A Business at a Glance
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Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of our technology platform, we are reimagining how medicines are made to transform how we treat and prevent diseases. Since our founding, our mRNA platform has enabled the development of vaccine and therapeutic candidates across infectious disease, oncology, rare disease and more. With a global team and a unique culture, driven by our values and mindsets, our mission is to deliver the greatest possible impact to people through mRNA medicines. We currently have three commercial products—Spikevax and mNEXSPIKE (our COVID vaccines) and mRESVIA (our vaccine against respiratory syncytial virus (RSV)). mNEXSPIKE, which we launched commercially in the third quarter of 2025, is now our leading product in the U.S. retail channel. In 2025, we achieved total revenue of $1.9 billion, largely from sales of our COVID vaccines.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.9B | 1.9B | 3.2B | 6.8B | 19.3B | 18.5B |
| Net Income | -2.8B | -2.8B | -3.6B | -4.7B | 8.4B | 12.2B |
| EPS | $-7.26 | $-7.26 | $-9.28 | $-12.33 | $20.12 | $28.29 |
| Free Cash Flow | -2.1B | -2.1B | -4.1B | -3.8B | 4.6B | 13.3B |
| ROIC | -33.2% | -28.0% | -32.6% | -32.7% | 79.2% | 284.8% |
| Gross Margin | 55.3% | 55.3% | 54.8% | 31.5% | 71.9% | 85.8% |
| Debt/Equity | 0.15 | 0.15 | 0.07 | 0.09 | 0.06 | 0.06 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -3.1B | -3.1B | -3.9B | -4.2B | 9.4B | 13.3B |
| Operating Margin | -158.1% | -158.1% | -121.9% | -61.9% | 48.9% | 72.0% |
| ROE | -32.6% | -28.9% | -32.7% | -34.0% | 43.7% | 86.3% |
| Shares Outstanding | 389M | 389M | 384M | 382M | 416M | 431M |
Moderna, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 59.9%. At current prices, the estimated annualized return to fair value is +27.0%.
Moderna, Inc. (MRNA) has a 5-year average return on invested capital (ROIC) of -3.5%. This is below average and may indicate limited pricing power.
Moderna, Inc. (MRNA) has a market capitalization of $19.7B. 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, 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.