Moderna, Inc.

Biological Products, (No Diagnostic Substances)

MRNAStrong6 of 10 basics passed

$225.15

+14.29%

Market cap $89.9B

$225.15

+14.29%

Market cap $89.9B

Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in 2018. The firm's mRNA technology was rapidly validated with its covid vaccine, which was authorized in the United States in December 2020.

It is a $89.9B healthcare company. Revenue shrank 27.6% over the last year, it currently loses money, and it holds more cash than debt.

Website: modernatx.com
Location: Cambridge, MA
Employees: 4 700
Sector: Healthcare
Founded: 1999

Moved +12.5% on Oct 9, 20262.1σ — unusual for this stock

Share price · 3 years

$104.43 → $225.15+115.6%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $2.23B
Loss: spends more than it earns; -$3.15B
Free cash flow: cash left after running the business; -$1.24B
Net cash: more cash than debt; $5.21B
P/E: years of profit in the price; 3.9
Shares: down 10% since 2021 — buybacks; 389.0M
Volatility: beta vs the market — under 1 swings less; 1.19

Revenue, last 8 years

52-week range

Low $22.36$225.15High $225.15

Today's price is 100% of the way from the year's low to its high.

Valuation vs own history

P/E

32.8×

10%

P/S

40.3×

P/B

13.3×

FCF yield

1.2%

13%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$16.4Mnet selling

Purchases$0

Sales$16.4M

Insiders trading, last 14d0 buy · 0 sell

Standing in Healthcare

Size$89.9Btop 22%
Revenue growth-53%top 100%
Net margin-141%top 94%
Return on equity-39%top 90%
P/E3.9×top 1%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong health; Valuation, Growth, Profitability, Quality and Moat lag behind.

Valuation0

P/E vs own history88th pct · 0/25
FCF yield-1.4% · 0/25
P/S40.3x · 0/25
EV/EBITDA101.3x · 0/25

Growth0

Revenue CAGR-43.0% · 0/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability0

ROIC-82.0% · 0/25
ROE-39.2% · 0/25
Net margin-141.4% · 0/25
Operating margin-149.0% · 0/25

Health100

Altman Z13.40 · 25/25
Current ratio2.29 · 25/25
Interest coverageno interest expense · 25/25
Net cash / debtNet cash · 25/25

Quality35

Piotroski F4/9 · 10/25
Beneish M-2.85 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 423.0% · 0/25

Moat25

ROIC >12% years2/7 yrs · 0/25
Median gross margin63.6% · 25/25
FCF-positive years3/8 yrs · 0/25
Worst-year net marginworst -853.7% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2021Financial
Turned profitable
$12.2B net income after a loss year
FY2021Financial
Revenue crossed $1B
$18.5B for the year
FY2021Financial
Revenue crossed $10B
$18.5B for the year
FY2021Financial
Best year on record
$12.2B net income
2013IPO
The company went public in 2013 and was taken private by Vista Equity Partners in 2024
2012Acquisition
Model N acquired LeapFrogRX, an analytics company based in Waltham, Massachusetts
2006Acquisition
Model N completed an acquisition of Azerity, a software company that focused on pricing and…
1999Founded
Model N, Inc. is an American software company founded in 1999 and headquartered in San Mateo, California

Achievements

Verifiable track record, straight from the reported numbers.

#22 largest of 98 Healthcare companies by market cap

$10 000 invested in 2021 would be worth ~$5 264 today — price return only

$1.9B revenue in FY2025

4 700 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Net cash position after subtracting debt from cash
Altman Z-Score 13.40 — low bankruptcy-risk zone

Watch-outs

Revenue shrinking 27.6% year over year
Not profitable — 141.4% net margin
Negative free cash flow (-$1.2B)
Loss-making in 6 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

6 of 10 checks passed

Revenue growing — the company sells more than a year ago-27.6% YoY
Profitable — makes more than it spends-$3.15B TTM
Profit growing — earnings are higher than last year+20.8% YoY
Generates cash — cash left after running and investing-$1.24B TTM
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$89.9B market cap
Not printing shares — share count not ballooning — you keep your slice-9.7% shares over ~5y
Proven track record — years of profitability behind it2/8 profitable years
Financially stable — balance sheet not near distressAltman Z 13.4 — safe
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 3.9

Peer comparisonModerna, Inc. vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
MRNA this company	$89.9B	3.9	-27.6%	-141.4%	Strong
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: MRNA vs LLY · MRNA vs JNJ · MRNA vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 7Hold 17Sell 2

Appendix · Financial records

The full statements behind this CV, FY2018–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $2.23B · net income -$3.15B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$2.23B

YoY -27.6%

Net income (TTM)

-$3.15B

Margin -141.4%

Gross margin

36.4%

Operating margin

-149.0%

P/E ratio

3.9

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.8	18.5	19.3	6.8	3.2	1.9
Gross profit	0.8	15.9	13.8	2.2	1.8	1.1
Operating income (EBIT)	-0.8	13.3	9.4	-4.2	-3.9	-3.1
Net income	-0.7	12.2	8.4	-4.7	-3.6	-2.8
EPS (diluted)	—	28.31	20.10	-12.34	-9.27	-7.25

Cash flowFree cash flow -$1.24B · operating cash flow -$1.07B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$1.24B

Margin -55.8%

Operating cash flow (TTM)

-$1.07B

FCF margin

-55.8%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	2.0	13.6	5.0	-3.1	-3.0	-1.9
Capital expenditure	-0.1	-0.3	-0.4	-0.7	-1.1	-0.2
Free cash flow	2.0	13.3	4.6	-3.8	-4.1	-2.1
FCF margin	243.9%	72.2%	23.8%	-55.9%	-125.3%	-106.2%

Balance sheetAssets $12.3B · net cash $5.21B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $12.3B of assets is financed

30%

70%

Liabilities $3.69B — borrowed moneyEquity $8.65B — owners' stake

Cash vs debt

Total debt $590M − cash $5.80B = net cash $5.21B

Cash on hand covers all debt.

Altman Z-Score

13.40

Safe zone

Debt repayment

Not needed

Cash already covers all debt

ROE

-39.2%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	4.6	10.7	9.9	8.6	7.0	5.8
Total assets	7.3	24.7	25.9	18.4	14.1	12.3
Total liabilities	4.8	10.5	6.7	4.6	3.2	3.7
Total debt	—	—	—	—	—	0.6
Equity	2.6	14.1	19.1	13.9	10.9	8.7
Net debt	—	—	—	—	—	-5.2

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of MRNA on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $225.15 · market cap $89.9B.