MRNAModerna

Health care · Biotechnology · Nasdaq

Moderna is a pioneer and leader in the field of mRNA medicine. 10-K, Item 1

Employees: 4,700
Headquarters: Cambridge, MA
CEO: Stephane Bancel
Next results: around Jan 11, 2027

All key numbers (37, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	-7.04	Sales (ttm)	2.5B	Net income (ttm)	-2.8B	Sales growth	-39.9%	EPS growth	-	Sales Q/Q	+29.2%
Free cash flow	-2.0B	Gross margin	28.0%	Oper. margin	-116.0%	Net margin	-110.5%	FCF margin	-78.0%	ROE	-40.8%
ROA	-20.7%	R&D / sales	161.1%	Dividend	-	Debt/Eq	0.09	Curr. ratio	3.62	Cash	1.2B
Op. cash flow (ttm)	-1.8B	EBITDA	-2.9B	EBITDA margin	-147.3%	Net debt	-605.0M	Quick ratio	3.55	Interest cover	-307.40
Stock pay / sales	24.8%	Shares out.	404.6M	Shares Y/Y	+1.3%	Book / share	16.90	Cash / share	2.95	Sales / share	6.24
Asset turnover	0.19	Inventory turns	5.67	Days sales out.	35	Sales 3Y CAGR	-53.4%	Sales 5Y CAGR	+19.3%	Employees	4,700
Sales / employee	537K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Revenue growth sped up to -39.9%-52.7% → -39.9% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Operating margin narrowed to -158.1%-121.9% → -158.1% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

MRNA against Health care peers

Ten years, side by side → · All 60 →

MRNAPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth

-39.9%60th of 60 · median +7.1%

Net margin

-110.5%60th of 60 · median 9.6%

Return on equity

-40.8%54th of 54 · median 13.1%

Free cash flow margin

-78.0%56th of 56 · median 15.5%

Debt / equity (less is better)

0.095th of 49 · median 0.66

MRNA and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
MRNA Moderna	$2.5B	-39.9%	28.0%	-110.5%	-40.8%	-78.0%	0.09
VEEV Veeva Systems	$3.5B	+16.3%	75.0%	29.3%	13.7%	-	-
WST West Pharmaceutical Services	$3.4B	+6.3%	37.6%	18.8%	21.5%	13.3%	0.07
PODD Insulet Corporation	$3.2B	+30.7%	71.9%	13.4%	27.1%	8.2%	0.61
RVTY Revvity	$2.9B	+3.7%	-	8.2%	3.3%	19.2%	0.44
TECH Bio-Techne	$1.2B	-0.4%	65.8%	14.0%	7.9%	25.1%	0.18

FY2021FY2022

From $18.5B of sales to $12.2B of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $19.3B of sales to $8.4B of profit

FY2022, from the 10-K income statement

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$14$11$66

FY2022

$28$17$43

Cost of revenue
R&D
Sales, admin & other
Tax, less other income
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

0 of 3

!
Net margin below the peer median-110.5% vs 9.6%
!
Return on equity below 15%-40.8%
!
A profit in 2 of 10 years

Net margin, FY2016 to FY2025: -199.5% → -145.2%

Balance sheet

3 of 4

!
Interest covered less than 5 timesOperating income is -307.4× interest expense
✓
Debt smaller than equityDebt / equity 0.09 on the latest balance sheet (peer median 0.66)
✓
Current assets cover current liabilitiesCurrent ratio 3.62
✓
More cash than debtNet cash $3.8B

Debt / equity at each year end, FY2016 to FY2025: 0.00 → 0.07

Cash and shareholders

0 of 2

!
Free cash flow positive in 4 of 10 years−$2.1B last year
!
Share count up over 5 years+2.1%

Free cash flow, FY2016 to FY2025: 33.6M → -2.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 1.9B Net income -2.8B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

MRNA's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue1.9B

Net income-2.8B

Free cash flow-2.1B

EPS (diluted)-7.26

Diluted shares389.0M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Net product sales	1.8B	93.5%	-41.5%
COVID	1.8B	93.1%	-41.3%
Stand-ready manufacturing revenue	80.0M	4.1%	-
Grant revenue	22.0M	1.1%	-40.5%
Collaboration revenue (Note 5)	13.0M	0.7%	-72.9%
Licensing and royalty revenue	11.0M	0.6%	-73.8%
RSV	8.0M	0.4%	-68.0%

10-K 0001682852-26-000033, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	1.2B	61.7%	-32.8%
Rest of world	692.0M	35.6%	-18.9%
Europe	53.0M	2.7%	-91.1%

10-K 0001682852-26-000033, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	108.4M	205.8M	135.1M	60.2M	803.0M	18.5B	19.3B	6.8B	3.2B	1.9B
Cost of revenue	-	-	0	0	8.0M	2.6B	5.4B	4.7B	1.5B	868.0M
R&D	274.7M	410.5M	454.1M	496.0M	1.4B	2.0B	3.3B	4.8B	4.5B	3.1B
SG&A	57.5M	64.7M	94.3M	110.0M	188.0M	567.0M	1.1B	1.5B	1.2B	1.0B
Operating income	-223.8M	-269.4M	-413.3M	-546.0M	-763.0M	13.3B	9.4B	-4.2B	-3.9B	-3.1B
Interest expense	0	0	3.0M	6.0M	9.0M	14.0M	25.0M	39.0M	24.0M	10.0M
Pretax income	-215.2M	-256.0M	-384.4M	-515.0M	-744.0M	13.3B	9.6B	-3.9B	-3.6B	-2.8B
Income tax	1.0M	-80K	326K	-1.0M	3.0M	1.1B	1.2B	772.0M	-46.0M	54.0M
Net income	-216.2M	-255.9M	-384.7M	-514.0M	-747.0M	12.2B	8.4B	-4.7B	-3.6B	-2.8B
EPS (diluted)	-3.79	-4.18	-4.95	-1.55	-1.96	28.29	20.12	-12.33	-9.28	-7.26
Diluted shares	-	-	-	331.0M	381.0M	431.0M	416.0M	382.0M	384.0M	389.0M
Depreciation & amortization	15.1M	20.5M	24.9M	31.0M	31.0M	232.0M	348.0M	617.0M	185.0M	211.0M
EBITDA	-208.7M	-248.8M	-388.4M	-515.0M	-732.0M	13.5B	9.8B	-3.6B	-3.8B	-2.9B
Operating margin	-206.4%	-130.9%	-306.0%	-906.8%	-95.0%	72.0%	48.9%	-61.9%	-121.9%	-158.1%
Net margin	-199.5%	-124.3%	-284.8%	-853.7%	-93.0%	66.1%	43.4%	-68.8%	-110.0%	-145.2%
Revenue growth	-	+89.9%	-34.4%	-55.4%	+1234%	+2200%	+4.3%	-64.4%	-52.7%	-39.9%
EPS growth	-	-	-	-	-	-	-28.9%	-161%	-	-

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	50.1M	134.9M	658.4M	236.0M	2.6B	6.8B	3.2B	2.9B	1.9B	2.6B
Short-term investments	-	621.2M	863.1M	867.1M	2.0B	3.9B	6.7B	5.7B	5.1B	3.2B
Receivables	-	11.9M	11.7M	5.4M	1.4B	3.2B	1.4B	892.0M	358.0M	184.0M
Inventory	-	-	-	0	47.0M	1.4B	949.0M	202.0M	117.0M	153.0M
Current assets	-	783.2M	1.6B	1.1B	6.3B	16.1B	13.4B	10.3B	8.1B	6.5B
Property & equipment	-	139.0M	212.0M	-	-	-	-	-	-	-
Goodwill	-	-	-	-	-	-	0	52.0M	52.0M	52.0M
Total assets	-	1.1B	2.0B	1.6B	7.3B	24.7B	25.9B	18.4B	14.1B	12.3B
Accounts payable	-	20.7M	31.2M	7.1M	18.0M	302.0M	487.0M	520.0M	405.0M	317.0M
Current liabilities	-	191.5M	222.8M	143.1M	4.4B	9.1B	4.9B	3.0B	2.2B	2.0B
Total debt	-	-	-	-	-	-	-	-	0	590.0M
Total liabilities	-	459.2M	431.9M	414.6M	4.8B	10.5B	6.7B	4.6B	3.2B	3.7B
Shareholders' equity	-334.8M	-551.4M	1.5B	1.2B	2.6B	14.1B	19.1B	13.9B	10.9B	8.7B
Retained earnings	-	-621.9M	-1.0B	-1.5B	-2.2B	10.0B	18.3B	13.6B	10.0B	7.2B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	66.7M	-331.5M	-330.9M	-459.0M	2.0B	13.6B	5.0B	-3.1B	-3.0B	-1.9B
Capital spending	33.1M	58.4M	105.8M	32.0M	68.0M	284.0M	400.0M	707.0M	1.1B	192.0M
Free cash flow	33.6M	-389.9M	-436.6M	-491.0M	2.0B	13.3B	4.6B	-3.8B	-4.1B	-2.1B
Stock-based pay (added back)	39.4M	40.1M	72.6M	81.0M	93.0M	142.0M	226.0M	305.0M	429.0M	483.0M
Buybacks	-	-	-	0	0	857.0M	3.3B	1.2B	0	2.0M
Acquisitions	-	-	-	-	-	0	0	85.0M	0	0
Investing cash flow	-648.6M	417.4M	-373.1M	-15.0M	-1.7B	-8.5B	-5.2B	4.2B	1.9B	1.9B
Financing cash flow	472.9M	168K	1.2B	52.0M	2.0B	-873.0M	-3.4B	-1.4B	56.0M	593.0M

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	39.4M	40.1M	72.6M	81.0M	93.0M	142.0M	226.0M	305.0M	429.0M	483.0M
Stock-based pay / revenue	36.3%	19.5%	53.7%	134.5%	11.6%	0.8%	1.2%	4.5%	13.3%	24.8%
Operating lease cost	-	-	-	17.0M	17.0M	24.0M	48.0M	88.0M	103.0M	89.0M
Operating lease cash paid	-	-	-	16.1M	15.0M	19.0M	57.0M	93.0M	78.0M	71.0M
Finance lease principal paid	-	-	-	0	8.0M	140.0M	184.0M	292.0M	12.0M	23.0M
Right-of-use assets	-	-	63.3M	86.4M	90.0M	142.0M	121.0M	713.0M	759.0M	719.0M
Operating lease liabilities	-	-	70.7M	97.3M	103.4M	152.0M	127.0M	668.0M	685.0M	670.0M
Finance lease liabilities	-	-	-	38.7M	134.2M	764.0M	1.1B	575.0M	62.0M	45.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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