Comprehensive Stock Comparison
Compare Vaxcyte, Inc. (PCVX) 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 |
|---|---|---|
| Stability / Safety | PCVX | Beta 0.77 vs MRNA's 1.25, lower leverage |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | MRNA | +73.0% vs PCVX's -15.4% |
| Efficiency (ROA) | PCVX | -25.5% ROA vs MRNA's -25.7%, ROIC -24.7% vs -27.0% |
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
Vaxcyte is a clinical-stage biotechnology company developing novel protein vaccines to prevent bacterial infectious diseases. It currently generates no revenue from product sales — relying on research funding and partnerships — but aims to commercialize its lead pneumococcal conjugate vaccine candidate, VAX-24, which is in Phase 1/2 clinical trials. The company's key advantage is its proprietary cell-free protein synthesis platform, which enables rapid design and production of complex vaccine candidates that are difficult to manufacture using traditional methods.
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
PCVX leads in 2 of 6 categories — strongest in Financial Metrics and Profitability & Efficiency. 3 categories are tied.
Financial Metrics (TTM)
MRNA and PCVX operate at a comparable scale, with $2.2B and $0 in trailing revenue.
| Metric | PCVXVaxcyte, Inc. | MRNAModerna, Inc. |
|---|---|---|
| RevenueTrailing 12 months | $0 | $2.2B |
| EBITDAEarnings before interest/tax | -$899M | -$3.3B |
| Net IncomeAfter-tax profit | -$767M | -$3.1B |
| Free Cash FlowCash after capex | -$669M | -$2.7B |
| Gross MarginGross profit ÷ Revenue | — | +11.9% |
| Operating MarginEBIT ÷ Revenue | — | -155.9% |
| Net MarginNet income ÷ Revenue | — | -140.3% |
| FCF MarginFCF ÷ Revenue | — | -119.9% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | -45.2% |
| EPS Growth (YoY)Latest quarter vs prior year | -61.9% | -16.6% |
Valuation Metrics
| Metric | PCVXVaxcyte, Inc. | MRNAModerna, Inc. |
|---|---|---|
| Market CapShares × price | $8.1B | $20.9B |
| Enterprise ValueMkt cap + debt − cash | $8.0B | $19.8B |
| Trailing P/EPrice ÷ TTM EPS | -10.96x | -5.78x |
| Forward P/EPrice ÷ next-FY EPS est. | — | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | — | — |
| Price / SalesMarket cap ÷ Revenue | — | 6.55x |
| Price / BookPrice ÷ Book value/share | 3.13x | 1.89x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
PCVX delivers a -28.5% return on equity — every $100 of shareholder capital generates $-29 in annual profit, vs $-33 for MRNA. PCVX carries lower financial leverage with a 0.04x debt-to-equity ratio, signaling a more conservative balance sheet compared to MRNA's 0.07x. On the Piotroski fundamental quality scale (0–9), MRNA scores 4/9 vs PCVX's 1/9, reflecting mixed financial health.
| Metric | PCVXVaxcyte, Inc. | MRNAModerna, Inc. |
|---|---|---|
| ROE (TTM)Return on equity | -28.5% | -33.4% |
| ROA (TTM)Return on assets | -25.5% | -25.7% |
| ROICReturn on invested capital | -24.7% | -27.0% |
| ROCEReturn on capital employed | -29.9% | -28.9% |
| Piotroski ScoreFundamental quality 0–9 | 1 | 4 |
| Debt / EquityFinancial leverage | 0.04x | 0.07x |
| Net DebtTotal debt minus cash | -$56M | -$1.2B |
| Cash & Equiv.Liquid assets | $174M | $1.9B |
| Total DebtShort + long-term debt | $117M | $747M |
| Interest CoverageEBIT ÷ Interest expense | — | -393.13x |
Total Returns (with DRIP)
A $10,000 investment in PCVX five years ago would be worth $23,902 today (with dividends reinvested), compared to $3,403 for MRNA. Over the past 12 months, MRNA leads with a +73.0% total return vs PCVX's -15.4%. The 3-year compound annual growth rate (CAGR) favors PCVX at 14.6% vs MRNA's -27.2% — a key indicator of consistent wealth creation.
| Metric | PCVXVaxcyte, Inc. | MRNAModerna, Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +32.9% | +73.6% |
| 1-Year ReturnPast 12 months | -15.4% | +73.0% |
| 3-Year ReturnCumulative with dividends | +50.7% | -61.4% |
| 5-Year ReturnCumulative with dividends | +139.0% | -66.0% |
| 10-Year ReturnCumulative with dividends | +136.1% | +188.0% |
| CAGR (3Y)Annualised 3-year return | +14.6% | -27.2% |
Risk & Volatility
PCVX is the less volatile stock with a 0.77 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 PCVX's 80.6% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | PCVXVaxcyte, Inc. | MRNAModerna, Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.77x | 1.25x |
| 52-Week HighHighest price in past year | $76.61 | $55.20 |
| 52-Week LowLowest price in past year | $27.66 | $22.28 |
| % of 52W HighCurrent price vs 52-week peak | +80.6% | +97.0% |
| RSI (14)Momentum oscillator 0–100 | 62.8 | 71.6 |
| Avg Volume (50D)Average daily shares traded | 1.2M | 10.8M |
Analyst Outlook
Wall Street rates PCVX as "Buy" and MRNA as "Hold". Consensus price targets imply 34.4% upside for PCVX (target: $83) vs -34.9% for MRNA (target: $35).
| Metric | PCVXVaxcyte, Inc. | MRNAModerna, Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $83.00 | $34.89 |
| # AnalystsCovering analysts | 11 | 27 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | 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 | Jun 20 | Feb 26 | Change |
|---|---|---|---|
| Vaxcyte, Inc. (PCVX) | 100 | 219.5 | +119.5% |
| Moderna, Inc. (MRNA) | 100 | 69.09 | -30.9% |
Vaxcyte, Inc. (PCVX) returned +139% over 5 years vs Moderna, Inc. (MRNA)'s -66%. A $10,000 investment in PCVX 5 years ago would be worth $23,902 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Vaxcyte, Inc. (PCVX) | $0.00 | $0.00 | — |
| Moderna, Inc. (MRNA) | $108M | $3.2B | +2851.2% |
Chart 3EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Vaxcyte, Inc. (PCVX) | -4.83 | -5.63 | -16.6% |
| Moderna, Inc. (MRNA) | -3.79 | -9.27 | -144.6% |
Chart 4Free Cash Flow — 5 Years
Vaxcyte, Inc. generated $-669M FCF in 2025 (-423% vs 2021). Moderna, Inc. generated $-4B FCF in 2024 (-130% vs 2021).
PCVX vs MRNA: Frequently Asked Questions
7 questions · data-driven answers · updated daily
01Is PCVX or MRNA a better buy right now?
Analysts rate Vaxcyte, Inc. (PCVX) a "Buy" — based on 11 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 — PCVX or MRNA?
Over the past 5 years, Vaxcyte, Inc. (PCVX) delivered a total return of +139.0%, compared to -66.0% for Moderna, Inc. (MRNA). A $10,000 investment in PCVX five years ago would be worth approximately $24K today (assuming dividends reinvested). Over 10 years, the gap is even starker: MRNA returned +188.0% versus PCVX's +136.1%. 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 — PCVX or MRNA?
By beta (market sensitivity over 5 years), Vaxcyte, Inc. (PCVX) is the lower-risk stock at 0.77β versus Moderna, Inc.'s 1.25β — meaning MRNA is approximately 62% more volatile than PCVX relative to the S&P 500. On balance sheet safety, Vaxcyte, Inc. (PCVX) carries a lower debt/equity ratio of 4% versus 7% for Moderna, Inc. — giving it more financial flexibility in a downturn.
04Which has better profit margins — PCVX or MRNA?
Vaxcyte, Inc. (PCVX) is the more profitable company, earning 0.0% net margin versus -111.3% for Moderna, Inc. — meaning it keeps 0.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PCVX leads at 0.0% versus -123.3% for MRNA. At the gross margin level — before operating expenses — MRNA leads at 54.2%, 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 — PCVX 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 PCVX or MRNA better for a retirement portfolio?
For long-horizon retirement investors, Vaxcyte, Inc. (PCVX) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.77), +136.1% 10Y return). Both have compounded well over 10 years (PCVX: +136.1%, 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 PCVX 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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