Moderna, Inc. (MRNA) Financial Ratios
10 years of historical data (2016–2025) · Healthcare · Biotechnology
EV/EBITDA
↓
N/A
—
5yr avg: 7.55
30Y Low7.4·High7.7
P/FCF
↑
N/A
—
5yr avg: 12.26
30Y Low8.2·High20.3
P/B Ratio
↓
2.19
↓-36% vs avg
5yr avg: 3.44
30Y Low1.3·High15.6
ROE
↓
-28.9%
↑-231% vs avg
5yr avg: 22.0%
30Y Low-40%·High146%
Debt/EBITDA
↑
N/A
—
5yr avg: 0.10
30Y Low0.1·High0.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MRNA Valuation Multiples
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $19.3B | $11.5B | $16.0B | $38.0B | $74.7B | $109.5B | $39.8B | $6.5B | $5.0B | — | — |
| Enterprise Value | $18.7B | $10.8B | $14.8B | $36.3B | $72.7B | $103.5B | $37.5B | $6.4B | $4.4B | — | — |
| P/E Ratio → | -6.72 | — | — | — | 8.94 | 8.98 | — | — | — | — | — |
| P/S Ratio | 9.95 | 5.90 | 4.99 | 5.55 | 3.96 | 6.17 | 49.59 | 107.47 | 37.17 | — | — |
| P/B Ratio | 2.19 | 1.33 | 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
MRNA EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.55 | 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 | — | — | — | — |
MRNA Profitability
Margins and return-on-capital ratios measuring operating efficiency
Moderna, Inc. earns an operating margin of -158.1%. Operating margins have compressed from -61.9% to -158.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -28.9% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.3% | 55.3% | 54.2% | 31.5% | 71.3% | 85.2% | 95.1% | 48.5% | 81.6% | 90.0% | 86.1% |
| Operating Margin | -158.1% | -158.1% | -123.3% | -61.9% | 49.9% | 75.0% | -95.0% | -906.4% | -347.1% | -130.9% | -206.4% |
| Net Profit Margin | -145.2% | -145.2% | -111.3% | -68.8% | 44.3% | 68.8% | -93.0% | -853.7% | -284.8% | -124.3% | -199.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -28.9% | -28.9% | -28.8% | -28.6% | 50.3% | 146.1% | -40.0% | -38.0% | -35.7% | -34.9% | -25.7% |
| ROA | -21.3% | -21.3% | -21.9% | -21.3% | 33.1% | 76.2% | -16.7% | -28.9% | -25.3% | -20.5% | -15.3% |
| ROIC | -26.1% | -26.1% | -27.0% | -21.7% | 55.8% | 237.8% | -91.9% | -41.4% | -49.8% | -30.8% | -20.9% |
| ROCE | -27.6% | -27.6% | -28.9% | -23.3% | 51.7% | 143.8% | -34.7% | -34.3% | -35.6% | -25.1% | -17.8% |
MRNA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $2.6B exceeds total debt of $1.9B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.22 | 0.22 | 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 | — | -0.08 | -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 | — | — | -149.29 | -102.74 | 324.83 | 738.67 | -74.31 | -76.85 | -141.12 | -1938.36 | — |
Net cash position: cash ($2.6B) exceeds total debt ($1.9B)
MRNA Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Moderna, Inc.'s current ratio of 3.29x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 3.42x to 3.29x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.29 | 3.29 | 3.67 | 3.42 | 2.73 | 1.76 | 1.43 | 7.89 | 7.02 | 4.09 | 6.68 |
| Quick Ratio | 3.22 | 3.22 | 3.62 | 3.36 | 2.54 | 1.60 | 1.42 | 7.89 | 7.02 | 4.09 | 6.68 |
| Cash Ratio | 2.92 | 2.92 | 3.18 | 2.85 | 2.01 | 1.18 | 1.05 | 7.71 | 6.83 | 3.95 | 6.50 |
| Asset Turnover | — | 0.16 | 0.23 | 0.37 | 0.73 | 0.72 | 0.11 | 0.04 | 0.07 | 0.19 | 0.08 |
| Inventory Turnover | 5.67 | 5.67 | 12.51 | 23.23 | 5.71 | 1.82 | 0.83 | — | — | — | — |
| Days Sales Outstanding | — | 34.55 | 67.55 | 57.62 | 32.58 | 68.39 | 639.69 | 98.80 | 82.65 | 32.64 | 60.45 |
MRNA Shareholder Yields
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.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | 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% | 0.0% | 3.0% | 4.5% | 0.8% | 0.0% | 0.0% | 0.2% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 3.0% | 4.5% | 0.8% | 0.0% | 0.0% | 0.2% | — | — |
| Shares Outstanding | — | $389M | $384M | $382M | $416M | $431M | $381M | $331M | $329M | $376M | $64M |
Peer Comparison
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 | $19B | -6.7 | — | — | 55.3% | -158.1% | -28.9% | -26.1% | — |
 BNTX | $24B | -18.0 | — | 75.6 | 77.6% | -22.6% | -5.7% | -4.3% | — |
 NVAX | $2B | 3.7 | 2.6 | — | 93.7% | 50.1% | — | — | 0.4 |
 CVAC | $1B | 6.5 | 3.1 | 12.6 | 80.2% | 33.2% | 26.7% | 65.0% | 0.2 |
 PFE | $151B | 19.5 | 10.7 | 16.6 | 70.3% | 24.7% | 8.9% | 7.5% | 3.3 |
 JNJ | $541B | 38.8 | 18.8 | 27.3 | 69.1% | 24.9% | 20.1% | 20.7% | 1.2 |
 AZN | $287B | 28.3 | 16.0 | 24.4 | 81.9% | 23.4% | 22.9% | 14.9% | 1.5 |
 GILD | $170B | 358.7 | 42.1 | 16.5 | 78.3% | 5.8% | 2.3% | 3.2% | 6.0 |
 REGN | $75B | 17.4 | 18.1 | 18.4 | 85.4% | 24.9% | 14.9% | 8.9% | 0.7 |
 VRTX | $109B | 27.9 | 21.7 | 34.1 | 85.0% | 39.4% | 22.5% | 23.0% | 0.8 |
 TMO | $176B | 26.7 | 19.0 | 27.9 | 37.7% | 18.2% | 13.1% | 7.5% | 3.8 |
| Healthcare Median | — | 22.1 | 14.1 | 18.7 | 63.9% | -5.3% | -33.7% | -10.8% | 3.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonMRNA — Frequently Asked Questions
Quick answers to the most common questions about buying MRNA stock.
What is Moderna, Inc.'s P/E ratio?
Moderna, Inc.'s current P/E ratio is -6.7x. The historical average is 9.0x.
What is Moderna, Inc.'s ROE?
Moderna, Inc.'s return on equity (ROE) is -28.9%. The historical average is -6.4%.
Is MRNA stock overvalued?
Based on historical data, Moderna, Inc. is trading at a P/E of -6.7x. Compare with industry peers and growth rates for a complete picture.
What are Moderna, Inc.'s profit margins?
Moderna, Inc. has 55.3% gross margin and -158.1% operating margin.