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Moderna (MRNA) stock

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NASDAQ: MRNA Nasdaq Biotechnology Next results ~November 6, 2026

C+ Fundamentals grade

Moderna is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Moderna is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Moderna valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Moderna files

Where Moderna stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.23bn, down 27.6% on a year earlier, faster than -30.0% a quarter earlier. That puts it 8 of 8 for growth among the biotechnology companies we cover. Free-cash-flow margin rose to -55.8% from -113.4% a year earlier. Operating margin narrowed to -149.0% from -106.3%. The diluted share count is up 2.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 5 of our 6 financial-health checks.

Our model value for Moderna is under review, so past values are not shown until it is resolved.

Source: 10-Q filed July 31, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 6, 2026 (estimated)

Moderna's trailing-twelve-month revenue fell 27.6% year on year, with a free-cash-flow margin of -55.8%. Where it lags: gross margin of 23.4% ranks 72 of 75 biotechnology companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 64.4% while net income fell 8.5%: a 73pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $1.1bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Revenue shrinking. Revenue fell 27.6% over the last 12 months.
  • Loss-making. Operating margin is -149.0%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 42.7 points on a year ago.
  • Burning cash. Free cash flow was -55.8% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 20.7% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 2.0% in a year.

Latest results: FY2026 Q2

Filed July 31, 2026
Earnings per share
-$1.97 against an average estimate of -$2.06: beat by 4.3%
Revenue
$145m, up 2.1% on a year earlier
Share reaction
-4.8% in the first session after the results on July 31, 2026, against +2.2% for the S&P 500
Guidance given
revenue growth growth 10% (2026); 2026 revenue split 50% (2026)
Next report
November 6, 2026; average EPS estimate -$1.35

Moderna's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.4%
  • 1 week+11.1%
  • 1 month+16.2%
  • This year+648.8%
  • 1 year+713.1%
  • 5 years-36.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.2B
Operating margin
-149.0%
Net margin
-141.4%
EPS (TTM, diluted)
$-8.00

Growth

Revenue growth
−27.6%
Change in growth rate
+2.4 pts
Share count change
+2.0%

Cash

Free cash flow (TTM)
-$1.2B
FCF margin
-55.8%
Stock pay % of revenue
20.7%

Earnings

Last results
July 31, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Leadership
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Agreement
  8. Insider trade
  9. Results
  10. Guidance
  11. Insider trade
  12. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Moderna valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Moderna as an operating company, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.99 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$8.9 ~$6.5–$11 Left out: out of range vs price (0.04x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$5.5 ~$3.4–$9.0 Left out: out of range vs price (0.02x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$19 ~$19–$72 Left out: out of range vs price (0.08x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$6.0 ~$6.0–$6.3 Left out: out of range vs price (0.03x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Moderna with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20182019202020212022202320242025Now
Share price$15.27$19.56$104.47$253.98$179.62$99.45$41.58$29.49$220.83
Market value$5.0bn$6.5bn$39.8bn$109.5bn$74.7bn$38.0bn$16.0bn$11.5bn$87.0bn
+ Net debt (− = net cash)−$658m−$236m−$2.6bn−$6.8bn−$3.2bn−$2.9bn−$1.9bn−$2.0bn−$1.1bn
Enterprise value$4.3bn$6.2bn$37.2bn$102.6bn$71.5bn$35.1bn$14.0bn$9.5bn$85.8bn
Multiples
Price / sales 36.7x107.9x49.6x5.9x3.9x5.5x4.9x5.9x39.0x
Price / earnings ———9.0x8.9x————
Price / free cash flow ——20.3x8.2x16.3x————
EV / EBITDA ———7.6x7.3x————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

26 /100

Weak moat

How hard Moderna's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -19.1% of total assets over 8 years.

  • Pricing power 11 / 20

    Gross margin has been a median 54.9%, moving by 23.2 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -106.3%; its worst year was -493.2%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 2 of 8 years, at a median -67.3% of revenue.

  • Discipline 8 / 20

    The diluted share count fell 4.6% over five years; stock-based pay has been a median 11.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (31 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 6, 2026, before the open. Analysts expect revenue of $891m and EPS of −$1.35 (range −$3.28 to −$0.80) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$8.49 −17% $2.1bn +8%
Next −$4.89 +43% $2.4bn +16%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −2.0% on 90 days ago. In the last 30 days, 2 analysts raised Moderna's forecast and 1 cut it.

Consensus EPS forecast Moderna, last 90 days
−$10.00 −$5.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$8.67 Current fiscal year, 60 days ago: −$8.43 Current fiscal year, 30 days ago: −$8.38 Current fiscal year, 7 days ago: −$8.40 Current fiscal year, Now: −$8.49 −$8.49 Next fiscal year, 90 days ago: −$4.75 Next fiscal year, 60 days ago: −$4.99 Next fiscal year, 30 days ago: −$4.79 Next fiscal year, 7 days ago: −$4.81 Next fiscal year, Now: −$4.89 −$4.89

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$8.67−$4.75
60 days ago −$8.43−$4.99
30 days ago −$8.38−$4.79
7 days ago −$8.40−$4.81
Now −$8.49−$4.89

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$2.06 −$1.97 +4.3%
Mar 2026 −$3.88 −$3.40 +12.4%
Dec 2025 −$2.60 −$2.11 +18.9%
Sept 2025 −$2.18 −$0.51 +76.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 31, 2026
  • revenue growth 2026 about 10% growth Maintained
    “Reiterates plan to deliver up to 10% revenue growth in 2026” source
  • percentage of second half 2026 revenue recognized in third quarter the third quarter about 55%
    “Moderna expects approximately 55% of its second half 2026 revenue to be recognized in the third quarter.” source
  • 2026 revenue split · U.S. 2026 about 50%
    “The Company is targeting up to 10% growth from 2025 revenue and expects 2026 revenue split to be approximately 50% U.S. and approximately 50% international.” source
  • 2026 revenue split · international 2026 about 50%
    “The Company is targeting up to 10% growth from 2025 revenue and expects 2026 revenue split to be approximately 50% U.S. and approximately 50% international.” source
  • Cost of Sales 2026 about $1.7bn Lowered
    “Cost of sales for 2026 is expected to be approximately $1.7 billion, lowered from approximately $1.8 billion, and including the $0.9 billion non-recurring litigation settlement charge.” source
  • Research and Development Expenses 2026 about $2.9bn Lowered
    “Research and development expenses for 2026 are now anticipated to be approximately $2.9 billion, lowered from approximately $3.0 billion.” source
Show 4 more items
  • Selling, General and Administrative Expenses 2026 about $1bn
    “Selling, general and administrative expenses for 2026 are projected to be approximately $1.0 billion.” source
  • Capital Expenditures 2026 $0.2bn to $0.3bn
    “Capital expenditures for 2026 are expected to be $0.2 to $0.3 billion.” source
  • Year-end Cash and Investments 2026 $4.7bn to $5.2bn Raised
    “Year-end cash and investments for 2026 are now projected to be $4.7 to $5.2 billion, an improvement of approximately $0.2 billion.” source
  • 2026 GAAP operating expense outlook 2026 about $0.2bn GAAP Lowered
    “Improves 2026 GAAP operating expense outlook by approximately $0.2 billion from previous estimate and improves expected 2026 year-end cash balance to $4.7 - 5.2 billion” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

23 analysts, Oct 2026
Buy417%
Hold1670%
Sell313%

Monthly trend

  1. Oct 2026316223
  2. Sep 2026415223
  3. Aug 202641723
  4. Jul 20262216223

Counts of recommendations published by analysts covering Moderna, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.0%
of tradable shares
Days to cover
1.86
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
81%
of shares
Held by insiders
7.4%
of shares
Employees
4,700
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +713.1%

$27.16 on October 31, 2025 to $220.83

ThenNowEffect
Revenue (last 12 months) $3.1bn $2.2bn −27.6%
P/S multiple 3.4x 39.0x +1045.8%
Share count 386m 394m −2.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +184.8%

$77.53 on November 3, 2023 to $220.83

ThenNowEffect
Revenue (last 12 months) $10.7bn $2.2bn −79.1%
P/S multiple 2.9x 39.0x +1236.6%
Share count 401m 394m +1.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MRNA+143%−29%−45%−58%−29%+649%
Industry peers (median)−36%−57%−17%−28%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MRNA67%50%25%42%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MRNA−53%−54%−65%−78%−53%−34%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since December 7, 2018: 95% from August 9, 2021 to November 20, 2025. Getting back needed a 2067% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$22.36 – $245.81
From 52-week high
−10.2%
vs 50-day average
+20.0%
vs 200-day average
+152.4%
Volatility (1 year)
194%
Beta vs S&P 500
2.32

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±10.5%
After a week
7 up, 5 down
typical move ±15.6%
After a month
6 up, 6 down
typical move ±29.2%
Results releasedNext dayS&P 500 next day5 days21 days
July 31, 2026 −4.8% +2.2% +2.2% +142.3%
May 1, 2026 +3.0% −0.1% +18.3% −0.7%
February 13, 2026 +9.5% +0.2% +25.4% +34.5%
January 12, 2026 +15.5% 0.0% +25.4% +18.1%
November 6, 2025 +4.2% −1.0% +5.9% +18.7%
August 1, 2025 −6.5% −0.1% −11.6% −18.2%
May 1, 2025 −3.3% +2.2% −14.6% −5.2%
February 14, 2025 +12.0% +0.3% +6.2% +5.9%
January 13, 2025 −18.4% +0.3% −15.1% −27.7%
November 7, 2024 −9.6% +1.2% −23.2% −11.9%
August 1, 2024 −27.4% −3.3% −29.3% −35.1%
May 2, 2024 +12.1% +2.2% +10.1% +32.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Moderna in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Moderna
$0 $5B $10B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $9.1B Revenue (TTM), FY23 Q4: $6.8B Revenue (TTM), FY24 Q1: $5.2B Revenue (TTM), FY24 Q2: $5.1B Revenue (TTM), FY24 Q3: $5.1B Revenue (TTM), FY24 Q4: $3.2B Revenue (TTM), FY25 Q1: $3.2B Revenue (TTM), FY25 Q2: $3.1B Revenue (TTM), FY25 Q3: $2.2B Revenue (TTM), FY25 Q4: $1.9B Revenue (TTM), FY26 Q1: $2.2B Revenue (TTM), FY26 Q2: $2.2B $2.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $9.1B
FY23 Q4 $6.8B
FY24 Q1 $5.2B
FY24 Q2 $5.1B
FY24 Q3 $5.1B
FY24 Q4 $3.2B
FY25 Q1 $3.2B
FY25 Q2 $3.1B
FY25 Q3 $2.2B
FY25 Q4 $1.9B
FY26 Q1 $2.2B
FY26 Q2 $2.2B
Revenue growth, TTM YoY Moderna
-80% -60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -57.4% Revenue growth, TTM YoY, FY23 Q4: -64.5% Revenue growth, TTM YoY, FY24 Q1: -65.8% Revenue growth, TTM YoY, FY24 Q2: -52.6% Revenue growth, TTM YoY, FY24 Q3: -44.3% Revenue growth, TTM YoY, FY24 Q4: -52.7% Revenue growth, TTM YoY, FY25 Q1: -38.3% Revenue growth, TTM YoY, FY25 Q2: -39.0% Revenue growth, TTM YoY, FY25 Q3: -56.1% Revenue growth, TTM YoY, FY25 Q4: -39.9% Revenue growth, TTM YoY, FY26 Q1: -30.0% Revenue growth, TTM YoY, FY26 Q2: -27.6% -27.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -57.4%
FY23 Q4 -64.5%
FY24 Q1 -65.8%
FY24 Q2 -52.6%
FY24 Q3 -44.3%
FY24 Q4 -52.7%
FY25 Q1 -38.3%
FY25 Q2 -39.0%
FY25 Q3 -56.1%
FY25 Q4 -39.9%
FY26 Q1 -30.0%
FY26 Q2 -27.6%
Operating margin (TTM) Moderna
-200% -150% -100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -29.2% Operating margin (TTM), FY23 Q4: -61.9% Operating margin (TTM), FY24 Q1: -99.7% Operating margin (TTM), FY24 Q2: -91.8% Operating margin (TTM), FY24 Q3: -53.0% Operating margin (TTM), FY24 Q4: -121.9% Operating margin (TTM), FY25 Q1: -117.4% Operating margin (TTM), FY25 Q2: -106.3% Operating margin (TTM), FY25 Q3: -155.2% Operating margin (TTM), FY25 Q4: -158.1% Operating margin (TTM), FY26 Q1: -153.3% Operating margin (TTM), FY26 Q2: -149.0% -149.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -29.2%
FY23 Q4 -61.9%
FY24 Q1 -99.7%
FY24 Q2 -91.8%
FY24 Q3 -53.0%
FY24 Q4 -121.9%
FY25 Q1 -117.4%
FY25 Q2 -106.3%
FY25 Q3 -155.2%
FY25 Q4 -158.1%
FY26 Q1 -153.3%
FY26 Q2 -149.0%
FCF margin (TTM) Moderna
-150% -100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -29.1% FCF margin (TTM), FY23 Q4: -55.9% FCF margin (TTM), FY24 Q1: -71.3% FCF margin (TTM), FY24 Q2: -78.8% FCF margin (TTM), FY24 Q3: -77.9% FCF margin (TTM), FY24 Q4: -125.3% FCF margin (TTM), FY25 Q1: -126.7% FCF margin (TTM), FY25 Q2: -113.4% FCF margin (TTM), FY25 Q3: -118.9% FCF margin (TTM), FY25 Q4: -106.2% FCF margin (TTM), FY26 Q1: -72.0% FCF margin (TTM), FY26 Q2: -55.8% -55.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -29.1%
FY23 Q4 -55.9%
FY24 Q1 -71.3%
FY24 Q2 -78.8%
FY24 Q3 -77.9%
FY24 Q4 -125.3%
FY25 Q1 -126.7%
FY25 Q2 -113.4%
FY25 Q3 -118.9%
FY25 Q4 -106.2%
FY26 Q1 -72.0%
FY26 Q2 -55.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0.1 0.2 0.1 0.1 0.8 18.5 19.3 6.8 3.2 1.9 2.2
Gross profit — — 0.1 0.1 0.8 15.9 13.8 2.2 1.8 1.1 0.5
EBITDA −0.2 −0.2 −0.4 −0.5 −0.7 13.5 9.8 −3.6 −3.8 −2.9 −3.1
Operating income −0.2 −0.3 −0.4 −0.5 −0.8 13.3 9.4 −4.2 −3.9 −3.1 −3.3
Net income −0.2 −0.3 −0.4 −0.5 −0.7 12.2 8.4 −4.7 −3.6 −2.8 −3.2
Diluted EPS −$0.95 −$1.04 −$1.24 −$1.55 −$1.96 $28.29 $20.12 −$12.33 −$9.28 −$7.26 −$8.00
Growth (year on year)
Revenue — +89.9% −34.4% −55.6% +>999% +>999% +4.3% −64.5% −52.7% −39.9% −27.6%
EBITDA — — — — — — −27.8% −137.1% — — —
Operating income — — — — — — −29.2% −145.0% — — —
Net income — — — — — — −31.5% −156.4% — — —
Diluted EPS — — — — — — −28.9% −161.3% — — —
Margins
Gross margin — — 100.0% 100.0% 99.0% 85.8% 71.9% 31.5% 54.8% 55.3% 23.4%
EBITDA margin −192.5% −120.9% −287.6% −858.3% −91.2% 73.2% 50.7% −52.9% −116.2% −147.3% −138.7%
Operating margin −206.4% −130.9% −306.0% −910.0% −95.0% 72.0% 48.9% −61.9% −121.9% −158.1% −149.0%
Net margin −199.5% −124.3% −284.8% −856.7% −93.0% 66.1% 43.4% −68.8% −110.0% −145.2% −141.4%
Free-cash-flow margin 31.0% −189.4% −323.3% −818.3% 244.0% 72.2% 23.8% −55.9% −125.3% −106.2% −55.8%
Cash flow
Cash from operations 0.1 −0.3 −0.3 −0.5 2.0 13.6 5.0 −3.1 −3.0 −1.9 −1.1
Capital spending 0.0 0.1 0.1 0.0 0.1 0.3 0.4 0.7 1.1 0.2 0.2
Free cash flow 0.0 −0.4 −0.4 −0.5 2.0 13.3 4.6 −3.8 −4.1 −2.1 −1.2
Stock-based pay 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.3 0.4 0.5 0.5
Free cash flow after stock pay −0.0 −0.4 −0.5 −0.6 1.9 13.2 4.4 −4.1 −4.5 −2.5 −1.7
Balance sheet
Cash 0.1 0.1 0.7 0.2 2.6 6.8 3.2 2.9 1.9 2.6 1.7
Total debt 0.0 0.0 — 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.6
Net debt (negative = net cash) −0.1 −0.1 −0.7 −0.2 −2.6 −6.8 −3.2 −2.9 −1.9 −2.0 −1.1
Diluted shares 243m 258m 324m 331m 381m 431m 416m 382m 384m 389m 394m
Returned to shareholders
Buybacks — — — 0.0 0.0 0.9 3.3 1.2 0.0 0.0 —
Total returned — — — 0.0 0.0 0.9 3.3 1.2 0.0 0.0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · June 30, 2026
What it owns · $11.0bn
Short-term assets $5.8bnLonger-term assets $5.1bn
What it owes, and who funded it · $11.0bn
Short-term liabilities $2.5bnLonger-term liabilities $1.7bnShareholders' equity $6.8bn
  • Short-term assets cover short-term liabilities $5.8bn of assets due within a year against $2.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.8bn short-term assets against $1.7bn of longer-dated liabilities.
  • More cash than debt $1.7bn of cash against $591m of debt.
  • Debt below 40% of shareholders' equity Debt is 9% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$1.1bn of operating cash flow against $591m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Moderna's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$1.2B
Diluted share count
+2.0%
year over year
R&D spending
129.1%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated MRNA EXEL NTRA ALKS HALO UTHR Median
Revenue, last 12 months $2.2bn $2.5bn $2.7bn $1.7bn $1.7bn $3.2bn $56m
Revenue growth, last 12 months −27.6% 9.1% 37.8% 10.8% 41.2% 2.5% 12.6%
Revenue growth, 3-year average −40.6% 12.1% 42.7% 4.5% 29.1% 14.3% 13.7%
Revenue growth, latest quarter 2.1% 10.2% 37.7% 27.0% 47.7% −1.9% 10.2%
Gross margin 23.4% 96.3% 42.0% 84.6% 82.4% 86.1% 82.9%
Operating margin −149.0% 40.2% −10.7% 7.0% 35.9% 44.4% −189.4%
Operating margin, 3-year average −115.7% 33.4% −16.2% 17.2% 46.6% 46.6% −363.5%
Net margin −141.4% 35.5% −7.1% 4.0% 24.9% 41.6% −169.8%
Cash from operations / revenue −48.2% 47.0% 8.4% 15.1% 49.2% 53.4% −168.0%
Free-cash-flow margin −55.8% 46.5% 3.1% 13.3% 48.5% 34.6% −162.4%
Free-cash-flow margin, 3-year average −82.7% 33.8% 0.2% 22.3% 47.0% 34.3% −310.0%
Stock pay / revenue 20.7% 4.4% 14.1% 7.1% 3.8% 4.9% 20.0%
Change in share count 2.0% −7.5% 6.5% 1.1% −4.2% −3.1% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth -27.6% 12.6% 128 of 172
Change in growth rate Growth +2.4pp -0.1pp 65 of 172
Gross margin Profitability 23.4% 82.4% 72 of 75
Operating margin Profitability -149.0% -189.4% 83 of 175
Net margin Profitability -141.4% -157.3% 86 of 180
Free-cash-flow margin Cash generation -55.8% -145.4% 68 of 176
Stock pay as % of revenue Cash generation 20.7% 19.2% 92 of 179
Long-term debt as % of assets Balance sheet 5.4% 20.6% 22 of 78
Change in share count Balance sheet 2.0% 7.9% 46 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Product Sales $1.8B 93.5% ▼ 41.5%
COVID19 $1.8B 99.6% ▼ 41.3%
RSV $8M 0.4% ▼ 68.0%
Other $126M 6.5% ▼ 0.8%
St and Ready Manufacturing Revenue $80M 63.5% —
Grant $22M 17.5% ▼ 40.5%
Collaboration Arrangement Including Arrangements With Affiliate $13M 10.3% ▼ 72.9%
License and Royalty $11M 8.7% ▼ 73.8%
Geography
Region Revenue Share YoY
United States $1.2B 61.7% ▼ 32.8%
Rest of World $692M 35.6% ▼ 18.9%
Europe $53M 2.7% ▼ 91.1%

From Moderna's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$22.3B
Institutions reporting
771
Shares held vs prior quarter
▲ 3.4%
Positions opened / closed
125 / 80

Top buyers and sellers, Q2 2026: 382 institutions bought and 315 sold ; the biggest buyer was FMR LLC (+6.2M shares) and the biggest seller Alyeska Investment Group, L.P (−3.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $3.6B 51.9M 16.3% ▲ 13.5%
Blackrock, Inc. $2.1B 30.6M 9.6% ▲ 3.3%
Vanguard Capital Management LLC $1.6B 23.2M 7.3% ▲ 1.5%
Capital World Investors $1.6B 22.3M 7.0% ▲ 19.1%
Baillie Gifford & Co $1.3B 18.2M 5.7% ▼ 8.9%
State Street Corp $1.1B 15.7M 4.9% ▲ 5.8%
Vanguard Portfolio Management LLC $1.1B 15.6M 4.9% ▼ 0.2%
Geode Capital Management, LLC $679M 9.7M 3.0% ▲ 2.9%
Morgan Stanley $668M 9.5M 3.0% ▲ 12.6%
Theleme Partners LLP $564M 8.1M 2.5% ▲ 0.1%
Two Sigma Investments, LP $504M 7.2M 2.3% ▼ 20.8%
Invesco Ltd. $405M 5.8M 1.8% ▲ 20.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Moderna's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $81.6M 22 trades by 6 insiders · 99% under pre-set plans
Net ▼ $81.6M net selling
Insider Date Trade Shares Price Value
Hoge Stephen President October 15, 2026 Sell pre-set plan 39,145 $220.72 $8.6M
Hoge Stephen President October 14, 2026 Sell pre-set plan 450 $214.15 $96,368
Hoge Stephen President October 14, 2026 Sell pre-set plan 38,774 $213.47 $8.3M
Hoge Stephen President September 15, 2026 Sell pre-set plan 40,281 $146.07 $5.9M
Hoge Stephen President September 14, 2026 Sell pre-set plan 40,294 $144.13 $5.8M
Mock James M Chief Financial Officer September 10, 2026 Sell pre-set plan 15,000 $134.49 $2M
Mock James M Chief Financial Officer September 10, 2026 Sell pre-set plan 19,836 $134.49 $2.7M
Klinger Shannon Thyme Chief Legal Officer September 1, 2026 Sell pre-set plan 3,471 $139.95 $485,766
Bancel Stephane Chief Executive Officer August 5, 2026 Sell pre-set plan 187,044 $58.79 $11M
Bancel Stephane Chief Executive Officer August 5, 2026 Sell pre-set plan 39,891 $58.12 $2.3M
Bancel Stephane Chief Executive Officer August 5, 2026 Sell pre-set plan 124,838 $56.96 $7.1M
Bancel Stephane Chief Executive Officer August 5, 2026 Sell pre-set plan 147,473 $56.21 $8.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 26 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 2 sales of Moderna shares.

  • Maria Elvira Salazar(R-FL 27):Sale (partial), $1,001 - $15,000, traded September 24, 2026, filed October 7, 2026
  • Maria Elvira Salazar(R-FL 27):Sale (partial), $1,001 - $15,000, traded August 19, 2026, filed September 9, 2026
  • Maria Elvira Salazar(R-FL 27):Purchase, $1,001 - $15,000, traded August 19, 2026, filed September 9, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 15, 2026 estimated from the company's past filing pattern, not announced

  • July 31, 2026
  • May 1, 2026
  • February 13, 2026
  • January 12, 2026
  • November 6, 2025
  • August 1, 2025

Recent SEC filings

Data status

When each part of this page on Moderna was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Moderna in brief

What does Moderna do?
Moderna is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Moderna's stock ticker?
Moderna trades under the ticker MRNA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Moderna's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Moderna reported revenue of $2.2B, 27.6% lower than a year earlier, according to its SEC filings.
What is Moderna's free cash flow?
Moderna's free-cash-flow margin is -55.8% of revenue over the trailing twelve months, ranking 68 of the 176 biotechnology companies we cover.
Who are Moderna's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Moderna's market cap?
On November 2, 2026, Moderna's market capitalisation was about $87B and net debt of -$1.1B. Market figures come from third-party market data and may be delayed.
How much debt does Moderna have?
Moderna's debt-to-equity ratio is 8.7%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Moderna's competitors?
In our Biotechnology peer group, the companies closest to Moderna are Exelixis, Inc., Natera, Inc., Alkermes plc., Halozyme Therapeutics, Inc. and United Therapeutics Corp. The side-by-side comparison below sets their revenue, margins and growth against Moderna's.
Are insiders buying or selling Moderna stock?
Over the last 12 months, Moderna's directors and officers reported 0 open-market purchases and 22 sales on Form 4. The insider trading page charts every trade.
When is Moderna's next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Moderna announces its own schedule.