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Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. MRNA Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Moderna (MRNA)

Market Price (9/15/2025): $23.65 | Market Cap: $9.2 Bil
Sector: Health Care | Industry: Biotechnology

Moderna (MRNA)

Market Price (9/15/2025): $23.65
Market Cap: $9.2 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -48%		 Weak multi-year price returns
2Y Excs Rtn is -126%, 3Y Excs Rtn is -148%		 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -3.3 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -107%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -30%		 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%		 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -39%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -48%, Rev Chg QQuarterly Revenue Change % is -38%
2   Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -88%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -115%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -36%
0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -48%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -30%
2 Weak multi-year price returns
2Y Excs Rtn is -126%, 3Y Excs Rtn is -148%
3 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -3.3 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -107%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -39%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -48%, Rev Chg QQuarterly Revenue Change % is -38%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -88%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -115%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -36%

Market Valuation

 9/15/252024202320222021
Share Price CYE$23.65$41.58$99.45$179.62$253.98
Market Cap CYE ($ Bil)9.216.138.069.7103.1
Total Debt ($ Bil)0.70.71.21.20.9
Total Cash ($ Bil)5.17.08.69.910.7
Enterprise Value ($ Bil)4.816.839.270.9104.0
Valuation Ratios     
P/S TTM3.05.05.63.85.8
P/EBIT TTM-3.1-4.5-9.77.57.7
P/E TTM-3.2-4.5-8.18.58.4
Sector Ratios     
P/S TTM (Sector)3.83.64.14.57.3
P/EBIT TTM (Sector)-1.6-1.3-1.4-1.3-2.9
P/E TTM (Sector)-1.9-1.6-1.5-1.4-2.9
 9/15/2520242023
Share Price CYE$23.65$41.58$99.45
Market Cap CYE ($ Bil)9.216.138.0
Total Debt ($ Bil)0.70.71.2
Total Cash ($ Bil)5.17.08.6
Enterprise Value ($ Bil)4.816.839.2
Valuation Ratios   
P/S TTM3.05.05.6
P/EBIT TTM-3.1-4.5-9.7
P/E TTM-3.2-4.5-8.1
Sector Ratios   
P/S TTM (Sector)3.83.64.1
P/EBIT TTM (Sector)-1.6-1.3-1.4
P/E TTM (Sector)-1.9-1.6-1.5

Market Cap Chart

Business Description

Moderna, Inc., a biotechnology company, develops therapeutics and vaccines based on messenger RNA for the treatment of infectious diseases, immuno-oncology, rare diseases, cardiovascular diseases, and auto-immune diseases in the United States and internationally. The company has 44 development programs, which includes 26 in clinical trials across seven modalities comprising prophylactic vaccines, systemic secreted and cell surface therapeutics, cancer vaccines, intratumoral immuno-oncology, localized regenerative therapeutics, systemic intracellular therapeutics, and inhaled pulmonary therapeutics. The company has strategic alliances with AstraZeneca PLC; Merck & Co., Inc.; Vertex Pharmaceuticals Incorporated; Vertex Pharmaceuticals (Europe) Limited; Carisma Therapeutics, Inc.; Metagenomi, Inc.; the Defense Advanced Research Projects Agency; Biomedical Advanced Research and Development Authority; Institute for Life Changing Medicines; and The Bill & Melinda Gates Foundation, as well as a collaboration and license agreement with Chiesi Farmaceutici S.P.A. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
MRNA Return434%143%-29%-45%-58%-43%20%
Peers Return14%17%24%-15%12%8%70%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: PFE, ALNY, SRPT, ABBV, AMGN. See MRNA Returns vs. Peers.
[3] 2025 data is for the year up to 9/12/2025 (YTD)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Moderna Earnings Notes  
2MRNA Dips 7.4% In One Day: Does It Lead the Pack?  
3MRNA Lost 7.4% In A Day. Do You Buy Or Wait?Return 
4Day 5 of Loss Streak for Moderna Stock with -7.9% Return (vs. -39% YTD) [8/11/2025]Notification 
5Day 5 of Loss Streak for Moderna Stock with -19% Return (vs. -34% YTD) [8/1/2025]Notification 
6MRNA Dip Buy Analysis  
7MRNA Dips 7.4% In One Day, Now Is Not The Time To Buy The StockBuy or Fear 
8Moderna Total Shareholder Return (TSR): -58.2% in 2024 and -45.3% 3-yr compounded annual returns (below peer average)  
9Moderna (MRNA) worth $13 Bil (up $1.8 Bil), more valuable than PoolNotification 
10Moderna (MRNA) Operating Cash Flow ComparisonFinancials 
11ARTICLES  
12MRNA Drops 7.4% In A Day: How Does It Stack Against Peers? September 13th, 2025
13S&P 500 Movers | Winners: WBD, PSKY, TSLA | Losers: ANET, MRNA, ORCL September 13th, 2025
14MRNA Falls 11% In A Single Week: How Does It Compare With Others? August 26th, 2025
15S&P 500 Movers | Winners: DECK, WYNN, APA | Losers: KDP, DXCM, MRNA August 25th, 2025
16MRNA Lost 24% In A Month. Do You Buy Or Wait? August 21st, 2025
Title
0DASHBOARDS
1MRNA Drops 7.4% In A Day: How Does It Stack Against Peers?
2S&P 500 Movers | Winners: WBD, PSKY, TSLA | Losers: ANET, MRNA, ORCL
3MRNA Falls 11% In A Single Week: How Does It Compare With Others?
4S&P 500 Movers | Winners: DECK, WYNN, APA | Losers: KDP, DXCM, MRNA
5MRNA Lost 24% In A Month. Do You Buy Or Wait?
6ARTICLES
7Moderna Earnings Notes
8MRNA Dips 7.4% In One Day: Does It Lead the Pack?
9MRNA Lost 7.4% In A Day. Do You Buy Or Wait?
10Day 5 of Loss Streak for Moderna Stock with -7.9% Return (vs. -39% YTD) [8/11/2025]
11Day 5 of Loss Streak for Moderna Stock with -19% Return (vs. -34% YTD) [8/1/2025]
12MRNA Dip Buy Analysis
13MRNA Dips 7.4% In One Day, Now Is Not The Time To Buy The Stock
14Moderna Total Shareholder Return (TSR): -58.2% in 2024 and -45.3% 3-yr compounded annual returns (below peer average)
15Moderna (MRNA) worth $13 Bil (up $1.8 Bil), more valuable than Pool
16Moderna (MRNA) Operating Cash Flow Comparison

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1OCTOEightco900.0%562.1%
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4CWDCaliberCos268.8%-45.1%
5AIREReAlpha Tech257.5%-49.8%
6PTNMPitanium154.0% 
7OPIOffice Properties Income Trust144.0%-42.6%
8HYPDHyperion DeFi144.0% 
9ISPCiSpecimen128.4%-26.6%
10EDHLEverbright Digital127.6% 

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1DGNXDiginex-85.6% 
2LGCLLucas GC-69.1%-76.6%
3YYGHYY-68.7%-76.6%
4BINIBollinger Innovations-61.6%-100.0%
5IPDNProfessional Diversity Network-54.5%-41.4%
6INHDInno-53.4%-4.4%
7CDTCDT Equity-49.2%-99.4%
8NFENew Fortress Energy-46.5%-91.3%
9TGHLGrowhub-44.8% 
10SLXNSilexion Therapeutics-43.1%-86.5%

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#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical11249.2%11249.2%
2GIBOGIBO7400.0% 
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4CHSNChanson International3717.0%-99.3%
5QMMMQMMM2669.4%5698.4%
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7CURXCuranex Pharmaceuticals1309.0%1309.0%
8OCTOEightco811.9%562.1%
9WLDSWearable Devices708.6%8.0%
10PTNMPitanium423.7% 

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1BINIBollinger Innovations-93.4%-100.0%
2ETSElite Express-92.8%-92.8%
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4ELPWElong Power-91.7%-75.8%
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9NUTRNusaTrip-87.2%-87.2%
10CUPRCuprina-84.3% 

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1OCTOEightco900.0%562.1%
2QMMMQMMM875.3%5698.4%
3WLDSWearable Devices780.4%8.0%
4CWDCaliberCos268.8%-45.1%
5AIREReAlpha Tech257.5%-49.8%
6PTNMPitanium154.0% 
7OPIOffice Properties Income Trust144.0%-42.6%
8HYPDHyperion DeFi144.0% 
9ISPCiSpecimen128.4%-26.6%
10EDHLEverbright Digital127.6% 

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1DGNXDiginex-85.6% 
2LGCLLucas GC-69.1%-76.6%
3YYGHYY-68.7%-76.6%
4BINIBollinger Innovations-61.6%-100.0%
5IPDNProfessional Diversity Network-54.5%-41.4%
6INHDInno-53.4%-4.4%
7CDTCDT Equity-49.2%-99.4%
8NFENew Fortress Energy-46.5%-91.3%
9TGHLGrowhub-44.8% 
10SLXNSilexion Therapeutics-43.1%-86.5%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Moderna

Financials

MRNAPFEALNYSRPTABBVAMGNMedian
NameModerna Pfizer Alnylam .Sarepta .AbbVie Amgen  
Mkt Price23.5123.87465.8917.39218.34276.39121.11
Mkt Cap9.1135.760.41.7386.0148.798.1
Rev LTM3,05563,8332,3482,48258,32834,91718,986
Op Inc LTM-3,27316,663-115-113,6958,1924,096
FCF LTM-3,50012,438-75-45418,23910,6055,265
FCF 3Y Avg-2,7449,304-184-50520,2738,5904,203
CFO LTM-2,69715,188-45-30119,28312,0135,984
CFO 3Y Avg-2,05512,584-131-39521,1549,7534,811

Growth & Margins

MRNAPFEALNYSRPTABBVAMGNMedian
NameModerna Pfizer Alnylam .Sarepta .AbbVie Amgen  
Rev Chg LTM-38.8%13.5%17.2%64.9%6.1%12.9%13.2%
Rev Chg 3Y Avg-48.0%-12.4%40.8%45.0%0.6%10.0%5.3%
Rev Chg Q-38.0%10.3%20.2%68.4%6.6%9.4%9.9%
QoQ Delta Rev Chg LTM-2.7%2.2%4.4%11.1%1.7%2.3%2.3%
Op Mgn LTM-107.1%26.1%-4.9%-0.0%23.5%23.5%11.7%
Op Mgn 3Y Avg-65.1%20.2%-27.5%-16.1%27.2%26.4%2.1%
QoQ Delta Op Mgn LTM11.7%1.8%3.0%5.2%1.0%1.6%2.4%
CFO/Rev LTM-88.3%23.8%-1.9%-12.1%33.1%34.4%10.9%
CFO/Rev 3Y Avg-51.8%18.8%-13.1%-29.1%37.5%32.0%2.8%
FCF/Rev LTM-114.6%19.5%-3.2%-18.3%31.3%30.4%8.1%
FCF/Rev 3Y Avg-67.2%13.8%-16.6%-35.5%36.0%28.2%-1.4%

Valuation

MRNAPFEALNYSRPTABBVAMGNMedian
NameModerna Pfizer Alnylam .Sarepta .AbbVie Amgen  
Mkt Cap9.1135.760.41.7386.0148.798.1
P/S3.02.125.70.76.64.33.6
P/EBIT-3.110.2-287.5-340.465.514.33.5
P/E-3.112.6-224.0-29.4102.622.54.7
P/CFO-3.48.9-1,339.2-5.720.012.42.8
Total Yield-31.8%13.3%-0.4%-3.4%3.9%7.8%1.7%
Dividend Yield0.0%5.4%0.0%0.0%2.9%3.3%1.5%
FCF Yield 3Y Avg-14.3%5.7%-0.8%-12.0%7.3%6.2%2.5%
D/E0.10.40.00.80.20.40.3
Net D/E-0.50.4-0.00.30.20.30.2

Returns

MRNAPFEALNYSRPTABBVAMGNMedian
NameModerna Pfizer Alnylam .Sarepta .AbbVie Amgen  
1M Rtn-16.1%-5.1%3.8%-20.3%5.6%-6.8%-5.9%
3M Rtn-11.8%-1.1%51.3%-51.9%15.3%-5.6%-3.3%
6M Rtn-32.1%-3.8%92.7%-82.1%5.0%-10.4%-7.1%
12M Rtn-65.6%-12.7%75.6%-86.0%16.4%-14.1%-13.4%
3Y Rtn-82.7%-38.7%123.5%-84.3%71.5%33.6%-2.6%
1M Excs Rtn-14.4%-6.9%5.9%-16.6%6.6%-5.5%-6.2%
3M Excs Rtn-23.0%-11.2%44.0%-62.3%5.5%-15.2%-13.2%
6M Excs Rtn-50.7%-22.6%73.5%-101.6%-14.2%-29.3%-26.0%
12M Excs Rtn-90.2%-33.9%62.0%-106.1%-6.4%-33.0%-33.4%
3Y Excs Rtn-148.0%-104.4%57.6%-150.0%10.8%-41.2%-72.8%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date8/1/20255/1/20252/21/202511/7/20248/1/20245/2/20242/23/202411/3/20238/3/20235/4/20232/24/202311/3/2022
Key Financials Quarterly            
Total Revenue1371079561,8552211672,8131,7873161,8385,1493,220
Ebitda-760-924-1,11879-1,232-1,123278-1,699-1,644-2181,5611,338
Operating Income-907-1,050-1,246-70-1,363-1,2666-2,012-1,867-3661,5801,166
Net Income-825-971-1,12013-1,279-1,175217-3,630-1,380791,4651,043
EPS-2.13-2.52-2.910.03-3.33-3.070.57-9.53-3.620.203.812.67
Key Financials TTM            
Total Revenue TTM3,0553,1393,1995,0564,9885,0836,7549,09010,52314,77318,87520,675
Ebitda TTM-2,723-3,195-3,394-1,998-3,776-4,188-3,283-2,0001,0375,2369,76813,694
Operating Income TTM-3,273-3,729-3,945-2,693-4,635-5,139-4,239-2,6655134,8279,42013,250
Net Income TTM-2,903-3,357-3,561-2,224-5,867-5,968-4,714-3,4661,2074,7848,36211,765
Growth Rates Quarterly            
Total Revenue Growth-38.0%-35.9%-66.0%3.8%-30.1%-90.9%-45.4%-44.5%-93.1%-69.1%-25.9%-33.3%
EBITDA Growth38.3%17.7%-502.2%104.6%25.1%-415.1%-82.2%-227.0%-164.3%-105.1%-71.6%-63.1%
Operating Income Growth33.5%17.1%-20866.7%96.5%27.0%-245.9%-99.6%-272.6%-176.3%-108.7%-70.8%-67.2%
Net Income Growth35.5%17.4%-616.1%100.4%7.3%-1587.3%-85.2%-448.0%-162.8%-97.8%-69.9%-68.7%
Margins Quarterly            
EBITDA Margin-554.7%-863.6%-116.9%4.3%-557.5%-672.5%9.9%-95.1%-520.3%-11.9%30.3%41.6%
Operating Income Margin-662.0%-981.3%-130.3%-3.8%-616.7%-758.1%0.2%-112.6%-590.8%-19.9%30.7%36.2%
Net Income Margin-602.2%-907.5%-117.2%0.7%-578.7%-703.6%7.7%-203.1%-436.7%4.3%28.5%32.4%
Cash & Debt            
Total Cash5,1315,9757,0256,8678,4888,5238,6047,5738,4598,9239,9028,348
Total Debt7417457471,3551,2691,2371,2431,4551,1681,1081,2001,261
Net Debt / (Cash)-4,390-5,230-6,278-5,512-7,219-7,286-7,361-6,118-7,291-7,815-8,702-7,087
Cash Flows Quarterly            
FCF from Operations-919-1,037825-1,566-1,274-989622-1,600-915-1,2251,662252
Cash Flows TTM            
FCF from Operations TTM-2,697-3,052-3,004-3,207-3,241-2,882-3,118-2,078-2269934,9816,629
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases-0-0-0-0-0-0-0-16285264021,006
Return on Invested Capital (ROIC) Quarterly            
ROIC------------
Return on Invested Capital (ROIC) TTM            
ROIC TTM------------

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
COVID-196,67118,435   
Other revenue177828   
Respiratory syncytial virus (RSV)00   
Collaboration revenue  617448
Grant revenue  73552912
Net Product Sales  17,675200 
Total6,84819,26318,47180360


Price Behavior

MRNA Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta1.872.672.361.231.191.20
Up Beta1.010.730.950.920.971.14
Down Beta4.074.753.890.991.011.23
Up Capture-0%168%170%166%63%51%
Bmk +ve Days10223571142415
Stock +ve Days7162759111346
Down Capture383%462%348%166%148%107%
Bmk -ve Days11192754106334
Stock -ve Days14253566137403

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity59,842,399
Short Interest: % Change Since 8152025-4.8%
Average Daily Volume9,612,400
Days-to-Cover Short Interest6.23
Basic Shares Quantity388,000,000
Short % of Basic Shares15.4%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/1/2025-6.6%-10.0%-18.5%
5/1/2025-5.3%-15.7%-6.9%
2/14/20253.4%11.3%8.7%
11/7/2024-3.0%-18.7%-14.2%
8/1/2024-21.0%-31.6%-34.9%
5/2/202412.7%9.4%27.9%
2/22/202413.5%11.3%18.8%
11/2/2023-6.5%-6.4%4.8%
...
SUMMARY STATS   
# Positive111112
# Negative111110
Median Positive8.7%8.9%18.9%
Median Negative-4.5%-10.0%-12.8%
Max Positive22.7%33.2%93.2%
Max Negative-21.0%-33.8%-34.9%

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Hussain Abbas 6122025Sell28.003128,73616,240Form
1Bancel StephaneChief Executive Officer3042025Buy31.04102,8213,191,564284,115,111Form
2SAGAN PAUL 3042025Buy31.7631,6201,004,2519,909,978Form

Industry Resources

External Quote Links


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