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
↓
2.88
↓-16% 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 | $25.4B | $11.5B | $16.0B | $38.0B | $74.7B | $109.5B | $39.8B | $6.5B | $5.0B | — | — |
| Enterprise Value | $24.7B | $10.8B | $14.8B | $36.3B | $72.7B | $103.5B | $37.5B | $6.4B | $4.4B | — | — |
| P/E Ratio → | -8.81 | — | — | — | 8.94 | 8.98 | — | — | — | — | — |
| P/S Ratio | 13.05 | 5.90 | 4.99 | 5.55 | 3.96 | 6.17 | 49.59 | 107.47 | 37.17 | — | — |
| P/B Ratio | 2.88 | 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 | $25B | -8.8 | — | — | 55.3% | -158.1% | -28.9% | -26.1% | — |
 BNTX | $23B | -17.6 | — | 74.4 | 77.6% | -22.6% | -5.7% | -4.3% | — |
 NVAX | $2B | 3.6 | 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 | $143B | 18.5 | 10.3 | 15.8 | 70.3% | 24.7% | 8.9% | 7.5% | 3.3 |
 JNJ | $550B | 39.4 | 19.1 | 27.7 | 69.1% | 24.9% | 20.1% | 20.7% | 1.2 |
 AZN | $271B | 26.7 | 15.2 | 23.1 | 81.9% | 23.4% | 22.9% | 14.9% | 1.5 |
 GILD | $154B | 18.3 | 11.8 | 16.2 | 78.8% | 39.7% | 40.7% | 23.2% | 1.7 |
 REGN | $63B | 14.7 | 15.3 | 15.5 | 85.4% | 24.9% | 14.9% | 8.9% | 0.7 |
 VRTX | $115B | 29.5 | 22.9 | 36.0 | 85.0% | 39.4% | 22.5% | 23.0% | 0.8 |
 TMO | $173B | 26.2 | 18.7 | 27.4 | 37.7% | 18.2% | 13.1% | 7.5% | 3.8 |
| Healthcare Median | — | 22.1 | 14.2 | 18.5 | 63.9% | -4.3% | -32.6% | -11.6% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 10 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into MRNA consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
MRNA — 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 -8.8x. 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 -8.8x. 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.