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

Year-over-year change per cell; first column has no prior.

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	+34.7%	-33.7%	-9.3%	-53.2%	+161.0%	+1012.4%	-64.2%	+346.0%	—	—
Short Term Investments	-37.2%	-10.5%	-14.9%	+72.6%	+95.5%	+128.8%	+0.5%	—	—	—
Accounts Receivable	-48.6%	-59.9%	-35.6%	-56.4%	+128.3%	+27534.3%	-56.9%	—	—	—
Inventory	+30.8%	-42.1%	-78.7%	-34.1%	+2997.1%	—	—	—	—	—
Prepaid Expenses	-31.9%	-4.5%	-47.5%	+64.1%	+188.7%	+1199.6%	-31.7%	—	—	—
Other Current Assets	-22.4%	-34.1%	+35.4%	+18.2%	—	—	—	—	—	—
Total Current Assets	-19.2%	-21.6%	-23.1%	-16.4%	+155.2%	+457.9%	-27.8%	—	—	—
Property,Plant and Equipment	-2.8%	+12.9%	-3.6%	+62.6%	+318.0%	—	-100.0%	—	—	—
Operating Lease Assets	-5.3%	+6.5%	+489.3%	-14.8%	+57.4%	+4.4%	—	—	—	—
Goodwill	+0.0%	+0.0%	—	—	—	—	—	—	—	—
Intangible Assets	+12.5%	-9.1%	—	—	—	—	—	—	—	—
Deferred Tax Assets	+0.0%	+0.0%	-91.8%	+201.2%	+543.3%	+38.8%	+139.8%	—	—	—
Other Noncurrent Assets	+1.9%	-13.3%	-30.7%	+2805.9%	+1708.5%	-2.6%	-27.0%	—	—	—
Total Assets	-12.8%	-23.2%	-28.7%	+4.8%	+236.2%	+361.6%	-19.0%	—	—	—
Liabilities
Accounts Payable	-21.7%	-22.1%	+6.8%	+61.3%	+1545.0%	+158.9%	-77.3%	—	—	—
Accrued Liabilities	-2.9%	-20.6%	-14.4%	+42.7%	+213.5%	+594.1%	-14.4%	—	—	—
Deferred Revenue	-35.3%	-73.1%	-72.1%	-67.4%	+61.7%	+6008.3%	—	—	—	—
Operating Lease Liabilities	+21.4%	-44.0%	-28.6%	-23.9%	+670.3%	+66.6%	—	—	—	—
Other Current Liabilities	-16.3%	+234.8%	-73.5%	+10.7%	+568.3%	+564.9%	+46.2%	—	—	—
Total Current Liabilities	-9.9%	-26.8%	-38.8%	-46.1%	+108.0%	+2966.6%	-35.8%	—	—	—
Deferred Revenue Noncurrent	+163.8%	-30.1%	-87.7%	+9.4%	+246.6%	+27.6%	+1289.1%	—	—	—
Operating Lease Liabilities Noncurrent	-2.7%	+4.4%	+598.9%	-13.2%	+8.8%	+4.0%	—	—	—	—
Deferred Tax Liabilities	+7.8%	-40.5%	+69.4%	+14.5%	+294.7%	+38.8%	+139.8%	—	—	—
Other Noncurrent Liabilities	+6.7%	+4.3%	+89.6%	+77.6%	+4001.5%	+1242.8%	-46.5%	-72.6%	—	—
Total Liabilities	+13.8%	-29.1%	-32.1%	-36.0%	+120.4%	+1051.8%	-4.0%	—	—	—
Equity
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Common Stock	—	—	—	—	-100.0%	+17.6%	+3.0%	—	—	—
Additional Paid In Capital	+59.6%	+133.4%	-68.4%	-72.1%	-12.3%	+79.9%	+5.2%	—	—	—
Retained Earnings	-28.1%	-26.2%	-25.7%	+84.0%	+543.9%	-49.9%	-48.7%	—	—	—
Treasury Stock	—	-100.0%	-65.2%	+666.7%	—	—	—	—	—	—
Accumulated Other Comprehensive Income	+550.0%	+91.9%	+66.8%	-1441.7%	-898.9%	+66.5%	+236.7%	—	—	—
Total Stockholders Equity	-20.6%	-21.3%	-27.6%	+35.2%	+452.3%	+118.0%	-23.2%	+377.5%	-64.7%	—
Total Liabilitiesand Equity	-12.8%	-23.2%	-28.7%	+4.8%	+236.2%	+361.6%	-19.0%	—	—	—

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	-39.9%	-52.7%	-64.4%	+4.3%	+2200.2%	+1233.7%	-55.4%	-34.4%	+89.9%	—
Expenses Cost of Revenue	-40.7%	-68.8%	-13.3%	+107.0%	+32612.5%	—	—	—	—	—
Expenses Research and Development	-31.1%	-6.2%	+47.0%	+65.5%	+45.3%	+176.2%	+9.2%	+10.6%	+49.4%	—
Expenses Selling,General and Administrative	-13.3%	-24.2%	+36.8%	+99.6%	+201.6%	+70.9%	+16.7%	+45.6%	+12.7%	—
Expenses Depreciation and Amortization	+14.1%	-70.0%	+77.3%	+50.0%	+648.4%	+0.0%	+24.7%	+21.1%	+35.9%	—
Expenses Share Based Compensation	+12.6%	+40.7%	+35.0%	+59.2%	+52.7%	+14.8%	+11.6%	+81.2%	+1.8%	—
Expenses Operating Expenses	-30.1%	-35.2%	+12.6%	+90.2%	+230.5%	+158.4%	+10.5%	+15.4%	+43.1%	—
Other Income Expense Operating Income	+22.1%	+6.9%	-145.0%	-29.2%	+1842.6%	-39.7%	-32.1%	-53.4%	-20.4%	—
Other Income Expense Interest Income	-26.1%	+1.0%	+110.5%	+1011.1%	-28.0%	-35.9%	+44.3%	+77.4%	+34.7%	—
Other Income Expense Interest Expense	-87.5%	-36.8%	+31.0%	+70.6%	+70.0%	+52.5%	—	—	—	—
Other Income Expense Other Income/expense	+90.8%	+29.8%	-175.6%	-55.2%	-383.3%	+25.0%	-536.0%	+197.9%	+30.8%	—
Other Income Expense Income Before Tax	+23.3%	+8.5%	-141.2%	-27.9%	+1885.6%	-44.5%	-34.0%	-50.2%	-19.0%	—
Income Tax Income Tax Expense	+217.4%	-106.0%	-36.4%	+12.0%	+36000.0%	+400.0%	-406.7%	+507.5%	-107.7%	—
net Income net Income	+20.8%	+24.5%	-156.4%	-31.5%	+1733.5%	-45.3%	-33.6%	-50.3%	-18.4%	—
net Income Comprehensive Income	+19.8%	+22.8%	-155.7%	-34.2%	+1732.0%	-46.0%	-32.8%	-50.0%	-18.8%	—
Earnings Per Share Basic Eps	+21.8%	+24.7%	-158.0%	-29.9%	+1646.4%	-26.5%	—	—	—	—
Earnings Per Share Diluted Eps	+21.8%	+24.7%	-161.3%	-28.9%	+1543.4%	-26.5%	—	—	—	—
Earnings Per Share Weighted Average Shares Basic	+1.3%	+0.5%	-3.0%	-2.2%	+5.8%	+15.1%	—	—	—	—
Earnings Per Share Weighted Average Shares Diluted	+1.3%	+0.5%	-8.2%	-3.5%	+13.1%	+15.1%	—	—	—	—

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	+20.8%	+24.5%	-156.4%	-31.5%	+1733.5%	-45.3%	-33.6%	-50.3%	-18.4%	—
Operating Activities Depreciation and Amortization	+14.1%	-70.0%	+77.3%	+50.0%	+648.4%	+0.0%	+24.7%	+21.1%	+35.9%	—
Operating Activities Stock Based Compensation	+12.6%	+40.7%	+35.0%	+59.2%	+52.7%	+14.8%	+11.6%	+81.2%	+1.8%	—
Operating Activities Deferred Income Taxes	+1100.0%	-100.1%	+255.9%	-95.3%	—	+100.0%	—	—	-100.0%	—
Operating Activities Changes In Operating Assets and Liabilities	+78.5%	+66.6%	-45.9%	-143.4%	+29.9%	+5075.7%	-16.5%	+28.4%	-174.4%	—
Operating Activities Other Non Cash Items	-107.7%	-11.4%	+111.9%	-701.6%	+1437.5%	+233.3%	-759.3%	+727.6%	-107.3%	—
Operating Activities net Cash From Operating Activities	+37.6%	+3.7%	-162.6%	-63.4%	+571.9%	+541.6%	-38.7%	+0.2%	-596.7%	—
Investing Activities Capital Expenditures	-81.7%	+48.7%	+76.8%	+40.8%	+317.6%	+112.5%	-69.7%	+81.1%	+76.2%	—
Investing Activities Business Acquisitions	—	-100.0%	—	—	—	—	—	—	—	—
Investing Activities Purchases of Investments	-11.7%	+73.6%	-67.1%	-9.6%	+328.0%	+158.2%	-6.7%	+68.8%	-48.6%	—
Investing Activities Proceeds From Sale of Investments	+0.0%	-0.2%	+76.9%	+135.5%	+17.7%	+14.5%	+26.8%	-2.1%	+18.5%	—
Investing Activities net Cash From Investing Activities	-0.2%	-53.7%	+181.3%	+39.3%	-409.7%	-11046.7%	+96.0%	-189.4%	+164.3%	—
Financing Activities Proceeds From Debt	—	—	—	—	—	—	—	—	—	—
Financing Activities Repurchase of Common Stock	—	-100.0%	-65.4%	+288.4%	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	-59.5%	+68.0%	-50.0%	-55.4%	-37.4%	+272.9%	+3263.7%	+573.1%	+1827.3%	—
Financing Activities Tax Withholding On Stock Based Compensation	—	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	+958.9%	+104.1%	+60.1%	-295.0%	-142.9%	+3809.6%	-95.8%	+730163.1%	-100.0%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+34.6%	-34.1%	-9.0%	-53.1%	+160.2%	+962.9%	-63.0%	+354.2%	—	—
Cash Reconciliation net Change In Cash	+166.9%	-245.7%	+92.1%	-186.2%	+76.9%	+665.9%	-180.7%	+507.7%	+179.0%	—
Cash Reconciliation Cash At Beginning of Period	+34.6%	-34.1%	-9.0%	-53.1%	+160.2%	+962.9%	-63.0%	+354.2%	—	—
Cash Reconciliation Cash At End of Period	+34.6%	-34.1%	-9.0%	-53.1%	+160.2%	+962.9%	-63.0%	+354.2%	—	—

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	—	—	—	—

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Moderna

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