Moderna, Inc. (MRNA) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MRNA SEC filings page.
Moderna, Inc. (MRNA) reported $2.2B in revenue over the twelve months to Jun 30, 2026, down 27.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Moderna's post-boom reset is defined by gross-margin recovery being overwhelmed by development spending and persistent operating cash consumption.
In FY2025, operating cash flow of-$1.9B nearly matched free cash flow despite only$192M of capital expenditures, indicating that operating losses—not reinvestment—drive most cash consumption.
Gross margin recovered to
FY2025 debt-to-equity was 0.1x and current ratio was 3.3x, so liabilities are not the main constraint on the operating model. Total assets fell to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Moderna, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Moderna, Inc.'s reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 7/100.
Moderna, Inc.'s revenue declined 39.9% year-over-year, from $3.2B to $1.9B. This contraction results in a growth score of 1/100.
Moderna, Inc. carries a low D/E ratio of 0.07, meaning only $0.07 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 83/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.29, Moderna, Inc. holds $3.29 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 82/100.
Moderna, Inc.'s reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 3/100.
Moderna, Inc. posts a -32.6% return on equity (ROE), meaning it loses $33 for every $100 of shareholders' equity. This results in a returns score of 8/100. This is up from -32.7% the prior year.
Moderna, Inc. scores 9.95, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($57.5B) relative to total liabilities ($3.7B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Moderna, Inc. passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Moderna, Inc. reported a net loss of $2.8B while operations used $1.9B of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Moderna, Inc. generated $145.0M in revenue in Q2 2026. This represents an increase of 2.1% from the same quarter a year earlier. Against the prior quarter it is down 62.7%.
Moderna, Inc.'s EBITDA was -$759.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.8% from the same quarter a year earlier. Against the prior quarter it is up 43.0%.
Moderna, Inc. reported -$782.0M in net income in Q2 2026. This represents an increase of 5.2% from the same quarter a year earlier. Against the prior quarter it is up 41.8%.
Moderna, Inc. earned -$1.97 per diluted share (EPS) in Q2 2026. This represents an increase of 7.5% from the same quarter a year earlier. Against the prior quarter it is up 42.1%.
Cash & Balance Sheet
Moderna, Inc. recorded an outflow of $563.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 38.9% from the same quarter a year earlier. Against the prior quarter it is up 18.6%.
Moderna, Inc. held $1.7B in cash against $591.0M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Moderna, Inc.'s gross margin was 35.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 19.7 percentage points from the same quarter a year earlier.
Moderna, Inc.'s ROE was -11.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 2.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.6 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Moderna, Inc. invested $651.0M in research and development in Q2 2026. This represents a decrease of 7.0% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.
Moderna, Inc. invested $37.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 1133.3% from the same quarter a year earlier. Against the prior quarter it is down 40.3%.
Not reported for Q2 2026.
MRNA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $145.0M+2.1% | $389.0M+260.2% | $678.0M-29.8% | $1.0B-45.4% | $142.0M-41.1% | $108.0M-35.3% | $966.0M-65.6% | $1.9B+1.7% |
| Cost of Revenue | $93.0M-21.8% | $955.0M+961.1% | $452.0M-38.8% | $207.0M-59.7% | $119.0M+3.5% | $90.0M-6.3% | $739.0M-20.5% | $514.0M-77.1% |
| Gross Profit | $52.0M+126.1% | -$566.0M-3244.4% | $226.0M-0.4% | $809.0M-40.0% | $23.0M-81.7% | $18.0M-74.6% | $227.0M-87.9% | $1.3B+428.8% |
| R&D Expenses | $651.0M-7.0% | $649.0M-24.2% | $775.0M-30.9% | $801.0M-29.6% | $700.0M-42.7% | $856.0M-19.5% | $1.1B-20.2% | $1.1B-2.0% |
| SG&A Expenses | $216.0M-6.1% | $173.0M-18.4% | $308.0M-12.3% | $268.0M-4.6% | $230.0M-14.2% | $212.0M-22.6% | $351.0M-25.3% | $281.0M-36.4% |
| Operating Income | -$815.0M+10.1% | -$1.4B-32.2% | -$857.0M+31.2% | -$260.0M-271.4% | -$907.0M+33.5% | -$1.1B+17.1% | -$1.2B-20866.7% | -$70.0M+96.5% |
| EBITDA | -$759.0M+10.8% | -$1.3B-31.6% | -$791.0M+33.4% | -$209.0M-1000.0% | -$851.0M+35.7% | -$1.0B+17.8% | -$1.2B-667.9% | -$19.0M+98.9% |
| Income Tax | $15.0M+114.3% | $9.0M+28.6% | $27.0M+142.2% | $13.0M+62.5% | $7.0M | $7.0M-30.0% | -$64.0M+56.5% | $8.0M-99.5% |
| Net Income | -$782.0M+5.2% | -$1.3B-38.3% | -$826.0M+26.3% | -$200.0M-1638.5% | -$825.0M+35.5% | -$971.0M+17.4% | -$1.1B-616.1% | $13.0M+100.4% |
| EPS (Basic) | -$1.97+7.5% | -$3.40-34.9% | -$2.11+27.5% | -$0.51-1800.0% | -$2.13+36.0% | -$2.52+17.9% | -$2.91-619.6% | $0.03+100.3% |
| EPS (Diluted) | -$1.97+7.5% | -$3.40-34.9% | -$2.11+27.5% | -$0.51-1800.0% | -$2.13+36.0% | -$2.52+17.9% | -$2.91-619.6% | $0.03+100.3% |
| Diluted Shares (Avg) | 398M+2.6% | 395M+2.3% | N/A | 390M-2.3% | 388M+1.0% | 386M+1.0% | N/A | 399M+4.7% |
Not reported in any period shown, so not listed: Interest Expense.
MRNA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $11.0B-8.7% | $11.5B-9.6% | $12.3B-12.8% | $12.1B-23.2% | $12.0B-23.4% | $12.7B-24.1% | $14.1B-23.2% | $15.8B-18.8% |
| Current Assets | $5.8B-5.8% | $5.8B-14.7% | $6.5B-19.2% | $6.6B-31.7% | $6.2B-36.1% | $6.8B-29.5% | $8.1B-21.6% | $9.7B-10.5% |
| Cash & Equivalents | $1.7B+34.7% | $1.9B+17.6% | $2.6B+34.7% | $1.1B-31.1% | $1.3B-48.4% | $1.6B-20.9% | $1.9B-33.7% | $1.6B-43.9% |
| Short-Term Investments | $3.4B-11.3% | $3.3B-24.2% | $3.2B-37.2% | $3.4B-35.4% | $3.9B-35.9% | $4.4B-32.8% | $5.1B-10.5% | $5.2B+12.5% |
| Inventory | $280.0M+16.7% | $146.0M+14.1% | $153.0M+30.8% | $332.0M-19.4% | $240.0M-39.8% | $128.0M-56.6% | $117.0M-42.1% | $412.0M-15.4% |
| Accounts Receivable | $17.0M-52.8% | $71.0M-9.0% | $184.0M-48.6% | $1.0B-33.1% | $36.0M-77.9% | $78.0M-43.1% | $358.0M-59.9% | $1.6B-16.2% |
| Long-Term Investments | $1.8B-25.4% | $2.3B-6.9% | $2.3B-6.3% | $2.1B-8.2% | $2.4B+2.1% | $2.4B-33.5% | $2.5B-46.7% | $2.3B-55.7% |
| Goodwill | $52.0M0.0% | $52.0M0.0% | $52.0M0.0% | $52.0M0.0% | $52.0M0.0% | $52.0M0.0% | $52.0M0.0% | $52.0M0.0% |
| Total Liabilities | $4.2B+60.9% | $4.1B+54.7% | $3.7B+13.8% | $2.8B-27.6% | $2.6B-34.2% | $2.6B-32.6% | $3.2B-29.1% | $3.9B-35.3% |
| Current Liabilities | $2.5B+61.2% | $2.4B+49.3% | $2.0B-9.9% | $1.7B-23.6% | $1.6B-33.5% | $1.6B-32.6% | $2.2B-26.8% | $2.2B-49.8% |
| Non-Current Liabilities | $1.7B+60.3% | $1.7B+63.0% | $1.7B+64.3% | $1.1B-32.9% | $1.0B-35.3% | $1.0B-32.5% | $1.0B-33.5% | $1.7B+4.0% |
| Long-Term Debt | $591.0M | $590.0M | $590.0M | N/A | N/A | N/A | $0 | N/A |
| Total Equity | $6.8B-28.1% | $7.4B-26.4% | $8.7B-20.6% | $9.3B-21.8% | $9.4B-19.7% | $10.1B-21.5% | $10.9B-21.3% | $11.9B-11.4% |
| Retained Earnings | $5.1B-38.2% | $5.9B-35.2% | $7.2B-28.1% | $8.0B-27.9% | $8.2B-26.0% | $9.1B-27.0% | $10.0B-26.2% | $11.2B-16.6% |
MRNA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$526.0M+42.8% | -$630.0M+39.2% | $930.0M+12.7% | -$847.0M+45.9% | -$919.0M+27.9% | -$1.0B-4.9% | $825.0M+32.6% | -$1.6B+2.1% |
| Depreciation & Amortization | $56.0M0.0% | $56.0M+47.4% | $66.0M+11.9% | $51.0M0.0% | $56.0M+40.0% | $38.0M+8.6% | $59.0M-70.9% | $51.0M-79.3% |
| Stock-Based Compensation | $120.0M-7.7% | $104.0M-9.6% | N/A | $125.0M+11.6% | $130.0M+16.1% | $115.0M+13.9% | N/A | $112.0M+45.5% |
| Capital Expenditures | $37.0M+1133.3% | $62.0M-47.0% | $39.0M-92.5% | $33.0M-78.1% | $3.0M-98.4% | $117.0M-40.3% | $522.0M+137.3% | $151.0M+7.9% |
| Free Cash Flow | -$563.0M+38.9% | -$692.0M+40.0% | $891.0M+194.1% | -$880.0M+48.7% | -$922.0M+36.7% | -$1.2B+2.6% | $303.0M-24.6% | -$1.7B+1.3% |
| Investing Cash Flow | $329.0M-41.7% | -$76.0M-110.4% | -$48.0M+91.1% | $700.0M-2.9% | $564.0M-65.8% | $730.0M+518.6% | -$539.0M-0.2% | $721.0M-8.6% |
| Financing Cash Flow | $14.0M+55.6% | $17.0M+325.0% | $581.0M+19466.7% | -$1.0M-109.1% | $9.0M-73.5% | $4.0M-71.4% | -$3.0M+97.2% | $11.0M+119.0% |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0-100.0% |
Not reported in any period shown, so not listed: Dividends Paid.
MRNA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.9%+19.7pp | -145.5% | 33.3%+9.8pp | 79.6%+7.2pp | 16.2%-36.1pp | 16.7%-25.8pp | 23.5%-43.5pp | 72.4%+94.8pp |
| Operating Margin | -562.1% | -356.8% | -126.4% | -25.6%-21.8pp | -638.7% | -972.2% | -129.0% | -3.8% |
| Net Margin | -539.3% | -345.2% | -121.8% | -19.7%-20.4pp | -581.0% | -899.1% | -115.9% | 0.7% |
| Return on Equity | -11.6%-2.8pp | -18.1%-8.5pp | -9.5%+0.7pp | -2.1%-2.3pp | -8.8%+2.1pp | -9.7%-0.5pp | -10.3%-11.8pp | 0.1%+27.1pp |
| Return on Assets | -7.1%-0.3pp | -11.7%-4.1pp | -6.7%+1.2pp | -1.7%-1.7pp | -6.9%+1.3pp | -7.6%-0.6pp | -7.9%-9.1pp | 0.1%+18.7pp |
| Current Ratio | 2.29-1.6x | 2.41-1.8x | 3.29-0.4x | 3.92-0.5x | 3.93-0.2x | 4.22+0.2x | 3.67+0.2x | 4.39+1.9x |
| Debt-to-Equity | 0.09-0.2x | 0.08-0.2x | 0.07+0.1x | 0.300.0x | 0.28-0.1x | 0.260.0x | 0.00-0.3x | 0.33-0.1x |
| Asset Turnover | 0.010.0x | 0.030.0x | 0.060.0x | 0.080.0x | 0.010.0x | 0.010.0x | 0.07-0.1x | 0.120.0x |
| FCF Margin | -388.3% | -177.9% | 131.4% | -86.6%+5.6pp | -649.3% | -1068.5% | 31.4%+17.1pp | -92.2%+2.8pp |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Moderna, Inc. MRNA | FY2025 | $1.9B | -$2.8B | N/A | $57.5B | 31/100 |
| Roivant Sciences Ltd. ROIV | FY2026 | $8.3M | -$299.8M | N/A | $29.6B | 66/100 |
| Madrigal Pharmaceuticals, Inc. MDGL | FY2025 | $958.4M | -$288.3M | -30.1% | $12.3B | 69/100 |
| Halozyme Therapeutics, Inc. HALO | FY2025 | $1.4B | $316.9M | 22.7% | $12.1B | 78/100 |
| Verona Pharma plc VRNA | FY2024 | $42.3M | -$173.4M | N/A | $9.2B | 60/100 |
Where Moderna, Inc. Ranks
Frequently Asked Questions
What is Moderna, Inc.'s annual revenue?
Moderna, Inc. (MRNA) reported $1.9B in total revenue for fiscal year 2025. This represents a -39.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Moderna, Inc.'s revenue growing?
Moderna, Inc. (MRNA) revenue declined by 39.9% year-over-year, from $3.2B to $1.9B in fiscal year 2025.
Is Moderna, Inc. profitable?
No, Moderna, Inc. (MRNA) reported a net income of -$2.8B in fiscal year 2025.
What is Moderna, Inc.'s EBITDA?
Moderna, Inc. (MRNA) had EBITDA of -$2.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Moderna, Inc. have?
As of fiscal year 2025, Moderna, Inc. (MRNA) had $2.6B in cash and equivalents against $590.0M in long-term debt.
What is Moderna, Inc.'s gross margin?
Moderna, Inc. (MRNA) had a gross margin of 55.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Moderna, Inc.'s return on equity (ROE)?
Moderna, Inc. (MRNA) has a return on equity of -32.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Moderna, Inc.'s free cash flow?
Moderna, Inc. (MRNA) recorded an outflow of $2.1B in free cash flow during fiscal year 2025. This represents a 49.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Moderna, Inc.'s operating cash flow?
Moderna, Inc. (MRNA) recorded an outflow of $1.9B in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Moderna, Inc.'s total assets?
Moderna, Inc. (MRNA) had $12.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Moderna, Inc.'s capital expenditures?
Moderna, Inc. (MRNA) invested $192.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Moderna, Inc. spend on research and development?
Moderna, Inc. (MRNA) invested $3.1B in research and development during fiscal year 2025.
What is Moderna, Inc.'s current ratio?
Moderna, Inc. (MRNA) had a current ratio of 3.29 as of fiscal year 2025, which is generally considered healthy.
What is Moderna, Inc.'s debt-to-equity ratio?
Moderna, Inc. (MRNA) had a debt-to-equity ratio of 0.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Moderna, Inc.'s return on assets (ROA)?
Moderna, Inc. (MRNA) had a return on assets of -22.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Moderna, Inc.'s P/E ratio?
Moderna, Inc. (MRNA) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $57.5B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Moderna, Inc.'s price-to-sales ratio?
Moderna, Inc. (MRNA) trades at 25.8x sales, its market capitalization divided by revenue of $2.2B revenue, trailing 12 months to June 30, 2026. The market capitalization is $57.5B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Moderna, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Moderna, Inc. (MRNA) held $8.1B in cash, cash equivalents and investments, and reported an operating cash outflow of $1.9B over that year. Dividing the one by the other, the reported balance equals about 52 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Moderna, Inc.'s Altman Z-Score?
Moderna, Inc. (MRNA) has an Altman Z-Score of 9.95, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Moderna, Inc.'s Piotroski F-Score?
Moderna, Inc. (MRNA) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Moderna, Inc.'s earnings high quality?
Moderna, Inc. (MRNA) reported a net loss of $2.8B while operations used $1.9B of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Moderna, Inc.?
Moderna, Inc. (MRNA) scores 31 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.