Moderna, Inc.MRNA
NasdaqGS•Healthcare•Biotechnology
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. (MRNA) reported trailing twelve months revenue of $2.23B as of March 2026, a 29.1% decline year-over-year. Quarterly revenue reached $389.00M, reflecting a contraction in sales.
Moderna, Inc. reported a TTM net loss of $3.19B, with quarterly EBITDA of $-1.33B. The operating margin expanded from -981.3% to -356.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-356.8%) and net margin (-345.2%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -907.5% a year ago, signaling stronger bottom-line efficiency.
MRNA trades at a P/S of 8.6x. The price-to-book ratio of 2.6x reflects a moderate premium to book value.
The company reported negative free cash flow of $-692.00M, indicating cash consumption over the period. The balance sheet shows $11.49B in total assets with $590.00M in long-term debt against $7.41B in stockholders equity for a debt-to-equity ratio of 0.1, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -360.0%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 2 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
TTM revenue has contracted 42.5% — significant decline indicating deteriorating demand.
6 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares outstanding rose 2.9% — mild dilution. Compare to earnings growth to assess net per-share impact.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation