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

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

28 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	—	—	—	—	—	—	—	—	—	—
Short Term Investments	—	—	—	—	—	—	—	—	—	—
Accounts Receivable	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Prepaid Expenses	—	—	—	—	—	—	—	—	—	—
Total Current Assets	—	—	—	—	—	—	—	—	—	—
Property,Plant and Equipment	—	—	—	—	—	—	—	—	—	—
Operating Lease Assets	—	—	—	—	—	—	—	—	—	—
Long Term Investments	—	—	—	—	—	—	—	—	—	—
Other Noncurrent Assets	—	—	—	—	—	—	—	—	—	—
Total Assets	—	—	—	—	—	—	—	—	—	—
Liabilities
Accounts Payable	—	—	—	—	—	—	—	—	—	—
Accrued Liabilities	—	—	—	—	—	—	—	—	—	—
Deferred Revenue	—	—	—	—	—	—	—	—	—	—
Other Current Liabilities	—	—	—	—	—	—	—	—	—	—
Total Current Liabilities	—	—	—	—	—	—	—	—	—	—
Long Term Debt	—	—	—	—	—	—	—	—	—	—
Deferred Revenue Noncurrent	—	—	—	—	—	—	—	—	—	—
Operating Lease Liabilities Noncurrent	—	—	—	—	—	—	—	—	—	—
Other Noncurrent Liabilities	—	—	—	—	—	—	—	—	—	—
Total Liabilities	—	—	—	—	—	—	—	—	—	—
Equity
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Common Stock	—	—	—	—	—	—	—	—	—	—
Additional Paid In Capital	—	—	—	—	—	—	—	—	—	—
Retained Earnings	—	—	—	—	—	—	—	—	—	—
Accumulated Other Comprehensive Income	—	—	—	—	—	—	—	—	—	—
Total Stockholders Equity	—	—	—	—	—	—	—	—	—	—
Total Liabilitiesand Equity	—	—	—	—	—	—	—	—	—	—

Income Statement

Revenue, expense, and profitability

14 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	+37.8%	+52.9%	+80.8%	+137.1%	+179.4%	+65.0%	-17.9%	+11.6%	+89.9%	—
Expenses Cost of Revenue	—	—	—	—	—	—	—	—	—	—
Expenses Research and Development	+31.1%	+42.0%	+50.7%	+51.3%	+48.6%	+49.4%	+21.8%	+28.6%	+49.4%	—
Expenses Selling,General and Administrative	+37.6%	+45.8%	+60.1%	+64.3%	+58.1%	+34.5%	+24.2%	+28.1%	+12.7%	—
Other Income Expense Operating Income	—	—	—	—	—	—	—	—	—	—
Other Income Expense Interest Income	+44.7%	+57.3%	+67.6%	+61.4%	+9.7%	+21.9%	+51.1%	+54.6%	+34.7%	—
Other Income Expense Other Income/expense	—	—	—	—	—	—	—	—	—	—
Other Income Expense Income Before Tax	—	—	—	—	—	—	—	—	—	—
Income Tax Income Tax Expense	+55.0%	—	+157.0%	+224.3%	+301.1%	+30.2%	—	-44.1%	—	—
net Income net Income	—	—	—	—	—	—	—	—	—	—
net Income Comprehensive Income	—	—	—	—	—	—	—	—	—	—
Earnings Per Share Basic Eps	—	—	—	—	—	—	—	—	—	—
Earnings Per Share Diluted Eps	—	—	—	—	—	—	—	—	—	—
Earnings Per Share Weighted Average Shares Diluted	—	—	—	—	—	—	—	—	—	—

Cash Flow Statement

Operating, investing, and financing flows

20 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	—	—	—	—	—	—	—	—	—	—
Operating Activities Depreciation and Amortization	+34.3%	+37.1%	+70.0%	+68.7%	+72.7%	+19.7%	+27.1%	+28.4%	+35.6%	—
Operating Activities Stock Based Compensation	+32.1%	+34.8%	+34.0%	+33.8%	+29.3%	+24.0%	+27.2%	+35.8%	+1.8%	—
Operating Activities Changes In Operating Assets and Liabilities	+0.4%	—	+17.3%	—	+42.1%	+83.8%	—	—	—	—
Operating Activities Other Non Cash Items	+24.6%	+27.2%	—	+69.6%	—	+132.2%	—	—	-56.2%	—
Operating Activities net Cash From Operating Activities	—	—	—	+105.2%	+189.7%	+134.8%	—	—	—	—
Investing Activities Capital Expenditures	—	—	—	—	—	—	—	—	—	—
Investing Activities Business Acquisitions	—	—	—	—	—	—	—	—	—	—
Investing Activities Purchases of Investments	—	—	—	—	—	—	—	—	—	—
Investing Activities Proceeds From Sale of Investments	+28.8%	+36.1%	+40.6%	+42.2%	+40.6%	+13.7%	+12.8%	+9.0%	+48.7%	—
Investing Activities Other Investing Activities	—	—	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Debt	—	—	—	—	—	—	—	—	—	—
Financing Activities Repayment of Debt	—	—	—	—	—	—	—	—	—	—
Financing Activities Repurchase of Common Stock	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	-25.1%	-21.8%	-28.3%	-28.2%	-23.5%	+44.1%	-52.4%	+60.9%	-100.0%	—
Financing Activities Other Financing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	+2.5%	-23.4%	—	—	—	+44.0%	-52.1%	+61.1%	-100.0%	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	—	—	—	—	—	—	—	—	—	—

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%	-910.0%	-306.0%	-130.9%	-206.4%
Net margin	-145.2%	-110.0%	-68.8%	+43.4%	+66.1%	-93.0%	-856.7%	-284.8%	-124.3%	-199.5%
FCF margin	-106.2%	-125.3%	-55.9%	+23.8%	+72.2%	+244.0%	-818.3%	-323.3%	-189.4%	+31.0%
Growth
Revenue CAGR (3y)	-53.4%	-44.0%	+104.3%	+584.7%	+415.2%	+57.4%	-17.9%	—	—	—
Returns
ROE	-32.6%	-32.7%	-34.0%	+43.7%	+86.3%	-29.2%	-43.8%	-25.1%	+46.4%	—
ROA	-22.9%	-25.2%	-25.6%	+32.3%	+49.5%	-10.2%	-32.3%	-19.6%	-23.6%	—
ROIC	-46.3%	-44.0%	—	—	—	—	—	—	—	—
Liquidity
Current ratio	3.29x	3.67x	3.42x	2.73x	1.76x	1.43x	7.89x	7.02x	4.09x	—
Quick ratio	1.40x	1.04x	1.26x	0.93x	1.10x	0.91x	1.69x	3.01x	0.77x	—
Leverage
D/E	0.43x	0.30x	0.33x	0.35x	0.74x	1.86x	0.35x	0.28x	-0.83x	—
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	0.16x	0.23x	0.37x	0.74x	0.75x	0.11x	0.04x	0.07x	0.19x	—
Cash conversion cycle	-34d	-31d	+23d	+57d	+222d	+1955d	—	—	—	—

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Moderna

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