Moderna Inc

MRNA

Healthcare|Biotechnology|USA

$48.77

-0.43 (-0.87%)

DCF (FCF)

$77.19

Tangible Book

$21.71

Financials

Financial Snapshot

Market Cap

$19.34B

Enterprise Value

$4.49B

Revenue (TTM)

$1.92B

Net Income (TTM)

$-2.82B

Cash & Equivalents

$5.84B

Net Cash/Share

$5.36

Free Cash Flow (TTM)

$-2.08B

Operating CF (TTM)

$-1.87B

Debt/Equity

0.15

Cash Runway & Burn Rate

Cash on Hand

$5.84B

Quarterly Burn

$468.3M

Monthly Burn

$156.1M

Est. Runway

~12.5 quarters

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$1.06B	$756.0M	$1.52B	$1.10B	$4.61B	$10.73B	$9.90B	$8.60B	$7.03B	$5.80B	$5.80B
Operating Cash Flow	$66.7M	$-331.5M	$-330.9M	$-459.0M	$2.03B	$13.62B	$4.98B	$-3.12B	$-3.00B	$-1.87B	$-1.87B
Free Cash Flow	$33.6M	$-389.9M	$-436.6M	$-491.0M	$1.96B	$13.34B	$4.58B	$-3.83B	$-4.05B	$-2.08B	$-2.08B
Capital Expenditure	$-33.1M	$-58.4M	$-105.8M	$-32.0M	$-68.0M	$-284.0M	$-400.0M	$-707.0M	$-1.05B	$-202.0M	$-202.0M
Financing Cash Flow	$472.9M	$168.0K	$1.23B	$52.0M	$2.03B	$-873.0M	$-3.45B	$-1.38B	$56.0M	$593.0M	$593.0M

R&D Spending

R&D (TTM)

$3.13B

R&D Intensity

163.0%

R&D Growth YoY

+0.0%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$101.5M	$177.0M	$122.5M	$48.0M	$274.0M	$17.74B	$18.88B	$6.75B	$3.20B	$1.92B	$1.92B
R&D Expense	$274.7M	$410.5M	$454.1M	$496.0M	$1.37B	$1.99B	$3.29B	$4.84B	$4.54B	$3.13B	$3.13B
R&D % of Revenue	270.6%	231.9%	370.6%	1033.3%	500.0%	11.2%	17.5%	71.7%	142.0%	163.0%	163.0%
SG&A	$57.5M	$64.7M	$94.3M	$110.0M	$188.0M	$567.0M	$1.13B	$1.55B	$1.17B	$1.02B	$1.02B

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$101.5M	$177.0M	$122.5M	$48.0M	$274.0M	$17.74B	$18.88B	$6.75B	$3.20B	$1.92B	$1.92B
Cost of Goods Sold	$0.00	$0.00	$0.00	$0.00	$8.0M	$2.62B	$5.42B	$4.69B	$1.46B	$868.0M	$868.0M
Gross Profit	$101.5M	$177.0M	$122.5M	$48.0M	$266.0M	$15.12B	$13.46B	$2.06B	$1.74B	$1.05B	$1.05B
R&D	$274.7M	$410.5M	$454.1M	$496.0M	$1.37B	$1.99B	$3.29B	$4.84B	$4.54B	$3.13B	$3.13B
SG&A	$57.5M	$64.7M	$94.3M	$110.0M	$188.0M	$567.0M	$1.13B	$1.55B	$1.17B	$1.02B	$1.02B
Operating Income	$-223.8M	$-269.4M	$-413.3M	$-546.0M	$-763.0M	$13.30B	$9.42B	$-4.24B	$-3.94B	$-3.07B	$-3.07B
Interest Expense	$0.00	$-132.0K	$-3.1M	$-6.6M	$-9.9M	$-18.0M	$-29.0M	$-38.0M	$-24.0M	$-10.0M	$-10.0M
Pretax Income	$-215.2M	$-256.0M	$-384.4M	$-515.0M	$-744.0M	$13.29B	$9.57B	$-3.94B	$-3.61B	$-2.77B	$-2.77B
Net Income	$-216.2M	$-255.9M	$-384.7M	$-514.0M	$-747.0M	$12.20B	$8.36B	$-4.71B	$-3.56B	$-2.82B	$-2.82B
EPS (Diluted)	-0.61	-0.72	-4.95	-1.55	-1.96	28.29	20.12	-12.33	-9.28	-7.26	-7.27
EBITDA	$-208.7M	$-235.3M	$-356.4M	$-515.0M	$-732.0M	$13.53B	$9.77B	$-3.62B	$-3.39B	$-2.54B	$-2.54B
Shares Out. (M)	376.00	376.00	81.11	331.00	381.00	431.00	416.00	382.00	384.00	389.00	392.00

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$50.1M	$134.9M	$658.4M	$235.9M	$2.62B	$6.85B	$3.21B	$2.91B	$1.93B	$2.60B	$2.60B
Marketable Securities	$1.01B	$621.2M	$863.1M	$867.1M	$1.98B	$3.88B	$6.70B	$5.70B	$5.10B	$3.20B	$3.20B
Total Current Assets	$1.09B	$783.2M	$1.56B	$1.13B	$6.30B	$16.07B	$13.43B	$10.32B	$8.10B	$6.54B	$6.54B
Total Assets	$1.42B	$1.08B	$1.96B	$1.59B	$7.34B	$24.67B	$25.86B	$18.43B	$14.14B	$12.34B	$12.34B
Total Current Liabilities	$162.8M	$191.5M	$222.8M	$143.1M	$4.39B	$9.13B	$4.92B	$3.02B	$2.21B	$1.99B	$1.99B
Long-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$590.0M	$590.0M
Total Liabilities	$575.3M	$459.2M	$431.9M	$414.6M	$4.78B	$10.52B	$6.74B	$4.57B	$3.24B	$3.69B	$3.69B
Stockholders' Equity	$841.9M	$625.3M	$1.53B	$1.17B	$2.56B	$14.14B	$19.12B	$13.85B	$10.90B	$8.65B	$8.65B
Retained Earnings	$-365.7M	$-621.9M	$-1.01B	$-1.50B	$-2.24B	$9.96B	$18.32B	$13.61B	$10.04B	$7.22B	$7.22B

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$66.7M	$-331.5M	$-330.9M	$-459.0M	$2.03B	$13.62B	$4.98B	$-3.12B	$-3.00B	$-1.87B	$-1.87B
Capital Expenditure	$-33.1M	$-58.4M	$-105.8M	$-32.0M	$-68.0M	$-284.0M	$-400.0M	$-707.0M	$-1.05B	$-202.0M	$-202.0M
Free Cash Flow	$33.6M	$-389.9M	$-436.6M	$-491.0M	$1.96B	$13.34B	$4.58B	$-3.83B	$-4.05B	$-2.08B	$-2.08B
Investing Cash Flow	$-648.6M	$417.4M	$-373.1M	$-15.0M	$-1.67B	$-8.52B	$-5.18B	$4.21B	$1.95B	$1.95B	$1.95B
Financing Cash Flow	$472.9M	$168.0K	$1.23B	$52.0M	$2.03B	$-873.0M	$-3.45B	$-1.38B	$56.0M	$593.0M	$593.0M
Issuance of Stock	$0.00	$0.00	$563.0M	$51.0M	$2.04B	$124.0M	$65.0M	$46.0M	$66.0M	$35.0M	$35.0M
Repurchase of Stock	$0.00	$0.00	$0.00	$0.00	$0.00	$-857.0M	$-3.33B	$-1.15B	$0.00	$0.00	$0.00
Issuance of Debt	$0.00	$2.7M	$11.6M	$1.0M	$215.0K	$0.00	$0.00	$0.00	$0.00	$600.0M	$568.0M
Payments of Debt	$0.00	$-1.3M	$-2.2M	$0.00	$-6.2M	$-140.0M	$-184.0M	$-270.0M	$-10.0M	$-40.0M	$-8.0M
Stock Based Comp.	$39.4M	$40.1M	$72.6M	$81.0M	$93.0M	$142.0M	$226.0M	$305.0M	$429.0M	$483.0M	$483.0M
Net Change in Cash	$-109.0M	$86.0M	$522.9M	$-422.0M	$2.39B	$4.22B	$-3.64B	$-289.0M	$-999.0M	$668.0M	$667.0M

Dilution Tracker

Shares Outstanding

392M

5-Year Share Growth

-9.0%

Stock Issuance (TTM)

$35.0M

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	376.00	376.00	81.11	331.00	381.00	431.00	416.00	382.00	384.00	389.00	392.00
YoY Change %	—	0.0%	-78.4%	308.1%	15.1%	13.1%	-3.5%	-8.2%	0.5%	1.3%	0.8%
Stock Issuance	$0.00	$0.00	$563.0M	$51.0M	$2.04B	$124.0M	$65.0M	$46.0M	$66.0M	$35.0M	$35.0M
Stock Repurchase	$0.00	$0.00	$0.00	$0.00	$0.00	$-857.0M	$-3.33B	$-1.15B	$0.00	$0.00	$0.00
Stock Based Comp.	$39.4M	$40.1M	$72.6M	$81.0M	$93.0M	$142.0M	$226.0M	$305.0M	$429.0M	$483.0M	$483.0M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	0.0%	0.0%	0.0%	0.0%	97.1%	85.2%	71.3%	30.5%	54.2%	54.8%	54.8%
Operating Margin %	-220.4%	-152.2%	-337.3%	-1137.5%	-278.5%	75.0%	49.9%	-62.8%	-123.3%	-159.9%	-159.9%
Net Margin %	-212.9%	-144.6%	-314.0%	-1070.8%	-272.6%	68.8%	44.3%	-69.8%	-111.3%	-146.8%	-146.8%
EBITDA Margin %	-205.5%	-133.0%	-291.0%	-1072.9%	-267.2%	76.3%	51.8%	-53.6%	-106.1%	-132.3%	-132.3%
FCF Margin %	33.1%	-220.3%	-356.4%	-1022.9%	715.0%	75.2%	24.3%	-56.6%	-126.8%	-108.0%	-108.0%
ROE %	-25.7%	-34.9%	-35.7%	-38.0%	-40.0%	146.1%	50.3%	-28.6%	-28.8%	-28.9%	-29.2%
ROA %	-15.3%	-20.5%	-25.3%	-28.9%	-16.7%	76.2%	33.1%	-21.3%	-21.9%	-21.3%	-22.3%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)At Loss

HistoricalAt Loss / 10.24 / 175.95

Industry Med.27.44

P/S9.90

Historical2.37 / 6.63 / 1060.34

Industry Med.9.85

P/B2.22

Historical0.93 / 3.58 / 28.61

Industry Med.2.90

EV/EBITDA-5.92

Historical-99.24 / -4.62 / 131.53

Industry Med.12.95

EV/Revenue7.83

Historical1.32 / 5.22 / 1061.36

Industry Med.8.88

P/FCF—

Historical4.20 / 13.30 / 107.89

Industry Med.34.76

Intrinsic Value Models

DCF (FCF Based)

$77.19

Tangible Book

$21.71

Net Current Assets

$7.250

Net-Net Working Capital

$5.90

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	N/A	N/A	At Loss	At Loss	At Loss	8.98	8.93	At Loss	At Loss	At Loss	At Loss
PS Ratio	0.00	0.00	10.11	134.90	145.30	6.17	3.96	5.62	4.99	5.97	9.99
PB Ratio	0.00	0.00	3.28	5.60	16.27	7.24	3.62	2.74	1.47	1.34	2.24
EV/EBITDA	0.00	0.00	-9.91	-10.90	-50.94	6.84	6.19	-8.47	-2.88	-2.80	-5.91
EV/Revenue	0.00	0.00	28.84	116.92	136.10	5.22	3.20	4.53	3.05	3.71	7.81

Analyst Estimates & Quality

Altman Z-Score

3.86

Safe

Piotroski F-Score

Weak

Beneish M-Score

-3.53

Unlikely Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$2,070M	$2,415M	$2,904M
Net Income	$-2,714M	$-1,930M	$-1,296M
EPS	-6.99	-4.96	-3.38
Book Value per Share	16.48	12.52	9.35
Operating Cash Flow per Share	-5.41	-4.17	-2.85
Operating CF	$-2,122.29M	$-1,634.64M	$-1,118.49M

Dividends

Revenue Segments

By Business

Segment	2025
COVID	$1.81B
Other revenue	$126.0M
Respiratory syncytial virus (RSV)	$8.0M

By Geography

Segment	2025
United States	$1.20B
Europe	$53.0M
Rest of World	$692.0M