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Investment Highlights Market Valuation Price Chart About MRNA Interactive Breakdown Better Bets vs. MRNA Latest Trefis Analyses Trade Ideas 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 (10/19/2025): $26.18 | Market Cap: $10.2 Bil
Sector: Health Care | Industry: Biotechnology

Moderna (MRNA)

Market Price (10/19/2025): $26.18
Market Cap: $10.2 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

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 -44%		 Weak multi-year price returns
2Y Excs Rtn is -128%, 3Y Excs Rtn is -166%		 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 17%		 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 -33%
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 -44%
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 -128%, 3Y Excs Rtn is -166%
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 17%
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 -33%

Market Valuation & Key Metrics

MRNAS&P 500
REVENUE GROWTHVERY POOR
Rev LTM ($ Bil)3.1
Rev Chg Q-38.0%6.1%
Rev Chg LTM-38.8%5.2%
Rev Chg 3Y Avg-48.0%5.4%
PROFITABILITYVERY POOR
Op Inc LTM ($ Bil)-3.3
Op Mgn LTM-107.1%18.6%
CFO LTM ($ Bil)-2.7
CFO/Rev LTM-88.3%20.4%
Net Inc LTM ($ Bil)-2.9
Net Inc Mgn-95.0%12.7%
VALUATIONMODERATE
P/S3.33.2
P/CFO-3.815.9
P/FCF-2.920.7
P/E-3.524.0
STABILITYVERY GOOD
Debt/Equity0.070.22
Cash/Assets0.430.07

MRNA Stock

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
MRNA Return434%143%-29%-45%-58%-37%33%
Peers Return11%-2%-2%-29%7%19%-4%
S&P 500 Return16%27%-19%24%23%13%106%

Monthly Win Rates [3]
MRNA Win Rate75%67%50%25%42%44% 
Peers Win Rate46%54%50%40%40%50% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
MRNA Max Drawdown-9%0%-54%-61%-63%-43% 
Peers Max Drawdown-20%-33%-43%-41%-21%-34% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: PFE, ALNY, SRPT, CVAC, ACSB. See MRNA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/17/2025 (YTD)

Downturns Compared

Unique KeyEventMRNAS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-85.7%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven597.0%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-42.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven74.5%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven69 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-56.7%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven131.2%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven205 days120 days


How Low Can It Go?

Moderna's stock fell -85.7% during the 2022 Inflation Shock from a high on 8/9/2021. A -85.7% loss requires a 597.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Better Bets than Moderna (MRNA)

 MRNABetter Performance than MRNA
MetricValueIndustry (Biotechnology)
Rev Chg LTM-38.8%ABBV (6.1%), AMGN (12.9%), GILD (3.8%), VRTX (10.5%), ALNY (17.2%)
Rev Chg 3Y Avg-48.0%ABBV (0.6%), AMGN (10.0%), GILD (1.6%), VRTX (11.0%), ALNY (40.8%)
Op Mgn LTM-107.1%ABBV (23.5%), AMGN (23.5%), GILD (37.4%), VRTX (-1.7%), ALNY (-4.9%)
CFO/Rev LTM-88.3%ABBV (33.1%), AMGN (34.4%), GILD (34.2%), VRTX (33.7%), ALNY (-1.9%)
FCF/Rev LTM-114.6%ABBV (31.3%), AMGN (30.4%), GILD (32.5%), VRTX (30.6%), ALNY (-3.2%)
Total Yield-28.8%ABBV (3.7%), AMGN (7.2%), GILD (6.7%), VRTX (3.4%), ALNY (-0.4%)
 MRNABetter Performance than MRNA
MetricValueAll Other Sectors
Rev Chg LTM-38.8%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg-48.0%NVDA (92.0%), MSFT (12.5%), AAPL (1.8%), GOOGL (10.2%), AMZN (11.3%)
Op Mgn LTM-107.1%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), AMZN (11.4%)
CFO/Rev LTM-88.3%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM-114.6%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), AMZN (2.0%)
Total Yield-28.8%NVDA (2.0%), MSFT (3.3%), AAPL (3.0%), GOOGL (4.1%), AMZN (3.1%)
 Best Bets In Health Care Sector
 MRNARPRX HALO CPRX LNTH PBH EW AVTR ILMN HCA UHS
What You Pay           
P/E-3.515.414.612.014.114.410.614.711.917.110.4
P/EBIT-3.48.111.510.39.69.226.110.010.09.37.2
What You Get           
Rev Chg Q-38.0%7.7%40.8%19.4%-4.1%-6.6%11.9%-1.1%-4.8%6.4%9.6%
Rev Chg LTM-38.8%3.0%35.0%28.5%5.7%0.6%9.1%-2.3%-3.3%6.4%9.6%
Rev Chg 3Y Avg-48.0%0.8%35.5%49.9%34.3%0.8%3.0%-4.3%-3.0%6.6%8.1%
FCF/Rev 3Y Avg-67.2%113.4%43.4%38.9%26.1%21.6%11.9%9.7%9.0%8.4%4.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Moderna Earnings Notes  
2Now Is Not The Time To Buy Moderna StockBuy or Fear 
3MRNA at Support Zone - Time to Buy?Actionable 
4How Low Can Moderna Stock Really Go?Return 
5Day 5 of Gains Streak for Moderna Stock with 16% Return (vs. -31% YTD) [10/3/2025]Notification 
6Day 5 of Loss Streak for Moderna Stock with -7.9% Return (vs. -39% YTD) [8/11/2025]Notification 
7Day 5 of Loss Streak for Moderna Stock with -19% Return (vs. -34% YTD) [8/1/2025]Notification 
8MRNA Dip Buy Analysis  
9Now Is Not The Time To Buy Moderna StockBuy or Fear 
10Moderna Total Shareholder Return (TSR): -58.2% in 2024 and -45.3% 3-yr compounded annual returns (below peer average)  
11ARTICLES  
12MRNA Stock Up 16% after 5-Day Win Streak October 4th, 2025
13MRNA Drops 7.4% In A Day: How Does It Stack Against Peers? September 13th, 2025
14S&P 500 Movers | Winners: WBD, PSKY, TSLA | Losers: ANET, MRNA, ORCL September 13th, 2025
15MRNA Falls 11% In A Single Week: How Does It Compare With Others? August 26th, 2025
16S&P 500 Movers | Winners: DECK, WYNN, APA | Losers: KDP, DXCM, MRNA August 25th, 2025
Title
0DASHBOARDS
1MRNA Stock Up 16% after 5-Day Win Streak
2MRNA Drops 7.4% In A Day: How Does It Stack Against Peers?
3S&P 500 Movers | Winners: WBD, PSKY, TSLA | Losers: ANET, MRNA, ORCL
4MRNA Falls 11% In A Single Week: How Does It Compare With Others?
5S&P 500 Movers | Winners: DECK, WYNN, APA | Losers: KDP, DXCM, MRNA
6ARTICLES
7Moderna Earnings Notes
8Now Is Not The Time To Buy Moderna Stock
9MRNA at Support Zone - Time to Buy?
10How Low Can Moderna Stock Really Go?
11Day 5 of Gains Streak for Moderna Stock with 16% Return (vs. -31% YTD) [10/3/2025]
12Day 5 of Loss Streak for Moderna Stock with -7.9% Return (vs. -39% YTD) [8/11/2025]
13Day 5 of Loss Streak for Moderna Stock with -19% Return (vs. -34% YTD) [8/1/2025]
14MRNA Dip Buy Analysis
15Now Is Not The Time To Buy Moderna Stock
16Moderna Total Shareholder Return (TSR): -58.2% in 2024 and -45.3% 3-yr compounded annual returns (below peer average)

Trade Ideas

Select past ideas related to MRNA. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-2.0%-2.0%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		2.8%2.8%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		4.3%4.3%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		11.2%11.2%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-4.4%-4.4%-8.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-2.0%-2.0%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		2.8%2.8%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		4.3%4.3%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		11.2%11.2%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-4.4%-4.4%-8.0%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines256.7%146.9%
2NVTSNavitas Semiconductor78.1%310.6%
3SSIISS Innovations International40.1%23.4%
4FLNCFluence Energy40.0%15.4%
5BTDRBitdeer Technologies35.1%10.8%
6MVSTMicrovast34.6%181.6%
7POWIPower Integrations31.3%-25.4%
8CCOClear Channel Outdoor30.8%24.1%
9IRONDisc Medicine28.7%41.9%
10BEBloom Energy28.4%402.0%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1SOCSable Offshore-35.8%-48.4%
2SRRKScholar Rock-29.2%-35.4%
3AIVApartment Investment & Management-28.3%-9.0%
4ALABAstera Labs-22.5%20.6%
5BYRNByrna Technologies-19.7%-26.6%
6BWINBaldwin Insurance-19.5%-40.3%
7ONDSOndas-17.5%197.3%
8URGUr-Energy-17.4%40.0%
9IIINInsteel Industries-16.4%14.6%
10LIFLife360-16.0%112.3%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1160.2%365.5%
2PRAXPraxis Precision Medicines320.1%146.9%
3QUREuniQure293.5%228.4%
4FLNCFluence Energy131.4%15.4%
5CLPTClearPoint Neuro123.6%65.0%
6NVTSNavitas Semiconductor117.8%310.6%
7LACLithium Americas110.9%128.6%
8ASTSAST SpaceMobile101.5%295.7%
9BETRBetter Home & Finance97.8%610.2%
10GRALGRAIL97.0%337.0%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1SOCSable Offshore-50.9%-48.4%
2FLYFirefly Aerospace-41.7% 
3PGYPagaya Technologies-39.5%185.3%
4UPWheels Up Experience-37.1%-6.7%
5ALABAstera Labs-36.6%20.6%
6VGVenture Global-35.8% 
7USNAUsana Health Sciences-32.3%-41.8%
8UPSTUpstart-31.7%-24.5%
9DOMODomo-30.8%73.6%
10TROXTronox-30.6%-63.2%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines256.7%146.9%
2NVTSNavitas Semiconductor78.1%310.6%
3SSIISS Innovations International40.1%23.4%
4FLNCFluence Energy40.0%15.4%
5BTDRBitdeer Technologies35.1%10.8%
6MVSTMicrovast34.6%181.6%
7POWIPower Integrations31.3%-25.4%
8CCOClear Channel Outdoor30.8%24.1%
9IRONDisc Medicine28.7%41.9%
10BEBloom Energy28.4%402.0%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1SOCSable Offshore-35.8%-48.4%
2SRRKScholar Rock-29.2%-35.4%
3AIVApartment Investment & Management-28.3%-9.0%
4ALABAstera Labs-22.5%20.6%
5BYRNByrna Technologies-19.7%-26.6%
6BWINBaldwin Insurance-19.5%-40.3%
7ONDSOndas-17.5%197.3%
8URGUr-Energy-17.4%40.0%
9IIINInsteel Industries-16.4%14.6%
10LIFLife360-16.0%112.3%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Moderna

Financials

MRNAPFEALNYSRPTCVACACSBMedian
NameModerna Pfizer Alnylam .Sarepta .CureVac Acesis  
Mkt Price26.0124.51481.6722.515.36-24.51
Mkt Cap10.1139.362.52.21.2-10.1
Rev LTM3,05563,8332,3482,482511-2,482
Op Inc LTM-3,27316,663-115-1210--1
FCF LTM-3,50012,438-75-454196--75
FCF 3Y Avg-2,7449,304-184-505-153--184
CFO LTM-2,69715,188-45-301204--45
CFO 3Y Avg-2,05512,584-131-395-111--131

Growth & Margins

MRNAPFEALNYSRPTCVACACSBMedian
NameModerna Pfizer Alnylam .Sarepta .CureVac Acesis  
Rev Chg LTM-38.8%13.5%17.2%64.9%675.2%-17.2%
Rev Chg 3Y Avg-48.0%-12.4%40.8%45.0%227.6%-40.8%
Rev Chg Q-38.0%10.3%20.2%68.4%-91.4%-10.3%
QoQ Delta Rev Chg LTM-2.7%2.2%4.4%11.1%-2.5%-2.2%
Op Mgn LTM-107.1%26.1%-4.9%-0.0%41.1%--0.0%
Op Mgn 3Y Avg-65.1%20.2%-27.5%-16.1%-403.2%--27.5%
QoQ Delta Op Mgn LTM11.7%1.8%3.0%5.2%3.3%-3.3%
CFO/Rev LTM-88.3%23.8%-1.9%-12.1%40.0%--1.9%
CFO/Rev 3Y Avg-51.8%18.8%-13.1%-29.1%-353.8%--29.1%
FCF/Rev LTM-114.6%19.5%-3.2%-18.3%38.4%--3.2%
FCF/Rev 3Y Avg-67.2%13.8%-16.6%-35.5%-442.0%--35.5%

Valuation

MRNAPFEALNYSRPTCVACACSBMedian
NameModerna Pfizer Alnylam .Sarepta .CureVac Acesis  
Mkt Cap10.1139.362.52.21.2-10.1
P/S3.32.226.60.92.4-2.4
P/EBIT-3.410.4-297.2-440.65.5--3.4
P/E-3.513.0-231.6-38.16.2--3.5
P/CFO-3.79.2-1,384.6-7.35.9--3.7
Total Yield-28.8%12.9%-0.4%-2.6%16.0%--0.4%
Dividend Yield0.0%5.2%0.0%0.0%0.0%-0.0%
FCF Yield 3Y Avg-14.3%5.7%-0.8%-12.0%-13.7%--12.0%
D/E0.10.40.00.60.0-0.1
Net D/E-0.40.3-0.00.3-0.3--0.0

Returns

MRNAPFEALNYSRPTCVACACSBMedian
NameModerna Pfizer Alnylam .Sarepta .CureVac Acesis  
1M Rtn2.2%1.5%6.5%21.5%0.2%-2.2%
3M Rtn-16.8%0.2%50.3%59.9%-0.6%-0.2%
6M Rtn5.2%14.8%105.4%-58.2%71.8%-14.8%
12M Rtn-51.9%-10.2%62.8%-82.3%91.4%--10.2%
3Y Rtn-78.9%-33.0%150.9%-79.9%-26.9%--33.0%
1M Excs Rtn1.7%1.0%6.0%21.1%-0.3%-1.7%
3M Excs Rtn-21.7%-4.7%44.6%63.3%-6.4%--4.7%
6M Excs Rtn-20.9%-11.4%79.2%-84.3%45.6%--11.4%
12M Excs Rtn-69.2%-25.5%53.0%-96.4%76.2%--25.5%
3Y Excs Rtn-166.4%-117.5%73.9%-166.2%-116.9%--117.5%

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 9/30/2025

 1M2M3M6M1Y3Y
Beta2.402.052.491.221.231.22
Up Beta4.390.990.870.881.011.16
Down Beta-0.143.484.261.130.991.23
Up Capture245%108%202%169%92%54%
Bmk +ve Days13233574144420
Stock +ve Days12192961115349
Down Capture252%326%340%184%149%109%
Bmk -ve Days8192952107330
Stock -ve Days9233464135400

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

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity64,337,988
Short Interest: % Change Since 91520251.6%
Average Daily Volume11,546,655
Days-to-Cover Short Interest5.57
Basic Shares Quantity388,000,000
Short % of Basic Shares16.6%

Returns Analyses

Earnings Returns History

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 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%

SEC Filings

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Report DateFiling DateFiling
6302025801202510-Q 6/30/2025
3312025501202510-Q 3/31/2025
12312024221202510-K 12/31/2024
93020241107202410-Q 9/30/2024
6302024801202410-Q 6/30/2024
3312024502202410-Q 3/31/2024
12312023223202410-K 12/31/2023
93020231103202310-Q 9/30/2023
6302023803202310-Q 6/30/2023
3312023504202310-Q 3/31/2023
12312022224202310-K 12/31/2022
93020221103202210-Q 9/30/2022
6302022803202210-Q 6/30/2022
3312022504202210-Q 3/31/2022
12312021225202210-K 12/31/2021
93020211104202110-Q 9/30/2021

Insider Activity

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Industry Resources

External Quote Links


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