Biotechnology company pioneering messenger RNA therapeutics and vaccines, gained prominence with COVID-19 vaccine development.MoreShow less
Profile & Fundamentals
Moderna (MRNA.NASDAQ) Profile & Fundamentals
Review Moderna reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
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Company and Market Context
Moderna: Company Profile & Ownership
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.
Company profile record
Moderna Inc
Common Stock · Health Care · Biotechnology
Company
- Company / asset
- Moderna Inc
- Security type
- Common Stock
- Sector
- Health Care
- Industry
- Biotechnology
- HQ
- 🇺🇸 United States
- Head office
- 325 Binney Street, Cambridge, MA, United States, 02142
Leadership & scale
- Chief executive
- Mr. Stéphane Bancel M.B.A.
- CEO year born
- 1973
- Full-time employees
- 4.7K
- Fiscal year end
- December
- IPO date
- 2018-12-07
Fundamentals snapshot
- Market Cap
- USD 107.9B
- P/E
- --
- Revenue (Q3 26)
- USD 1.3B
- Profit (Q3 26)
- USD 162.0M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 1.9B
- Shares in public float
- 377M
- Insider ownership
- 7.36%
Reporting & identifiers
- Symbol
- MRNA.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US60770K1079
- Asset ID
- equity_cdc413d2-1e92-5151-9d6b-1cbb7c013976
Moderna: Ownership
Shares Outstanding
Latest: 430.0M | Max: 431.0M | Min: 296.7M
Latest reported ownership snapshot
Float Shares
87.67%
377.0M latest reported shares
Insider Ownership
7.36%
Latest reported insider stake
Short Float
0.10%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 296,681,000 |
| 2018-01-01 | 328,798,900 |
| 2019-01-01 | 334,392,100 |
| 2020-01-01 | 396,697,200 |
| 2021-01-01 | 431,000,000 |
| 2022-01-01 | 405,000,000 |
| 2023-01-01 | 395,000,000 |
| 2024-01-01 | 385,000,000 |
| 2025-01-01 | 392,000,000 |
| 2026-01-01 | 430,000,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| FMR Inc | 51,859,891 | 12.99% | 2026-06-30 |
| BlackRock Inc | 30,599,409 | 7.66% | 2026-06-30 |
| Vanguard Capital Management, LLC | 23,208,792 | 5.81% | 2026-06-30 |
| Capital World Investors | 22,276,996 | 5.58% | 2026-06-30 |
| Baillie Gifford & Co Limited. | 18,206,778 | 4.56% | 2026-06-30 |
| State Street Corp | 15,726,193 | 3.94% | 2026-06-30 |
| Vanguard Portfolio Management, LLC | 15,581,313 | 3.9% | 2026-06-30 |
| American Funds Growth Fd of Amer A | 14,983,229 | 3.75% | 2026-09-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 11,409,774 | 2.86% | 2026-09-30 |
| Vanguard 500 Index Investor | 9,755,191 | 2.44% | 2026-09-30 |
| Geode Capital Management, LLC | 9,710,335 | 2.43% | 2026-06-30 |
| Morgan Stanley - Brokerage Accounts | 9,538,094 | 2.39% | 2026-06-30 |
| Invesco QQQ Trust | 8,304,649 | 2.08% | 2026-10-30 |
| Fidelity Growth Company Fund | 8,239,175 | 2.06% | 2026-08-31 |
| Theleme Partners LLP | 8,057,571 | 2.02% | 2026-06-30 |
Moderna: Earnings, Profitability & Valuation
Latest Financials Filed On
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Moderna's income statement reflects the severe reality of a post-pandemic financial transition. Following historic peaks, fiscal 2025 revenue fell 39.2% to $1.94 billion, producing a net loss of $2.82 billion. Through the second quarter of 2026, trailing twelve-month revenue stabilized near $2.23 billion, but operating losses remained staggering at $3.32 billion. This persistent deficit demonstrates that headline commercial approvals cannot instantly replace lost pandemic revenues. While management has trimmed research spending to slow the cash bleed, commercial receipts from seasonal vaccines remain insufficient to cover ongoing late-stage clinical trials. Until cancer therapies reach the market, the enterprise remains heavily reliant on pre-existing liquidity reserves to fund operations.
Moderna's income statement reflects the severe reality of a post-pandemic financial transition. Following historic peaks, fiscal 2025 revenue fell 39.2% to $1.94 billion, producing a net loss of $2.82 billion. Through the second quarter of 2026, trailing twelve-month revenue stabilized near $2.23 billion, but operating losses remained staggering at $3.32 billion. This persistent deficit demonstrates that headline commercial approvals cannot instantly replace lost pandemic revenues. While management has trimmed research spending to slow the cash bleed, commercial receipts from seasonal vaccines remain insufficient to cover ongoing late-stage clinical trials. Until cancer therapies reach the market, the enterprise remains heavily reliant on pre-existing liquidity reserves to fund operations.
Revenue, Net Income, and Free Cash Flow
Latest: USD 1.9B | Max: USD 18.9B | Min: USD -4.7B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 9x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability metrics illustrate extreme negative operating leverage following the loss of pandemic scale. Gross margin stabilized near 55.3% in fiscal 2025 as inventory write-offs ceased, yet operating margins remained deeply underwater at negative 158%. Fixed research and clinical infrastructure costs heavily outweigh reduced commercial vaccine receipts. This margin gap proves that manufacturing economics differ drastically between mass vaccines and customized therapeutics. Personalized cancer treatments require individual tumor sequencing and custom synthesis, creating substantial unit costs. Operating margins cannot sustainably inflect until high-margin oncology products reach commercial scale and absorb fixed corporate overhead.
Profitability metrics illustrate extreme negative operating leverage following the loss of pandemic scale. Gross margin stabilized near 55.3% in fiscal 2025 as inventory write-offs ceased, yet operating margins remained deeply underwater at negative 158%. Fixed research and clinical infrastructure costs heavily outweigh reduced commercial vaccine receipts. This margin gap proves that manufacturing economics differ drastically between mass vaccines and customized therapeutics. Personalized cancer treatments require individual tumor sequencing and custom synthesis, creating substantial unit costs. Operating margins cannot sustainably inflect until high-margin oncology products reach commercial scale and absorb fixed corporate overhead.
Profitability Margins
Latest: 55.3% | Max: 100.0% | Min: <-100.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
55.3%
Gross profit / revenue
Operating Margin
-158.1%
Operating income / revenue
Net Margin
-145.2%
Net income / revenue
FCF Margin
-106.2%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 108,396,000 | -216,211,000 | 33,590,000 |
| 2017-12-31 | 205,825,000 | -255,916,000 | -389,885,000 |
| 2018-12-31 | 122,512,000 | -384,734,000 | -436,631,000 |
| 2019-12-31 | 48,036,000 | -514,021,000 | -490,522,000 |
| 2020-12-31 | 274,490,000 | -747,064,000 | 1,959,523,000 |
| 2021-12-31 | 17,736,000,000 | 12,202,000,000 | 13,336,000,000 |
| 2022-12-31 | 18,875,000,000 | 8,362,000,000 | 4,581,000,000 |
| 2023-12-31 | 6,848,000,000 | -4,714,000,000 | -3,825,000,000 |
| 2024-12-31 | 3,199,000,000 | -3,561,000,000 | -4,055,000,000 |
| 2025-12-31 | 1,944,000,000 | -2,822,000,000 | -2,065,000,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2022-12-31 | 8.7 | Annual net income |
| 2021-12-31 | 9 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 86.06 | -206.44 | -199.46 | 30.99 |
| 2017-12-31 | 90.02 | -130.87 | -124.34 | -189.43 |
| 2018-12-31 | -270.64 | -337.33 | -314.04 | -356.4 |
| 2019-12-31 | 100 | -1,136.06 | -1,070.07 | -1,021.15 |
| 2020-12-31 | 97.11 | -278.02 | -272.16 | 713.88 |
| 2021-12-31 | 85.24 | 74.97 | 68.8 | 75.19 |
| 2022-12-31 | 71.31 | 49.91 | 44.3 | 24.27 |
| 2023-12-31 | 31.47 | -61.9 | -68.84 | -55.86 |
| 2024-12-31 | 54.24 | -123.32 | -111.32 | -126.76 |
| 2025-12-31 | 55.35 | -158.13 | -145.16 | -106.22 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-10.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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