FirmAtlas
Company handbook · MRNA · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
MRNA · CIK 1682852 · LATEST FILING: 10-Q JUN '26 · FILED JUL 31, 2026
Moderna, Inc.
$218.01
−18.49 (−7.82%)
Close, Oct 16, 2026 · 52-week $22–242
Last fiscal year
Moderna, Inc. reported revenue of $1.9B for the year ended Dec 31, 2025 (FY25), down 39.9% from FY24. Net loss was $2.8B, operating cash flow −$1.9B and free cash flow −$2.1B. Source: 10-K filed Feb 20, 2026.
Market cap
$85.9B
P/B
12.7
ROIC
−39.3%
Revenue 1Y
−39.9%/yr
EPS 1Y
n/m
Shares 1Y
+2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOStéphane Bancel
HQCambridge, MA
AuditorErnst & Young LLP
Employees4,700
Year endsDecember
Revenue by segment · FY25
Product Sales94%
Stand Ready Manufacturing Revenue4%
Collaboration Arrangement1%
License And Royalty1%
RSV0%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
—
−7.6%
33.3%
703.3%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.2B deployed
Capex
$1.2B
99.8%
Buybacks
$2M
0.2%
Operating cash flow over the period: −$4.9B. Total debt changed by +$592M. R&D of $7.7B is already inside operating costs.
Capex was more than operating cash flow in FY25.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (5-for-1 split after FY17).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
3,236
1,944−39.9%
2,228
YoY
−39.9%
Gross profit
1,772
1,076−39.3%
521
Gross margin
54.8%
55.3%+0.6 pp
—
Operating income
(3,945)
(3,074)n/m
(3,320)
Operating margin
−121.9%
−158.1%−36.2 pp
—
EBITDA
(3,760)
(2,863)n/m
—
EBITDA margin
−116.2%
−147.3%−31.1 pp
—
Interest expense
24
10−58.3%
—
Interest coverage
−156.67x
−286.30x−129.63x
—
Net income
(3,561)
(2,822)n/m
(3,151)
YoY
n/m
Net margin
−110.0%
−145.2%−35.1 pp
—
EPS (diluted, $)
−9.28
−7.26n/m
−7.98
YoY
n/m
Balance sheet
Total assets
14,142
12,338−12.8%
10,961
Cash & short-term investments
1,929
2,597+34.6%
—
Accounts receivable
358
184−48.6%
—
Inventory
117
153+30.8%
—
Net PP&E
2,196
2,134−2.8%
—
Other assets
9,542
7,270−23.8%
—
Total liabilities
3,241
3,688+13.8%
4,200
Accounts payable
405
317−21.7%
—
Total debt
23
615+2573.9%
622
Other liabilities
2,813
2,756−2.0%
—
Shareholders’ equity
10,901
8,650−20.6%
6,761
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
(3,004)
(1,873)n/m
(1,073)
Net income
(3,561)
(2,822)n/m
—
Depreciation & amortization
185
211+14.1%
—
Stock-based compensation
429
483+12.6%
—
Working capital & other
(57)
255n/m
—
Cash from investing
1,949
1,946−0.2%
—
Capex
(1,051)
(192)n/m
—
Acquisitions
0
0n/m
—
Investments bought
(6,529)
(5,768)n/m
—
Investments sold / matured
5,562
5,563+0.0%
—
Other investing
3,967
2,343−40.9%
—
Cash from financing
56
593+958.9%
—
Buybacks
0
(2)n/m
—
Shares issued
42
17−59.5%
—
Other financing
14
578+4028.6%
—
Net change in cash
(999)
668n/m
—
Free cash flow (OCF − capex)
(4,055)
(2,065)n/m
(1,244)
Where the cash went
Operating cash flow
(3,004)
(1,873)n/m
(1,073)
Reinvested in the business
1,051
192−81.7%
—
% of operating cash flow
—
—
Capex
1,051
192−81.7%
171
Acquisitions
0
0n/m
—
R&D (memo, already in costs)
4,543
3,132−31.1%
—
Free cash flow
(4,055)
(2,065)n/m
(1,244)
YoY
n/m
Returned to shareholders
0
2n/m
—
% of free cash flow
—
—
Buybacks
0
2n/m
—
Change in total debt
—
592
—
Cash left over
—
(1,475)
—
Owner earnings
—
(2,753)
—
Owner earnings margin
—
−141.6%
—
Returns & ratios
ROIC (all capital)
−43.3%
−39.3%+4.0 pp
—
ROIC (operating)
−171.9%
−139.1%+32.8 pp
—
Debt / equity
0.00x
0.07x+0.07x
—
Cash conversion cycle (days)
−31
−34−3 d
—
ROE
−32.7%
−32.6%+0.0 pp
—
ROA
−25.2%
−22.9%+2.3 pp
—
ROCE
−33.1%
−29.7%+3.4 pp
—
NOPAT
(3,895)
(3,074)n/m
—
Invested capital (operating)
2,266
2,154−4.9%
—
Invested capital (all)
8,995
6,668−25.9%
—
Reinvestment rate
—
3.6%
—
Debtor days
40
35−6 d
—
Inventory days
29
64+35 d
—
Days payable
101
133+32 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,016
678
389
145
vs year-ago quarter
Gross profit
809
226
(566)
52
Gross margin
79.6%
33.3%
−145.5%
35.9%
Operating income
(260)
(857)
(1,388)
(815)
Net income
(200)
(826)
(1,343)
(782)
vs year-ago quarter
Net margin
−19.7%
−121.8%
−345.2%
−539.3%
EPS (diluted, $)
−0.51
−2.10
−3.40
−1.97
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
12,135
12,338
11,488
10,961
Cash & equivalents
1,134
2,597
1,909
1,724
Total debt
57
615
621
622
Shareholders’ equity
9,330
8,650
7,408
6,761
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
(847)
930
(630)
(526)
Capex
33
39
62
37
Free cash flow
(880)
891
(692)
(563)
vs year-ago quarter