO β
MRNA β
FY22
HALO 27.9%
MRNA β
FY23
HALO 21.3%
MRNA β
FY24
HALO 34.9%
MRNA β
FY25
HALO 19.2%
MRNA β65.4%
HALO
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.