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NASDAQ NMS - GLOBAL MARKET · Biotechnology · CIK 0001682852
$245.81
+1.54% · delayed ~15 min
Last price from Oct 21, 2026
$96.85B market value
From Moderna, Inc.'s FY2025 10-K, filed Feb 20, 2026 · read the filing
Moderna develops and makes medicines. It took in $1.94B last year, which makes it a mid-sized company. It spends more than it earns — losing about 145 cents on every dollar of sales.
The financial picture is led by debt and accounting, while profitability and growth remain weak.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From Moderna, Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Operating margin
-121.9% → -158.1%
Profit margin
-110.0% → -145.2%
Free cash flow
-$4.05B → -$2.06B
Long-term debt
$0.00 → $590.0M
Measured against FY2024, from the 10-K filed Feb 20, 2026
Deteriorated: −36.2 pts
-121.9% to -158.1%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
How the latest move compares (quote delayed ~15 min), and what was published around it
MRNA rose 1.54% on the latest quote. The average Health Care company tracked here moved +2.09%, and the S&P 500 −1.04%. That is 0.5 points below its sector and 2.6 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 31 analysts covering this company, as of . Their views, not this site's.
Of 31 analysts publishing on this company, 4 say strong buy, 7 say buy, 16 say hold, 3 say sell and 1 say strong sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
The essentials
Each answered from the filings, with the numbers behind it.
No. It lost $2.82B last year, losing about 145 cents on every dollar of sales.
No. Sales shrank 39.9% last year.
No — it holds more cash than debt, with $2.00B left over after paying off every borrowing. For every $1 it owes, it owns $3.35 in assets.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it lost $2.82B and generated -$1.87B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 20, 2026Filing for FY2025 | FY202410-K · Feb 20, 2026Filing for FY2024 | FY202310-K · Feb 23, 2024Filing for FY2023 | FY202210-K · Feb 23, 2024Filing for FY2022 | FY202110-K · Feb 23, 2024Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $1.94B | $3.24B | $6.85B | $19.26B | $18.47B | −39.9% |
| Cost of revenue | $868.0M | $1.46B | $4.69B | $5.42B | $2.62B | −40.7% |
| Gross profit | $1.08B† | $1.77B† | $2.15B† | $13.85B† | $15.85B† | −39.3% |
| Gross marginGross profit ÷ revenueWhat is this? | 55.3% | 54.8% | 31.5% | 71.9% | 85.8% | +0.6 pts |
| Selling, general and administrative | $1.02B | $1.17B | $1.55B | $1.13B | $567.0M | −13.3% |
| Operating income | -$3.07B | -$3.94B | -$4.24B | $9.42B | $13.30B | +22.1% |
| Operating marginOperating income ÷ revenueWhat is this? | -158.1% | -121.9% | -61.9% | 48.9% | 72.0% | −36.2 pts |
| Income before tax | -$2.77B | -$3.61B | -$3.94B | $9.57B | $13.29B | +23.3% |
| Net income | -$2.82B | -$3.56B | -$4.71B | $8.36B | $12.20B | +20.8% |
| Net marginNet income ÷ revenueWhat is this? | -145.2% | -110.0% | -68.8% | 43.4% | 66.1% | −35.1 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $-7.16 | $-9.23 | $-12.34 | $21.72 | $30.28 | +22.4% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| MRNAModerna, Inc. · this page | 6.0/10 | 3/9 | -39.9% |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 76,453 shares at $12.21 ($933.5K)
Holds 1,638,482 shares after this filing.
Sold on the open market — 38,774 shares at $213.47 ($8.3M)
Holds 1,599,708 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Had a director or senior officer leave or join · Made a Regulation FD disclosure
Read the filingSigned a material agreement · Took on a direct financial obligation · Sold shares outside a public offering · Reported another event
Read the filingWrite down why you are following Moderna, Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 29 subsidiaries named in its 10-K, incorporated across 19 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from MRNA's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 20, 2026), reported under the US GAAP taxonomy. View the source filing.
4 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. All four had enough reported figures. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 4.0 | 3/9 | 10-K, filed Feb 20, 2026 |
| FY2024 | 4.7 | 5/8 | 10-K, filed Feb 21, 2025 |
| FY2023 | 4.7 | 3/8 | 10-K, filed Feb 23, 2024 |
| FY2022 | 8.7 | 4/8 | 10-K, filed Feb 24, 2023 |
| FY2021 | 10.0 | 7/8 | 10-K, filed Feb 25, 2022 |
| FY2020 | 4.7 | 3/8 | 10-K, filed Feb 25, 2022 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
3 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
16.35
In the safe zone
For this model, above 2.99 is safe and below 1.81 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
-3.50
Below the threshold — nothing unusual flagged
Scores above -1.78 are the ones the model associates with earnings manipulation.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: −35.1 pts
-110.0% to -145.2%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: $1.99B narrower
-$4.05B to -$2.06BCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Deteriorated: turned positive
$0.00 to $590.0MCritical
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Changed: -81.7%
$1.05B to $192.0MCritical
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Deteriorated: -39.9%
$3.24B to $1.94BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: -39.3%
$1.77B to $1.08BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: $871.0M narrower
-$3.94B to -$3.07BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: $739.0M narrower
-$3.56B to -$2.82BSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: $2.06 narrower
-$9.23 to -$7.16Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +34.7%
$1.93B to $2.60BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +2.1%
386.0M to 394.0MNotable
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Jul 31, 2026 — read it.
Improved: +126.1%
$23.0M to $52.0MCritical
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +19.7 pts
16.2% to 35.9%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +76.7 pts
-638.7% to -562.1%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +41.7 pts
-581.0% to -539.3%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +34.7%
$1.28B to $1.72BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: $92.0M narrower
-$907.0M to -$815.0MNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: $43.0M narrower
-$825.0M to -$782.0MNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: $0.16 narrower
-$2.12 to -$1.96Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: +2.6%
389.0M to 399.0MNotable
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Jul 31, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: -62.7%
$389.0M to $145.0MCritical
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: turned positive
-$566.0M to $52.0MCritical
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: $573.0M narrower
-$1.39B to -$815.0MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: $561.0M narrower
-$1.34B to -$782.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +181.4 pts
-145.5% to 35.9%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: −205.3 pts
-356.8% to -562.1%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −194.1 pts
-345.2% to -539.3%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: $1.42 narrower
-$3.38 to -$1.96Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -9.7%
$1.91B to $1.72BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
1 other measure barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 7.8% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
Trailing P/E is not meaningful because the latest trailing earnings are zero or negative. The price-to-book and price-to-sales figures below still provide reference points.
Nothing unusual. Its accounting patterns look like those of companies that report earnings straightforwardly.
| -145.2% |
| — |
| 0.43x |
| ABBVAbbVie Inc. | 7.0/10 | 8/9 | 8.6% | 6.9% | 119.13x | -41.97x |
|---|
| AMGNAMGEN INC | 8.0/10 | 8/9 | 10.0% | 21.0% | 31.25x | 9.46x |
|---|
| GILDGILEAD SCIENCES, INC. | 9.0/10 | 8/9 | 2.4% | 28.9% | 22.92x | 1.60x |
|---|
| VRTXVERTEX PHARMACEUTICALS INC / MA | 8.7/10 | 6/8 | 8.9% | 32.9% | 34.38x | 0.37x |
|---|
| REGNREGENERON PHARMACEUTICALS, INC. | 8.7/10 | 6/8 | 1.0% | 31.4% | 19.02x | 0.30x |
|---|
| Median of peers | 8.7/10 | — | 8.6% | 28.9% | 31.25x | 0.37x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Sold on the open market — 450 shares at $214.15 ($96.4K)
Holds 1,599,258 shares after this filing.
Exercised stock options — 76,452 shares at $12.21 ($933.5K)
Holds 1,675,710 shares after this filing.
Sold on the open market — 39,145 shares at $220.72 ($8.6M)
Holds 1,636,565 shares after this filing.
Exercised stock options — 1,454 shares
Holds 60,829 shares after this filing.
Had shares withheld to cover taxes — 704 shares at $190.01 ($133.8K)
Holds 60,125 shares after this filing.
Exercised stock options — 76,453 shares at $12.21 ($933.5K)
Holds 1,566,152 shares after this filing.
Sold on the open market — 40,294 shares at $144.13 ($5.8M)
Holds 1,525,858 shares after this filing.
Exercised stock options — 76,452 shares at $12.21 ($933.5K)
Holds 1,602,310 shares after this filing.
Sold on the open market — 40,281 shares at $146.07 ($5.9M)
Holds 1,562,029 shares after this filing.
Exercised stock options — 19,836 shares at $30.96 ($614.1K)
Holds 94,211 shares after this filing.
Sold on the open market — 19,836 shares at $134.49 ($2.7M)
Holds 74,375 shares after this filing.
Sold on the open market — 15,000 shares at $134.49 ($2.0M)
Holds 59,375 shares after this filing.
Exercised stock options — 11,797 shares
Holds 87,044 shares after this filing.
Had shares withheld to cover taxes — 5,704 shares at $148.87 ($849.2K)
Holds 81,340 shares after this filing.
Exercised stock options — 11,797 shares
Holds 80,079 shares after this filing.
Had shares withheld to cover taxes — 5,704 shares at $148.87 ($849.2K)
Holds 74,375 shares after this filing.
Exercised stock options — 3,471 shares at $30.96 ($107.5K)
Holds 77,600 shares after this filing.
Sold on the open market — 3,471 shares at $139.95 ($485.8K)
Holds 74,129 shares after this filing.
Exercised stock options — 2,166 shares
Holds 76,295 shares after this filing.
Had shares withheld to cover taxes — 1,048 shares at $140.34 ($147.1K)
Holds 75,247 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 39,145 shares ($8.6M) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 39,224 shares ($8.4M) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 40,281 shares ($5.9M) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 40,294 shares ($5.8M) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 34,836 shares ($4.7M) on or after .
Shares originally obtained via Restricted Stock Vesting.
Filed notice to sell 3,471 shares ($485.8K) on or after .
Shares originally obtained via Stock Option Exercise.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Quarterly report for Q2 FY2026
Operating margin +76.7 pts · Gross profit +126.1% · Gross margin +19.7 pts — against Q2 FY2025
Published results
Read the filingHad a director or senior officer leave or join · Made a Regulation FD disclosure
Read the filingAmended its charter or changed its financial year · Held a shareholder vote
Read the filingQuarterly report for Q1 FY2026
Revenue +260.2% · Operating margin +615.4 pts · Gross profit turned negative — against Q1 FY2025
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingSigned a material agreement
Read the filingAnnual report for FY2025
Revenue -39.9% · Operating margin −36.2 pts · Profit margin −35.1 pts — against FY2024
Read the filingPublished results
Read the filingMade a Regulation FD disclosure · Reported another event
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingMade a Regulation FD disclosure
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingMade a Regulation FD disclosure
Read the filingHeld a shareholder vote
Read the filingQuarterly report for Q3 FY2025
Revenue -45.4% · Operating margin −21.8 pts · Operating income $190.0M wider — against Q3 FY2024
Read the filingPublished results
Read the filingSource: Exhibit 21 of the 10-K filed 2026-02-20. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
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