Moderna, Inc. (MRNA) Stock Analysis
Healthcare · Biotechnology · NasdaqGS
Moderna, Inc. (MRNA) posted $1.94B in revenue for fiscal 2025 (down 39.9% year over year), with a net loss of $2.82B, and has compounded revenue about 19.3%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Moderna, Inc.
Moderna, Inc. has grown revenue from $108.40M to $1.94B over the last 10 fiscal years, compounding about 19.3% a year. The most recent year was down 39.9%, so growth has cooled from its longer-run pace.
Net margin sits at -145.2%, down 35.2 points year over year on a 55.3% gross margin. It carries about $590.00M of total debt.
The one thing worth a second look in the filings is inventory building faster than sales.
Synthesised from Moderna, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Moderna, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $108.40M | $205.82M | $135.07M | $60.00M | $803.00M | $18.47B | $19.26B | $6.85B | $3.24B | $1.94B |
| Gross profit | — | — | — | — | $795.00M | $15.85B | $13.85B | $2.15B | $1.77B | $1.08B |
| Net income | $-216.21M | $-255.92M | $-384.73M | $-514.00M | $-747.00M | $12.20B | $8.36B | $-4.71B | $-3.56B | $-2.82B |
| Net margin | -199.5% | -124.3% | -284.8% | -856.7% | -93.0% | 66.1% | 43.4% | -68.8% | -110.0% | -145.2% |
Source: Moderna, Inc. SEC filings (10-K).
Moderna, Inc.: 3 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Inventory building faster than salesInventory rose 30.8% versus revenue -39.9% — possible overproduction or softening demand.
- Debt with negative operating cash flowCarries $590M of debt while last year's operating cash flow was negative ($-1873M).
- Currently unprofitableThe latest fiscal year was a net loss (net margin -145.2%).
Explore 10 years of Moderna, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Moderna, Inc. financial history by metric
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About Moderna, Inc.
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.
Moderna, Inc. — frequently asked questions
What is Moderna, Inc.'s revenue?
Moderna, Inc. (MRNA) reported revenue of $1.94B for fiscal year 2025, down 39.9% from the prior year, according to its SEC filings.
Is Moderna, Inc. profitable?
No — MRNA reported a net loss of $-2.82B in fiscal 2025.
What is MRNA's P/E ratio?
Moderna, Inc. trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How fast is Moderna, Inc. growing?
MRNA's revenue grew at roughly 19.3% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Moderna, Inc. have?
As of fiscal year 2025, MRNA carried roughly $590.00M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Moderna, Inc.'s gross margin?
MRNA's gross margin was 55.3% in fiscal 2025 — gross profit of $1.08B on revenue of $1.94B.
What is Moderna, Inc.'s market cap?
Moderna, Inc. (MRNA) has a market capitalization of about $21.75B, based on the latest data in our nightly-refreshed cache.
When does Moderna, Inc.'s fiscal year end?
MRNA's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from Moderna, Inc.'s official SEC filings (10-K and 10-Q), covering 10 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.