Moderna MRNA

Biotechnology, Healthcare

$200.10

−1.25%

Market cap: $79.9B
PE: n/m; a loss over the last year
Forward PE: n/m; a loss over the last year
Price to sales: 35.9×
EV/EBIT: n/m; a loss over the last year
Revenue, 12 months: $2.2B; −28% on a year ago
Net margin: n/m; outside −100% to 100%
Free cash flow yield: −1.6%

Moderna trades at 35.9× sales. Its trailing earnings are negative, so it has no PE. Revenue was $2.2B over the last twelve months, down 28% on a year earlier.

Charts

Financials

Income statement for MRNA, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$1.8B−46%	$2.8B−45%	$167M−91%	$241M−30%	$1.9B+2%	$966M−66%	$108M−35%	$142M−41%	$1B−45%	$678M−30%	$389M+260%	$145M+2%
Cost of revenue	$2.2B+104%	$929M−52%	$96M−88%	$115M−84%	$514M−77%	$739M−21%	$90M−6%	$119M+4%	$207M−60%	$452M−39%	$955M+961%	$93M−22%
Gross profit	−$410M	$1.9B−41%	$71M−93%	$126M	$1.3B	$227M−88%	$18M−75%	$23M−82%	$809M−40%	$226M−0%	−$566M	$52M+126%
R&D	$1.2B+42%	$1.4B+16%	$1.1B−6%	$1.2B+6%	$1.1B−2%	$1.1B−20%	$856M−20%	$700M−43%	$801M−30%	$775M−31%	$649M−24%	$651M−7%
SG&A	$442M+59%	$470M+25%	$274M−10%	$268M−19%	$281M−36%	$351M−25%	$212M−23%	$230M−14%	$268M−5%	$308M−12%	$173M−18%	$216M−6%
	−$2B	$6M−100%	−$1.3B+246%	−$1.4B−27%	−$70M−97%	−$1.2B	−$1.1B−17%	−$907M−34%	−$260M+271%	−$857M−31%	−$1.4B+32%	−$815M−10%
Pre-tax income	−$2B	$70M−96%	−$1.2B+282%	−$1.3B−27%	$21M	−$1.2B	−$964M−17%	−$818M−36%	−$187M	−$799M−33%	−$1.3B+38%	−$767M−6%
	$1.7B+861%	−$147M	$10M	$0	$8M−100%	−$64M−57%	$7M−30%	$7M	$13M+63%	$27M	$9M+29%	$15M+114%
Net income	−$3.6B	$217M−85%	−$1.2B	−$1.3B−7%	$13M	−$1.1B	−$971M−17%	−$825M−36%	−$200M	−$826M−26%	−$1.3B+38%	−$782M−5%
	−$9.53	$0.57−84%	−$3.07	−$3.33−8%	$0.03	−$2.89	−$2.52−18%	−$2.13−36%	−$0.51	−$2.11−27%	−$3.40+35%	−$1.97−8%
	381M−8%	382M−6%	382M−6%	384M+1%	399M+5%	387M+1%	386M+1%	388M+1%	390M−2%	392M+1%	395M+2%	398M+3%

Gross profit: 25 periods, Q1 FY20 to Q2 FY26: not printed by the filing, worked out from its own lines.

EPS, diluted: 8 periods, Q4 FY18 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: 5 periods, Q4 FY18 to Q4 FY25: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days. 3 periods, Q4 FY21 to Q4 FY23: share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Estimates

Next earnings report: Nov 6, 2026.

Quarter	Revenue	Range	EPS	Range	Analysts
Q3 FY26	$891.3M	$838.4M to $946.5M	−$1.11	−$2.67 to −$0.62	11
Q4 FY26	$675.4M	$486.1M to $734.5M	−$1.73	−$2.00 to −$1.15	10
Q1 FY27	$264.3M	$169.6M to $294.4M	−$1.72	−$1.97 to −$0.92	8
Q2 FY27	$120.4M	$77.3M to $134.1M	−$1.92	−$2.21 to −$1.03	8
Q3 FY27	$1.1B	$706.7M to $1.2B	−$0.84	−$0.97 to −$0.45	8
Q4 FY27	$992.3M	$636.9M to $1.1B	−$0.66	−$0.76 to −$0.35	8

Peers

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

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
MRNAModerna	$79.9B	n/m	9.9×	n/m	35.9×	−28%	n/m
REGNRegeneron Pharmaceuticals	$82.9B	19.9×	19.7×	12.6×	5.3×	+9%	27.9%
VRTXVertex Pharmaceuticals	$132.8B	30.5×	28.6×	27.0×	10.6×	+10%	35.0%
ONCBeOne Medicines	$42.9B	67.6×	68.4×	48.1×	7.0×	+34%	10.7%
ALNYAlnylam Pharmaceuticals	$30B	37.8×	69.2×	26.7×	6.2×	+95%	16.8%
UTHRUnited Therapeutics	$25.2B	21.0×	14.1×	22.0×	8.0×	+2%	41.6%
INCYIncyte	$23.5B	14.7×	36.9×	49.5×	4.0×	+27%	27.7%
EXELExelixis	$16B	20.3×	22.8×	n/m	6.6×	+9%	35.3%
NBIXNeurocrine Biosciences	$14.5B	20.9×	42.8×	n/m	4.3×	+34%	20.9%
HALOHalozyme Therapeutics	$14.3B	37.5×	21.3×	n/m	8.6×	+41%	24.9%
TECHBIO-TECHNE	$11.4B	63.1×	61.6×	n/m	9.4×	−0%	15.0%
Peer median	$24.3B	25.8×	32.8×	26.8×	6.8×	+19%	26.3%