Moderna, Inc. (MRNA)

Moderna, Inc., a biotechnology company, provides messenger RNA medicines in the United States, Europe, and internationally. The company's respiratory vaccines include spikevax, mNEXSPIKE, mRESVIA, COVID, RSV, seasonal influenza, combination, and pandemic influenza vaccine; latent vaccines comprise cytomegalovirus, epstein-barr virus, and human immunodeficiency virus vaccines; enteric viruses include norovirus; public health vaccines consist of Zika, Nipah, and Mpox vaccines; and bacterial diseases vaccines, such as lyme vaccines. It also provides oncology therapeutics, such as intismeran autogene, cancer antigen therapy, t-cell engager, and cell therapy enhancer; and rare disease products, including propionic and methylmalonic acidemia, and cystic fibrosis. It has strategic alliances and collaborations with Merck & Co., Inc; Vertex Pharmaceuticals Incorporated; Vertex Pharmaceuticals (Europe) Limited; immatics N.V.; Defense Advanced Research Projects Agency; Biomedical Advanced Research and Development Authority; Institute for Life Changing Medicines; The Bill & Melinda Gates Foundation; and OpenAI. The company was formerly known as Moderna Therapeutics, Inc. and changed its name to Moderna, Inc. in August 2018. Moderna, Inc. was founded in 2010 and is headquartered in Cambridge, Massachusetts.

Symbol
MRNA
Exchange
Nasdaq
Sector
Healthcare
Industry
Biotechnology
Market cap
$76.64B
52 week range
22.28 - 208.9

Valuation

Share price
$188.94 (close of 2026-10-01)
P/E (TTM)
-24.07x
Price to book
11.34x
Price to free cash flow
-61.61x
Enterprise value
$76.21B
Book value per share
$16.94

Price performance

PeriodChange
1 day-1.89%
5 days-3.02%
1 month+22.47%
3 months+160.61%
6 months+277.65%
Year to date+540.69%
1 year+584.57%
3 years+82.93%
5 years-44.61%
All time+915.81%

Members of Congress who disclosed MRNA trades

Maria Elvira Salazar · Robert Bresnahan · Julie Johnson

Profitability and growth

Return on equity
-32.62%
Return on invested capital
-41.77%
Return on assets
-22.87%
Return on capital employed
-29.70%
Gross margin
55.35%
Net margin
-145.16%
EBITDA margin
-147.27%
Revenue growth
-39.93%
Net income growth
20.75%
Free cash flow growth
49.08%

Cash flow and balance sheet

Free cash flow yield (TTM)
-1.62%
Current ratio
2.29x
Net debt to EBITDA
0.16x

Latest reported year

Period end
2025-12-31
Fiscal year
2025
Revenue
$1.94B
Cost of revenue
$868.00M
Gross profit
$1.08B
EBITDA
-$2.86B
Net income
-$2.82B
Earnings per share
$-7.26
Research and development
$3.13B
Shares outstanding
389.00M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$1.94B$1.08B-$2.82B$-7.26
2024-12-31$3.24B$1.77B-$3.56B$-9.28
2023-12-31$6.85B$2.15B-$4.71B$-12.33
2022-12-31$19.26B$13.85B$8.36B$21.26
2021-12-31$18.47B$15.85B$12.20B$30.31
2020-12-31$803.00M$795.00M-$747.00M$-1.96
2019-12-31$60.21M--$514.00M$-1.55
2018-12-31$135.07M--$384.73M$-4.95
2017-12-31$205.82M--$255.92M$-4.18
2016-12-31$108.40M--$216.21M$-3.79

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3155.35%-145.16%-32.62%-41.77%
2024-12-3154.76%-110.04%-32.67%-40.11%
2023-12-3131.47%-68.84%-34.03%-34.77%
2022-12-3171.88%43.41%43.73%47.94%
2021-12-3185.83%66.06%86.26%148.70%
2020-12-3199.00%-93.03%-29.17%-438.51%
2019-12-31--853.69%-43.74%-50.70%
2018-12-31--284.84%-25.15%-42.17%
2017-12-31--124.34%46.41%-
2016-12-31--199.46%64.58%-

Cash and debt by year

Period endCashDebt
2025-12-31$2.60B$590.00M
2024-12-31$1.93B-
2023-12-31$2.91B-
2022-12-31$3.21B-
2021-12-31$6.85B-
2020-12-31$2.62B-
2019-12-31$236.00M-
2019-01-01$658.36M-
2018-12-31$658.36M-
2017-12-31$134.86M-

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31-$2.06B$483.00M
2024-12-31-$4.05B$429.00M
2023-12-31-$3.83B$305.00M
2022-12-31$4.58B$226.00M
2021-12-31$13.34B$142.00M
2020-12-31$1.96B$93.00M
2019-12-31-$491.00M$81.00M
2018-12-31-$436.63M$72.56M
2017-12-31-$389.88M$40.05M
2016-12-31$33.59M$39.36M

Investor relations

Next earnings report

Next confirmed report
2026-11-05

Past earnings dates

ReportedFiscal periodEPS estimate
2026-07-31Jun/2026-
2026-05-01--
2026-02-13--
2025-11-06--
2025-08-01--
2025-05-01--
2025-02-14--
2024-11-07--

Filings and sources

Company website
modernatx.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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Understanding these figures

Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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