Moderna vs Pfizer
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KIRAβs take AI analyst
I put Moderna and Pfizer side by side, using each oneβs latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Moderna
MRNA
1/9
5-year growth
Pfizer
PFE
8/9
Revenue growthGross marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | MRNA FY25 | PFE FY25 |
|---|---|---|
| Size | ||
| Market cap | $82.8B | $169.8B |
| 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 | 39.2x |
| Piotroski F-score | 2 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.