Moderna (MRNA) Financials

$54.35 +5.81 (+11.97%)

Closing price 05/8/2026 04:00 PM Eastern

Extended Trading

$56.35 +2.00 (+3.68%)

As of 05/8/2026 08:00 PM Eastern

Annual Income Statements for Moderna

This table shows Moderna's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-230	-270	-402	-514	-747	12,202	8,362	-4,714	-3,561	-2,822
Consolidated Net Income / (Loss)	-216	-256	-385	-514	-747	12,202	8,362	-4,714	-3,561	-2,822
Net Income / (Loss) Continuing Operations	-216	-256	-385	-514	-747	12,202	8,362	-4,714	-3,561	-2,822
Total Pre-Tax Income	-215	-256	-384	-515	-744	13,285	9,575	-3,942	-3,607	-2,768
Total Operating Income	-224	-269	-413	-546	-763	13,296	9,420	-4,239	-3,945	-3,074
Total Gross Profit	108	206	135	60	795	15,854	13,847	2,155	1,772	1,076
Total Revenue	108	206	135	60	803	18,471	19,263	6,848	3,236	1,944
Operating Revenue	108	206	135	60	803	18,471	19,263	6,848	3,236	1,944
Total Cost of Revenue	0.00	0.00	0.00	0.00	8.00	2,617	5,416	4,693	1,464	868
Operating Cost of Revenue	-	-	0.00	0.00	8.00	2,617	5,416	4,693	1,464	868
Total Operating Expenses	332	475	548	606	1,558	2,558	4,427	6,394	5,717	4,150
Selling, General & Admin Expense	57	65	94	110	188	567	1,132	1,549	1,174	1,018
Research & Development Expense	275	410	454	496	1,370	1,991	3,295	4,845	4,543	3,132
Total Other Income / (Expense), net	8.60	13	29	31	19	-11	155	297	338	306
Interest & Investment Income	11	15	27	39	25	18	200	421	425	314
Other Income / (Expense), net	-2.71	-1.88	1.84	-8.00	-6.00	-29	-45	-124	-87	-8.00
Income Tax Expense	1.04	-0.08	0.33	-1.00	3.00	1,083	1,213	772	-46	54
Basic Earnings per Share	($3.79)	($4.18)	($4.95)	($1.55)	($1.96)	$30.31	$21.26	($12.33)	($9.28)	($7.26)
Weighted Average Basic Shares Outstanding	60.75M	64.50M	81.11M	331M	381M	403M	394M	382M	384M	389M
Diluted Earnings per Share	($3.79)	($4.18)	($4.95)	($1.55)	($1.96)	$28.29	$20.12	($12.33)	($9.28)	($7.26)
Weighted Average Diluted Shares Outstanding	60.75M	64.50M	81.11M	331M	381M	431M	416M	382M	384M	389M
Weighted Average Basic & Diluted Shares Outstanding	60.75M	64.50M	81.11M	330.80M	381.33M	402.87M	386.34M	382.07M	385.82M	394.94M

This table shows Moderna's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-3,630	217	-1,175	-1,279	13	-1,120	-971	-825	-200	-826	-1,343
Consolidated Net Income / (Loss)	-3,630	217	-1,175	-1,279	13	-1,120	-971	-825	-200	-826	-1,343
Net Income / (Loss) Continuing Operations	-3,630	217	-1,175	-1,279	13	-1,120	-971	-825	-200	-826	-1,343
Total Pre-Tax Income	-1,958	70	-1,165	-1,279	21	-1,184	-964	-818	-187	-799	-1,334
Total Operating Income	-2,012	6.00	-1,266	-1,363	-70	-1,246	-1,050	-907	-260	-857	-1,388
Total Gross Profit	-410	1,882	71	126	1,348	227	18	23	809	226	-566
Total Revenue	1,831	2,811	167	241	1,862	966	108	142	1,016	678	389
Operating Revenue	1,831	2,811	167	241	1,862	966	108	142	1,016	678	389
Total Cost of Revenue	2,241	929	96	115	514	739	90	119	207	452	955
Operating Cost of Revenue	2,241	929	96	115	514	739	90	119	207	452	955
Total Operating Expenses	1,602	1,876	1,337	1,489	1,418	1,473	1,068	930	1,069	1,083	822
Selling, General & Admin Expense	442	470	274	268	281	351	212	230	268	308	173
Research & Development Expense	1,160	1,406	1,063	1,221	1,137	1,122	856	700	801	775	649
Total Other Income / (Expense), net	54	64	101	84	91	62	86	89	73	58	54
Interest & Investment Income	105	103	120	111	103	91	90	81	73	70	72
Other Income / (Expense), net	-51	-39	-19	-27	-12	-29	-4.00	8.00	0.00	-12	-18
Income Tax Expense	1,672	-147	10	0.00	8.00	-64	7.00	7.00	13	27	9.00
Basic Earnings per Share	($9.53)	$0.62	($3.07)	($3.33)	$0.03	($2.91)	($2.52)	($2.13)	($0.51)	($2.10)	($3.40)
Weighted Average Basic Shares Outstanding	381M	382M	382M	384M	385M	384M	386M	388M	390M	389M	395M
Diluted Earnings per Share	($9.53)	$0.63	($3.07)	($3.33)	$0.03	($2.91)	($2.52)	($2.13)	($0.51)	($2.10)	($3.40)
Weighted Average Diluted Shares Outstanding	381M	382M	382M	384M	399M	384M	386M	388M	390M	389M	395M
Weighted Average Basic & Diluted Shares Outstanding	381.28M	382.07M	383.24M	384.40M	384.82M	385.82M	386.74M	389.08M	390.68M	394.94M	396.79M

This table details how cash moves in and out of Moderna's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-109	86	523	-422	2,388	4,224	-3,643	-289	-999	668
Net Cash From Operating Activities	67	-331	-331	-459	2,027	13,620	4,981	-3,118	-3,004	-1,873
Net Cash From Continuing Operating Activities	67	-331	-331	-459	2,027	13,620	4,981	-3,118	-3,004	-1,873
Net Income / (Loss) Continuing Operations	-216	-256	-385	-514	-747	12,202	8,362	-4,714	-3,561	-2,822
Consolidated Net Income / (Loss)	-216	-256	-385	-514	-747	12,202	8,362	-4,714	-3,561	-2,822
Depreciation Expense	15	21	25	31	31	232	348	621	189	215
Amortization Expense	2.48	1.09	-1.87	-4.00	10	54	31	-61	-95	-67
Non-Cash Adjustments To Reconcile Net Income	39	40	73	88	156	101	261	293	516	585
Changes in Operating Assets and Liabilities, net	226	-137	-43	-60	2,577	1,031	-4,021	743	-53	216
Net Cash From Investing Activities	-649	417	-373	-15	-1,672	-8,523	-5,176	4,206	1,949	1,946
Net Cash From Continuing Investing Activities	-649	417	-373	-15	-1,672	-8,523	-5,176	4,206	1,949	1,946
Purchase of Property, Plant & Equipment	-33	-58	-106	-32	-68	-284	-400	-707	-1,051	-192
Acquisitions	-	-	-	-	-	0.00	0.00	-85	0.00	-10
Purchase of Investments	-1,415	-727	-1,228	-1,145	-2,956	-12,652	-11,435	-3,760	-6,529	-5,768
Sale and/or Maturity of Investments	809	1,203	960	1,162	1,352	4,443	6,699	8,781	9,529	7,916
Other Investing Activities, net	-8.90	-	-	0.00	0.00	-30	-40	-23	0.00	0.00
Net Cash From Financing Activities	473	0.17	1,227	52	2,033	-873	-3,448	-1,377	56	593
Net Cash From Continuing Financing Activities	474	0.17	1,227	52	2,033	-873	-3,448	-1,377	56	593
Repayment of Debt	-	-	-	-	-	-	-	0.00	0.00	-22
Repurchase of Common Equity	-	-	-	0.00	0.00	-857	-3,329	-1,153	0.00	-2.00
Issuance of Debt	-	0.00	0.00	-	-	-	-	0.00	0.00	600
Issuance of Common Equity	0.01	0.21	564	51	2,039	124	65	46	66	35
Other Financing Activities, net	0.00	1.44	9.46	1.00	-6.00	-140	-184	-270	-10	-18
Effect of Exchange Rate Changes	-	-	-	-	-	-	-	0.00	0.00	2.00
Cash Interest Paid	0.00	0.00	3.00	6.00	9.00	14	25	39	24	10
Cash Income Taxes Paid	0.91	0.40	0.29	0.00	1.00	480	2,729	-357	197	26

This table details how cash moves in and out of Moderna's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-869	-25	-857	409	-833	282	-303	-345	-147	1,463	-688
Net Cash From Operating Activities	-1,600	622	-989	-1,274	-1,566	825	-1,037	-919	-847	930	-630
Net Cash From Continuing Operating Activities	-1,600	622	-989	-1,274	-1,566	825	-1,037	-919	-847	930	-630
Net Income / (Loss) Continuing Operations	-3,630	217	-1,175	-1,279	13	-1,120	-971	-825	-200	-826	-1,343
Consolidated Net Income / (Loss)	-3,630	217	-1,175	-1,279	13	-1,120	-971	-825	-200	-826	-1,343
Depreciation Expense	249	202	36	41	52	60	39	57	52	67	59
Amortization Expense	-12	-20	-27	-28	-21	-19	-19	-18	-17	-13	-11
Non-Cash Adjustments To Reconcile Net Income	92	78	127	91	126	172	129	169	140	147	116
Changes in Operating Assets and Liabilities, net	1,701	145	50	-99	-1,736	1,732	-215	-302	-822	1,555	549
Net Cash From Investing Activities	789	-538	118	1,649	721	-539	730	564	700	-48	-76
Net Cash From Continuing Investing Activities	789	-538	118	1,649	721	-539	730	564	700	-48	-76
Purchase of Property, Plant & Equipment	-140	-220	-196	-182	-151	-522	-117	-3.00	-33	-39	-62
Acquisitions	-	-	0.00	-	-	-	-10	-	-	-	0.00
Purchase of Investments	-816	-1,663	-2,544	-846	-1,251	-1,888	-1,764	-1,295	-1,162	-1,547	-1,348
Sale and/or Maturity of Investments	1,745	1,345	2,858	2,677	2,123	1,871	2,621	1,862	1,895	1,538	1,334
Net Cash From Financing Activities	-58	-109	14	34	11	-3.00	4.00	9.00	-1.00	581	17
Net Cash From Continuing Financing Activities	-58	-109	14	34	11	-3.00	4.00	9.00	-1.00	581	17
Issuance of Common Equity	6.00	15	15	32	8.00	11	3.00	14	2.00	16	19
Other Financing Activities, net	-65	-124	-1.00	2.00	3.00	-14	1.00	-5.00	-3.00	-11	-2.00
Effect of Exchange Rate Changes	-	-	-	-	-	-	0.00	-	1.00	-	1.00

This table presents Moderna's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,084	2,020	1,589	7,337	24,669	25,858	18,426	14,142	12,338
Total Current Assets	783	37	1,129	6,298	16,071	13,431	10,325	8,099	6,544
Cash & Equivalents	135	-	236	2,624	6,848	3,205	2,907	1,927	2,595
Short-Term Investments	621	-	867	1,984	3,879	6,697	5,697	5,098	3,204
Accounts Receivable	13	8.95	5.37	1,391	3,175	1,385	892	358	184
Inventories, net	-	-	0.00	47	1,441	949	202	117	153
Prepaid Expenses	13	28	19	252	728	1,195	627	599	408
Plant, Property, & Equipment, net	139	209	0.00	0.00	1,241	2,018	1,945	2,196	2,134
Total Noncurrent Assets	162	63	461	1,039	7,357	10,409	6,156	3,847	3,660
Long-Term Investments	146	-	160	639	6,843	8,318	4,677	2,494	2,336
Other Noncurrent Operating Assets	16	63	301	400	188	1,109	1,479	1,353	1,324
Total Liabilities & Shareholders' Equity	1,084	2,020	1,589	7,337	24,669	25,858	18,426	14,142	12,338
Total Liabilities	459	355	415	4,776	10,524	6,735	4,572	3,241	3,688
Total Current Liabilities	191	91	143	4,389	9,128	4,923	3,015	2,206	1,987
Accounts Payable	21	-	7.09	18	302	487	520	405	317
Accrued Expenses	73	-	68	470	1,472	2,101	1,798	1,427	1,386
Current Deferred Revenue	97	82	63	3,867	6,253	2,038	568	153	99
Other Current Liabilities	1.28	9.33	5.06	34	225	249	129	221	185
Total Noncurrent Liabilities	268	264	271	387	1,396	1,812	1,557	1,035	1,701
Long-Term Debt	-	-	-	-	-	-	-	0.00	590
Noncurrent Deferred Revenue	251	162	139	177	615	673	83	58	153
Other Noncurrent Operating Liabilities	1.53	64	94	100	781	1,139	1,474	977	958
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-551	-982	1,175	2,561	14,145	19,123	13,854	10,901	8,650
Total Preferred & Common Equity	-551	-982	1,175	2,561	14,145	19,123	13,854	10,901	8,650
Preferred Stock	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-551	-982	1,175	2,561	14,145	19,123	13,854	10,901	8,650
Common Stock	72	-	2,669	4,802	4,211	1,173	371	866	1,382
Retained Earnings	-622	-982	-1,496	-2,244	9,958	18,320	13,606	10,045	7,223
Accumulated Other Comprehensive Income / (Loss)	-1.16	-	1.80	3.00	-24	-370	-123	-10	45

This table presents Moderna's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	21,884	19,450	18,426	16,729	15,680	15,803	14,142	12,704	12,010	12,135	11,488
Total Current Assets	10,599	10,799	10,325	9,600	9,661	9,666	8,099	6,766	6,171	6,598	5,770
Cash & Equivalents	3,801	2,932	2,907	2,051	2,478	1,644	1,927	1,623	1,279	1,132	1,908
Short-Term Investments	4,658	4,641	5,697	6,472	6,010	5,223	5,098	4,352	3,852	3,372	3,297
Accounts Receivable	232	1,866	892	137	163	1,564	358	78	36	1,046	71
Inventories, net	715	487	202	295	399	412	117	128	240	332	146
Prepaid Expenses	1,193	873	627	645	611	823	599	585	764	716	348
Plant, Property, & Equipment, net	2,280	1,952	1,945	2,063	2,196	2,381	2,196	2,212	2,169	2,126	2,086
Total Noncurrent Assets	9,005	6,699	6,156	5,066	3,823	3,756	3,847	3,726	3,670	3,411	3,632
Long-Term Investments	6,105	5,273	4,677	3,638	2,326	2,335	2,494	2,418	2,374	2,143	2,251
Other Noncurrent Operating Assets	1,420	1,426	1,479	1,347	1,416	1,340	1,353	1,308	1,296	1,268	1,381
Total Liabilities & Shareholders' Equity	21,884	19,450	18,426	16,729	15,680	15,803	14,142	12,704	12,010	12,135	11,488
Total Liabilities	4,935	5,995	4,572	3,912	3,968	3,876	3,241	2,638	2,611	2,805	4,080
Total Current Liabilities	3,123	4,385	3,015	2,380	2,363	2,201	2,206	1,604	1,572	1,681	2,395
Accounts Payable	310	494	520	183	279	373	405	226	175	267	161
Accrued Expenses	1,490	2,224	1,798	1,396	1,333	1,376	1,427	1,001	987	1,178	1,912
Current Deferred Revenue	1,040	1,372	568	559	702	379	153	125	218	163	102
Other Current Liabilities	236	239	129	190	42	69	221	252	192	73	220
Total Noncurrent Liabilities	1,812	1,610	1,557	1,532	1,605	1,675	1,035	1,034	1,039	1,124	1,685
Long-Term Debt	-	-	-	-	-	-	-	-	-	-	590
Capital Lease Obligations	-	575	-	575	-	625	-	35	-	26	13
Noncurrent Deferred Revenue	692	166	83	58	95	95	58	58	65	157	154
Other Noncurrent Operating Liabilities	1,120	869	1,474	899	1,510	955	977	941	974	941	928
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	16,949	13,455	13,854	12,817	11,712	11,927	10,901	10,066	9,399	9,330	7,408
Total Preferred & Common Equity	16,949	13,455	13,854	12,817	11,712	11,927	10,901	10,066	9,399	9,330	7,408
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	16,949	13,455	13,854	12,817	11,712	11,927	10,901	10,066	9,399	9,330	7,408
Common Stock	193	277	371	487	631	751	866	982	1,127	1,254	1,503
Retained Earnings	17,019	13,389	13,606	12,431	11,152	11,165	10,045	9,074	8,249	8,049	5,880
Accumulated Other Comprehensive Income / (Loss)	-263	-211	-123	-101	-71	11	-10	10	23	27	25

This table displays calculated financial ratios and metrics derived from Moderna's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	89.88%	-34.38%	-55.58%	1,238.33%	2,200.25%	4.29%	-64.45%	-52.75%	-39.93%
EBITDA Growth	0.00%	-19.49%	-55.62%	-35.67%	-38.14%	1,961.68%	-28.03%	-138.99%	-3.55%	25.50%
EBIT Growth	0.00%	-19.76%	-51.69%	-34.65%	-38.81%	1,825.23%	-29.34%	-146.54%	7.59%	23.56%
NOPAT Growth	0.00%	-20.37%	-53.43%	-32.12%	-39.74%	2,386.48%	-32.64%	-136.07%	6.94%	22.08%
Net Income Growth	0.00%	-18.36%	-50.34%	-33.60%	-45.33%	1,733.47%	-31.47%	-156.37%	24.46%	20.75%
EPS Growth	0.00%	-10.29%	-18.42%	68.69%	-26.45%	1,543.37%	-28.88%	-161.28%	24.74%	21.77%
Operating Cash Flow Growth	0.00%	-596.72%	0.19%	-38.73%	541.61%	571.93%	-63.43%	-162.60%	3.66%	37.65%
Free Cash Flow Firm Growth	0.00%	0.00%	-841.82%	37.64%	687.30%	555.88%	-70.15%	-167.65%	-35.38%	47.49%
Invested Capital Growth	0.00%	0.00%	97.18%	-583.44%	-4,998.97%	-32.96%	126.37%	-36.54%	141.19%	-20.04%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-26.45%	226.63%	56.12%	-9.94%	-24.92%	-36.31%	-12.90%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	3.61%	-23.64%	74.02%	-28.34%	-64.77%	-54.13%	12.50%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	3.14%	-22.80%	74.82%	-29.03%	-57.97%	-44.52%	11.64%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	4.07%	-23.49%	72.79%	-29.65%	-59.06%	-46.49%	11.23%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	3.41%	-25.07%	72.81%	-28.92%	-36.01%	-60.12%	9.44%
EPS Q/Q Growth	0.00%	0.00%	0.00%	30.18%	-20.99%	73.66%	-27.21%	-34.17%	-61.67%	10.04%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	-1.78%	205.30%	17.68%	-24.86%	-50.05%	6.33%	5.31%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	175.37%	17.86%	-28.88%	-27.99%	11.86%	-5.14%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	6.14%	-112.98%	34.44%	-8.70%	-51.60%	-58.75%	-59.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	99.00%	85.83%	71.88%	31.47%	54.76%	55.35%
EBITDA Margin	-192.71%	-121.27%	-287.58%	-878.33%	-90.66%	73.37%	50.64%	-55.53%	-121.69%	-150.93%
Operating Margin	-206.44%	-130.87%	-305.97%	-910.00%	-95.02%	71.98%	48.90%	-61.90%	-121.91%	-158.13%
EBIT Margin	-208.94%	-131.78%	-304.61%	-923.33%	-95.77%	71.83%	48.67%	-63.71%	-124.60%	-158.54%
Profit (Net Income) Margin	-199.46%	-124.34%	-284.84%	-856.67%	-93.03%	66.06%	43.41%	-68.84%	-110.04%	-145.16%
Tax Burden Percent	100.48%	99.97%	100.08%	99.81%	100.40%	91.85%	87.33%	119.58%	98.72%	101.95%
Interest Burden Percent	95.01%	94.38%	93.43%	92.96%	96.75%	100.14%	102.13%	90.35%	89.46%	89.81%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	8.15%	12.67%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-402.07%	-282.51%	-173.04%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-390.98%	-275.49%	-165.19%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	373.48%	253.74%	144.18%
Return on Equity (ROE)	0.00%	-40.93%	215.46%	-534.36%	-39.99%	146.08%	50.27%	-28.59%	-28.77%	-28.87%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	431.74%	-357.36%	-365.27%	-150.77%
Operating Return on Assets (OROA)	0.00%	-25.01%	-26.51%	-30.70%	-17.23%	82.90%	37.11%	-19.70%	-24.76%	-23.28%
Return on Assets (ROA)	0.00%	-23.60%	-24.79%	-28.48%	-16.74%	76.25%	33.10%	-21.29%	-21.87%	-21.31%
Return on Common Equity (ROCE)	0.00%	36.09%	925.32%	-534.36%	-39.99%	146.08%	50.27%	-28.59%	-28.77%	-28.87%
Return on Equity Simple (ROE_SIMPLE)	0.00%	46.42%	39.16%	-43.75%	-29.17%	86.26%	43.73%	-34.03%	-32.67%	0.00%
Net Operating Profit after Tax (NOPAT)	-157	-189	-289	-382	-534	12,212	8,227	-2,967	-2,762	-2,152
NOPAT Margin	-144.51%	-91.61%	-214.18%	-637.00%	-66.51%	66.12%	42.71%	-43.33%	-85.34%	-110.69%
Net Nonoperating Expense Percent (NNEP)	0.00%	-15.19%	217.18%	-105.32%	-6.69%	-0.09%	0.76%	-11.09%	-7.01%	-7.86%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	43.02%	-21.42%	-25.33%	-23.29%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	1.00%	14.17%	28.12%	68.53%	45.24%	44.65%
SG&A Expenses to Revenue	53.00%	31.45%	69.78%	183.33%	23.41%	3.07%	5.88%	22.62%	36.28%	52.37%
R&D to Revenue	253.44%	199.42%	336.19%	826.67%	170.61%	10.78%	17.11%	70.75%	140.39%	161.11%
Operating Expenses to Revenue	306.44%	230.87%	405.97%	1,010.00%	194.02%	13.85%	22.98%	93.37%	176.67%	213.48%
Earnings before Interest and Taxes (EBIT)	-226	-271	-411	-554	-769	13,267	9,375	-4,363	-4,032	-3,082
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-209	-250	-388	-527	-728	13,553	9,754	-3,803	-3,938	-2,934
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	5.55	16.14	7.28	3.61	2.74	1.47	1.33
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	5.55	16.14	7.28	3.61	2.74	1.47	1.33
Price to Revenue (P/Rev)	5.58	2.94	2.97	108.64	51.48	5.58	3.58	5.54	4.94	5.93
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	8.44	8.25	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	11.85%	12.12%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	56.24	43.00	4.69	3.60
Enterprise Value to Revenue (EV/Rev)	0.00	4.34	3.25	88.22	45.08	4.62	2.64	3.60	2.00	2.05
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	6.30	5.21	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	6.44	5.42	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	6.99	6.17	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	17.86	6.27	10.20	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	12.19	0.00	0.00	18.18	6.54	13.03	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.03	-0.04	0.03	0.04	0.00	0.00	0.00	0.00	0.07
Long-Term Debt to Equity	0.00	0.03	-0.04	0.03	0.04	0.00	0.00	0.00	0.00	0.07
Financial Leverage	0.00	-1.42	-0.25	-1.30	-1.70	-1.36	-1.08	-0.96	-0.92	-0.87
Leverage Ratio	0.00	1.73	-8.69	18.76	2.39	1.92	1.52	1.34	1.32	1.35
Compound Leverage Factor	0.00	1.64	-8.12	17.44	2.31	1.92	1.55	1.21	1.18	1.22
Debt to Total Capital	0.00%	2.45%	-3.99%	3.19%	4.12%	0.00%	0.00%	0.00%	0.00%	6.39%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	2.45%	-3.99%	3.19%	4.12%	0.00%	0.00%	0.00%	0.00%	6.39%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	183.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-86.02%	103.99%	96.81%	95.88%	100.00%	100.00%	100.00%	100.00%	93.61%
Debt to EBITDA	0.00	-0.06	-0.10	-0.07	-0.15	0.00	0.00	0.00	0.00	-0.20
Net Debt to EBITDA	0.00	3.55	-0.10	2.33	7.06	0.00	0.00	0.00	0.00	2.57
Long-Term Debt to EBITDA	0.00	-0.06	-0.10	-0.07	-0.15	0.00	0.00	0.00	0.00	-0.20
Debt to NOPAT	0.00	-0.08	-0.13	-0.10	-0.21	0.00	0.00	0.00	0.00	-0.27
Net Debt to NOPAT	0.00	4.71	-0.13	3.21	9.62	0.00	0.00	0.00	0.00	3.51
Long-Term Debt to NOPAT	0.00	-0.08	-0.13	-0.10	-0.21	0.00	0.00	0.00	0.00	-0.27
Altman Z-Score	0.00	0.01	-0.64	7.75	4.84	9.30	9.48	6.08	3.74	2.47
Noncontrolling Interest Sharing Ratio	0.00%	188.18%	-329.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	4.09	0.41	7.89	1.44	1.76	2.73	3.42	3.67	3.29
Quick Ratio	0.00	4.02	0.10	7.74	1.37	1.52	2.29	3.15	3.35	3.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	73	-544	-339	1,991	13,061	3,899	-2,637	-3,571	-1,875
Operating Cash Flow to CapEx	201.35%	-567.60%	-312.83%	-1,434.38%	2,980.88%	4,795.77%	1,245.25%	-441.02%	-285.82%	-975.52%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.19	0.09	0.03	0.18	1.15	0.76	0.31	0.20	0.15
Accounts Receivable Turnover	0.00	15.34	12.08	8.38	1.15	8.09	8.45	6.01	5.18	7.17
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	3.52	4.53	8.15	9.18	6.43
Fixed Asset Turnover	0.00	1.48	0.78	0.00	0.00	0.00	11.82	3.46	1.56	0.90
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.64	16.36	13.73	9.32	3.17	2.40
Days Sales Outstanding (DSO)	0.00	23.79	30.22	43.55	317.36	45.11	43.20	60.68	70.50	50.88
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	103.77	80.53	44.76	39.77	56.77
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	572.37	22.32	26.59	39.16	115.31	151.80
Cash Conversion Cycle (CCC)	0.00	23.79	30.22	43.55	-255.01	126.57	97.15	66.28	-5.05	-44.15
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-262	-7.39	-51	-2,576	-3,425	903	573	1,382	1,105
Invested Capital Turnover	0.00	-1.57	-1.00	-2.07	-0.61	-6.16	-15.28	9.28	3.31	1.56
Increase / (Decrease) in Invested Capital	0.00	-262	254	-43	-2,525	-849	4,328	-330	809	-277
Enterprise Value (EV)	0.00	894	439	5,293	36,203	85,406	50,786	24,638	6,482	3,976
Market Capitalization	604	604	401	6,518	41,340	102,976	69,006	37,919	16,001	11,521
Book Value per Share	$0.00	($8.55)	($12.11)	$3.53	$6.47	$34.89	$49.78	$36.34	$28.33	$22.14
Tangible Book Value per Share	$0.00	($8.55)	($12.11)	$3.53	$6.47	$34.89	$49.78	$36.34	$28.33	$22.14
Total Capital	0.00	641	-945	1,213	2,671	14,145	19,123	13,854	10,901	9,240
Total Debt	0.00	16	38	39	110	0.00	0.00	0.00	0.00	590
Total Long-Term Debt	0.00	16	38	39	110	0.00	0.00	0.00	0.00	590
Net Debt	0.00	-887	38	-1,225	-5,137	-17,570	-18,220	-13,281	-9,519	-7,545
Capital Expenditures (CapEx)	33	58	106	32	68	284	400	707	1,051	192
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-165	-54	-118	-2,699	-3,784	-1,394	-1,294	-1,132	-1,242
Debt-free Net Working Capital (DFNWC)	0.00	592	-54	986	1,909	6,943	8,508	7,310	5,893	4,557
Net Working Capital (NWC)	0.00	592	-54	986	1,909	6,943	8,508	7,310	5,893	4,557
Net Nonoperating Expense (NNE)	60	67	95	132	213	10	-135	1,747	800	670
Net Nonoperating Obligations (NNO)	0.00	-887	975	-1,225	-5,137	-17,570	-18,220	-13,281	-9,519	-7,545
Total Depreciation and Amortization (D&A)	18	22	23	27	41	286	379	560	94	148
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-80.27%	-40.02%	-197.24%	-336.11%	-20.49%	-7.24%	-18.90%	-34.98%	-63.89%
Debt-free Net Working Capital to Revenue	0.00%	287.51%	-40.02%	1,642.82%	237.73%	37.59%	44.17%	106.75%	182.11%	234.41%
Net Working Capital to Revenue	0.00%	287.51%	-40.02%	1,642.82%	237.73%	37.59%	44.17%	106.75%	182.11%	234.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($3.79)	($4.18)	($4.95)	($1.55)	($1.96)	$30.31	$21.26	($12.33)	($9.28)	($7.26)
Adjusted Weighted Average Basic Shares Outstanding	60.75M	64.50M	329.00M	368.64M	399.77M	403M	394M	382M	384M	389M
Adjusted Diluted Earnings per Share	($3.79)	($4.18)	($4.95)	($1.55)	($1.96)	$28.29	$20.12	($12.33)	($9.28)	($7.26)
Adjusted Weighted Average Diluted Shares Outstanding	60.75M	64.50M	329.00M	368.64M	399.77M	431M	416M	382M	384M	389M
Adjusted Basic & Diluted Earnings per Share	($3.79)	($4.18)	($4.95)	($1.55)	($1.96)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	60.75M	64.50M	81.11M	330.80M	381.33M	402.87M	386.34M	382.07M	385.82M	394.94M
Normalized Net Operating Profit after Tax (NOPAT)	-157	-189	-289	-382	-534	12,212	8,227	-2,967	-2,762	-2,152
Normalized NOPAT Margin	-144.51%	-91.61%	-214.18%	-637.00%	-66.51%	66.12%	42.71%	-43.33%	-85.34%	-110.69%
Pre Tax Income Margin	-198.50%	-124.38%	-284.60%	-858.33%	-92.65%	71.92%	49.71%	-57.56%	-111.46%	-142.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	7.02%	39.81%	-24.46%	0.00%	-0.07%

This table displays calculated financial ratios and metrics derived from Moderna's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	394,939,424.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	394,939,424.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-3.40
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-45.57%	-44.71%	-91.03%	-29.94%	1.69%	-65.64%	-35.33%	-41.08%	-45.44%	-29.81%	260.19%
EBITDA Growth	-242.88%	-90.94%	-261.47%	22.34%	97.21%	-928.19%	18.97%	37.55%	-341.18%	33.95%	-31.33%
EBIT Growth	-278.00%	-102.10%	-210.39%	24.99%	96.03%	-3,763.64%	17.98%	35.32%	-217.07%	31.84%	-33.40%
NOPAT Growth	-240.94%	-98.67%	-245.90%	27.00%	96.92%	-4,789.25%	17.06%	33.46%	-320.00%	31.22%	-32.19%
Net Income Growth	-448.03%	-85.19%	-1,587.34%	7.32%	100.36%	-616.13%	17.36%	35.50%	-1,638.46%	26.25%	-38.31%
EPS Growth	-476.68%	-83.29%	-1,715.79%	8.01%	100.31%	-561.90%	17.92%	36.04%	-1,800.00%	27.84%	-34.92%
Operating Cash Flow Growth	-734.92%	-62.58%	19.27%	-39.24%	2.13%	32.64%	-4.85%	27.87%	45.91%	12.73%	39.25%
Free Cash Flow Firm Growth	69.25%	111.90%	108.82%	117.05%	-37.79%	-582.27%	-418.28%	-406.04%	120.78%	80.79%	114.97%
Invested Capital Growth	19.72%	-36.54%	-50.72%	-62.35%	182.94%	141.19%	38.75%	110.91%	-19.13%	-20.04%	-67.51%
Revenue Q/Q Growth	432.27%	53.52%	-94.06%	44.31%	672.61%	-48.12%	-88.82%	31.48%	615.49%	-33.27%	-42.63%
EBITDA Q/Q Growth	-2.99%	108.16%	-956.38%	-7.92%	96.30%	-2,319.61%	16.21%	16.83%	73.84%	-262.22%	-66.63%
EBIT Q/Q Growth	-11.33%	98.40%	-3,793.94%	-8.17%	94.10%	-1,454.88%	17.33%	14.71%	71.08%	-234.23%	-61.80%
NOPAT Q/Q Growth	-7.77%	101.32%	-4,864.52%	-7.66%	95.46%	-1,912.77%	15.73%	13.62%	71.33%	-229.62%	-61.96%
Net Income Q/Q Growth	-163.04%	105.98%	-641.47%	-8.85%	101.02%	-8,715.38%	13.30%	15.04%	75.76%	-313.00%	-62.59%
EPS Q/Q Growth	-163.26%	106.61%	-587.30%	-8.47%	100.90%	-9,800.00%	13.40%	15.48%	76.06%	-311.76%	-61.90%
Operating Cash Flow Q/Q Growth	-74.86%	138.88%	-259.00%	-28.82%	-22.92%	152.68%	-225.70%	11.38%	7.83%	209.80%	-167.74%
Free Cash Flow Firm Q/Q Growth	48.69%	121.74%	9.24%	39.94%	-514.59%	23.90%	27.91%	-34.56%	128.14%	-170.35%	156.18%
Invested Capital Q/Q Growth	-50.36%	-51.60%	114.83%	-27.05%	273.05%	-58.75%	23.59%	10.89%	43.03%	-59.21%	-49.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-22.39%	66.95%	42.52%	52.28%	72.40%	23.50%	16.67%	16.20%	79.63%	33.33%	-145.50%
EBITDA Margin	-99.73%	5.30%	-764.07%	-571.37%	-2.74%	-127.74%	-957.41%	-605.63%	-22.15%	-120.21%	-349.10%
Operating Margin	-109.89%	0.21%	-758.08%	-565.56%	-3.76%	-128.99%	-972.22%	-638.73%	-25.59%	-126.40%	-356.81%
EBIT Margin	-112.67%	-1.17%	-769.46%	-576.76%	-4.40%	-131.99%	-975.93%	-633.10%	-25.59%	-128.17%	-361.44%
Profit (Net Income) Margin	-198.25%	7.72%	-703.59%	-530.71%	0.70%	-115.94%	-899.07%	-580.99%	-19.69%	-121.83%	-345.24%
Tax Burden Percent	185.39%	310.00%	100.86%	100.00%	61.90%	94.59%	100.73%	100.86%	106.95%	103.38%	100.67%
Interest Burden Percent	94.91%	-212.12%	90.66%	92.01%	-25.61%	92.86%	91.46%	90.99%	71.92%	91.94%	94.88%
Effective Tax Rate	0.00%	-210.00%	0.00%	0.00%	38.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-645.73%	6.14%	-1,466.60%	-1,217.94%	-5.22%	-298.90%	-1,471.33%	-985.83%	-13.20%	-138.32%	-491.15%
ROIC Less NNEP Spread (ROIC-NNEP)	-630.55%	4.88%	-1,464.54%	-1,215.38%	-5.76%	-296.73%	-1,468.97%	-983.75%	-12.96%	-135.67%	-486.27%
Return on Net Nonoperating Assets (RNNOA)	586.98%	-4.66%	1,292.15%	1,076.17%	4.73%	273.30%	1,280.30%	853.65%	9.27%	118.42%	423.29%
Return on Equity (ROE)	-58.75%	1.48%	-174.45%	-141.78%	-0.49%	-25.61%	-191.03%	-132.18%	-3.93%	-19.91%	-67.86%
Cash Return on Invested Capital (CROIC)	-189.65%	-357.36%	-124.98%	-107.07%	-178.70%	-365.27%	-210.09%	-235.47%	-58.86%	-150.77%	-109.18%
Operating Return on Assets (OROA)	-45.17%	-0.36%	-194.11%	-155.08%	-1.27%	-26.23%	-210.68%	-140.75%	-4.09%	-18.82%	-66.49%
Return on Assets (ROA)	-79.47%	2.39%	-177.49%	-142.69%	0.20%	-23.04%	-194.09%	-129.16%	-3.15%	-17.89%	-63.51%
Return on Common Equity (ROCE)	-58.75%	1.48%	-174.45%	-141.78%	-0.49%	-25.61%	-191.03%	-132.18%	-3.93%	-19.91%	-67.86%
Return on Equity Simple (ROE_SIMPLE)	-25.76%	0.00%	-46.56%	-50.09%	-18.65%	0.00%	-33.35%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1,408	19	-886	-954	-43	-872	-735	-635	-182	-600	-972
NOPAT Margin	-76.92%	0.66%	-530.66%	-395.89%	-2.33%	-90.29%	-680.56%	-447.11%	-17.91%	-88.48%	-249.77%
Net Nonoperating Expense Percent (NNEP)	-15.18%	1.26%	-2.07%	-2.56%	0.54%	-2.17%	-2.37%	-2.08%	-0.24%	-2.65%	-4.88%
Return On Investment Capital (ROIC_SIMPLE)	-	0.13%	-	-	-	-8.00%	-7.28%	-6.76%	-1.95%	-6.49%	-12.13%
Cost of Revenue to Revenue	122.39%	33.05%	57.49%	47.72%	27.60%	76.50%	83.33%	83.80%	20.37%	66.67%	245.50%
SG&A Expenses to Revenue	24.14%	16.72%	164.07%	111.20%	15.09%	36.34%	196.30%	161.97%	26.38%	45.43%	44.47%
R&D to Revenue	63.35%	50.02%	636.53%	506.64%	61.06%	116.15%	792.59%	492.96%	78.84%	114.31%	166.84%
Operating Expenses to Revenue	87.49%	66.74%	800.60%	617.84%	76.15%	152.48%	988.89%	654.93%	105.22%	159.73%	211.31%
Earnings before Interest and Taxes (EBIT)	-2,063	-33	-1,285	-1,390	-82	-1,275	-1,054	-899	-260	-869	-1,406
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1,826	149	-1,276	-1,377	-51	-1,234	-1,034	-860	-225	-815	-1,358
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.92	2.74	3.17	3.89	2.15	1.47	1.09	1.14	1.08	1.33	2.71
Price to Tangible Book Value (P/TBV)	2.92	2.74	3.17	3.89	2.15	1.47	1.09	1.14	1.08	1.33	2.71
Price to Revenue (P/Rev)	4.31	5.54	7.88	9.01	5.06	4.94	3.44	3.47	4.50	5.93	9.02
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	22.84	43.00	23.59	38.64	5.11	4.69	1.51	1.67	1.27	3.60	23.80
Enterprise Value to Revenue (EV/Rev)	2.96	3.60	5.64	6.87	3.37	2.00	0.81	1.03	1.54	2.05	5.94
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.04	0.00	0.04	0.00	0.05	0.00	0.00	0.00	0.00	0.07	0.08
Long-Term Debt to Equity	0.04	0.00	0.04	0.00	0.05	0.00	0.00	0.00	0.00	0.07	0.08
Financial Leverage	-0.93	-0.96	-0.88	-0.89	-0.82	-0.92	-0.87	-0.87	-0.72	-0.87	-0.87
Leverage Ratio	1.45	1.34	1.29	1.31	1.39	1.32	1.29	1.31	1.31	1.35	1.38
Compound Leverage Factor	1.37	-2.85	1.17	1.21	-0.36	1.22	1.18	1.19	0.95	1.25	1.31
Debt to Total Capital	4.10%	0.00%	4.29%	0.00%	4.98%	0.00%	0.35%	0.00%	0.28%	6.39%	7.53%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	4.10%	0.00%	4.29%	0.00%	4.98%	0.00%	0.35%	0.00%	0.28%	6.39%	7.53%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	95.90%	100.00%	95.71%	100.00%	95.02%	100.00%	99.65%	100.00%	99.72%	93.61%	92.47%
Debt to EBITDA	-0.25	0.00	-0.12	0.00	-0.24	0.00	-0.01	0.00	-0.01	-0.20	-0.19
Net Debt to EBITDA	5.32	0.00	2.45	0.00	3.36	0.00	2.26	0.00	1.97	2.57	2.10
Long-Term Debt to EBITDA	-0.25	0.00	-0.12	0.00	-0.24	0.00	-0.01	0.00	-0.01	-0.20	-0.19
Debt to NOPAT	-0.31	0.00	-0.16	0.00	-0.33	0.00	-0.01	0.00	-0.01	-0.27	-0.25
Net Debt to NOPAT	6.58	0.00	3.22	0.00	4.55	0.00	3.20	0.00	2.73	3.51	2.87
Long-Term Debt to NOPAT	-0.31	0.00	-0.16	0.00	-0.33	0.00	-0.01	0.00	-0.01	-0.27	-0.25
Altman Z-Score	5.41	6.85	7.84	8.47	5.84	4.39	3.95	3.88	3.68	3.06	3.81
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.46	3.42	4.03	4.09	4.39	3.67	4.22	3.93	3.93	3.29	2.41
Quick Ratio	2.15	3.15	3.64	3.66	3.83	3.35	3.77	3.29	3.30	3.01	2.20
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,603	349	381	533	-2,209	-1,681	-1,212	-1,631	459	-323	181
Operating Cash Flow to CapEx	-1,142.86%	282.73%	-504.59%	-700.00%	-1,037.09%	158.05%	-886.32%	-30,633.33%	-2,566.67%	2,384.62%	-1,016.13%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.40	0.31	0.25	0.27	0.29	0.20	0.22	0.22	0.16	0.15	0.18
Accounts Receivable Turnover	4.00	6.01	8.24	25.57	2.96	5.18	29.55	30.93	1.71	7.17	29.87
Inventory Turnover	4.43	8.15	7.78	6.07	3.68	9.18	6.89	4.58	3.10	6.43	12.65
Fixed Asset Turnover	4.59	3.46	2.53	2.26	2.35	1.56	1.49	1.41	0.99	0.90	1.04
Accounts Payable Turnover	13.79	9.32	13.98	11.48	3.82	3.17	7.13	6.44	3.61	2.40	8.96
Days Sales Outstanding (DSO)	91.26	60.68	44.27	14.27	123.20	70.50	12.35	11.80	213.41	50.88	12.22
Days Inventory Outstanding (DIO)	82.35	44.76	46.89	60.13	99.19	39.77	52.95	79.77	117.56	56.77	28.85
Days Payable Outstanding (DPO)	26.47	39.16	26.12	31.79	95.66	115.31	51.20	56.67	101.13	151.80	40.75
Cash Conversion Cycle (CCC)	147.15	66.28	65.05	42.61	126.73	-5.05	14.10	34.89	229.84	-44.15	0.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,184	573	1,231	898	3,350	1,382	1,708	1,894	2,709	1,105	555
Invested Capital Turnover	8.39	9.28	2.76	3.08	2.24	3.31	2.16	2.20	0.74	1.56	1.97
Increase / (Decrease) in Invested Capital	195	-330	-1,267	-1,487	2,166	809	477	996	-641	-277	-1,153
Enterprise Value (EV)	27,040	24,638	29,044	34,696	17,112	6,482	2,580	3,165	3,429	3,976	13,210
Market Capitalization	39,311	37,919	40,630	45,510	25,689	16,001	10,938	10,670	10,050	11,521	20,063
Book Value per Share	$35.35	$36.34	$33.55	$30.56	$31.03	$28.33	$26.09	$24.30	$23.98	$22.14	$18.76
Tangible Book Value per Share	$35.35	$36.34	$33.55	$30.56	$31.03	$28.33	$26.09	$24.30	$23.98	$22.14	$18.76
Total Capital	14,030	13,854	13,392	11,712	12,552	10,901	10,101	9,399	9,356	9,240	8,011
Total Debt	575	0.00	575	0.00	625	0.00	35	0.00	26	590	603
Total Long-Term Debt	575	0.00	575	0.00	625	0.00	35	0.00	26	590	603
Net Debt	-12,271	-13,281	-11,586	-10,814	-8,577	-9,519	-8,358	-7,505	-6,621	-7,545	-6,853
Capital Expenditures (CapEx)	140	220	196	182	151	522	117	3.00	33	39	62
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,159	-1,294	-1,303	-1,190	598	-1,132	-813	-532	413	-1,242	-1,830
Debt-free Net Working Capital (DFNWC)	6,414	7,310	7,220	7,298	7,465	5,893	5,162	4,599	4,917	4,557	3,375
Net Working Capital (NWC)	6,414	7,310	7,220	7,298	7,465	5,893	5,162	4,599	4,917	4,557	3,375
Net Nonoperating Expense (NNE)	2,222	-198	289	325	-56	248	236	190	18	226	371
Net Nonoperating Obligations (NNO)	-12,271	-13,281	-11,586	-10,814	-8,577	-9,519	-8,358	-7,505	-6,621	-7,545	-6,853
Total Depreciation and Amortization (D&A)	237	182	9.00	13	31	41	20	39	35	54	48
Debt-free, Cash-free Net Working Capital to Revenue	-12.71%	-18.90%	-25.29%	-23.56%	11.77%	-34.98%	-25.59%	-17.28%	18.50%	-63.89%	-82.25%
Debt-free Net Working Capital to Revenue	70.32%	106.75%	140.11%	144.51%	146.92%	182.11%	162.48%	149.42%	220.30%	234.41%	151.69%
Net Working Capital to Revenue	70.32%	106.75%	140.11%	144.51%	146.92%	182.11%	162.48%	149.42%	220.30%	234.41%	151.69%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($9.53)	$0.62	($3.07)	($3.33)	$0.03	($2.91)	($2.52)	($2.13)	($0.51)	($2.10)	($3.40)
Adjusted Weighted Average Basic Shares Outstanding	381M	382M	382M	384M	385M	384M	386M	388M	390M	389M	395M
Adjusted Diluted Earnings per Share	($9.53)	$0.63	($3.07)	($3.33)	$0.03	($2.91)	($2.52)	($2.13)	($0.51)	($2.10)	($3.40)
Adjusted Weighted Average Diluted Shares Outstanding	381M	382M	382M	384M	399M	384M	386M	388M	390M	389M	395M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	381.28M	382.07M	383.24M	384.40M	384.82M	385.82M	386.74M	389.08M	390.68M	394.94M	396.79M
Normalized Net Operating Profit after Tax (NOPAT)	-1,408	4.20	-886	-954	-43	-872	-735	-635	-182	-600	-972
Normalized NOPAT Margin	-76.92%	0.15%	-530.66%	-395.89%	-2.33%	-90.29%	-680.56%	-447.11%	-17.91%	-88.48%	-249.77%
Pre Tax Income Margin	-106.94%	2.49%	-697.60%	-530.71%	1.13%	-122.57%	-892.59%	-576.06%	-18.41%	-117.85%	-342.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-44.86%	-24.46%	-10.51%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.07%	0.00%

Financials Breakdown Chart

Key Financial Trends

Below are the key trends for Moderna, Inc. (MRNA) based on the quarterly statements in the four-year window you provided. Items are grouped to highlight positives first, then neutral observations, then negatives.

Moderna maintains a robust liquidity position, with cash and short‑term investments totaling roughly $4.5B around mid‑2025 and total equity near $9.3B, providing a solid cushion for ongoing R&D and clinical programs.
Financing activity has contributed meaningful cash in several quarters (for example, Q4 2025 net financing cash flow of about $581M), helping offset operating cash outflows in a volatile quarterly pattern.
A notable quarterly revenue spike occurred in Q3 2025, reaching about $1.02B, indicating Moderna can achieve scale in certain product lines when demand returns.
Quarterly revenue and gross-margin levels are highly volatile, reflecting shifts in product mix and contract dynamics rather than a steady growth trajectory.
Net income is negative across most 2025 quarters (examples: Q4 -$826M; Q1 -$971M; Q2 -$825M; Q3 -$200M), signaling ongoing profitability challenges despite revenue variability.
Cash flow from operations has generally been negative in 2025, with sizable operating cash outflows in each quarter (for instance, Q4 2025 net cash from continuing operating activities outflow of about $930M).
R&D expense remains a major expense driver, often exceeding gross profit in several periods (examples: Q4 2025 RD expense around $775M; Q3 2025 around $801M; Q4 2024 around $1.12B), which pressures near-term margins.
The balance sheet shows a strong equity position and sizable noncurrent assets, supporting long-term investment capacity, with liabilities modest relative to equity.
Earnings per share remain negative in the latest periods, with both basic and diluted EPS negative, reflecting ongoing losses on a per-share basis.
Overall profitability signals are mixed in the near term, but the combination of liquidity, financing flexibility, and an large asset base provides options to fund ongoing R&D and pipeline efforts.

05/10/26 09:24 PM ETAI Generated. May Contain Errors.

Moderna Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Moderna's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Moderna's net income appears to be on a downward trend, with a most recent value of -$2.82 billion in 2025, rising from -$216.21 million in 2016. The previous period was -$3.56 billion in 2024. See Moderna's forecast for analyst expectations on what's next for the company.

Moderna's total operating income in 2025 was -$3.07 billion, based on the following breakdown:

Total Gross Profit: $1.08 billion
Total Operating Expenses: $4.15 billion

Over the last 9 years, Moderna's total revenue changed from $108.40 million in 2016 to $1.94 billion in 2025, a change of 1,693.4%.

Moderna's total liabilities were at $3.69 billion at the end of 2025, a 13.8% increase from 2024, and a 703.1% increase since 2017.

In the past 8 years, Moderna's cash and equivalents has ranged from $0.00 in 2018 to $6.85 billion in 2021, and is currently $2.60 billion as of their latest financial filing in 2025.

Over the last 9 years, Moderna's book value per share changed from 0.00 in 2016 to 22.14 in 2025, a change of 2,214.1%.

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Financial statements for NASDAQ:MRNA last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Moderna (MRNA) Financials

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Moderna (MRNA) Financials

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Moderna Financials - Frequently Asked Questions

When does Moderna's fiscal year end?

How has Moderna's net income changed over the last 9 years?

What is Moderna's operating income?

How has Moderna's revenue changed over the last 9 years?

How much debt does Moderna have?

How much cash does Moderna have?

How has Moderna's book value per share changed over the last 9 years?

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