A Business at a Glance
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Moderna, Inc.
MRNA
$21.0B
Mkt Cap
$54.07
-5.17%
Moderna, Inc. (MRNA) has a 5-year average return on invested capital (ROIC) of 7.3%. This is below average and may indicate limited pricing power.
Moderna, Inc. (MRNA) has a market capitalization of $21.5B. It is classified as a large-cap stock.
Moderna, Inc. (MRNA) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.01%.
Moderna, Inc. (MRNA) operates in the Biological Products, (No Diagnostic Substances) industry, within the Healthcare sector.
Moderna, Inc. (MRNA) reported annual revenue of $1.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Moderna, Inc. (MRNA) has a net profit margin of -145.2%. The company is currently unprofitable.
Moderna, Inc. (MRNA) generated $-2.1 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Moderna is a pioneer in mRNA medicine with a platform technology that enables the development of vaccines and therapeutics across infectious disease, oncology, and rare disease. The company currently commercializes three products: Spikevax and mNEXSPIKE (COVID vaccines) and mRESVIA (RSV vaccine), generating $1.9 billion in total revenue in 2025 primarily from COVID vaccine sales. Moderna's business model is built on its proprietary mRNA platform—comprising advances in mRNA chemistry, sequence engineering, delivery systems, and manufacturing processes—which enables rapid design and production of medicines by instructing cells to produce specific therapeutic proteins or vaccine antigens. The company operates a global manufacturing network with facilities in the U.S., UK, Canada, and Australia to support product launches and multi-year partnerships, and has shifted toward a more capital-efficient, asset-light approach by leveraging shared manufacturing infrastructure across its portfolio. Beyond commercial products, Moderna is advancing a prioritized pipeline including intismeran (individualized neoantigen therapy in partnership with Merck) across eight Phase 2 and Phase 3 trials in oncology, seasonal flu and combination flu+COVID vaccines in regulatory review, norovirus and rare disease candidates (propionic acidemia and methylmalonic acidemia), and early-stage oncology programs. The company's competitive moat derives from its accumulated platform knowledge, proprietary sequence engineering and chemistry modifications, manufacturing scale and efficiency, and the ability to rapidly iterate across multiple disease areas using shared processes and infrastructure.
【Geographic expansion and pipeline catalysts】 Management expects 2026 to mark a return to revenue growth of up to 10%, driven primarily by the annualized impact of long-term strategic partnerships in the UK, Canada, and Australia, and continued uptake of mNEXSPIKE in the U.S. market. The company anticipates multiple regulatory and clinical catalysts in 2026 and 2027, including potential approvals of mNEXSPIKE in Europe, Japan, and Taiwan; FDA approval of the seasonal flu vaccine (mRNA-1010) with a PDUFA goal date of August 5, 2026; and pivotal trial data readouts across oncology, rare disease, and infectious disease portfolios. Management is targeting cost efficiency improvements through manufacturing productivity gains, artificial intelligence adoption, and disciplined R&D prioritization, with expectations to further reduce cash costs in 2026 and 2027 while maintaining investment in late-stage pipeline programs. The company plans to launch several new infectious disease products over the next few years, potentially expanding its infectious disease vaccine franchise to as many as six approved products, with revenue contributions expected to begin in 2027 and 2028.
| Metric | Target | Period |
|---|---|---|
| Revenue | up to 10% | FY2026 |
| Cash costs | approximately $4.2 billion | FY2026 |
| Capital expenditures | $0.2 billion-$0.3 billion | FY2026 |
| Cash and investments | $4.5 billion-$5 billion | End of FY2026 |
| Cost of sales | $0.9 billion-$1.8 billion | FY2026 |
Revenue (FY2026): “we expect total revenue growth of up to 10% in 2026”
Cash costs (FY2026): “we are expecting total GAAP operating expenses of $4.9 billion and cash costs of $4.2 billion, which excludes stock-based compensation, depreciation, and amortization”
Capital expenditures (FY2026): “Capital expenditures are still projected to be between $0.2 billion-$0.3 billion”
Cash and investments (End of FY2026): “We expect to end 2026 with between $4.5 billion-$5 billion of cash and investments”
Cost of sales (FY2026): “Our cost of sales projection has increased from $0.9 billion- $1.8 billion and now includes the $0.9 billion litigation settlement charge”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.2B | 1.9B | 3.2B | 6.8B | 19.3B | 18.5B |
| Net Income | -3.2B | -2.8B | -3.6B | -4.7B | 8.4B | 12.2B |
| EPS | $-8.11 | $-7.26 | $-9.28 | $-12.33 | $20.12 | $28.29 |
| Free Cash Flow | -1.6B | -2.1B | -4.1B | -3.8B | 4.6B | 13.3B |
| ROIC | -95.4% | -28.0% | -28.1% | -27.4% | 112.7% | 281.8% |
| Gross Margin | - | 55.3% | 54.8% | 31.5% | 71.9% | 85.8% |
| Debt/Equity | 0.08 | 0.15 | 0.06 | 0.09 | 0.06 | 0.06 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -3.4B | -3.1B | -3.9B | -4.2B | 9.4B | 13.3B |
| Operating Margin | -153.3% | -158.1% | -121.9% | -61.9% | 48.9% | 72.0% |
| ROE | -43.1% | -28.9% | -28.8% | -28.6% | 50.3% | 146.1% |
| Shares Outstanding | 397M | 389M | 384M | 382M | 416M | 431M |
| Metric | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | N/A | 206M | N/A | N/A | 803M | 18.5B | 19.3B | 6.8B | 3.2B | 1.9B | 2.2B |
| Gross Margin | N/A | N/A | N/A | N/A | 99.0% | 85.8% | 71.9% | 31.5% | 54.8% | 55.3% | N/A |
| R&D | 275M | 410M | 454M | 496M | 1.4B | 2.0B | 3.3B | 4.8B | 4.5B | 3.1B | 2.9B |
| SG&A | 57M | 65M | 94M | 110M | 188M | 567M | 1.1B | 1.5B | 1.2B | 1.0B | 979M |
| EBIT | -224M | -269M | -413M | -546M | -763M | 13.3B | 9.4B | -4.2B | -3.9B | -3.1B | -3.4B |
| Op. Margin | N/A | -130.9% | N/A | N/A | -95.0% | 72.0% | 48.9% | -61.9% | -121.9% | -158.1% | -153.3% |
| Net Income | -230M | -270M | -402M | -514M | -747M | 12.2B | 8.4B | -4.7B | -3.6B | -2.8B | -3.2B |
| Net Margin | N/A | -131.1% | N/A | N/A | -93.0% | 66.1% | 43.4% | -68.8% | -110.0% | -145.2% | -143.6% |
| Non-Recurring | 0 | 0 | -891K | -316K | -238K | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||
| ROIC | N/M | -24.8% | -82.1% | -37.5% | -38.5% | N/M | 112.7% | -27.4% | -28.1% | -28.0% | -95.4% |
| ROE | 95.1% | 60.9% | -82.1% | -38.0% | -40.0% | 146.1% | 50.3% | -28.6% | -28.8% | -28.9% | -43.1% |
| ROA | -2920.2% | -49.4% | -26.4% | -28.9% | -16.7% | 76.2% | 33.1% | -21.3% | -21.9% | -21.3% | -27.8% |
| Cash Flow | |||||||||||
| Op. Cash Flow | 67M | -331M | -331M | -459M | 2.0B | 13.6B | 5.0B | -3.1B | -3.0B | -1.9B | -1.5B |
| Free Cash Flow | 34M | -390M | -437M | -491M | 2.0B | 13.3B | 4.6B | -3.8B | -4.1B | -2.1B | -1.6B |
| Owner Earnings | 12M | -392M | -428M | -571M | 1.9B | 13.2B | 4.4B | -4.0B | -3.6B | -2.6B | -2.2B |
| CapEx | 33M | 58M | 106M | 32M | 68M | 284M | 400M | 707M | 1.1B | 192M | 137M |
| Maint. CapEx | 15M | 21M | 25M | 31M | 31M | 232M | 348M | 617M | 185M | 211M | 229M |
| Growth CapEx | 18M | 38M | 81M | 1.0M | 37M | 52M | 52M | 90M | 866M | 0 | 0 |
| D&A | 15M | 21M | 25M | 31M | 31M | 232M | 348M | 617M | 185M | 211M | 229M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 3.4% | 2.1% | 8.0% | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 857M | 3.3B | 1.2B | 0 | 2.0M | 2.0M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 0.8% | 4.5% | 3.1% | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 39M | 40M | 73M | 81M | 93M | 142M | 226M | 305M | 429M | 483M | 472M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22M | 22M |
| Balance Sheet | |||||||||||
| Net Debt | N/A | N/A | N/A | -967M | -4.4B | -9.8B | -8.7B | -7.4B | -6.3B | -4.5B | -4.6B |
| Cash & Equiv. | 50M | 135M | 658M | 236M | 2.6B | 6.8B | 3.2B | 2.9B | 1.9B | 2.6B | 5.2B |
| Long-Term Debt | N/A | N/A | N/A | 39M | 110M | 599M | 912M | 575M | 0 | 590M | 590M |
| Debt/Equity | -0.02 | -0.83 | 0.28 | 0.12 | 0.09 | 0.06 | 0.06 | 0.09 | 0.06 | 0.15 | 0.08 |
| Interest Coverage | N/A | N/A | -137.8 | -83.3 | -76.3 | 782.1 | 324.8 | -111.6 | -164.4 | -1024.7 | -1024.7 |
| Equity | -335M | -551M | 1.5B | 1.2B | 2.6B | 14.1B | 19.1B | 13.9B | 10.9B | 8.7B | 7.4B |
| Total Assets | 7.9M | 1.1B | 2.0B | 1.6B | 7.3B | 24.7B | 25.9B | 18.4B | 14.1B | 12.3B | 11.5B |
| Total Liabilities | 5.3M | 459M | 432M | 415M | 4.8B | 10.5B | 6.7B | 4.6B | 3.2B | 3.7B | 4.1B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 44M | 40M | 45M | 116M |
| Retained Earnings | N/A | -622M | -1.0B | -1.5B | -2.2B | 10.0B | 18.3B | 13.6B | 10.0B | 7.2B | 5.9B |
| Working Capital | N/A | 592M | 1.3B | 986M | 1.9B | 6.9B | 8.5B | 7.3B | 5.9B | 4.6B | 3.4B |
| Current Assets | N/A | 783M | 1.6B | 1.1B | 6.3B | 16.1B | 13.4B | 10.3B | 8.1B | 6.5B | 5.8B |
| Current Liabilities | N/A | 191M | 223M | 143M | 4.4B | 9.1B | 4.9B | 3.0B | 2.2B | 2.0B | 2.4B |
| Per Share Data | |||||||||||
| EPS | -3.79 | -4.18 | -1.22 | -1.55 | -1.96 | 28.29 | 20.12 | -12.33 | -9.28 | -7.26 | -8.11 |
| Owner EPS | 0.20 | -6.07 | -1.30 | -1.72 | 4.99 | 30.71 | 10.60 | -10.57 | -9.43 | -6.60 | -5.46 |
| Book Value | -5.51 | -8.54 | 4.65 | 3.54 | 6.72 | 32.79 | 46.01 | 36.24 | 28.41 | 22.25 | 18.66 |
| Cash Flow/Share | 1.10 | -5.13 | -1.01 | -1.38 | 5.32 | 31.58 | 11.98 | -8.16 | -7.83 | -4.82 | -7.47 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 60.8M | 64.6M | 328.8M | 331.6M | 381.2M | 431.3M | 415.6M | 382.3M | 383.7M | 388.7M | 397.0M |
| Valuation | |||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 8.5 | 8.8 | N/A | N/A | N/A | -6.7 |
| P/FCF | N/A | N/A | N/A | N/A | 21.7 | 7.8 | 16.0 | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 7.1 | 6.8 | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | 3.4 | 5.5 | 16.6 | 7.4 | 3.8 | 2.7 | 1.4 | 1.4 | 2.9 |
| Price/Sales | N/A | N/A | N/A | N/A | 29.2 | 5.7 | 3.4 | 6.9 | 10.9 | 5.8 | 9.6 |
| FCF Yield | N/A | N/A | -8.4% | -7.6% | 4.6% | 12.8% | 6.2% | -10.1% | -26.3% | -17.0% | -7.5% |
| Market Cap | N/A | N/A | 5.2B | 6.5B | 42.5B | 104.1B | 73.4B | 37.8B | 15.4B | 12.1B | 21.5B |
| Avg. Price | N/A | N/A | 16.51 | 18.08 | 61.60 | 245.46 | 157.90 | 124.05 | 91.93 | 29.22 | 54.07 |
| Year-End Price | N/A | N/A | 14.15 | 19.52 | 111.40 | 241.44 | 176.50 | 98.79 | 40.13 | 31.20 | 54.07 |
Moderna, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
The company's 5-year average ROIC is 7.3% with a gross margin of 59.9%. At current prices, the estimated annualized return to fair value is +27.0%.
Moderna, Inc. (MRNA) has a debt-to-equity ratio of 0.15. This indicates a conservatively financed balance sheet.
Moderna, Inc. (MRNA) reported earnings per share (EPS) of $-7.26 in its most recent fiscal year.
Moderna, Inc. (MRNA) has a return on equity (ROE) of -28.9%. A negative ROE may indicate losses or negative equity.
Moderna, Inc. (MRNA) has a 5-year average gross margin of 59.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 10 years of financial data for Moderna, Inc. (MRNA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Moderna, Inc. (MRNA) has a book value per share of $22.25, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to mark a return to revenue growth of up to 10%, driven primarily by the annualized impact of long-term strategic partnerships in the UK, Canada, and Australia, and continued uptake of mNEXSPIKE in the U.S. market. The company anticipates multiple regulatory and clinical catalysts in 2026 and 2027, including potential approvals of mNEXSPIKE in Europe, Japan, and Taiwan; FDA approval of the seasonal flu vaccine (mRNA-1010) with a PDUFA goal date of August 5, 2026; and pivotal trial data readouts across oncology, rare disease, and infectious disease portfolios. Management is targeting cost efficiency improvements through manufacturing productivity gains, artificial intelligence adoption, and disciplined R&D prioritization, with expectations to further reduce cash costs in 2026 and 2027 while maintaining investment in late-stage pipeline programs. The company plans to launch several new infectious disease products over the next few years, potentially expanding its infectious disease vaccine franchise to as many as six approved products, with revenue contributions expected to begin in 2027 and 2028.
Based on recent SEC filings and earnings calls, Moderna, Inc. (MRNA) has provided the following forward guidance: Revenue: up to 10% (FY2026); Cash costs: approximately $4.2 billion (FY2026); Capital expenditures: $0.2 billion-$0.3 billion (FY2026); Cash and investments: $4.5 billion-$5 billion (End of FY2026); Cost of sales: $0.9 billion-$1.8 billion (FY2026).