9 years of historical data (2016–2024) · Healthcare · Biotechnology
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Moderna, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $20.9B | $16.0B | $38.0B | $74.7B | $109.5B | $39.8B | $6.5B | $5.0B | — | — |
| Enterprise Value | $19.8B | $14.8B | $36.3B | $72.7B | $103.5B | $37.5B | $6.4B | $4.4B | — | — |
| P/E Ratio → | -5.78 | — | — | 8.94 | 8.98 | — | — | — | — | — |
| P/S Ratio | 6.55 | 4.99 | 5.55 | 3.96 | 6.17 | 49.59 | 107.47 | 37.17 | — | — |
| P/B Ratio | 1.89 | 1.46 | 2.74 | 3.91 | 7.74 | 15.56 | 5.51 | 3.28 | — | — |
| P/FCF | — | — | — | 16.31 | 8.21 | 20.33 | — | — | — | — |
| P/OCF | — | — | — | 15.00 | 8.04 | 19.65 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.62 | 5.30 | 3.85 | 5.84 | 46.62 | 105.75 | 32.55 | — | — |
| EV / EBITDA | — | — | — | 7.44 | 7.65 | — | — | — | — | — |
| EV / EBIT | — | — | — | 7.72 | 7.79 | — | — | — | — | — |
| EV / FCF | — | — | — | 15.87 | 7.76 | 19.11 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Moderna, Inc. earns an operating margin of -123.3%. Operating margins have compressed from 49.9% to -123.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -28.8% indicates the company is currently destroying shareholder equity.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.2% | 54.2% | 31.5% | 71.3% | 85.2% | 95.1% | 48.5% | -236.2% | 90.0% | 86.1% |
| Operating Margin | -123.3% | -123.3% | -61.9% | 49.9% | 75.0% | -95.0% | -906.4% | -347.1% | -130.9% | -206.4% |
| Net Profit Margin | -111.3% | -111.3% | -68.8% | 44.3% | 68.8% | -93.0% | -853.7% | -284.8% | -124.3% | -199.5% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -28.8% | -28.8% | -28.6% | 50.3% | 146.1% | -40.0% | -38.0% | -35.7% | -34.9% | -25.7% |
| ROA | -21.9% | -21.9% | -21.3% | 33.1% | 76.2% | -16.7% | -28.9% | -25.3% | -20.5% | -15.3% |
| ROIC | -27.0% | -27.0% | -21.7% | 55.8% | 237.8% | -91.9% | -41.4% | -49.8% | -30.8% | -20.9% |
| ROCE | -28.9% | -28.9% | -23.3% | 51.7% | 143.8% | -34.7% | -34.3% | -35.6% | -25.1% | -17.8% |
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $1.9B exceeds total debt of $747M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 0.09 | 0.06 | 0.06 | 0.09 | 0.11 | 0.02 | 0.03 | 0.01 |
| Debt / EBITDA | — | — | — | 0.12 | 0.07 | — | — | — | — | — |
| Net Debt / Equity | — | -0.11 | -0.12 | -0.10 | -0.42 | -0.93 | -0.09 | -0.41 | -0.19 | -0.04 |
| Net Debt / EBITDA | — | — | — | -0.21 | -0.44 | — | — | — | — | — |
| Debt / FCF | — | — | — | -0.44 | -0.44 | -1.22 | — | — | — | -1.12 |
| Interest Coverage | -164.38 | -164.38 | -111.55 | 324.83 | 738.67 | -77.19 | -82.53 | -151.44 | -2040.58 | — |
Net cash position: cash ($1.9B) exceeds total debt ($747M)
Short-term solvency ratios and asset-utilisation metrics
Moderna, Inc.'s current ratio of 3.67x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 2.73x to 3.67x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.67 | 3.67 | 3.42 | 2.73 | 1.76 | 1.43 | 7.89 | 7.02 | 4.09 | 6.68 |
| Quick Ratio | 3.62 | 3.62 | 3.36 | 2.54 | 1.60 | 1.42 | 7.89 | 7.02 | 4.09 | 6.68 |
| Cash Ratio | 3.18 | 3.18 | 2.85 | 2.01 | 1.18 | 1.05 | 7.71 | 6.83 | 3.95 | 6.50 |
| Asset Turnover | — | 0.23 | 0.37 | 0.73 | 0.72 | 0.11 | 0.04 | 0.07 | 0.19 | 0.08 |
| Inventory Turnover | 12.51 | 12.51 | 23.23 | 5.71 | 1.82 | 0.83 | — | — | — | — |
| Days Sales Outstanding | — | 67.55 | 57.62 | 32.58 | 68.39 | 639.69 | 98.80 | 82.65 | 32.64 | 60.45 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Moderna, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 11.2% | 11.1% | — | — | — | — | — |
| FCF Yield | — | — | — | 6.1% | 12.2% | 4.9% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 3.0% | 4.5% | 0.8% | 0.0% | 0.0% | 0.2% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 3.0% | 4.5% | 0.8% | 0.0% | 0.0% | 0.2% | — | — |
| Shares Outstanding | — | $384M | $382M | $416M | $431M | $381M | $331M | $329M | $376M | $64M |
Compare MRNA with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| MRNAYou | $21B | -5.8 | — | — | 54.2% | -123.3% | -28.8% | -27.0% | — |
| BNTX | $28B | -33.7 | — | — | 80.3% | -47.8% | -3.4% | -10.5% | — |
| SMMT | $13B | -11.5 | — | — | — | — | -206.1% | -163.4% | — |
| PCVX | $8B | -11.0 | — | — | — | — | -25.6% | -24.7% | — |
| CDTX | $7B | -8.3 | — | — | 100.0% | -13811.9% | -219.0% | — | — |
| SCNI | $3B | 0.1 | — | — | -88.1% | -1312.8% | 177.4% | -61.1% | — |
| NVAX | $2B | 3.9 | 3.7 | — | 93.5% | 40.3% | — | — | 0.5 |
| VIR | $1B | -2.9 | — | — | 82.9% | -682.7% | -45.7% | -40.3% | — |
| CVAC | $1B | 6.5 | 3.1 | 12.6 | 80.2% | 33.2% | 26.7% | 65.0% | 0.2 |
| VALN | $963M | -55.3 | 26.3 | — | 41.9% | 7.9% | -7.9% | 4.5% | 6.6 |
| CRMD | $559M | -23.8 | — | — | 92.7% | -51.4% | -23.2% | -46.8% | — |
| Healthcare Median | — | 23.7 | 13.8 | 18.8 | 65.8% | -6.3% | -37.3% | -15.0% | 3.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 9 years · Updated daily
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Start ComparisonModerna, Inc.'s current P/E ratio is -5.8x. The historical average is 9.0x.
Moderna, Inc.'s return on equity (ROE) is -28.8%. The historical average is -3.9%.
Based on historical data, Moderna, Inc. is trading at a P/E of -5.8x. Compare with industry peers and growth rates for a complete picture.
Moderna, Inc. has 54.2% gross margin and -123.3% operating margin.