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

33 accounts · 5 years

Total assets $12.3B

Total liabilities $3.7B

Shareholders equity $8.7B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	-21.5%	-34.5%	-34.8%	-53.2%	—
Short Term Investments	-4.7%	+9.5%	+21.2%	+72.6%	—
Accounts Receivable	-50.9%	-51.7%	-47.0%	-56.4%	—
Inventory	-42.9%	-56.7%	-62.6%	-34.1%	—
Prepaid Expenses	-13.5%	-6.3%	-7.2%	+64.1%	—
Other Current Assets	-4.9%	+1.8%	+26.5%	+18.2%	—
Total Current Assets	-20.1%	-20.4%	-19.8%	-16.4%	—
Property,Plant and Equipment	+14.5%	+21.0%	+25.2%	+62.6%	—
Operating Lease Assets	+50.0%	+74.8%	+124.1%	-14.8%	—
Goodwill	—	—	—	—	—
Intangible Assets	—	—	—	—	—
Deferred Tax Assets	-29.4%	-37.1%	-50.2%	+201.2%	—
Other Noncurrent Assets	+105.4%	+159.5%	+348.9%	+2805.9%	—
Total Assets	-15.9%	-16.9%	-13.6%	+4.8%	—
Liabilities
Accounts Payable	+1.2%	+10.3%	+31.2%	+61.3%	—
Accrued Liabilities	-1.5%	-1.0%	+10.5%	+42.7%	—
Deferred Revenue	-64.5%	-71.0%	-69.9%	-67.4%	—
Operating Lease Liabilities	-22.0%	-32.7%	-26.3%	-23.9%	—
Other Current Liabilities	-4.8%	-0.6%	-45.8%	+10.7%	—
Total Current Liabilities	-31.7%	-37.7%	-42.5%	-46.1%	—
Deferred Revenue Noncurrent	-29.4%	-54.5%	-63.3%	+9.4%	—
Operating Lease Liabilities Noncurrent	+57.5%	+85.0%	+146.3%	-13.2%	—
Deferred Tax Liabilities	+5.6%	+4.9%	+39.3%	+14.5%	—
Other Noncurrent Liabilities	+39.2%	+52.0%	+83.5%	+77.6%	—
Total Liabilities	-23.1%	-32.5%	-34.1%	-36.0%	—
Equity
Preferred Stock	—	—	—	—	—
Common Stock	—	—	—	—	—
Additional Paid In Capital	-24.3%	-41.0%	-70.3%	-72.1%	—
Retained Earnings	-7.7%	+0.3%	+16.9%	+84.0%	—
Treasury Stock	—	—	+63.3%	+666.7%	—
Accumulated Other Comprehensive Income	—	—	—	—	—
Total Stockholders Equity	-11.6%	-8.3%	-1.0%	+35.2%	—
Total Liabilitiesand Equity	-15.9%	-16.9%	-13.6%	+4.8%	—

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $1.9B

Operating income $-3.1B

Net income $-2.8B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	-43.0%	-44.0%	-39.1%	+4.3%	—
Expenses Cost of Revenue	-24.1%	-17.6%	+33.9%	+107.0%	—
Expenses Research and Development	+12.0%	+31.7%	+56.0%	+65.5%	—
Expenses Selling,General and Administrative	+15.8%	+27.5%	+65.3%	+99.6%	—
Expenses Depreciation and Amortization	-2.3%	-7.3%	+63.1%	+50.0%	—
Expenses Share Based Compensation	+35.8%	+44.6%	+46.6%	+59.2%	—
Expenses Operating Expenses	-0.8%	+11.5%	+46.4%	+90.2%	—
Other Income Expense Operating Income	—	—	—	-29.2%	—
Other Income Expense Interest Income	+104.4%	+186.9%	+383.6%	+1011.1%	—
Other Income Expense Interest Expense	-35.2%	+12.2%	+49.5%	+70.6%	—
Other Income Expense Other Income/expense	—	—	—	—	—
Other Income Expense Income Before Tax	—	—	—	-27.9%	—
Income Tax Income Tax Expense	-52.7%	—	-15.6%	+12.0%	—
net Income net Income	—	—	—	-31.5%	—
net Income Comprehensive Income	—	—	—	-34.2%	—
Earnings Per Share Basic Eps	—	—	—	-29.9%	—
Earnings Per Share Diluted Eps	—	—	—	-28.9%	—
Earnings Per Share Weighted Average Shares Basic	-0.9%	-1.6%	-2.6%	-2.2%	—
Earnings Per Share Weighted Average Shares Diluted	-2.5%	-3.8%	-5.9%	-3.5%	—

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 5 years

Operating cash flow $-1.9B

Investing cash flow $1.9B

Financing cash flow $593.0M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	—	—	—	-31.5%	—
Operating Activities Depreciation and Amortization	-2.3%	-7.3%	+63.1%	+50.0%	—
Operating Activities Stock Based Compensation	+35.8%	+44.6%	+46.6%	+59.2%	—
Operating Activities Deferred Income Taxes	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	—	—	—	—	—
Operating Activities Other Non Cash Items	—	-14.1%	-15.4%	—	—
Operating Activities net Cash From Operating Activities	—	—	—	-63.4%	—
Investing Activities Capital Expenditures	-9.3%	+54.7%	+57.8%	+40.8%	—
Investing Activities Business Acquisitions	—	—	—	—	—
Investing Activities Purchases of Investments	-17.8%	-19.8%	-45.5%	-9.6%	—
Investing Activities Proceeds From Sale of Investments	+42.8%	+60.8%	+104.1%	+135.5%	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—
Financing Activities Proceeds From Debt	—	—	—	—	—
Financing Activities Repurchase of Common Stock	-78.0%	—	+16.0%	+288.4%	—
Financing Activities Proceeds From Stock Issuance	-37.6%	-27.9%	-52.8%	-55.4%	—
Financing Activities Tax Withholding On Stock Based Compensation	—	—	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	-21.6%	-34.5%	-34.7%	-53.1%	—
Cash Reconciliation net Change In Cash	-36.9%	—	—	—	—
Cash Reconciliation Cash At Beginning of Period	-21.6%	-34.5%	-34.7%	-53.1%	—
Cash Reconciliation Cash At End of Period	-21.6%	-34.5%	-34.7%	-53.1%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+55.3%	+54.8%	+31.5%	+71.9%	+85.8%
Operating margin	-158.1%	-121.9%	-61.9%	+48.9%	+72.0%
Net margin	-145.2%	-110.0%	-68.8%	+43.4%	+66.1%
FCF margin	-106.2%	-125.3%	-55.9%	+23.8%	+72.2%
Growth
Revenue CAGR (3y)	-53.4%	-44.0%	+104.3%	+583.9%	+415.2%
Returns
ROE	-32.6%	-32.7%	-34.0%	+43.7%	+86.3%
ROA	-22.9%	-25.2%	-25.6%	+32.3%	+49.5%
ROIC	-42.5%	—	—	—	—
Liquidity
Current ratio	3.29x	3.67x	3.42x	2.73x	1.76x
Quick ratio	1.40x	1.04x	1.26x	0.93x	1.10x
Leverage
D/E	0.43x	0.30x	0.33x	0.35x	0.74x
Interest coverage	-1024.67x	-164.38x	-111.55x	324.83x	782.12x
Efficiency
Asset turnover	0.16x	0.23x	0.37x	0.74x	0.75x
Cash conversion cycle	-34d	-31d	+23d	+57d	+222d

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Moderna

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