Moderna MRNA

mRNA medicines. Moderna, Inc., listed on NASDAQ.

Based on the FY2025 annual report (Jan 2025 – Dec 2025)

Moderna's market cap is
about $96.34 billion.

#115 by market cap among 289 companies, based on the Nov 5, 2026 close. FY2025 revenue was $1.944B.

Share price (close): $241.46; Close on Nov 5, 2026 · per share
P/E ratio: —; Net loss, or no EPS reported
Market cap: $96.34B; #115 of 289
Revenue: $1.944B; #296 of 299 · −39.9% YoY
Operating income: −$3.074B; #228 of 231 · +22.1% YoY
Net income: −$2.822B; #294 of 298 · +20.8% YoY
Free cash flow: −$2.065B; #249 of 261 · +49.1% YoY
Total assets: $12.338B; #259 of 299 · −12.8% YoY
Dividends paid: —; Not reported
Dividend per share: —; Not reported
Dividend yield: —; No dividend, or a different currency
Shares outstanding: 394,000,000 shares; As of Dec 31, 2025

Where the revenue went

Revenue is set at 100% and split into what went to costs, R&D, operating expenses and taxes, and what was left as profit.

Cost of revenue44.7%
R&D161.1%
SG&A and other52.4%
Loss145.2%

Non-operating gains such as investment income (13.0% of revenue) offset part of the loss, so the net loss is smaller than the operating loss.

Profitability and stability

Each figure comes with its rank among 300 companies. The further right the dot, the higher the rank.

Revenue growthHow much revenue grew from the previous fiscal year: −39.9%; #298 of 299; Revenue fell from a year earlier. The median across 299 companies is +7.9%.
Operating marginShare of revenue kept as profit from the core business: −158.1%; #230 of 231; The core business lost money. The median across 231 companies is 19.2%.
Net marginShare of revenue left as profit after interest and taxes: −145.2%; #296 of 298; The company lost the equivalent of 145.2% of revenue. The median across 298 companies is 14.0%.
FCF marginShare of revenue left as cash after capital spending: −106.2%; #261 of 261; The company spent more on investment than it generated in cash. The median across 261 companies is 15.8%.
ROEHow much profit the company earned on shareholders' equity in a year: −28.9%; #272 of 276; ROE is negative because of a net loss. The median across 276 companies is 16.8%.
Debt-to-equityLiabilities relative to equity. Lower means less debt: 42.6%; #18 of 244; Liabilities are smaller than equity. The median across 244 companies is 159.6%.

Revenue and profit over time

Gray bars show revenue and the green part inside shows net income. The number above each bar is revenue (abbreviated) and the number below is net margin. Hover over a bar to see the exact amounts.

Currency: US dollars. Years are the years in which each fiscal year ended.

Where the cash went

Unlike profit, cash flow is money that actually came in and went out.

Cash from operations−$1.873B
Capital spending−$192M
Cash shortfall (FCF)−$2.065B

Whose money funds the assets

The company's assets, split into borrowed money (liabilities) and shareholders' money (equity).

Liabilities 30%Equity 70%

Total assets$12.338B
Total liabilities$3.688B
Total equity$8.65B
Cash and equivalents$2.595B

Compared with similar companies

Based on each company's latest annual report, so fiscal year ends may differ.

Compare in detail

Company	Annual revenue	Net income	Revenue growth	Operating margin	Net margin
ModernaMRNA	$1.944B	−$2.822B	−39.9%	−158.1%	−145.2%
RegeneronREGN	$14.3429B	$4.5049B	+1.0%	24.9%	31.4%
Vertex PharmaceuticalsVRTX	$12.0013B	$3.9532B	+8.9%	34.8%	32.9%
NateraNTRA	$2.306113B	−$208.16M	+35.9%	−13.4%	−9.0%
Gilead SciencesGILD	$29.443B	$8.51B	+2.4%	34.0%	28.9%

What the company does

Moderna is a biotech company using mRNA technology to develop COVID-19 and RSV vaccines and personalized cancer vaccines.

The fiscal year ends around December each year.

Related companies: Regeneron, Vertex Pharmaceuticals, Natera, Gilead Sciences

Financial statements

Last 5 fiscal years. Currency: US dollars.

Show the table

Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	18.471B	19.263B	6.848B	3.236B	1.944B
Cost of revenue	2.617B	5.416B	4.693B	1.464B	868M
Gross profit	15.854B	13.847B	2.155B	1.772B	1.076B
R&D expense	1.991B	3.295B	4.845B	4.543B	3.132B
Operating income	13.296B	9.42B	−4.239B	−3.945B	−3.074B
Pretax income	13.285B	9.575B	−3.942B	−3.607B	−2.768B
Net income	12.202B	8.362B	−4.714B	−3.561B	−2.822B
EPS (diluted)	$28.29	$20.12	$-12.33	$-9.28	$-7.26
Operating cash flow	13.62B	4.981B	−3.118B	−3.004B	−1.873B
Capital expenditures	284M	400M	707M	1.051B	192M
Free cash flow (FCF)	13.336B	4.581B	−3.825B	−4.055B	−2.065B
Total assets	24.669B	25.858B	18.426B	14.142B	12.338B
Total liabilities	10.524B	6.735B	4.572B	3.241B	3.688B
Total equity	14.145B	19.123B	13.854B	10.901B	8.65B
Cash and equivalents	6.848B	3.205B	2.907B	1.927B	2.595B
Original filing	10-K	10-K	10-K	10-K	10-K

Source: SEC EDGAR filings for Moderna, Inc. · CIK 0001682852 · US-GAAP