Comprehensive Stock Comparison
Compare Inovio Pharmaceuticals, Inc. (INO) vs Moderna, Inc. (MRNA) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | MRNA | -53.3% revenue growth vs INO's -73.8% |
| Quality / Margins | MRNA | -140.3% net margin vs INO's -592.8% |
| Stability / Safety | INO | Beta 0.97 vs MRNA's 1.25 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | MRNA | +73.0% vs INO's -8.6% |
| Efficiency (ROA) | MRNA | -25.7% ROA vs INO's -155.8%, ROIC -27.0% vs -114.1% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Inovio Pharmaceuticals is a biotechnology company developing DNA-based medicines to treat HPV-related conditions, cancers, and infectious diseases. It generates revenue primarily through government grants and research funding — particularly from defense and public health agencies — as it advances its clinical pipeline toward commercialization. The company's key advantage lies in its proprietary DNA medicine platform combining SynCon antigen design with CELLECTRA delivery technology, which enables rapid vaccine development against emerging pathogens.
Moderna is a biotechnology company that develops messenger RNA (mRNA) therapeutics and vaccines for infectious diseases, cancer, and other serious conditions. It generates revenue primarily from vaccine sales—notably its COVID-19 vaccine—with additional income from research collaborations and government grants. The company's key advantage is its proprietary mRNA technology platform, which enables rapid development of new vaccines and therapeutics compared to traditional methods.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
MRNA leads in 4 of 6 categories — strongest in Financial Metrics and Valuation Metrics. 1 category is tied.
Financial Metrics (TTM)
MRNA is the larger business by revenue, generating $2.2B annually — 12180.7x INO's $182,337. MRNA is the more profitable business, keeping -140.3% of every revenue dollar as net income compared to INO's -592.8%.
| Metric | INOInovio Pharmaceut… | MRNAModerna, Inc. |
|---|---|---|
| RevenueTrailing 12 months | $182,337 | $2.2B |
| EBITDAEarnings before interest/tax | -$87M | -$3.3B |
| Net IncomeAfter-tax profit | -$108M | -$3.1B |
| Free Cash FlowCash after capex | -$20.9B | -$2.7B |
| Gross MarginGross profit ÷ Revenue | -7.3% | +11.9% |
| Operating MarginEBIT ÷ Revenue | -492.0% | -155.9% |
| Net MarginNet income ÷ Revenue | -592.8% | -140.3% |
| FCF MarginFCF ÷ Revenue | -114511.0% | -119.9% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | -45.2% |
| EPS Growth (YoY)Latest quarter vs prior year | +99.9% | -16.6% |
Valuation Metrics
| Metric | INOInovio Pharmaceut… | MRNAModerna, Inc. |
|---|---|---|
| Market CapShares × price | $65M | $20.9B |
| Enterprise ValueMkt cap + debt − cash | $11M | $19.8B |
| Trailing P/EPrice ÷ TTM EPS | -0.46x | -5.78x |
| Forward P/EPrice ÷ next-FY EPS est. | — | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | — | — |
| Price / SalesMarket cap ÷ Revenue | 300.07x | 6.55x |
| Price / BookPrice ÷ Book value/share | 0.72x | 1.89x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
MRNA delivers a -33.4% return on equity — every $100 of shareholder capital generates $-33 in annual profit, vs $-115 for INO. MRNA carries lower financial leverage with a 0.07x debt-to-equity ratio, signaling a more conservative balance sheet compared to INO's 0.17x. On the Piotroski fundamental quality scale (0–9), MRNA scores 4/9 vs INO's 2/9, reflecting mixed financial health.
| Metric | INOInovio Pharmaceut… | MRNAModerna, Inc. |
|---|---|---|
| ROE (TTM)Return on equity | -115.4% | -33.4% |
| ROA (TTM)Return on assets | -155.8% | -25.7% |
| ROICReturn on invested capital | -114.1% | -27.0% |
| ROCEReturn on capital employed | -109.0% | -28.9% |
| Piotroski ScoreFundamental quality 0–9 | 2 | 4 |
| Debt / EquityFinancial leverage | 0.17x | 0.07x |
| Net DebtTotal debt minus cash | -$54M | -$1.2B |
| Cash & Equiv.Liquid assets | $66M | $1.9B |
| Total DebtShort + long-term debt | $12M | $747M |
| Interest CoverageEBIT ÷ Interest expense | -632.05x | -393.13x |
Total Returns (with DRIP)
A $10,000 investment in MRNA five years ago would be worth $3,403 today (with dividends reinvested), compared to $130 for INO. Over the past 12 months, MRNA leads with a +73.0% total return vs INO's -8.6%. The 3-year compound annual growth rate (CAGR) favors MRNA at -27.2% vs INO's -50.7% — a key indicator of consistent wealth creation.
| Metric | INOInovio Pharmaceut… | MRNAModerna, Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +7.1% | +73.6% |
| 1-Year ReturnPast 12 months | -8.6% | +73.0% |
| 3-Year ReturnCumulative with dividends | -88.0% | -61.4% |
| 5-Year ReturnCumulative with dividends | -98.7% | -66.0% |
| 10-Year ReturnCumulative with dividends | -97.2% | +188.0% |
| CAGR (3Y)Annualised 3-year return | -50.7% | -27.2% |
Risk & Volatility
INO is the less volatile stock with a 0.97 beta — it tends to amplify market swings less than MRNA's 1.25 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. MRNA currently trades 97.0% from its 52-week high vs INO's 60.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | INOInovio Pharmaceut… | MRNAModerna, Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.97x | 1.25x |
| 52-Week HighHighest price in past year | $2.98 | $55.20 |
| 52-Week LowLowest price in past year | $1.30 | $22.28 |
| % of 52W HighCurrent price vs 52-week peak | +60.7% | +97.0% |
| RSI (14)Momentum oscillator 0–100 | 56.2 | 71.6 |
| Avg Volume (50D)Average daily shares traded | 1.2M | 10.8M |
Analyst Outlook
Wall Street rates INO as "Buy" and MRNA as "Hold". Consensus price targets imply 231.5% upside for INO (target: $6) vs -34.9% for MRNA (target: $35).
| Metric | INOInovio Pharmaceut… | MRNAModerna, Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $6.00 | $34.89 |
| # AnalystsCovering analysts | 17 | 27 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 0 | 0 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Inovio Pharmaceutic… (INO) | 100 | 3.23 | -96.8% |
| Moderna, Inc. (MRNA) | 100 | 142.4 | +42.4% |
Moderna, Inc. (MRNA) returned -66% over 5 years vs Inovio Pharmaceutic… (INO)'s -99%.
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Inovio Pharmaceutic… (INO) | $41M | $217756.00 | -99.5% |
| Moderna, Inc. (MRNA) | $108M | $3.2B | +2851.2% |
Inovio Pharmaceuticals, Inc.'s revenue grew from $41M (2015) to $0M (2024) — a -44.1% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Inovio Pharmaceutic… (INO) | -71.9% | -492.5% | -584.7% |
| Moderna, Inc. (MRNA) | -199.5% | -111.3% | +44.2% |
Inovio Pharmaceuticals, Inc.'s net margin went from -72% (2015) to -493% (2024).
Chart 4EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Inovio Pharmaceutic… (INO) | -0.43 | -3.95 | -818.6% |
| Moderna, Inc. (MRNA) | -3.79 | -9.27 | -144.6% |
Inovio Pharmaceuticals, Inc.'s EPS grew from $-0.43 (2015) to $-3.95 (2024).
Chart 5Free Cash Flow — 5 Years
Inovio Pharmaceuticals, Inc. generated $-105M FCF in 2024 (+52% vs 2021). Moderna, Inc. generated $-4B FCF in 2024 (-130% vs 2021).
INO vs MRNA: Frequently Asked Questions
7 questions · data-driven answers · updated daily
01Is INO or MRNA a better buy right now?
Analysts rate Inovio Pharmaceuticals, Inc. (INO) a "Buy" — based on 17 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — INO or MRNA?
Over the past 5 years, Moderna, Inc. (MRNA) delivered a total return of -66.0%, compared to -98.7% for Inovio Pharmaceuticals, Inc. (INO). A $10,000 investment in MRNA five years ago would be worth approximately $3K today (assuming dividends reinvested). Over 10 years, the gap is even starker: MRNA returned +188.0% versus INO's -97.2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — INO or MRNA?
By beta (market sensitivity over 5 years), Inovio Pharmaceuticals, Inc. (INO) is the lower-risk stock at 0.97β versus Moderna, Inc.'s 1.25β — meaning MRNA is approximately 29% more volatile than INO relative to the S&P 500. On balance sheet safety, Moderna, Inc. (MRNA) carries a lower debt/equity ratio of 7% versus 17% for Inovio Pharmaceuticals, Inc. — giving it more financial flexibility in a downturn.
04Which has better profit margins — INO or MRNA?
Moderna, Inc. (MRNA) is the more profitable company, earning -111.3% net margin versus -492.5% for Inovio Pharmaceuticals, Inc. — meaning it keeps -111.3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: MRNA leads at -123.3% versus -516.2% for INO. At the gross margin level — before operating expenses — INO leads at 100.0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Which pays a better dividend — INO or MRNA?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
06Is INO or MRNA better for a retirement portfolio?
For long-horizon retirement investors, Inovio Pharmaceuticals, Inc. (INO) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.97)). Both have compounded well over 10 years (INO: -97.2%, MRNA: +188.0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
07What are the main differences between INO and MRNA?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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