Moderna vs Natera
Natera is the larger business, with $2.31bn of revenue in fiscal 2025 against $1.94bn for Moderna (1.2 times as much). Natera grew faster (35.9% against -39.9%). Natera kept more of each dollar of sales as profit: a net margin of -9.0% against -145.2%. Natera carries less debt relative to equity (4.7% against 6.8%).
| Latest fiscal year | ModernaMRNA, 2025 | NateraNTRA, 2025 |
|---|---|---|
| Revenue | $1.94bn | $2.31bn |
| Revenue growth | -39.9% | 35.9% |
| Net income | −$2.82bn | −$208m |
| Operating margin | -158.1% | -13.4% |
| Net margin | -145.2% | -9.0% |
| Return on equity | -28.9% | -14.3% |
| Free cash flow | −$2.06bn | $109m |
| Cash | $2.60bn | $1.08bn |
| Total debt | $590m | $80.3m |
| Debt to equity | 6.8% | 4.7% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $2.0m | — |
| Employees | 4,700 | — |
| Market value | $90.21bn | $56.04bn |
| Price vs our value range | — | — |
| Moat score | 26 (Weak) | 17 (Weak) |
| Insider trades, 12 months | 0 buys, 22 sales | 0 buys, 511 sales |