Moderna, Inc.

MRNA · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Valuation
Market cap	$11,523	$16,001	$37,919	$69,006	$102,976	$42,357	$7,931	$6,191	–	–
Enterprise value	$7,640	$9,723	$30,558	$60,304	$93,165	$37,986	$6,960	$4,703	–	–
P/E (TTM) at period end	–	–	–	8.25×	8.44×	–	–	–	–	–
P/S (TTM) at period end	5.93×	4.94×	5.54×	3.58×	5.58×	52.75×	132.18×	45.84×	–	–
P/B at period end	1.33×	1.47×	2.74×	3.61×	7.28×	16.54×	6.75×	4.05×	–	–
EV / EBITDA (TTM)	–	–	–	6.17×	6.89×	–	–	–	–	–
EV / Sales (TTM)	3.93×	3.00×	4.46×	3.13×	5.04×	47.31×	116.00×	34.82×	–	–
Returns
Return on equity	(32.6%)	(32.7%)	(34.0%)	43.7%	86.3%	(29.2%)	(43.7%)	(26.3%)	–	(27.4%)
Return on invested capital	(38.6%)	(40.1%)	(34.8%)	48.1%	148.7%	(438.5%)	(50.9%)	(45.7%)	–	–
Dividend yield	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	3.29×	3.67×	3.42×	2.73×	1.76×	1.43×	7.89×	7.02×	4.09×	6.68×
Debt / equity	0.07×	–	0.04×	0.05×	0.04×	0.04×	0.03×	0.02×	–	–
Effective tax rate	(2.0%)	1.3%	(19.6%)	12.7%	8.2%	(0.4%)	0.2%	(0.1%)	0.0%	(0.5%)
Share count
Diluted shares outstanding	389	384	382	416	431	381	331	81	64	61

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue and gross profit
Revenue	$2,228	$1,944	$3,236	$6,848	$19,263	$18,471	$803	$60	$135	$206	$108
Cost of revenue	($1,707)	($868)	($1,464)	($4,693)	($5,416)	($2,617)	($8)	–	–	($21)	($15)
Gross profit	$521	$1,076	$1,772	$2,155	$13,847	$15,854	$795	$60	$135	$185	$93
Operating expenses
Research and development	($2,876)	($3,132)	($4,543)	($4,845)	($3,295)	($1,991)	($1,370)	($496)	($454)	($410)	($275)
Selling, general and administrative	($965)	($1,018)	($1,174)	($1,549)	($1,132)	($567)	($188)	($110)	($94)	($65)	($57)
Total operating expenses	($3,841)	($4,150)	($5,717)	($6,394)	($4,427)	($2,558)	($1,558)	($606)	($548)	($455)	($317)
Total costs and expenses	($5,548)	($5,018)	($7,181)	($11,087)	($9,843)	($5,175)	($1,566)	($606)	($548)	($475)	($332)
Operating income	($3,320)	($3,074)	($3,945)	($4,239)	$9,420	$13,296	($763)	($546)	($413)	($269)	($224)
Earnings
EBITDA	($3,091)	($2,863)	($3,760)	($3,622)	$9,768	$13,528	($732)	($515)	($388)	($249)	($209)
Interest income	$282	$314	$425	$421	$200	$18	$25	$39	$27	$15	$11
Interest expense	–	($10)	($24)	($38)	($29)	($18)	($10)	($7)	($3)	($0)	–
Pre-tax income	($3,087)	($2,768)	($3,607)	($3,942)	$9,575	$13,285	($745)	($515)	($384)	($256)	($215)
Income tax expense	($64)	($54)	$46	($772)	($1,213)	($1,083)	($3)	$1	($0)	$0	($1)
Net income	($3,151)	($2,822)	($3,561)	($4,714)	$8,362	$12,202	($747)	($514)	($385)	($256)	($216)
Per share
Diluted EPS (GAAP)	($7.99)	($7.26)	($9.28)	($12.33)	$20.12	$28.29	($1.96)	($1.55)	($4.95)	($4.18)	($3.79)
Basic EPS (GAAP)	($7.99)	($7.26)	($9.28)	($12.33)	$21.26	$30.31	($1.96)	($1.55)	($4.95)	($4.18)	($3.79)
Basic shares outstanding	394	389	384	382	394	403	381	331	81	64	61
Margins
Gross margin	23.4%	55.3%	54.8%	31.5%	71.9%	85.8%	99.0%	100.0%	100.0%	90.0%	86.1%
Operating margin	(149.0%)	(158.1%)	(121.9%)	(61.9%)	48.9%	72.0%	(95.0%)	(910.0%)	(306.0%)	(130.9%)	(206.4%)
Net margin	(141.4%)	(145.2%)	(110.0%)	(68.8%)	43.4%	66.1%	(93.0%)	(856.7%)	(284.8%)	(124.3%)	(199.5%)

Analyst consensus

Hold29 analysts

Bearish · 6 · Hold · 15 · Bullish · 8

Earnings history

	EPS	Estimate
Q3 2024	$0.03	$-1.91	Beat
Q4 2024	$-2.50	$-2.68	Beat
Q1 2025	$-2.52	$-2.92	Beat
Q2 2025	$-2.13	$-2.99	Beat
Q3 2025	$-0.51	$-1.87	Beat
Q4 2025	$-2.11	$-2.54	Beat
Q1 2026	$-3.40	$-4.45	Beat
Q2 2026	$-1.97	$-2.03	Beat

Peers

Company overview

IPO dateDec 7, 2018

CEOStéphane Bancel

Employees4,700

SectorHealthcare

IndustryBiotechnology

CountryUS

ExchangeNASDAQ Global Select

Websitewww.modernatx.com

Moderna, Inc., a biotechnology firm, is dedicated to the discovery, development, and commercialization of messenger RNA (mRNA) based therapies and preventive medicines. Its extensive research and development efforts target a broad spectrum of medical needs, including infectious diseases, cancer immunology, rare conditions, cardiovascular ailments, and autoimmune disorders, with operations spanning the United States, Europe, and other global markets. The company's diverse product pipeline encompasses various vaccine candidates: those for respiratory illnesses like COVID-19, influenza, and respiratory syncytial virus (RSV); latent viral infections such as cytomegalovirus (CMV), Epstein-Barr virus (EBV), human immunodeficiency virus (HIV), herpes simplex virus (HSV), and varicella-zoster virus (VZV); and public health threats like Zika and Nipah. Additionally, Moderna is advancing systemic secreted and cell surface-targeted therapeutics, an array of cancer vaccines (including personalized, KRAS, and checkpoint varieties), intratumoral immuno-oncology products, localized regenerative treatments, systemic intracellular medicines, and inhaled pulmonary solutions. Moderna maintains strategic alliances with several prominent entities, including AstraZeneca PLC, Merck & Co., Inc., Vertex Pharmaceuticals Incorporated, Vertex Pharmaceuticals (Europe) Limited, Carisma Therapeutics, Inc., Metagenomi, Inc., the Defense Advanced Research Projects Agency (DARPA), the Biomedical Advanced Research and Development Authority (BARDA), the Institute for Life Changing Medicines, and The Bill & Melinda Gates Foundation. It also holds a collaboration and license agreement with Chiesi Farmaceutici S.P.A. Founded in 2010 as Moderna Therapeutics, Inc., the company officially became Moderna, Inc. in August 2018. Its corporate headquarters are located in Cambridge, Massachusetts.

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