Moderna price to free cash flow MRNA

Market value divided by free cash flow over the last twelve months, since 2020.

Today, Oct 23, 2026: n/m; not a meaningful number
Last meaningful: 73.9×; Jul 2023
6-year median: 12.2×
6-year range: 3.9× to 118×
Peer median: 22.5×

Moderna's price to free cash flow is not a meaningful number today: free cash flow over the last twelve months was zero, negative or not reported.

It was last meaningful in Jul 2023, at 73.9×.

On the days it had one over the last 6 years, its median was 12.2×, from 3.9× in Jun 2022 to 118× in Feb 2021.

Price to free cash flow over time

Open the interactive chart, with overlays and comparisons

Year by year

Year	End of year	Low	High
2023	73.9×	8.6×	85.4×
2022	11.1×	3.9×	12.3×
2021	9.0×	8.2×	118×
2020	67.1×	43.3×	101×

Against its peers

Companies in Biotechnology nearest Moderna's size, closest first, today.

Company	Price to free cash flow
MRNAModerna	n/m
REGNRegeneron Pharmaceuticals	22.0×
VRTXVertex Pharmaceuticals	35.0×
ONCBeOne Medicines	32.3×
ALNYAlnylam Pharmaceuticals	37.8×
UTHRUnited Therapeutics	23.1×
INCYIncyte	12.2×
EXELExelixis	13.6×
NBIXNeurocrine Biosciences	16.7×
HALOHalozyme Therapeutics	17.7×
TECHBIO-TECHNE	43.2×
Peer median	22.5×

What the price to free cash flow tells you

Market value divided by free cash flow: the cash left after running the business and paying for equipment. Cash is harder to manage than accounting earnings, so many investors trust this more than PE.

Lumpy: a big year of building factories drops cash flow and inflates the ratio without the business getting worse.

More on Moderna

Valuation data, not investment advice. Prices as of Oct 23, 2026. Reported figures come from the company's filings with the SEC.