MRNANasdaqBiological Products, (No Diagnostic Substances)Fiscal year ends December 31
Moderna, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 31, 2026
$226.89+8.88 (+4.07%)
Close on Oct 19, 2026
- Market cap
- $90.30B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
55.3%−43.7 pts over 5 years
Operating margin
-158.1%−63.1 pts over 5 years
Net margin
-145.2%−52.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -39.9% | -53.4% | +19.3% | – | |
| Gross profit | -39.3% | -57.3% | +6.2% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 89.2% | -40.0% | -28.9% | |
| Return on assets | – | -16.7% | -21.3% | |
| Current ratio | – | 1.43 | 3.29 | |
| Debt to equity | – | – | 0.07 | |
| Net debt to EBITDA | – | – | 0.70× | |
| Inventory turnover | – | 0.3× | 6.4× | |
| Capex to revenue | 30.6% | 8.5% | 9.9% | |
| Diluted shares | 61M | 381M | 389M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Moderna generated $26.60B from operations and spent $7.98B on capital expenditure, dividends and share buybacks. 33% of that went back into the business.
Generated
$26.60B
Used
$7.98B
Capital expenditure$2.63B33%Dividends$00%Share buybacks$5.34B67%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-145.2%
×Asset turnover0.15×
×Equity multiplier1.35×
=Return on equity, FY2025-28.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -145.2% | 0.15× | 1.35× | -28.9% |
| FY2024 | -110.0% | 0.20× | 1.32× | -28.8% |
| FY2023 | -68.8% | 0.31× | 1.34× | -28.6% |
| FY2022 | 43.4% | 0.76× | 1.52× | 50.3% |
| FY2021 | 66.1% | 1.15× | 1.92× | 146.1% |
| FY2020 | -93.0% | 0.18× | 2.39× | -40.0% |
| FY2019 | -856.7% | 0.03× | 1.31× | -38.0% |
| FY2018 | -284.8% | 0.09× | 3.11× | -78.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$2.82B
- Cash generatingOperating cash flow above zero-$1.87B
- Return on assets improvedROA up on the prior year-19.3% → -20.0%
- Earnings backed by cashOperating cash flow above net income-$1.87B vs -$2.82B
- Less leverageLong-term debt to assets fell0.0% → 4.8%
- Better liquidityCurrent ratio rose3.67 → 3.29
- No dilutionShare count did not rise384M → 389M
- Gross margin improvedGross margin up on the prior year54.76% → 55.35%
- More efficientAsset turnover rose0.18 → 0.14