Overview
Moderna, Inc.
Latest 10-K: FY2025, filed Feb 20, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $1.94B
- 39.9%YoYdown from FY2024
- TotalRevenue
- Gross profit
- $1.08B
- 39.3%YoYdown from FY2024
- GrossProfit
- Operating income
- -$3.07B
- n/mYoY
- OperatingIncome
- Net income
- -$2.82B
- n/mYoY
- NetIncome
- Diluted EPS
- -$7.26
- n/mYoY
- EPSDiluted
- Diluted shares
- 389.0M
- 1.3%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- Moderna, Inc. reported revenue of $1.94B for fiscal 2025, down 39.9% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 1 of the last 5 fiscal years.
Profitability
- Operating margin was -158.1% and net margin was -145.2%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was -$7.26.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $1.94B39.9%down Benchmark median 6.4% | $3.24B52.7%down Benchmark median 4.5% | $6.85B64.4%down Benchmark median 4.8% | $19.26B4.3%up Benchmark median 10.3% | $18.47B2200.2%up Benchmark median 13.8% | -43.0% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $1.08B39.3%down Benchmark median 6.8% | $1.77B17.8%down Benchmark median 5.5% | $2.15B84.4%down Benchmark median 5.2% | $13.85B12.7%down Benchmark median 8.3% | $15.85B1894.2%up Benchmark median 15.7% | -49.0% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | negative: -$3.07Bn/m Benchmark median 7.3% | negative: -$3.94Bn/m Benchmark median 7.4% | negative: -$4.24B145.0%down Benchmark median 4.9% | $9.42B29.2%down Benchmark median 7.5% | $13.30Bn/m Benchmark median 23.5% | n/m Benchmark median 7.2% |
| Net Income | negative: -$2.82Bn/m Benchmark median 4.8% | negative: -$3.56Bn/m Benchmark median 5.7% | negative: -$4.71B156.4%down Benchmark median 1.9% | $8.36B31.5%down Benchmark median 1.3% | $12.20Bn/m Benchmark median 33.9% | n/m Benchmark median 4.1% |
| EPS (Diluted) | negative: -$7.26n/m Benchmark median 6.2% | negative: -$9.28n/m Benchmark median 7.9% | negative: -$12.33161.3%down Benchmark median 1.9% | $20.1228.9%down Benchmark median 1.5% | $28.29n/m Benchmark median 34.8% | n/m Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $12.34B12.8%down Benchmark median 5.6% | $14.14B23.2%down Benchmark median 3.4% | $18.43B28.7%down Benchmark median 4.1% | $25.86B4.8%up Benchmark median 2.2% | $24.67B236.2%up Benchmark median 6.7% | -15.9% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $3.69B13.8%up Benchmark median 6.4% | $3.24B29.1%down Benchmark median 1.9% | $4.57B32.1%down Benchmark median 2.9% | $6.74B36.0%down Benchmark median 2.0% | $10.52B120.4%up Benchmark median 5.2% | -23.1% Benchmark median 4.4% |
| Stockholders' Equity | $8.65B20.6%down Benchmark median 6.8% | $10.90B21.3%down Benchmark median 5.4% | $13.85B27.6%down Benchmark median 7.3% | $19.12B35.2%up Benchmark median 2.5% | $14.14B452.3%up Benchmark median 9.0% | -11.6% Benchmark median 6.1% |
| Cash & Equivalents | $2.60B34.7%up Benchmark median 5.2% | $1.93B33.7%down Benchmark median 1.9% | $2.91B9.3%down Benchmark median 6.7% | $3.21B53.2%down Benchmark median -8.6% | $6.85B161.0%up Benchmark median -2.9% | -21.5% Benchmark median 2.0% |
| Total Debt | $590.00M†n/m Benchmark median 2.1% | $0.00M† Benchmark median 0.2% | — | — | — | — Benchmark median 4.3% |
† Sum of short-term and long-term debt; the company files no total-debt line.
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | negative: -$1.87Bn/m Benchmark median 6.3% | negative: -$3.00Bn/m Benchmark median 4.8% | negative: -$3.12B162.6%down Benchmark median 9.9% | $4.98B63.4%down Benchmark median -0.7% | $13.62B571.9%up Benchmark median 10.7% | n/m Benchmark median 7.0% |
| Capital Expenditures | $0.19B81.7%down Benchmark median 5.4% | $1.05B48.7%up Benchmark median 2.8% | $0.71B76.8%up Benchmark median 11.3% | $0.40B40.8%up Benchmark median 14.0% | $0.28B317.6%up Benchmark median 8.1% | -9.3% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | negative: -$2.06Bn/m Benchmark median 7.3% | negative: -$4.05Bn/m Benchmark median 6.1% | negative: -$3.83B183.5%down Benchmark median 8.8% | $4.58B65.6%down Benchmark median -11.3% | $13.34B580.8%up Benchmark median 10.2% | n/m Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
n/m
Wall Street
on net earnings
FY2024 n/m
negative: −18.0%
Value investor
on free cash flow
FY2024 negative: −25.4%
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E n/mValue investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Book yield
Net assets behind a dollar of market value
75.4%
Wall Street
on book equity
FY2024 68.3%
75.0%
Value investor
on tangible book
FY2024 67.9%
Gap −0.4 pts: Value-investor figure 0.4 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 1.3×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
negative: −28.9%
Wall Street
ROE: net income ÷ equity
FY2024 negative: −28.8%
negative: −53.3%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 negative: −63.5%
Gap −24.4 pts: Value-investor figure 24.4 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
negative: −147.3%
Wall Street
EBITDA margin
FY2024 negative: −116.2%
negative: −106.2%
Value investor
Free-cash-flow margin
FY2024 negative: −125.3%
Gap +41.1 pts: Value-investor figure 41.1 points higher
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
3.29×
Wall Street
Current ratio
FY2024 3.67×
3.16×
Value investor
Quick ratio, inventory excluded
FY2024 3.55×
Gap −0.13×: Value-investor figure 0.13 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
negative: −4.85×
Wall Street
EBITDA ÷ total debt
FY2024 No debt
negative: −3.50×
Value investor
FCF ÷ total debt
FY2024 No debt
Gap +1.35×: Value-investor figure 1.35 higher
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net cashValue investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
negative: −954.3×
Wall Street
EBITDA ÷ interest
FY2024 negative: −156.7×
negative: −1024.7×
Value investor
EBIT ÷ interest
FY2024 negative: −164.4×
Gap −70.4×: Value-investor figure 70.4 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on MRNA yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on MRNA and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/MRNA
Valuein. (2026, October 31). Moderna, Inc. (MRNA) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/MRNA
@misc{valuein_mrna_2026,
author = {{Valuein}},
title = {Moderna, Inc. (MRNA) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/MRNA}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 20, 2026 · accession 0001682852-26-000033
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point-in-time · survivorship-free · every number traceable to its SEC filing
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