— Know what they know.
/
Not Investment Advice

MRNA

NASDAQ · USD
Moderna, Inc.
Healthcare · Biotechnology
CEO Stéphane Bancel Employees 4,700 R&D / revenue 161.1%
Last price
$218.01−7.82%last session
Market cap
$87.0B
P/E (TTM)
n/m
From 52w high
−10.0%
From 52w low
+878.5%
1-year return
+758.6%
RSI 14 · vs SMA200
61.7 · +187.5%
IS score
29.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

MRNA   SPY   XLV (sector ETF) · weekly closes
50100150200250300350400450500550600650700750800850900950Oct 25Jan 26Apr 26Jul 26Oct 26MRNA 859XLV 124SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
11
Profitability
24
Growth
36
Value
30
Momentum
100
Risk (safety)
41
Quality
0
Balance sheet
41
Earnings quality

Flags

Strengths
✓ Net cash✓ Congress buying
Warnings
▲ Negative free cash flow▲ Share count rising
Observations
Moat model: None, Cost AdvantagePiotroski 2 / 9Altman Z 4.3Beta 0.903 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
18 open-market sales, $72.4M
Form 144 notices (12m): 19, $85.6M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
3
Last disclosed purchase 2026-09-11
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+59
148 new holders, 83 closed
784 filers hold 82.0% · 256 added, 239 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+305
940 funds adding shares
635 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
67.3%
20-day avg 62.7%, 50-day avg 60.6%
Latest 4.6 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$1.9B
Revenue growth YoY−39.2%
Gross margin55.3%
Operating income−$3.1B
Operating margin-158.1%
Net income−$2.8B
Net margin-145.2%
EPS (diluted)$-7.26
Cash flow
Operating cash flow−$1.9B
Capital expenditure$192.0M
Free cash flow−$2.1B
FCF conversion (FCF / OCF)110.3%
Stock-based compensation$483.0M
FCF less SBC−$2.5B
Buybacks$0
Dividends$0
Balance sheet & returns
Cash & short-term investments$5.8B
Total debt$1.2B
Net cash$4.6B
Shareholders' equity$8.7B
Goodwill & intangibles$0
Debt / equity0.19
ROE (TTM)-39.2%
ROIC (TTM)-39.2%
Operating margin by fiscal year
75.0%FY202149.9%FY2022-62.1%FY2023-123.3%FY2024-158.2%FY2025
Revenue $17.7B (FY2021) to $1.9B (FY2025), a -42.5% CAGR.

Valuation

P/E (TTM)n/m
EV / EBITDAn/m
Price / sales39.07x
Price / FCFn/m
FCF yield-1.41%
Buyback yield0.00%
SBC / revenue15.7%
Price / book12.77x
Forward P/E FY2026n/m
Forward P/E FY2027n/m
Forward P/E FY2028n/m
Forward multiples divide today's price by Street EPS estimates. Street mean target $126.82 across 11 analysts last quarter is theirs, not ours.

MRNA vs industry median

1260 companies in Biotechnology
Gross margin -12.6% 84.4% Operating margin -149.0% -207.9% Net margin -141.4% -206.2% ROIC -39.2% 11.1%
MRNA (TTM)Industry median Asset turnover 0.20 vs industry 0.01 · financial leverage 1.62

Earnings delivery

Next report 2026-11-06 · consensus EPS $-1.09
100%
beat rate, 12 of 12 quarters
+20.3%
median EPS surprise
12
longest beat streak
+31+157+14+1+102+7+14+29+73+17+24+3
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-02 to 2026-07-31. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
MRNA Moderna, Inc. $87.0Bn/m-39.2%-141.4%−39.2% +758.6%
REGN Regeneron Pharmaceuticals, I $81.4B18.9x14.0%30.2%+9.3% +39.1%
VRTX Vertex Pharmaceuticals Incor $126.7B28.9x23.5%33.0%+10.6% +22.3%
ARGX argenx SE $51.5B29.6x47.3%29.8%+242.1% −2.2%
ONC BeOne Medicines AG $39.4B25.6x14.7%13.9%+34.3% +16.0%
ALNY Alnylam Pharmaceuticals, Inc $31.0B38.0x100.7%12.7%+95.1% —
ROIV Roivant Sciences Ltd. $24.2Bn/m-6.2%—−67.6% —
INCY Incyte Corporation $22.9B13.9x30.7%35.0%+26.9% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-09-30Officer/Director Change; Regulation FD; Exhibits
2026-09-01Material Agreement; Financial Obligation; Unregistered Equity Sales; Other Events; Exhibits
2026-07-31Earnings Release; Exhibits
2026-07-08Officer/Director Change; Regulation FD; Exhibits
2026-05-01Earnings Release; Exhibits
2026-03-05Entry into Material Definitive Agreement

Context

Shares outstanding399,235,889
Free float93.2%
Institutional ownership82.0%
Beta0.90
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$151.65 / $76.46
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where MRNA sits among 137 scored companies in Biotechnology (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureMRNAIndustry medianIndustry percentileSector median
P/E (TTM) —
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 39.1x 8.8x
86th		 3.7x
Price / book 12.9x 3.9x
82nd		 3.6x
Price / tangible book 4.2x 5.0x
42nd		 5.8x
Price / free cash flow —
Price / operating cash flow —
Enterprise value $83.2B $1.6B
99th		 $2.5B
EV / sales 37.3x 8.2x
86th		 3.8x
EV / EBITDA —
EV / EBIT —
EV / free cash flow —
Earnings yield -3.6% -5.4%
57th		 -0.3%
FCF yield -1.4% -4.2%
65th		 1.7%
Operating cash flow yield -1.2% -3.9%
64th		 2.9%
Graham number (per share) —

Profitability (TTM)

MeasureMRNAIndustry medianIndustry percentileSector median
Gross margin -12.6% 86.5%
5th		 65.1%
EBITDA margin -127.0% -37.5%
34th		 6.6%
Operating margin -149.0% -43.4%
34th		 3.5%
EBIT margin -137.8% -50.9%
34th		 2.4%
Net margin -141.4% -51.7%
35th		 0.3%
NOPAT margin -117.7% -36.4%
35th		 2.7%
FCF margin -54.9% -48.6%
48th		 4.3%
Operating cash flow margin -47.2% -47.2%
50th		 7.1%
R&D / revenue 129.1% 47.3%
69th		 12.4%
SG&A / revenue 43.3% 65.7%
32nd		 37.9%
Stock comp / revenue 10.1% 13.2%
36th		 4.5%
Effective tax rate 21.0% 21.0%
19th		 21.0%

Returns on capital

MeasureMRNAIndustry medianIndustry percentileSector median
ROE (on average equity) -39.0% -26.1%
37th		 0.8%
ROA -27.4% -17.4%
36th		 -0.3%
ROIC -90.1% 3.2%
24th		 5.5%
ROCE -36.4% -15.9%
29th		 2.3%
Return on tangible assets -26.7% -16.5%
33rd		 1.7%
Cash ROIC (OCF / invested capital) -36.2% -14.5%
42nd		 9.7%
Gross profitability (GP / assets) -2.6% 27.4%
3rd		 29.9%
ROIC, 3-yr average -66.9% -30.4%
40th		 2.6%
ROIC, 5-yr average -23.1% -5.4%
41st		 3.2%
ROE, 5-yr average -8.5% -32.6%
77th		 -4.9%
Incremental ROIC 15.7% 14.8%
51st		 17.2%

Growth

MeasureMRNAIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) -27.2% 19.5%
20th		 10.5%
Revenue growth (QoQ) -62.7% 15.4%
6th		 7.2%
Revenue CAGR, 3 yr -40.5% 24.6%
6th		 10.7%
Revenue CAGR, 5 yr -19.7% 18.6%
8th		 12.1%
Gross profit CAGR, 3 yr —
Operating income CAGR, 3 yr —
Net income growth (TTM YoY) —
Net income CAGR, 3 yr —
EPS growth (TTM YoY) —
EPS CAGR, 3 yr —
EPS CAGR, 5 yr —
FCF growth (TTM YoY) —
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr —
Book value CAGR, 3 yr -27.3% -2.2%
23rd		 2.1%
Dividend CAGR, 3 yr —
Sustainable growth rate —

Margin history & stability

MeasureMRNAIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 24.2% 82.4%
12th		 62.6%
Operating margin, 3-yr average -116.0% -129.3%
51st		 1.0%
Net margin, 3-yr average -117.6% -111.8%
49th		 -2.6%
FCF margin, 3-yr average -82.8% -109.9%
53rd		 3.2%
Revenue stability (0-1) 0.48 0.64
35th		 0.80
Earnings stability (0-1) 0.46 0.38
55th		 0.37
Margin stability (0-1) 0.15 0.83
35th		 0.93

Liquidity (latest quarter)

MeasureMRNAIndustry medianIndustry percentileSector median
Cash & short-term investments $5.1B $456.5M
98th		 $330.9M
Net cash (− = net debt) $3.9B $253.5M
96th		 $8.4M
Working capital $3.3B $441.4M
96th		 $381.1M
Current ratio 2.29 5.12
10th		 3.02
Quick ratio 2.18 4.88
10th		 2.51
Cash ratio (cash + ST investments / current liabilities) 2.03 4.14
24th		 1.43
Defensive interval (days) 629 days 531 days
64th		 415 days

Leverage & solvency (latest quarter)

MeasureMRNAIndustry medianIndustry percentileSector median
Total debt $1.3B $92.5M
94th		 $289.1M
Debt / equity 0.19 0.15
54th		 0.45
Net debt / equity −0.57 −0.63
59th		 −0.13
Debt / assets 11.7% 12.4%
48th		 24.4%
Debt / capital 16.0% 13.1%
54th		 31.1%
Debt / EBITDA —
Net debt / EBITDA —
Interest coverage (EBIT / interest) −122.8x −2.6x
6th		 2.1x
Cash interest coverage −42.1x −2.3x
11th		 3.6x
Debt payback (years of OCF) —
Liabilities / assets 38.3% 31.5%
53rd		 49.8%
IS credit model rating BBB+ — —
Implied credit spread (bps) 225 225
46th		 225

Efficiency

MeasureMRNAIndustry medianIndustry percentileSector median
Asset turnover 0.19 0.36
40th		 0.56
Fixed asset turnover 0.81 4.58
16th		 4.87
Inventory turnover 9.6 2.4
90th		 2.7
Receivables turnover 84.1 5.9
97th		 6.4
Days sales outstanding 4 days 58 days
8th		 57 days
Days inventory outstanding 38 days 152 days
10th		 136 days
Days payables outstanding 25 days 173 days
7th		 59 days
Cash conversion cycle (days) 17 days 12 days
53rd		 70 days
Capex / revenue 7.7% 1.6%
84th		 2.6%
Capex / depreciation 0.71 0.39
68th		 0.55
Operating expense ratio 597.9% 104.5%
83rd		 56.5%

Cash flow & earnings quality

MeasureMRNAIndustry medianIndustry percentileSector median
Operating cash flow / net income —
FCF / net income —
FCF / operating cash flow —
Capex / operating cash flow —
Accruals ratio -18.3% -5.4%
12th		 -5.4%
Sloan accruals ratio -13.6% 4.4%
17th		 -1.3%
Earnings quality score (0-1) —

Dividends & buybacks

MeasureMRNAIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) —
Dividends / FCF —
Dividend growth (YoY) —
Buyback yield 0.0% 0.0%
75th		 0.0%
Shareholder yield (dividends + buybacks) 0.0% 0.0%
74th		 0.0%
Share count change (YoY) 2.1% 6.8%
24th		 2.0%
Buybacks, last 5 years $0 $0
0th		 $0

Scores & forensic checks

MeasureMRNAIndustry medianIndustry percentileSector median
IS score 30 38
36th		 46
IS profitability 11 20
4th		 22
IS growth 24 61
15th		 60
IS value 36 36
51st		 39
IS momentum 30 60
14th		 67
IS risk (safety) 100 90
52nd		 80
IS quality 41 44
32nd		 49
IS balance sheet 0 66
0th		 55
IS earnings quality 41 51
36th		 56
IS cash flow 30 30
8th		 41
Piotroski F-score (0-9) 2 4
4th		 5
Altman Z-score 4.3 3.9
54th		 3.2
Beneish M-score −4.42 −2.35
9th		 −2.62
Ohlson O-score −7.37 −6.14
35th		 −7.16
IS credit score 62 65
46th		 62

Per share

MeasureMRNAIndustry medianIndustry percentileSector median
EPS, diluted (TTM) −$7.96 −$0.64
1st		 −$0.03
Book value per share $17.07 $3.68
88th		 $7.10
Tangible book per share $16.67 $3.47
90th		 $1.91
Revenue per share $5.63 $1.94
74th		 $9.38
FCF per share −$3.09 −$0.66
12th		 $0.46
Operating cash flow per share −$2.66 −$0.59
17th		 $0.93
Cash per share $12.97 $3.93
86th		 $3.51

Size (TTM)

MeasureMRNAIndustry medianIndustry percentileSector median
Market cap $87.0B $1.9B
99th		 $2.4B
Revenue $2.2B $204.6M
90th		 $770.2M
EBITDA −$2.8B −$55.6M
0th		 $56.1M
Net income −$3.2B −$85.2M
0th		 −$3.3M
Free cash flow −$1.2B −$75.1M
0th		 $41.2M
Total assets $11.0B $744.5M
96th		 $1.3B
Shareholders' equity $6.8B $425.4M
98th		 $568.4M
Employees 4,700 325
97th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-15Hoge Stephen
President
 Open-market sale 39,145$220.72$8.6M1,636,565
2026-10-14Hoge Stephen
President
 Open-market sale 38,774$213.47$8.3M1,599,708
2026-10-14Hoge Stephen
President
 Open-market sale 450$214.15$96,3681,599,258
2026-10-05Mock James M
Chief Financial Officer
 Option exercise 1,454——60,829
2026-10-05Mock James M
Chief Financial Officer
 Tax withholding 704$190.01$133,76760,125
2026-10-05Mock James M
Chief Financial Officer
 Option exercise 1,454——0
2026-09-15Hoge Stephen
President
 Open-market sale 40,281$146.07$5.9M1,562,029
2026-09-14Hoge Stephen
President
 Open-market sale 40,294$144.13$5.8M1,525,858
2026-09-10Mock James M
Chief Financial Officer
 Option exercise 19,836$30.96$614,12394,211
2026-09-10Mock James M
Chief Financial Officer
 Open-market sale 19,836$134.49$2.7M74,375
2026-09-10Mock James M
Chief Financial Officer
 Open-market sale 15,000$134.49$2.0M59,375
2026-09-10Mock James M
Chief Financial Officer
 Option exercise 19,836$30.96$614,12343,642

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired15143,994$3.9M
Open-market saleDisposed18874,921$72.4M
Option exerciseAcquired391,093,334$18.5M
Option exerciseDisposed39868,567$14.2M
Tax withholdingDisposed2135,076$3.8M
—Disposed30—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 19 notices · 1,135,701 shares · $85.6M
FiledFilerShares proposedEst. proceeds
2026-10-15Hoge Stephen39,145$8.6M
2026-10-14Hoge Stephen39,224$8.4M
2026-09-15Hoge Stephen40,281$5.9M
2026-09-14Hoge Stephen40,294$5.8M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 6 trades (3 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-24Maria Elvira SalazarHouseSale$1,001 - $15,0002026-10-08
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-08-19Maria Elvira SalazarHousePurchase$1,001 - $15,0002026-09-10
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
FMR LLC51,859,891$3.6B12.99%
BlackRock, Inc.30,599,409$2.1B7.66%
VANGUARD CAPITAL MANAGEMENT LLC23,208,792$1.6B5.81%
Capital World Investors22,276,996$1.6B5.58%
BAILLIE GIFFORD & CO18,206,778$1.3B4.56%
STATE STREET CORP15,726,193$1.1B3.94%
VANGUARD PORTFOLIO MANAGEMENT LLC15,581,313$1.1B3.90%
GEODE CAPITAL MANAGEMENT, LLC9,710,335$678.8M2.43%
Theleme Partners LLP8,057,571$564.3M2.02%
TWO SIGMA INVESTMENTS, LP7,193,530$503.8M1.80%
MORGAN STANLEY7,095,372$496.9M1.78%
Invesco Ltd.5,780,299$404.8M1.45%
PRICE T ROWE ASSOCIATES INC /MD/5,589,560$391.4M1.40%
Sixth Street Partners Management Company, L.P.4,838,831$338.9M1.21%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC4,838,831$338.9M1.21%

Institutional ownership by quarter

2023-092026-0682.0%
% of shares held by 13F filers
2023-092026-06784
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3078482.0%14825623983
2026-03-3172577.8%14724019981
2025-12-3167476.8%11217025267
2025-09-3064269.5%6919823187
2025-06-3067073.7%91234216104
2025-03-3169271.2%89261206130
2024-12-3174470.0%146232250170
2024-09-3078866.0%63258323216
2024-06-3095366.2%13033430068
2024-03-3190366.5%11832729282
2023-12-3188064.8%142265341130
2023-09-3088262.3%82350302144

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-12SCHEDULE 13GCapital World Investors5.6%22,276,996
2026-08-06SCHEDULE 13G/AAbigail P. Johnson13.1%51,803,891
2026-07-24SCHEDULE 13G/ABAILLIE GIFFORD & CO4.6%18,206,778
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.09%$2.2B
VTI0.09%$2.2B
VSMPX0.09%$2.2B
VTSAX0.09%$2.2B
QQQ0.38%$1.9B
VOO0.11%$1.9B

Share structure

Shares outstanding399,235,889
Float372,055,910
Free float93.2%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$17.7B$18.9B$6.8B$3.2B$1.9B
Cost of revenue$2.6B$5.4B$4.7B$1.5B$868.0M
Gross profit$15.1B$13.5B$2.2B$1.7B$1.1B
R&D$2.0B$3.3B$4.8B$4.5B$3.1B
SG&A$567.0M$1.1B$1.5B$1.2B$1.0B
Operating income$13.3B$9.4B−$4.2B−$3.9B−$3.1B
EBITDA$13.5B$9.8B−$3.3B−$3.4B−$2.6B
Pretax income$13.3B$9.6B−$3.9B−$3.6B−$2.8B
Income tax$1.1B$1.2B$772.0M−$46.0M$54.0M
Net income$12.2B$8.4B−$4.7B−$3.6B−$2.8B
EPS, diluted$28.29$20.10$-12.34$-9.27$-7.26
Diluted shares431.0M416.0M382.0M384.0M389.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$10.7B$9.9B$8.6B$7.0B$5.8B
Receivables$3.3B$1.7B$1.1B$592.0M$184.0M
Inventory$1.4B$949.0M$202.0M$117.0M$153.0M
Total current assets$16.1B$13.4B$10.3B$8.1B$6.5B
PP&E, net$1.4B$2.1B$2.7B$3.0B$2.9B
Goodwill & intangibles$0$0$96.0M$92.0M$0
Total assets$24.7B$25.9B$18.4B$14.1B$12.3B
Accounts payable$302.0M$487.0M$520.0M$405.0M$317.0M
Total current liabilities$9.1B$4.9B$3.0B$2.2B$2.0B
Long-term debt$0$0$0$0$1.2B
Total liabilities$10.5B$6.7B$4.6B$3.2B$3.7B
Shareholders' equity$14.1B$19.1B$13.9B$10.9B$8.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$12.2B$8.4B−$4.7B−$3.6B−$2.8B
Depreciation & amortization$232.0M$348.0M$621.0M$189.0M$215.0M
Stock-based compensation$142.0M$226.0M$305.0M$429.0M$483.0M
Change in working capital$1.3B−$3.5B−$139.0M−$78.0M$254.0M
Operating cash flow$13.6B$5.0B−$3.1B−$3.0B−$1.9B
Capital expenditure−$284.0M−$400.0M−$707.0M−$1.1B−$192.0M
Free cash flow$13.3B$4.6B−$3.8B−$4.1B−$2.1B
Investing cash flow−$8.5B−$5.2B$4.2B$1.9B$1.9B
Net debt issued / repaid−$140.0M−$184.0M−$270.0M−$10.0M$539.0M
Buybacks−$857.0M−$3.3B−$1.2B$0$0
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin85.2%71.3%31.2%54.2%14.1%
Operating margin75.0%49.9%-62.1%-123.3%-158.2%
Net margin68.8%44.3%-69.1%-111.3%-145.2%
FCF margin75.2%24.3%-56.0%-126.8%-105.7%
ROE146.1%50.3%-28.6%-28.8%-28.9%
ROIC281.8%78.9%-51.6%-67.4%-50.9%
ROA76.2%33.1%-21.3%-21.9%-21.3%
Debt / equity0.060.060.090.070.22
Interest coverage739.1x331.2xn/mn/mn/m
Current ratio1.762.733.423.673.29
Revenue growth+2,107.6%+6.4%−63.8%−53.1%−39.3%
EPS growth+1,603.3%−27.1%−157.8%+22.5%+22.2%
P/E at year end9.0x8.7xn/mn/mn/m
EV / EBITDA at year end7.4x6.4xn/mn/mn/m
FCF yield at year end12.18%6.30%-9.74%-25.33%-17.77%
Dividend payout0.0%0.0%———

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Messenger RNA (mRNA) Medicines$18.5B$19.3B$6.8B——
Product Sales———$4.5B$3.3B
COVID————$1.8B
Stand-ready manufacturing revenue————$80.0M
Grant———$37.0M—
Grant revenue————$22.0M
Collaboration revenue————$13.0M
Collaboration Arrangement———$12.0M—
Licensing and royalty revenue————$11.0M
RSV————$8.0M

Revenue by region · FY2025

UNITED STATES$1.2B · 65%
Rest Of The World$603.0M · 33%
Europe$53.0M · 3%

Street estimates by fiscal year

Next report 2026-11-06 · consensus EPS $-1.09 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$2.1B$2.0B – $2.2B$-8.31$-10.32 – $-7.8117n/m
2027$2.4B$2.0B – $3.0B$-4.74$-7.56 – $-2.9017n/m
2028$3.4B$2.2B – $7.4B$-2.72$-5.35 – $0.6015n/m

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-31$-2.03$-1.97+3.0%$102.9M$145.0M+40.9%
2026-05-01$-4.45$-3.40+23.6%$236.4M$389.0M+64.6%
2026-02-13$-2.54$-2.11+16.9%$635.2M$678.0M+6.7%
2025-11-06$-1.87$-0.51+72.7%$920.9M$1.0B+10.3%
2025-08-01$-2.99$-2.13+28.8%$893.3M$142.0M−84.1%
2025-05-01$-2.92$-2.52+13.7%$116.7M$107.0M−8.3%
2025-02-14$-2.68$-2.50+6.7%$942.8M$956.0M+1.4%
2024-11-07$-1.91$0.03+101.6%$1.3B$1.9B+48.4%
2024-08-01$-3.35$-3.33+0.6%$128.4M$241.0M+87.7%
2024-05-02$-3.56$-3.07+13.8%$93.3M$167.0M+79.1%
2024-02-22$-0.97$0.55+156.7%$2.5B$2.8B+12.0%
2023-11-02$-2.01$-1.39+30.8%$1.3B$1.8B+38.3%
2023-08-03$-3.84$-3.62+5.7%$319.6M$344.0M+7.6%
2023-05-04$-1.77$0.19+110.7%$1.2B$1.8B+56.0%
2023-02-23$4.68$3.61−22.9%$5.0B$5.1B+1.3%
2022-11-03$3.29$2.53−23.1%$3.5B$3.2B−8.7%
2022-08-03$4.55$5.24+15.2%$4.1B$4.6B+11.4%
2022-05-04$5.21$8.58+64.7%$4.2B$5.9B+41.3%
2022-02-24$9.90$11.29+14.0%$6.8B$6.9B+2.2%
2021-11-04$9.05$7.70−14.9%$6.4B$4.8B−25.1%
2021-08-05$5.96$6.46+8.4%$4.2B$4.2B+0.2%
2021-05-06$2.39$2.84+18.8%$2.4B$1.7B−27.8%
2021-02-25$-0.25$-0.69−176.0%$459.7M$229.4M−50.1%
2020-10-29$-0.43$-0.59−37.2%$115.1M$12.2M−89.4%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.606-150.506-220.606-290.707-060.307-130.307-200.407-270.308-030.508-108.408-173.308-242.208-31
Week ofNotionalSharesTrades
2026-08-31$2.2B14,775,918207,963
2026-08-24$3.3B22,917,810300,589
2026-08-17$8.4B58,694,922724,890
2026-08-10$518.3M8,366,791120,256
2026-08-03$344.9M6,073,522107,270
2026-07-27$360.5M6,424,843106,940

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1567.3%
DateShort shareShort volumeTotal volume
2026-10-1567.3%6,156,3589,149,761
2026-10-1464.8%5,472,7008,445,478
2026-10-1364.8%4,382,4906,758,246
2026-10-1261.1%4,333,0307,089,052
2026-10-0962.0%9,978,39916,085,539
2026-10-0868.7%4,643,8946,758,158
2026-10-0764.3%4,780,1927,429,187
2026-10-0665.7%6,502,5619,895,015
2026-10-0557.7%5,376,4009,318,900
2026-10-0263.8%3,077,7984,826,410
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+3.4Jan+4.9Feb+1.1Mar+12.2Apr+4.4May-2.7Jun+10.2Jul-5.2Aug-1.0Sep-1.2Oct+23.0Nov-2.9Dec
MonthAvg returnUp yearsYears
Jan+3.4%43%7
Feb+4.9%38%8
Mar+1.1%50%8
Apr+12.2%71%7
May+4.4%43%7
Jun−2.7%43%7
Jul+10.2%71%7
Aug−5.2%29%7
Sep−1.0%43%7
Oct−1.2%43%7
Nov+23.0%86%7
Dec−2.9%25%8
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1461.7
MFI62.7
ADX62.6
Stochastic %K / %D82.4 / 83.9
Williams %R-40.6
CCI118
TSI / signal34.2 / 35.3
Chaikin money flow0.28
ATR$16.88
Bollinger width32.3%
Volume vs 20-day avg1.16x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$201.18 (+8.4%)
SMA 50$154.93 (+40.7%)
SMA 200$75.84 (+187.5%)
EMA 21$197.77 (+10.2%)
EMA 50$162.14 (+34.5%)
EMA 200$92.90 (+134.7%)
Bollinger upper$233.64 (−6.7%)
Bollinger lower$168.71 (+29.2%)
Parabolic SAR$191.67 (+13.7%)
Open the live chart, 110+ indicators

About Moderna, Inc.

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.

https://www.modernatx.com

Key executives

NameTitlePayBorn
Stéphane BancelChief Executive Officer & Director$6.1M1973
Stephen HogePresident$4.3M1976
James MockChief Financial Officer$2.2M1977
Shannon Thyme KlingerChief Legal Officer & Corporate Secretary$2.2M1971
Juan AndresChief Operating Officer$1.3M1965
Chris RidleyVP & Global Head of Communications——
Jerh CollinsChief Technical Operations & Quality Officer—1966
John LeporeSenior Vice President of Government Engagement——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Stéphane Bancel Chief Executive Officer2025$1.7M$6.9M$4.3M$19.9M
Stephen Hoge, M.D. President2025$1.3M$9.2M$3.0M$18.1M
James Mock Chief Financial Officer2025$852,192$2.5M$1.3M$5.9M
Shannon Thyme Klinger Chief Legal Officer and Corporate Secretary2025$852,192$2.1M$1.3M$5.4M

Employees

1k20181k20191k20203k20214k20226k20236k20245k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

None · Cost Advantage · 2026-06-30
Cost advantage47
Intangibles22
Switching costs33
Network effect27
Efficient scale29
Our component scores (0-100) and overall 31.6; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms