Moderna vs Pfizer
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The short version
- Pfizer is the larger business, with $62.6B of revenue in fiscal 2025 against $1.9B for Moderna, about 32 times as much.
- Pfizer grew revenue faster (β1.7%, against β39.9%).
- Pfizer turned more of its sales into free cash flow (14.5% FCF margin, against β106.2%).
- Pfizer earned a higher return on the capital invested in it (7.3%, against β65.4%).
| Latest fiscal year | MRNA Β· FY25 | PFE Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $79.6B | $171.1B |
| Revenue | $1.9B | $62.6B |
| Free cash flow | β$2.1B | $9.1B |
| Net income | β$2.8B | $7.8B |
| Growth | ||
| Revenue growth | β39.9% | β1.7% |
| 5-year growth | 19.3% | 8.5% |
| Share count change | 1.3% | 0.2% |
| Profitability | ||
| Gross margin | 55.4% | 74.3% |
| Operating margin | β158.1% | β |
| Net margin | β145.2% | 12.4% |
| FCF margin | β106.2% | 14.5% |
| Return on capital | β65.4% | 7.3% |
| Return on equity | β28.9% | 8.9% |
| Balance sheet | ||
| Net debt | β$5.2B | $54.3B |
| Net debt / EBITDA | β | 3.2x |
| Dividends and buybacks | $2.0M | $9.8B |
| Valuation & quality | ||
| P/E | β | 39.5x |
| Piotroski F-score | 2 | 6 |
FY16
MRNA $108M
PFE $52.8B
FY17
MRNA $206M
PFE $52.5B
FY18
MRNA $135M
PFE $40.8B
FY19
MRNA $60.0M
PFE $40.9B
FY20
MRNA $803M
PFE $41.7B
FY21
MRNA $18.5B
PFE $81.3B
FY22
MRNA $19.3B
PFE $101.2B
FY23
MRNA $6.8B
PFE $59.6B
FY24
MRNA $3.2B
PFE $63.6B
FY25
MRNA $1.9B
PFE $62.6B
MRNA
PFE
FY16
MRNA β206.4%
PFE β
FY17
MRNA β130.9%
PFE β
FY18
MRNA β306.0%
PFE β
FY19
MRNA β910.0%
PFE β
FY20
MRNA β95.0%
PFE β
FY21
MRNA 72.0%
PFE β
FY22
MRNA 48.9%
PFE β
FY23
MRNA β61.9%
PFE β
FY24
MRNA β121.9%
PFE β
FY25
MRNA β158.1%
PFE β
MRNA
PFE
FY16
MRNA $33.6M
PFE $14.4B
FY17
MRNA β$390M
PFE $14.8B
FY18
MRNA β$437M
PFE $13.8B
FY19
MRNA β$491M
PFE $10.5B
FY20
MRNA $2.0B
PFE $12.2B
FY21
MRNA $13.3B
PFE $29.9B
FY22
MRNA $4.6B
PFE $26.0B
FY23
MRNA β$3.8B
PFE $4.8B
FY24
MRNA β$4.1B
PFE $9.8B
FY25
MRNA β$2.1B
PFE $9.1B
MRNA
PFE
FY16
MRNA β
PFE 11.0%
FY17
MRNA β
PFE 15.6%
FY18
MRNA β
PFE 5.4%
FY19
MRNA β
PFE 12.8%
FY20
MRNA β
PFE 9.9%
FY21
MRNA β
PFE 32.0%
FY22
MRNA β
PFE 32.0%
FY23
MRNA β
PFE 2.5%
FY24
MRNA β
PFE 7.6%
FY25
MRNA β65.4%
PFE 7.3%
MRNA
PFE
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.