M 
Moderna MRNA · USD
Health Care · Biotechnology · US listing · 🇺🇸 United States
S&P 500Nasdaq-100
269.00
+5.83%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$1.94bn
FY2016FY2025
Net income
−$2.82bn
FY2016FY2025
Free cash flow
−$2.06bn
FY2016FY2025
Shareholders' equity
$8.65bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.94bn | $3.20bn | $6.85bn | $18.88bn | $17.74bn | $274.5m | $48.0m | $122.5m | $205.8m | $108.4m |
| Research and development | $3.13bn | $4.54bn | $4.84bn | $3.29bn | $1.99bn | $1.37bn | $496.3m | $454.1m | $410.5m | $274.7m |
| Operating income | −$3.07bn | −$3.94bn | −$4.24bn | $9.42bn | $13.30bn | −$763.1m | −$545.7m | −$413.3m | −$269.4m | −$223.8m |
| Net income | −$2.82bn | −$3.56bn | −$4.71bn | $8.36bn | $12.20bn | −$747.1m | −$514.0m | −$384.7m | −$255.9m | −$216.2m |
| Diluted earnings per share | -7.20 | -9.25 | -11.93 | 20.65 | 28.31 | -1.88 | -1.54 | -1.17 | -0.86 | -3.54 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $12.34bn | $14.14bn | $18.43bn | $25.86bn | $24.67bn | $7.34bn | $1.59bn | $1.96bn | $1.08bn | $1.42bn |
| Cash and short-term investments | $5.80bn | $7.03bn | $8.60bn | $9.90bn | $10.73bn | $4.61bn | $1.10bn | $1.69bn | $756.0m | $1.06bn |
| Total liabilities | $3.69bn | $3.24bn | $4.57bn | $6.74bn | $10.52bn | $4.78bn | $414.6m | $431.9m | $459.2m | $575.3m |
| Debt | $610.0m | $62.0m | $575.0m | $1.07bn | $764.0m | $134.0m | $39.0m | $33.0m | $16.0m | $13.0m |
| Shareholders' equity | $8.65bn | $10.90bn | $13.85bn | $19.12bn | $14.14bn | $2.56bn | $1.17bn | $1.53bn | $625.3m | $841.9m |
| Shares outstanding | 392m | 385m | 395m | 405m | 431m | 397m | 334m | 329m | 297m | 61m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$1.87bn | −$3.00bn | −$3.12bn | $4.98bn | $13.62bn | $2.03bn | −$459.0m | −$330.9m | −$331.5m | $66.7m |
| Capital spending | −$192.0m | −$1.05bn | −$707.0m | −$400.0m | −$284.0m | −$67.4m | −$31.6m | −$105.8m | −$58.4m | −$33.1m |
| Free cash flow | −$2.06bn | −$4.05bn | −$3.83bn | $4.58bn | $13.34bn | $1.96bn | −$490.5m | −$436.6m | −$389.9m | $33.6m |
| Dividends paid | — | — | −$270.0m | −$184.0m | −$124.0m | −$7.0m | — | — | −$1.5m | −$633,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $145.0m | $389.0m | $678.0m | $1.02bn | $142.0m | $107.0m | $956.0m | $1.85bn |
| Operating income | −$815.0m | −$1.39bn | −$857.0m | −$260.0m | −$907.0m | −$1.05bn | −$1.25bn | −$70.0m |
| Net income | −$782.0m | −$1.34bn | −$826.0m | −$200.0m | −$825.0m | −$971.0m | −$1.12bn | $13.0m |
| Diluted earnings per share | -1.97 | -3.39 | -2.11 | -0.51 | -2.10 | -2.48 | -2.91 | 0.03 |
| Cash from operations | −$526.0m | −$630.0m | $951.0m | −$847.0m | −$919.0m | −$1.04bn | $825.0m | −$1.57bn |
| Capital spending | −$37.0m | −$62.0m | −$39.0m | −$33.0m | −$3.0m | −$127.0m | −$522.0m | −$151.0m |
| Free cash flow | −$563.0m | −$692.0m | $912.0m | −$880.0m | −$922.0m | −$1.16bn | $303.0m | −$1.72bn |
| Total assets | $10.96bn | $11.49bn | $12.34bn | $12.13bn | $12.01bn | $12.70bn | $14.14bn | $15.80bn |
| Cash and short-term investments | $5.14bn | $5.21bn | $5.80bn | $4.50bn | $5.13bn | $5.97bn | $7.03bn | $6.87bn |
| Debt | $643.0m | $640.0m | $590.0m | $48.0m | $43.0m | $43.0m | $37.0m | $51.0m |
| Shareholders' equity | $6.76bn | $7.41bn | $8.65bn | $9.33bn | $9.40bn | $10.07bn | $10.90bn | $11.93bn |
Financial ratios
Data as of 29 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -158.1% | -123.3% | -61.9% | 49.9% | 75.0% | -278.0% |
| Net margin | -145.2% | -111.3% | -68.8% | 44.3% | 68.8% | -272.2% |
| Return on equity | -32.6% | -32.7% | -34.0% | 43.7% | 86.3% | -29.2% |
| Return on assets | -22.9% | -25.2% | -25.6% | 32.3% | 49.5% | -10.2% |
| Free cash flow yield | -2.2% | -2.6% | -3.1% | 6.7% | 16.4% | 2.7% |
| Revenue growth | -39.2% | -53.3% | -63.7% | 6.4% | 6361.4% | 471.4% |
| Earnings growth | -20.8% | -24.5% | -156.4% | -31.5% | -1733.3% | 45.3% |
| Current ratio | 3.29x | 3.67x | 3.42x | 2.73x | 1.76x | 1.43x |
| Debt to equity | 0.07x | 0.00x | 0.00x | 0.01x | 0.01x | 0.01x |
| Equity ratio | 70.1% | 77.1% | 75.2% | 74.0% | 57.3% | 34.9% |
| Interest coverage | -307.40x | -164.38x | -111.55x | 324.83x | 738.67x | -77.19x |
| R&D as a share of sales | 161.1% | 142.0% | 70.8% | 17.5% | 11.2% | 499.2% |
| Buybacks as a share of market value | -1.8% | 2.5% | 2.5% | 6.0% | -8.6% | -18.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -53.1% | 47.9% | — |
| Operating income | — | 32.1% | 121.0% |
| Net income | — | 30.4% | 119.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -136.5% | -6.0% | 21.9% | — |
| Net margin | -124.1% | -8.9% | 17.8% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.1 | -4.5 | -8.3 | 8.7 | 9.0 | -55.5 | -12.7 | -13.1 |
| Price to sales | 6.0 | 5.0 | 5.7 | 3.9 | 6.2 | 151.0 | 136.2 | 41.0 |
Market value over time
31 Dec 2018 to 28 Sept 2026, in USD
$5.02bn$78.12bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Return | -19% | -57% | -53% | -31% | 100% | 597% | 28% | -17% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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