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 revenue.

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	133.5%	59.5%	42.5%	16.6%	37.1%
Short Term Investments	164.8%	157.5%	83.2%	34.8%	21.0%
Accounts Receivable	9.5%	11.1%	13.0%	7.2%	17.2%
Inventory	7.9%	3.6%	2.9%	4.9%	7.8%
Prepaid Expenses	21.0%	18.5%	9.2%	6.2%	3.9%
Other Current Assets	2.3%	1.8%	1.3%	0.3%	0.3%
Total Current Assets	336.6%	250.3%	150.8%	69.7%	87.0%
Property,Plant and Equipment	109.8%	67.9%	28.4%	10.5%	6.7%
Operating Lease Assets	37.0%	23.5%	10.4%	0.6%	0.8%
Goodwill	2.7%	1.6%	0.8%	—	—
Intangible Assets	2.3%	1.2%	0.6%	—	—
Deferred Tax Assets	4.2%	2.5%	1.2%	5.1%	1.8%
Other Noncurrent Assets	31.1%	18.4%	10.0%	5.1%	0.2%
Total Assets	634.7%	437.0%	269.1%	134.2%	133.6%
Liabilities
Accounts Payable	16.3%	12.5%	7.6%	2.5%	1.6%
Accrued Liabilities	71.3%	44.1%	26.3%	10.9%	8.0%
Deferred Revenue	5.1%	4.7%	8.3%	10.6%	33.9%
Operating Lease Liabilities	0.9%	0.4%	0.4%	0.2%	0.2%
Other Current Liabilities	9.5%	6.8%	1.0%	1.3%	1.2%
Total Current Liabilities	102.2%	68.2%	44.0%	25.6%	49.4%
Deferred Revenue Noncurrent	7.9%	1.8%	1.2%	3.5%	3.3%
Operating Lease Liabilities Noncurrent	33.6%	20.7%	9.4%	0.5%	0.6%
Deferred Tax Liabilities	12.8%	7.1%	5.7%	1.2%	1.1%
Other Noncurrent Liabilities	14.7%	8.3%	3.7%	0.7%	0.4%
Total Liabilities	189.7%	100.2%	66.8%	35.0%	57.0%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	71.1%	26.8%	5.4%	6.1%	22.8%
Retained Earnings	371.6%	310.4%	198.7%	95.1%	53.9%
Treasury Stock	0.0%	0.0%	0.1%	0.1%	0.0%
Accumulated Other Comprehensive Income	2.3%	-0.3%	-1.8%	-1.9%	-0.1%
Total Stockholders Equity	445.0%	336.9%	202.3%	99.3%	76.6%
Total Liabilitiesand Equity	634.7%	437.0%	269.1%	134.2%	133.6%

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	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	44.7%	45.2%	68.5%	28.1%	14.2%
Expenses Research and Development	161.1%	140.4%	70.8%	17.1%	10.8%
Expenses Selling,General and Administrative	52.4%	36.3%	22.6%	5.9%	3.1%
Expenses Depreciation and Amortization	10.9%	5.7%	9.0%	1.8%	1.3%
Expenses Share Based Compensation	24.8%	13.3%	4.5%	1.2%	0.8%
Expenses Operating Expenses	258.1%	221.9%	161.9%	51.1%	28.0%
Other Income Expense Operating Income	-158.1%	-121.9%	-61.9%	48.9%	72.0%
Other Income Expense Interest Income	16.2%	13.1%	6.1%	1.0%	0.1%
Other Income Expense Interest Expense	0.2%	0.7%	0.6%	0.2%	0.1%
Other Income Expense Other Income/expense	-0.4%	-2.7%	-1.8%	-0.2%	-0.2%
Other Income Expense Income Before Tax	-142.4%	-111.5%	-57.6%	49.7%	71.9%
Income Tax Income Tax Expense	2.8%	-1.4%	11.3%	6.3%	5.9%
net Income net Income	-145.2%	-110.0%	-68.8%	43.4%	66.1%
net Income Comprehensive Income	-142.3%	-106.6%	-65.2%	41.6%	65.9%
Earnings Per Share Basic Eps	-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%
Earnings Per Share Weighted Average Shares Basic	20.0%	11.9%	5.6%	2.0%	2.2%
Earnings Per Share Weighted Average Shares Diluted	20.0%	11.9%	5.6%	2.2%	2.3%

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	-145.2%	-110.0%	-68.8%	43.4%	66.1%
Operating Activities Depreciation and Amortization	10.9%	5.7%	9.0%	1.8%	1.3%
Operating Activities Stock Based Compensation	24.8%	13.3%	4.5%	1.2%	0.8%
Operating Activities Deferred Income Taxes	0.5%	-0.0%	13.2%	-3.0%	-1.6%
Operating Activities Changes In Operating Assets and Liabilities	-18.0%	-50.3%	-71.2%	-17.4%	41.7%
Operating Activities Other Non Cash Items	-0.3%	2.4%	1.3%	-3.8%	0.7%
Operating Activities net Cash From Operating Activities	-96.3%	-92.8%	-45.5%	25.9%	73.7%
Investing Activities Capital Expenditures	9.9%	32.5%	10.3%	2.1%	1.5%
Investing Activities Business Acquisitions	0.0%	0.0%	1.2%	0.0%	0.0%
Investing Activities Purchases of Investments	296.7%	201.8%	54.9%	59.4%	68.5%
Investing Activities Proceeds From Sale of Investments	286.2%	171.9%	81.4%	16.4%	7.2%
Investing Activities net Cash From Investing Activities	100.1%	60.2%	61.4%	-26.9%	-46.1%
Financing Activities Proceeds From Debt	30.9%	0.0%	0.0%	—	—
Financing Activities Repurchase of Common Stock	0.1%	0.0%	16.8%	17.3%	4.6%
Financing Activities Proceeds From Stock Issuance	0.9%	1.3%	0.4%	0.3%	0.6%
Financing Activities Tax Withholding On Stock Based Compensation	0.1%	—	—	—	—
Financing Activities net Cash From Financing Activities	30.5%	1.7%	-20.1%	-17.9%	-4.7%
Cash Reconciliation Effect of Exchange Rate On Cash	133.6%	59.6%	42.8%	16.7%	37.1%
Cash Reconciliation net Change In Cash	34.4%	-30.9%	-4.2%	-18.9%	22.9%
Cash Reconciliation Cash At Beginning of Period	133.6%	59.6%	42.8%	16.7%	37.1%
Cash Reconciliation Cash At End of Period	133.6%	59.6%	42.8%	16.7%	37.1%

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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