Moderna (MRNA) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Moderna

NasdaqGS•Healthcare•Biotechnology

$158.07+12.45(0.09%)After hours

Market Cap

$62.91B

P/S

28.2x

P/B

9.3x

Moderna, Inc., a biotechnology company, provides messenger RNA medicines in the United States, Europe, and internationally. The company's respiratory vaccines include spikevax, mNEXSPIKE, mRESVIA, COVID, RSV, seasonal influenza, combination, and pandemic influenza vaccine; latent vaccines comprise cytomegalovirus, epstein-barr virus, and human immunodeficiency virus vaccines; enteric viruses include norovirus; public health vaccines consist of Zika, Nipah, and Mpox vaccines; and bacterial diseases vaccines, such as lyme vaccines. It also provides oncology therapeutics, such as intismeran autogene, cancer antigen therapy, t-cell engager, and cell therapy enhancer; and rare disease products, including propionic and methylmalonic acidemia, and cystic fibrosis. It has strategic alliances and collaborations with Merck & Co., Inc; Vertex Pharmaceuticals Incorporated; Vertex Pharmaceuticals (Europe) Limited; immatics N.V.; Defense Advanced Research Projects Agency; Biomedical Advanced Research and Development Authority; Institute for Life Changing Medicines; The Bill & Melinda Gates Foundation; and OpenAI. The company was formerly known as Moderna Therapeutics, Inc. and changed its name to Moderna, Inc. in August 2018. Moderna, Inc. was founded in 2010 and is headquartered in Cambridge, Massachusetts.

How this company scores

WeakMetricSide Score: 36/100

Strongest: Balance Sheet & Red Flags (19/25); weakest: Growth (3/25).

Profitability6/25

Growth3/25

Balance Sheet & Red Flags19/25

Cash & Earnings Quality8/25

Strengths

Low leverageNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 38.5x5y range 3.9x – 38.5x

Currently above its 8-quarter median.

P/S · 28.2x5y range 2.2x – 28.2x

Currently above its 20-quarter median.

P/B · 9.3x5y range 1.1x – 15.1x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $62.91B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.23B
Q. Revenue: $145.00M
TTM EBITDA: $-3.09B
TTM Op. Income: $-3.32B
Q. Op. Income: $-815.00M
TTM Net Income: $-3.15B
Q. Net Income: $-782.00M
EPS: $-1.97
Shares Out.: $398.00M

$2.23B in TTM revenue declined 27.6% YoY, reaching $145.00M last quarter. TTM EBITDA of $-3.09B and TTM operating income of $-3.32B show growth is flowing through to the bottom line. However, net income is negative at $3.15B — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 35.9%
EBITDA Margin: -523.4%
Op. Margin: -562.1%
Net Margin: -539.3%

Op. margin of -562.1% is up 76.7% YoY — cost efficiency is improving. Net margin at -539.3% and gross margin of 35.9% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 3 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 28.2x
P/B Ratio: 9.3x

P/S of 28.2x and P/B of 9.3x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $10.96B
Cash: $1.72B
Long-Term Debt: $591.00M
Book Value: $6.76B
D/E Ratio: 0.1
Debt/EBITDA: N/A

With $10.96B in assets and $591.00M in long-term debt, D/E is 0.1and book value is $6.76B — a conservative capital structure with a cushion to weather downturns. Across the last 3 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-526.00M
TTM Free Cash Flow: $-1.24B
FCF Margin: -55.8%
FCF / Net Income: 0.4

TTM FCF of $-1.24B on $-526.00M in operating cash flow. The FCF / Net Income ratio of 0.4x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has risen for 6 consecutive quarters — an improving trend.