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

Balance Sheet

Assets, liabilities, and equity

33 accounts · 3 years

Total assets $12.3B

Total liabilities $3.7B

Shareholders equity $8.7B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$2.6B 34.7%	$1.9B -33.7%	$2.9B
Short Term Investments	$3.2B -37.2%	$5.1B -10.5%	$5.7B
Accounts Receivable	$184.0M -48.6%	$358.0M -59.9%	$892.0M
Inventory	$153.0M 30.8%	$117.0M -42.1%	$202.0M
Prepaid Expenses	$408.0M -31.9%	$599.0M -4.5%	$627.0M
Other Current Assets	$45.0M -22.4%	$58.0M -34.1%	$88.0M
Total Current Assets	$6.5B -19.2%	$8.1B -21.6%	$10.3B
Property,Plant and Equipment	$2.1B -2.8%	$2.2B 12.9%	$1.9B
Operating Lease Assets	$719.0M -5.3%	$759.0M 6.5%	$713.0M
Goodwill	$52.0M 0.0%	$52.0M 0.0%	$52.0M
Intangible Assets	$45.0M 12.5%	$40.0M -9.1%	$44.0M
Deferred Tax Assets	$81.0M 0.0%	$81.0M 0.0%	$81.0M
Other Noncurrent Assets	$605.0M 1.9%	$594.0M -13.3%	$685.0M
Total Assets	$12.3B -12.8%	$14.1B -23.2%	$18.4B
Liabilities
Accounts Payable	$317.0M -21.7%	$405.0M -22.1%	$520.0M
Accrued Liabilities	$1.4B -2.9%	$1.4B -20.6%	$1.8B
Deferred Revenue	$99.0M -35.3%	$153.0M -73.1%	$568.0M
Operating Lease Liabilities	$17.0M 21.4%	$14.0M -44.0%	$25.0M
Other Current Liabilities	$185.0M -16.3%	$221.0M 234.8%	$66.0M
Total Current Liabilities	$2.0B -9.9%	$2.2B -26.8%	$3.0B
Deferred Revenue Noncurrent	$153.0M 163.8%	$58.0M -30.1%	$83.0M
Operating Lease Liabilities Noncurrent	$653.0M -2.7%	$671.0M 4.4%	$643.0M
Deferred Tax Liabilities	$249.0M 7.8%	$231.0M -40.5%	$388.0M
Other Noncurrent Liabilities	$285.0M 6.7%	$267.0M 4.3%	$256.0M
Total Liabilities	$3.7B 13.8%	$3.2B -29.1%	$4.6B
Equity
Preferred Stock	$0	$0	$0
Common Stock	$0	$0	$0
Additional Paid In Capital	$1.4B 59.6%	$866.0M 133.4%	$371.0M
Retained Earnings	$7.2B -28.1%	$10.0B -26.2%	$13.6B
Treasury Stock	$0	$0 -100.0%	$8.0M
Accumulated Other Comprehensive Income	$45.0M 550.0%	$-10.0M 91.9%	$-123.0M
Total Stockholders Equity	$8.7B -20.6%	$10.9B -21.3%	$13.9B
Total Liabilitiesand Equity	$12.3B -12.8%	$14.1B -23.2%	$18.4B

Income Statement

Revenue, expense, and profitability

19 accounts · 3 years

Revenue $1.9B

Operating income $-3.1B

Net income $-2.8B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$1.9B -39.9%	$3.2B -52.7%	$6.8B
Expenses Cost of Revenue	$868.0M -40.7%	$1.5B -68.8%	$4.7B
Expenses Research and Development	$3.1B -31.1%	$4.5B -6.2%	$4.8B
Expenses Selling,General and Administrative	$1.0B -13.3%	$1.2B -24.2%	$1.5B
Expenses Depreciation and Amortization	$211.0M 14.1%	$185.0M -70.0%	$617.0M
Expenses Share Based Compensation	$483.0M 12.6%	$429.0M 40.7%	$305.0M
Expenses Operating Expenses	$5.0B -30.1%	$7.2B -35.2%	$11.1B
Other Income Expense Operating Income	$-3.1B 22.1%	$-3.9B 6.9%	$-4.2B
Other Income Expense Interest Income	$314.0M -26.1%	$425.0M 1.0%	$421.0M
Other Income Expense Interest Expense	$3.0M -87.5%	$24.0M -36.8%	$38.0M
Other Income Expense Other Income/expense	$-8.0M 90.8%	$-87.0M 29.8%	$-124.0M
Other Income Expense Income Before Tax	$-2.8B 23.3%	$-3.6B 8.5%	$-3.9B
Income Tax Income Tax Expense	$54.0M 217.4%	$-46.0M -106.0%	$772.0M
net Income net Income	$-2.8B 20.8%	$-3.6B 24.5%	$-4.7B
net Income Comprehensive Income	$-2.8B 19.8%	$-3.4B 22.8%	$-4.5B
Earnings Per Share Basic Eps	$-7 21.8%	$-9 24.7%	$-12
Earnings Per Share Diluted Eps	$-7 21.8%	$-9 24.7%	$-12
Earnings Per Share Weighted Average Shares Basic	$389.0M 1.3%	$384.0M 0.5%	$382.0M
Earnings Per Share Weighted Average Shares Diluted	$389.0M 1.3%	$384.0M 0.5%	$382.0M

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 3 years

Operating cash flow $-1.9B

Investing cash flow $1.9B

Financing cash flow $593.0M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	$-2.8B 20.8%	$-3.6B 24.5%	$-4.7B
Operating Activities Depreciation and Amortization	$211.0M 14.1%	$185.0M -70.0%	$617.0M
Operating Activities Stock Based Compensation	$483.0M 12.6%	$429.0M 40.7%	$305.0M
Operating Activities Deferred Income Taxes	$10.0M 1100.0%	$-1.0M -100.1%	$901.0M
Operating Activities Changes In Operating Assets and Liabilities	$-349.0M 78.5%	$-1.6B 66.6%	$-4.9B
Operating Activities Other Non Cash Items	$-6.0M -107.7%	$78.0M -11.4%	$88.0M
Operating Activities net Cash From Operating Activities	$-1.9B 37.6%	$-3.0B 3.7%	$-3.1B
Investing Activities Capital Expenditures	$192.0M -81.7%	$1.1B 48.7%	$707.0M
Investing Activities Business Acquisitions	$0	$0 -100.0%	$85.0M
Investing Activities Purchases of Investments	$5.8B -11.7%	$6.5B 73.6%	$3.8B
Investing Activities Proceeds From Sale of Investments	$5.6B 0.0%	$5.6B -0.2%	$5.6B
Investing Activities net Cash From Investing Activities	$1.9B -0.2%	$1.9B -53.7%	$4.2B
Financing Activities Proceeds From Debt	$600.0M	$0	$0
Financing Activities Repurchase of Common Stock	$2.0M	$0 -100.0%	$1.2B
Financing Activities Proceeds From Stock Issuance	$17.0M -59.5%	$42.0M 68.0%	$25.0M
Financing Activities Tax Withholding On Stock Based Compensation	$2.0M	—	—
Financing Activities net Cash From Financing Activities	$593.0M 958.9%	$56.0M 104.1%	$-1.4B
Cash Reconciliation Effect of Exchange Rate On Cash	$2.6B 34.6%	$1.9B -34.1%	$2.9B
Cash Reconciliation net Change In Cash	$668.0M 166.9%	$-999.0M -245.7%	$-289.0M
Cash Reconciliation Cash At Beginning of Period	$2.6B 34.6%	$1.9B -34.1%	$2.9B
Cash Reconciliation Cash At End of Period	$2.6B 34.6%	$1.9B -34.1%	$2.9B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+55.3%	+54.8%	+31.5%
Operating margin	-158.1%	-121.9%	-61.9%
Net margin	-145.2%	-110.0%	-68.8%
FCF margin	-106.2%	-125.3%	-55.9%
Growth
Revenue CAGR (3y)	-53.4%	-44.0%	+104.3%
Returns
ROE	-32.6%	-32.7%	-34.0%
ROA	-22.9%	-25.2%	-25.6%
ROIC	-42.5%	—	—
Liquidity
Current ratio	3.29x	3.67x	3.42x
Quick ratio	1.40x	1.04x	1.26x
Leverage
D/E	0.43x	0.30x	0.33x
Interest coverage	-1024.67x	-164.38x	-111.55x
Efficiency
Asset turnover	0.16x	0.23x	0.37x
Cash conversion cycle	-34d	-31d	+23d

Valuation

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FY2025 fundamentals · no price

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Moderna

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