NASDAQ : MRNA
Moderna, Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 221.72 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 88.52B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Moderna, Inc. (MRNA) reported revenue of 2.23B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 2.06B | 1.82B | 3.11B | 6.67B | 18.43B | 17.68B |
| Other Revenue | 164.00M | 126.00M | 127.00M | 177.00M | 828.00M | 796.00M |
| Revenue | 2.23B | 1.94B | 3.24B | 6.85B | 19.26B | 18.47B |
| Cost of Revenue | 3.70B | 4.00B | 6.01B | 9.54B | 8.71B | 4.61B |
| Gross Profit | -1.47B | -2.06B | -2.77B | -2.69B | 10.55B | 13.86B |
| Selling, General & Admin | 965.00M | 1.02B | 1.17B | 1.55B | 1.13B | 567.00M |
| Operating Expenses | 965.00M | 1.02B | 1.17B | 1.55B | 1.13B | 567.00M |
| Operating Income | -2.44B | -3.07B | -3.94B | -4.24B | 9.42B | 13.30B |
| Interest Expense | -42.00M | -10.00M | -24.00M | -29.00M | -17.00M | |
| Interest & Investment Income | 282.00M | 314.00M | 425.00M | 421.00M | 200.00M | 18.00M |
| Other Non Operating Income (Expenses) | -8.00M | 7.00M | -7.00M | -124.00M | -16.00M | -12.00M |
| EBT Excluding Unusual Items | -2.20B | -2.76B | -3.55B | -3.94B | 9.57B | 13.29B |
| Gain (Loss) on Sale of Investments | 1.00M | -5.00M | -56.00M | |||
| Pretax Income | -3.09B | -2.77B | -3.61B | -3.94B | 9.57B | 13.29B |
| Income Tax Expense | 64.00M | 54.00M | -46.00M | 772.00M | 1.21B | 1.08B |
| Net Income | -3.15B | -2.82B | -3.56B | -4.71B | 8.36B | 12.20B |
| Net Income to Common | -3.15B | -2.82B | -3.56B | -4.71B | 8.36B | 12.20B |
| Shares Outstanding (Basic) | 393.50M | 389.00M | 384.00M | 382.00M | 394.00M | 403.00M |
| Shares Outstanding (Diluted) | 393.50M | 389.00M | 384.00M | 382.00M | 416.00M | 431.00M |
| EPS (Basic) | -8.01 | -7.25 | -9.27 | -12.34 | 21.22 | 30.28 |
| EPS (Diluted) | -8.01 | -7.25 | -9.27 | -12.34 | 20.12 | 28.29 |
| Free Cash Flow | -1.24B | -2.06B | -4.05B | -3.83B | 4.58B | 13.34B |
| Free Cash Flow Per Share | -3.16 | -5.31 | -10.56 | -10.01 | 11.01 | 30.94 |
| Gross Margin | -66.02% | -105.76% | -85.63% | -39.28% | 54.78% | 75.05% |
| Operating Margin | -109.34% | -158.13% | -121.91% | -61.90% | 48.90% | 71.98% |
| Profit Margin | -141.43% | -145.17% | -110.04% | -68.84% | 43.41% | 66.06% |
| Free Cash Flow Margin | -55.84% | -106.22% | -125.31% | -55.86% | 23.78% | 72.20% |
| EBITDA | -2.19B | -2.86B | -3.76B | -3.62B | 9.77B | 13.53B |
| EBITDA Margin | -98.52% | -147.07% | -116.07% | -52.83% | 50.71% | 73.24% |
| D&A For EBITDA | 241.00M | 215.00M | 189.00M | 621.00M | 348.00M | 232.00M |
| EBIT | -2.44B | -3.07B | -3.94B | -4.24B | 9.42B | 13.30B |
| EBIT Margin | -109.34% | -158.13% | -121.91% | -61.90% | 48.90% | 71.98% |
| Effective Tax Rate | 12.67% | 8.15% | ||||
| Revenue as Reported | 2.23B | 1.94B | 3.24B | 6.85B | 19.26B | 18.47B |
| Advertising Expenses | 121.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.72B | 2.60B | 1.93B | 2.91B | 3.21B | 6.85B |
| Short-Term Investments | 3.42B | 3.20B | 5.10B | 5.70B | 6.70B | 3.88B |
| Cash & Short-Term Investments | 5.14B | 5.80B | 7.03B | 8.60B | 9.90B | 10.73B |
| Accounts Receivable | 17.00M | 184.00M | 358.00M | 892.00M | 1.39B | 3.17B |
| Other Receivables | 86.00M | 100.00M | 234.00M | 189.00M | 264.00M | 148.00M |
| Receivables | 103.00M | 284.00M | 592.00M | 1.08B | 1.69B | 3.32B |
| Inventory | 280.00M | 153.00M | 117.00M | 202.00M | 1.17B | 1.73B |
| Prepaid Expenses | 146.00M | 169.00M | 173.00M | 182.00M | 254.00M | 126.00M |
| Other Current Assets | 148.00M | 139.00M | 192.00M | 256.00M | 422.00M | 167.00M |
| Total Current Assets | 5.82B | 6.54B | 8.10B | 10.32B | 13.43B | 16.07B |
| Property, Plant & Equipment | 2.76B | 2.85B | 2.96B | 2.66B | 2.14B | 1.38B |
| Long-Term Investments | 1.77B | 2.34B | 2.51B | 4.74B | 8.36B | 6.84B |
| Goodwill | 52.00M | 52.00M | 52.00M | 52.00M | ||
| Other Intangible Assets | 109.00M | 45.00M | 40.00M | 44.00M | ||
| Long-Term Deferred Tax Assets | 82.00M | 81.00M | 81.00M | 982.00M | 326.00M | |
| Other Long-Term Assets | 375.00M | 421.00M | 407.00M | 604.00M | 946.00M | 46.00M |
| Total Assets | 10.96B | 12.34B | 14.14B | 18.43B | 25.86B | 24.67B |
| Accounts Payable | 167.00M | 317.00M | 405.00M | 520.00M | 487.00M | 302.00M |
| Accrued Expenses | 1.47B | 827.00M | 898.00M | 1.07B | 1.83B | 1.47B |
| Current Portion of Leases | 52.00M | 42.00M | 37.00M | 25.00M | 196.00M | 211.00M |
| Current Income Taxes Payable | 48.00M | 876.00M | ||||
| Current Unearned Revenue | 295.00M | 99.00M | 153.00M | 568.00M | 2.04B | 6.25B |
| Other Current Liabilities | 552.00M | 702.00M | 713.00M | 833.00M | 326.00M | 14.00M |
| Total Current Liabilities | 2.53B | 1.99B | 2.21B | 3.02B | 4.92B | 9.13B |
| Long-Term Debt | 591.00M | 590.00M | ||||
| Long-Term Leases | 644.00M | 673.00M | 710.00M | 1.22B | 1.00B | 705.00M |
| Long-Term Unearned Revenue | 147.00M | 153.00M | 58.00M | 83.00M | 673.00M | 615.00M |
| Other Long-Term Liabilities | 284.00M | 285.00M | 267.00M | 256.00M | 135.00M | 76.00M |
| Total Liabilities | 4.20B | 3.69B | 3.24B | 4.57B | 6.74B | 10.52B |
| Additional Paid-In Capital | 1.64B | 1.38B | 866.00M | 371.00M | 1.17B | 4.21B |
| Retained Earnings | 5.10B | 7.22B | 10.04B | 13.61B | 18.32B | 9.96B |
| Comprehensive Income & Other | 19.00M | 45.00M | -10.00M | -123.00M | -370.00M | -24.00M |
| Total Common Equity | 6.76B | 8.65B | 10.90B | 13.85B | 19.12B | 14.14B |
| Shareholders' Equity | 6.76B | 8.65B | 10.90B | 13.85B | 19.12B | 14.14B |
| Total Liabilities & Equity | 10.96B | 12.34B | 14.14B | 18.43B | 25.86B | 24.67B |
| Total Debt | 1.29B | 1.30B | 747.00M | 1.24B | 1.20B | 916.00M |
| Net Cash (Debt) | 5.62B | 6.83B | 8.77B | 12.04B | 17.02B | 16.65B |
| Net Cash Per Share | 14.29 | 17.56 | 22.84 | 31.51 | 40.91 | 38.64 |
| Filing Date Shares Outstanding | 399.24M | 394.94M | 385.82M | 382.07M | 386.34M | 402.87M |
| Total Common Shares Outstanding | 399.00M | 394.00M | 386.00M | 382.00M | 385.00M | 403.00M |
| Working Capital | 3.28B | 4.56B | 5.89B | 7.31B | 8.51B | 6.94B |
| Book Value Per Share | 16.94 | 21.95 | 28.24 | 36.27 | 49.67 | 35.10 |
| Tangible Book Value | 6.60B | 8.55B | 10.81B | 13.76B | 19.12B | 14.14B |
| Tangible Book Value Per Share | 16.54 | 21.71 | 28.00 | 36.02 | 49.67 | 35.10 |
| Land | 77.00M | 78.00M | 59.00M | 22.00M | 11.00M | |
| Buildings | 1.22B | 1.18B | 743.00M | |||
| Machinery | 795.00M | 777.00M | 525.00M | 445.00M | 343.00M | 211.00M |
| Construction In Progress | 279.00M | 298.00M | 1.06B | 860.00M | 281.00M | 212.00M |
| Leasehold Improvements | 409.00M | 403.00M | 207.00M | 522.00M | 460.00M | 313.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -3.15B | -2.82B | -3.56B | -4.71B | 8.36B | 12.20B |
| Depreciation & Amortization | 241.00M | 215.00M | 189.00M | 621.00M | 348.00M | 232.00M |
| Loss (Gain) From Sale of Investments | -49.00M | -59.00M | -43.00M | -26.00M | 31.00M | 54.00M |
| Stock-Based Compensation | 462.00M | 483.00M | 429.00M | 305.00M | 226.00M | 142.00M |
| Other Operating Activities | 51.00M | 77.00M | 60.00M | 7.00M | 28.00M | -318.00M |
| Change in Accounts Receivable | 13.00M | 156.00M | 534.00M | 493.00M | 1.79B | -1.78B |
| Change in Inventory | -38.00M | -34.00M | 83.00M | 747.00M | 492.00M | -1.39B |
| Change in Accounts Payable | -17.00M | -92.00M | -69.00M | 13.00M | 240.00M | 204.00M |
| Change in Unearned Revenue | 168.00M | 41.00M | -439.00M | -2.06B | -4.16B | 2.82B |
| Change in Income Taxes | 876.00M | |||||
| Change in Other Net Operating Assets | 1.25B | 162.00M | -187.00M | 1.50B | -2.38B | 582.00M |
| Operating Cash Flow | -1.07B | -1.87B | -3.00B | -3.12B | 4.98B | 13.62B |
| Capital Expenditures | -171.00M | -192.00M | -1.05B | -707.00M | -400.00M | -284.00M |
| Cash Acquisitions | -85.00M | |||||
| Sale (Purchase) of Intangibles | -10.00M | |||||
| Investment in Securities | 1.08B | 2.15B | 3.00B | 5.02B | -4.74B | -8.21B |
| Other Investing Activities | -23.00M | -40.00M | -30.00M | |||
| Investing Cash Flow | 905.00M | 1.95B | 1.95B | 4.21B | -5.18B | -8.52B |
| Long-Term Debt Issued | 600.00M | |||||
| Long-Term Debt Repaid | -18.00M | -10.00M | -270.00M | -184.00M | -140.00M | |
| Net Debt Issued (Repaid) | 578.00M | 582.00M | -10.00M | -270.00M | -184.00M | -140.00M |
| Issuance of Common Stock | 60.00M | 35.00M | 66.00M | 46.00M | 65.00M | 124.00M |
| Repurchase of Common Stock | -5.00M | -2.00M | -1.15B | -3.33B | -857.00M | |
| Other Financing Activities | -22.00M | -22.00M | ||||
| Financing Cash Flow | 611.00M | 593.00M | 56.00M | -1.38B | -3.45B | -873.00M |
| Foreign Exchange Rate Adjustments | 2.00M | |||||
| Net Cash Flow | 443.00M | 668.00M | -999.00M | -289.00M | -3.64B | 4.22B |
| Free Cash Flow | -1.24B | -2.06B | -4.05B | -3.83B | 4.58B | 13.34B |
| Free Cash Flow Margin | -55.84% | -106.22% | -125.31% | -55.86% | 23.78% | 72.20% |
| Free Cash Flow Per Share | -3.16 | -5.31 | -10.56 | -10.01 | 11.01 | 30.94 |
| Levered Free Cash Flow | 299.25M | -1.33B | -3.09B | -2.36B | 3.67B | 9.29B |
| Unlevered Free Cash Flow | 325.50M | -1.32B | -3.07B | -2.36B | 3.69B | 9.30B |
| Cash Interest Paid | 10.00M | 10.00M | 24.00M | 39.00M | 25.00M | 14.00M |
| Cash Income Tax Paid | 26.00M | 26.00M | 197.00M | -357.00M | 2.73B | 480.00M |
| Change in Working Capital | 1.37B | 233.00M | -78.00M | 689.00M | -4.01B | 1.31B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 88.16B | 11.52B | 16.00B | 37.92B | 69.01B | 102.98B |
| Enterprise Value | 82.54B | 5.61B | 8.15B | 26.53B | 53.26B | 94.65B |
| Last Close Price | 220.83 | 29.49 | 41.58 | 99.45 | 179.62 | 253.98 |
| PE Ratio | 8.25 | 8.44 | ||||
| Forward PE | 31.94 | 31.94 | 31.94 | 37.04 | 8.08 | |
| PS Ratio | 39.57 | 5.93 | 4.95 | 5.54 | 3.58 | 5.58 |
| PB Ratio | 13.03 | 1.33 | 1.47 | 2.74 | 3.61 | 7.28 |
| P/TBV Ratio | 13.36 | 1.35 | 1.48 | 2.76 | 3.61 | 7.28 |
| P/FCF Ratio | 15.06 | 7.72 | ||||
| P/OCF Ratio | 13.85 | 7.56 | ||||
| EV/Sales Ratio | 37.05 | 2.89 | 2.52 | 3.87 | 2.77 | 5.12 |
| EV/EBITDA Ratio | 5.45 | 7.00 | ||||
| EV/EBIT Ratio | 5.65 | 7.12 | ||||
| EV/FCF Ratio | 11.63 | 7.10 | ||||
| Debt / Equity Ratio | 0.19 | 0.15 | 0.07 | 0.09 | 0.06 | 0.07 |
| Debt / EBITDA Ratio | 0.12 | 0.07 | ||||
| Debt / FCF Ratio | 0.26 | 0.07 | ||||
| Net Debt / Equity Ratio | -0.83 | -0.79 | -0.81 | -0.87 | -0.89 | -1.18 |
| Net Debt / EBITDA Ratio | 2.56 | 2.39 | 2.33 | 3.33 | -1.74 | -1.23 |
| Net Debt / FCF Ratio | 4.52 | 3.31 | 2.16 | 3.15 | -3.71 | -1.25 |
| Asset Turnover | 0.19 | 0.15 | 0.20 | 0.31 | 0.76 | 1.15 |
| Inventory Turnover | 14.23 | 29.63 | 37.66 | 13.92 | 6.02 | 5.19 |
| Quick Ratio | 2.07 | 3.06 | 3.45 | 3.21 | 2.35 | 1.54 |
| Current Ratio | 2.29 | 3.29 | 3.67 | 3.42 | 2.73 | 1.76 |
| Return on Equity (ROE) | -39.00% | -28.87% | -28.77% | -28.59% | 50.27% | 146.08% |
| Return on Assets (ROA) | -13.26% | -14.51% | -15.14% | -11.96% | 23.30% | 51.93% |
| Return on Invested Capital (ROIC) | -75.99% | -70.03% | -70.98% | -50.12% | 111.51% | 281.78% |
| Return on Capital Employed (ROCE) | -28.90% | -29.70% | -33.10% | -27.50% | 45.00% | 85.60% |
| Earnings Yield | -3.63% | -24.49% | -22.25% | -12.43% | 12.12% | 11.85% |
| FCF Yield | -1.41% | -17.92% | -25.34% | -10.09% | 6.64% | 12.95% |
| Buyback Yield / Dilution | -1.94% | -1.30% | -0.52% | 8.17% | 3.48% | -13.12% |