Last 33 quarters of trend data · Healthcare · Biotechnology
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -5.78 | — | — | — | — | 512.50 | — | — | 45.20 | — | — | 191.97 | 12.40 |
| — | — | — | — | — | — | — | — | +264.4% | — | — | +3724.8% | +120.6% | |
| P/S Ratio | 6.55 | 2.48 | 18.85 | 25.57 | 4.19 | 3.59 | 51.58 | 60.94 | 3.49 | 5.37 | 33.64 | 8.46 | 3.53 |
| — | -31.0% | -63.5% | -58.0% | +19.9% | -33.1% | +53.3% | +620.3% | -1.2% | +42.1% | +926.6% | +173.9% | -10.3% | |
| P/B Ratio | 1.89 | 1.08 | 1.14 | 1.09 | 1.47 | 2.24 | 3.89 | 3.18 | 2.84 | 2.92 | 2.73 | 3.30 | 3.80 |
| — | -51.7% | -70.7% | -65.8% | -48.2% | -23.6% | +42.6% | -3.7% | -25.5% | +8.0% | -17.9% | -23.3% | -50.8% | |
| P/FCF | — | — | — | — | 13.21 | — | — | — | 24.43 | — | — | — | 11.58 |
| — | — | — | — | -45.9% | — | — | — | +110.9% | — | — | — | +35.0% | |
| EV / EBITDA | — | — | — | — | — | — | — | — | 45.21 | — | — | — | 10.65 |
| — | — | — | — | — | — | — | — | +324.4% | — | — | — | +125.9% | |
| EV / EBIT | — | — | — | — | — | 244.22 | — | — | 123.75 | — | — | — | 10.62 |
| — | — | — | — | — | — | — | — | +1065.0% | — | — | — | +122.3% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Moderna, Inc.'s operating margin was -25.6% in Q3 2025, up 613.1 pp QoQ and down 21.8 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of -444.0% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin contracted 98.9% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.2% | 0.8% | 16.2% | 15.9% | 22.7% | 72.3% | 48.0% | 42.5% | 67.0% | -22.4% | -112.5% | 56.9% | 62.7% |
| — | -98.9% | -66.2% | -62.6% | -66.1% | +422.8% | +142.6% | -25.3% | +6.7% | -134.0% | -261.3% | -31.3% | -27.3% | |
| Operating Margin | -123.3% | -25.6% | -638.7% | -981.3% | -130.3% | -3.8% | -616.7% | -758.1% | 0.2% | -109.9% | -542.7% | -19.9% | 30.7% |
| — | -578.1% | -3.6% | -29.4% | -61203.9% | +96.6% | -13.6% | -3707.0% | -99.3% | -403.5% | -1112.7% | -128.0% | -60.6% | |
| Net Margin | -111.3% | -19.7% | -581.0% | -907.5% | -117.2% | 0.7% | -578.7% | -703.6% | 7.7% | -198.3% | -401.2% | 4.3% | 28.5% |
| — | -2908.9% | -0.4% | -29.0% | -1618.7% | +100.4% | -44.3% | -16469.5% | -72.9% | -712.1% | -933.7% | -93.0% | -59.4% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -28.8% | -2.1% | -8.5% | -9.3% | -9.8% | 0.1% | -10.4% | -8.8% | 1.6% | -23.9% | -7.7% | 0.4% | 7.9% |
| — | -2041.5% | +18.7% | -5.1% | -717.4% | +100.5% | -35.3% | -2218.6% | -79.9% | -511.8% | -161.5% | -98.2% | -80.3% | |
| ROA | -21.9% | -1.7% | -6.7% | -7.2% | -7.5% | 0.1% | -7.9% | -6.7% | 1.1% | -17.6% | -6.0% | 0.3% | 5.6% |
| — | -2105.7% | +15.4% | -8.2% | -752.9% | +100.5% | -31.6% | -2214.7% | -79.7% | -538.7% | -173.2% | -97.7% | -73.6% | |
| ROIC | -27.0% | -2.2% | -7.5% | -8.3% | -8.8% | -0.5% | -9.1% | -7.8% | 0.0% | -11.5% | -9.1% | -1.6% | 7.1% |
| — | -362.2% | +17.0% | -6.1% | -23622.6% | +95.9% | -0.1% | -381.1% | -99.5% | -311.5% | -171.7% | -105.5% | -88.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
The current ratio has weakened 10.6% YoY to 3.93x, tightening the short-term liquidity position.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.08 | 0.08 | 0.07 | 0.07 | 0.11 | 0.11 | 0.10 | 0.09 | 0.11 | 0.07 | 0.06 | 0.06 |
| — | -30.8% | -27.2% | -23.3% | -23.6% | +5.1% | +57.2% | +64.3% | +43.0% | +54.3% | +39.7% | +5.9% | -3.1% | |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 5.98 | — | — | — | 0.72 |
| — | — | — | — | — | — | — | — | +726.7% | — | — | — | +333.1% | |
| Current Ratio | 3.67 | 3.93 | 3.93 | 4.22 | 3.67 | 4.39 | 4.09 | 4.03 | 3.42 | 2.46 | 3.39 | 3.46 | 2.73 |
| — | -10.6% | -4.0% | +4.6% | +7.2% | +78.3% | +20.5% | +16.4% | +25.5% | +17.3% | +70.5% | +95.7% | +55.0% | |
| Quick Ratio | 3.62 | 3.73 | 3.77 | 4.14 | 3.62 | 4.20 | 3.92 | 3.91 | 3.36 | 2.35 | 3.16 | 3.26 | 2.54 |
| — | -11.3% | -3.7% | +5.9% | +7.8% | +78.8% | +23.8% | +20.1% | +32.4% | +31.0% | +85.2% | +108.7% | +58.2% | |
| Interest Coverage | -164.38 | — | -907.00 | -1050.00 | -207.67 | -11.67 | -227.17 | -211.00 | 1.00 | -201.20 | -143.62 | -40.67 | 158.00 |
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Includes 30+ ratios · 33 years · Updated daily
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Start ComparisonModerna, Inc.'s current P/E is -5.8x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Moderna, Inc.'s current operating margin is -123.3%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Moderna, Inc.'s business trajectory between earnings reports.