Moderna

Health Care Biotechnology Cambridge, Massachusetts Last filing Feb 20, 2026 · FY2025

                    Revenue
                    FY2025
                
$1.9B
                    3y CAGR -53.4%
                    
                    P2
                    
                    -39.9%
                    
                    Net income
                    FY2025
                
$-2.8B
                    Net margin -145.2%
                    
                    P2
                    
                    +20.8%
                    
                    Total assets
                    FY2025
                
$12.3B
                    ROA -22.9%
                    
                    P2
                    
                    -12.8%
                    
                    Operating cash flow
                    FY2025
                
$-1.9B
                    FCF margin -106.2%
                    
                    P2
                    
                    +37.6%

10 yrs · FY2016–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

33 accounts · 10 years

Total assets $12.3B

Total liabilities $3.7B

Shareholders equity $8.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	21.0%	13.6%	15.8%	12.4%	27.8%	35.8%	14.8%	33.6%	—	—
Short Term Investments	26.0%	36.0%	30.9%	25.9%	15.7%	27.0%	54.6%	44.0%	—	—
Accounts Receivable	1.5%	2.5%	4.8%	5.4%	12.9%	19.0%	0.3%	0.6%	—	—
Inventory	1.2%	0.8%	1.1%	3.7%	5.8%	0.6%	0.0%	0.0%	—	—
Prepaid Expenses	3.3%	4.2%	3.4%	4.6%	3.0%	3.4%	1.2%	1.4%	—	—
Other Current Assets	0.4%	0.4%	0.5%	0.3%	0.2%	—	—	—	—	—
Total Current Assets	53.0%	57.3%	56.0%	51.9%	65.1%	85.8%	71.0%	79.7%	—	—
Property,Plant and Equipment	17.3%	15.5%	10.6%	7.8%	5.0%	4.0%	0.0%	10.8%	—	—
Operating Lease Assets	5.8%	5.4%	3.9%	0.5%	0.6%	1.2%	5.4%	—	—	—
Goodwill	0.4%	0.4%	0.3%	—	—	—	—	—	—	—
Intangible Assets	0.4%	0.3%	0.2%	—	—	—	—	—	—	—
Deferred Tax Assets	0.7%	0.6%	0.4%	3.8%	1.3%	0.7%	2.3%	0.8%	—	—
Other Noncurrent Assets	4.9%	4.2%	3.7%	3.8%	0.1%	0.0%	0.1%	0.1%	—	—
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	—	—
Liabilities
Accounts Payable	2.6%	2.9%	2.8%	1.9%	1.2%	0.3%	0.4%	1.6%	—	—
Accrued Liabilities	11.2%	10.1%	9.8%	8.1%	6.0%	6.4%	4.3%	4.0%	—	—
Deferred Revenue	0.8%	1.1%	3.1%	7.9%	25.3%	52.7%	4.0%	—	—	—
Operating Lease Liabilities	0.1%	0.1%	0.1%	0.1%	0.2%	0.1%	0.2%	—	—	—
Other Current Liabilities	1.5%	1.6%	0.4%	1.0%	0.9%	0.5%	0.3%	0.2%	—	—
Total Current Liabilities	16.1%	15.6%	16.4%	19.0%	37.0%	59.8%	9.0%	11.4%	—	—
Deferred Revenue Noncurrent	1.2%	0.4%	0.5%	2.6%	2.5%	2.4%	8.7%	0.5%	—	—
Operating Lease Liabilities Noncurrent	5.3%	4.7%	3.5%	0.4%	0.4%	1.3%	5.9%	—	—	—
Deferred Tax Liabilities	2.0%	1.6%	2.1%	0.9%	0.8%	0.7%	2.3%	0.8%	—	—
Other Noncurrent Liabilities	2.3%	1.9%	1.4%	0.5%	0.3%	0.0%	0.0%	0.0%	—	—
Total Liabilities	29.9%	22.9%	24.8%	26.0%	42.7%	65.1%	26.1%	22.0%	—	—
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	—
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	—
Additional Paid In Capital	11.2%	6.1%	2.0%	4.5%	17.1%	65.4%	167.9%	129.4%	—	—
Retained Earnings	58.5%	71.0%	73.8%	70.8%	40.4%	-30.6%	-94.2%	-51.3%	—	—
Treasury Stock	0.0%	0.0%	0.0%	0.1%	0.0%	0.0%	0.0%	0.0%	—	—
Accumulated Other Comprehensive Income	0.4%	-0.1%	-0.7%	-1.4%	-0.1%	0.0%	0.1%	-0.1%	—	—
Total Stockholders Equity	70.1%	77.1%	75.2%	74.0%	57.3%	34.9%	73.9%	78.0%	—	—
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	—	—

Income Statement

Revenue, expense, and profitability

19 accounts · 10 years

Revenue $1.9B

Operating income $-3.1B

Net income $-2.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	15.8%	22.9%	37.2%	74.5%	74.9%	10.9%	3.8%	6.9%	—	—
Expenses Cost of Revenue	7.0%	10.4%	25.5%	20.9%	10.6%	0.1%	0.0%	0.0%	—	—
Expenses Research and Development	25.4%	32.1%	26.3%	12.7%	8.1%	18.7%	31.2%	23.1%	—	—
Expenses Selling,General and Administrative	8.3%	8.3%	8.4%	4.4%	2.3%	2.6%	6.9%	4.8%	—	—
Expenses Depreciation and Amortization	1.7%	1.3%	3.3%	1.3%	0.9%	0.4%	2.0%	1.3%	—	—
Expenses Share Based Compensation	3.9%	3.0%	1.7%	0.9%	0.6%	1.3%	5.1%	3.7%	—	—
Expenses Operating Expenses	40.7%	50.8%	60.2%	38.1%	21.0%	21.3%	38.1%	27.9%	—	—
Other Income Expense Operating Income	-24.9%	-27.9%	-23.0%	36.4%	53.9%	-10.4%	-34.4%	-21.1%	—	—
Other Income Expense Interest Income	2.5%	3.0%	2.3%	0.8%	0.1%	0.3%	2.5%	1.4%	—	—
Other Income Expense Interest Expense	0.0%	0.2%	0.2%	0.1%	0.1%	0.1%	0.4%	0.0%	—	—
Other Income Expense Other Income/expense	-0.1%	-0.6%	-0.7%	-0.2%	-0.1%	-0.1%	-0.5%	0.1%	—	—
Other Income Expense Income Before Tax	-22.4%	-25.5%	-21.4%	37.0%	53.9%	-10.1%	-32.4%	-19.6%	—	—
Income Tax Income Tax Expense	0.4%	-0.3%	4.2%	4.7%	4.4%	0.0%	-0.1%	0.0%	—	—
net Income net Income	-22.9%	-25.2%	-25.6%	32.3%	49.5%	-10.2%	-32.3%	-19.6%	—	—
net Income Comprehensive Income	-22.4%	-24.4%	-24.2%	31.0%	49.4%	-10.2%	-32.2%	-19.6%	—	—
Earnings Per Share Basic Eps	-0.0%	-0.0%	-0.0%	0.0%	0.0%	-0.0%	-0.0%	—	—	—
Earnings Per Share Diluted Eps	-0.0%	-0.0%	-0.0%	0.0%	0.0%	-0.0%	-0.0%	—	—	—
Earnings Per Share Weighted Average Shares Basic	3.2%	2.7%	2.1%	1.5%	1.6%	5.2%	20.8%	—	—	—
Earnings Per Share Weighted Average Shares Diluted	3.2%	2.7%	2.1%	1.6%	1.7%	5.2%	20.8%	—	—	—

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $-1.9B

Investing cash flow $1.9B

Financing cash flow $593.0M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	-22.9%	-25.2%	-25.6%	32.3%	49.5%	-10.2%	-32.3%	-19.6%	—	—
Operating Activities Depreciation and Amortization	1.7%	1.3%	3.3%	1.3%	0.9%	0.4%	2.0%	1.3%	—	—
Operating Activities Stock Based Compensation	3.9%	3.0%	1.7%	0.9%	0.6%	1.3%	5.1%	3.7%	—	—
Operating Activities Deferred Income Taxes	0.1%	-0.0%	4.9%	-2.2%	-1.2%	0.0%	-0.1%	0.0%	—	—
Operating Activities Changes In Operating Assets and Liabilities	-2.8%	-11.5%	-26.5%	-12.9%	31.2%	80.8%	-7.5%	-5.2%	—	—
Operating Activities Other Non Cash Items	-0.0%	0.6%	0.5%	-2.9%	0.5%	0.1%	-0.4%	0.0%	—	—
Operating Activities net Cash From Operating Activities	-15.2%	-21.2%	-16.9%	19.3%	55.2%	27.6%	-28.9%	-16.9%	—	—
Investing Activities Capital Expenditures	1.6%	7.4%	3.8%	1.5%	1.2%	0.9%	2.0%	5.4%	—	—
Investing Activities Business Acquisitions	0.0%	0.0%	0.5%	0.0%	0.0%	—	—	—	—	—
Investing Activities Purchases of Investments	46.7%	46.2%	20.4%	44.2%	51.3%	40.3%	72.0%	62.6%	—	—
Investing Activities Proceeds From Sale of Investments	45.1%	39.3%	30.3%	12.2%	5.4%	15.5%	62.5%	39.9%	—	—
Investing Activities net Cash From Investing Activities	15.8%	13.8%	22.8%	-20.0%	-34.5%	-22.8%	-0.9%	-19.0%	—	—
Financing Activities Proceeds From Debt	4.9%	0.0%	0.0%	—	—	—	—	—	—	—
Financing Activities Repurchase of Common Stock	0.0%	0.0%	6.3%	12.9%	3.5%	0.0%	0.0%	—	—	—
Financing Activities Proceeds From Stock Issuance	0.1%	0.3%	0.1%	0.2%	0.5%	2.4%	3.0%	0.1%	—	—
Financing Activities Tax Withholding On Stock Based Compensation	0.0%	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	4.8%	0.4%	-7.5%	-13.3%	-3.5%	27.7%	3.3%	62.5%	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	21.0%	13.6%	15.9%	12.4%	27.8%	35.9%	15.6%	34.2%	—	—
Cash Reconciliation net Change In Cash	5.4%	-7.1%	-1.6%	-14.1%	17.1%	32.5%	-26.6%	26.6%	—	—
Cash Reconciliation Cash At Beginning of Period	21.0%	13.6%	15.9%	12.4%	27.8%	35.9%	15.6%	34.2%	—	—
Cash Reconciliation Cash At End of Period	21.0%	13.6%	15.9%	12.4%	27.8%	35.9%	15.6%	34.2%	—	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+55.3%	+54.8%	+31.5%	+71.9%	+85.8%	+99.0%	+100.0%	+100.0%	—	—
Operating margin	-158.1%	-121.9%	-61.9%	+48.9%	+72.0%	-95.0%	-906.8%	-306.0%	-130.9%	-206.4%
Net margin	-145.2%	-110.0%	-68.8%	+43.4%	+66.1%	-93.0%	-853.7%	-284.8%	-124.3%	-199.5%
FCF margin	-106.2%	-125.3%	-55.9%	+23.8%	+72.2%	+244.0%	-815.5%	-323.3%	-189.4%	+31.0%
Growth
Revenue CAGR (3y)	-53.4%	-44.0%	+104.3%	+583.9%	+415.2%	+57.4%	-17.8%	—	—	—
Returns
ROE	-32.6%	-32.7%	-34.0%	+43.7%	+86.3%	-29.2%	-43.7%	-25.1%	+46.4%	+64.6%
ROA	-22.9%	-25.2%	-25.6%	+32.3%	+49.5%	-10.2%	-32.3%	-19.6%	—	—
ROIC	-42.5%	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	3.29x	3.67x	3.42x	2.73x	1.76x	1.43x	7.89x	7.02x	—	—
Quick ratio	1.40x	1.04x	1.26x	0.93x	1.10x	0.91x	1.68x	3.01x	—	—
Leverage
D/E	0.43x	0.30x	0.33x	0.35x	0.74x	1.86x	0.35x	0.28x	—	—
Interest coverage	-1024.67x	-164.38x	-111.55x	324.83x	782.12x	-76.30x	-83.27x	—	—	—
Efficiency
Asset turnover	0.16x	0.23x	0.37x	0.74x	0.75x	0.11x	0.04x	0.07x	—	—
Cash conversion cycle	-34d	-31d	+23d	+57d	+222d	+1917d	—	—	—	—

Valuation

Price against fundamentals

FY2025 fundamentals · no price

No price data cached, so there is nothing to multiply. Load prices from the Stock Data tab and this panel reprices itself.

Notes

Your annotations

Not watched

Moderna

Assets, liabilities, and equity

Revenue, expense, and profitability

Operating, investing, and financing flows

Margins, returns, liquidity, leverage, efficiency

Price against fundamentals

Your annotations

One-year price and volume history

Price data unavailable

Assets, liabilities, and equity

Revenue, expense, and profitability

Operating, investing, and financing flows

Margins, returns, liquidity, leverage, efficiency

Price against fundamentals

Your annotations

One-year price and volume history

Price data unavailable

Recent price history