NASDAQ · Healthcare

Moderna, Inc.

MRNA · Biotechnology

$46.92

▲ 1.55 (3.42%)

Data cached · refreshes every 10 min

Insufficient data to generate a complete Graham analysis.

Overall Grade

Defensive

Enterprising

Profitability F

Gross Profit Margin 54.8%

Operating Margin -159.9%

Net Income Margin -146.8%

Fin. Health C

Years to Pay Off Debt -0.5 yrs

Working Capital vs Long-Term Debt $4.0B

Working Capital $4.6B

Valuation C

Price-to-Book 2.15x

Cash Flow F

Free Cash Flow -$2.1B

Owner Earnings -$2.4B

2/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $18.6B

Enterprise Value $14.1B

P/E (TTM) -10.73

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 54.8%

Operating Margin -159.9%

Net Margin -146.8%

Company Info

Sector Healthcare

Industry Biotechnology

Employees 4700

Country United States

Visit website

About Moderna, Inc.

Moderna, Inc., a biotechnology company, provides messenger RNA medicines in the United States, Europe, and internationally. The company's respiratory vaccines include spikevax, mNEXSPIKE, mRESVIA, COVID, RSV, seasonal influenza, combination, and pandemic influenza vaccine; latent vaccines comprise cytomegalovirus, epstein-barr virus, and human immunodeficiency virus vaccines; enteric viruses include norovirus; public health vaccines consist of Zika, Nipah, and Mpox vaccines; and bacterial diseases vaccines, such as lyme vaccines. It also provides oncology therapeutics, such as intismeran autogene, cancer antigen therapy, t-cell engager, and cell therapy enhancer; and rare disease products, including propionic and methylmalonic acidemia, and cystic fibrosis. It has strategic alliances and collaborations with Merck & Co., Inc; Vertex Pharmaceuticals Incorporated; Vertex Pharmaceuticals (Europe) Limited; immatics N.V.; Defense Advanced Research Projects Agency; Biomedical Advanced Research and Development Authority; Institute for Life Changing Medicines; The Bill & Melinda Gates Foundation; and OpenAI. The company was formerly known as Moderna Therapeutics, Inc. and changed its name to Moderna, Inc. in August 2018. Moderna, Inc. was founded in 2010 and is headquartered in Cambridge, Massachusetts.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	54.8% ▲	54.2%	30.5%	71.3%	N/A
Operating Margin %	-159.9% ▼	-123.3%	-62.8%	49.9%	N/A
Net Income %	-146.8% ▼	-111.3%	-69.8%	44.3%	N/A
Diluted EPS	N/A •	-9.28	-12.33	20.12	28.29

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$12.3B	$14.1B	$18.4B	$25.9B	N/A
Total Debt	$1.3B ↑	$747M	$1.2B	$1.2B	N/A
Working Capital	$4.6B ▼	$5.9B	$7.3B	$8.5B	N/A
Years to Pay Debt	-0.46	-0.21	-0.26	0.14	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$2.1B ▲	-$4.1B	-$3.8B	$4.6B	N/A
Owner Earnings	-$2.4B	-$2.3B	-$3.4B	$9.1B	N/A
CapEx % of Net Income	N/A	N/A	N/A	4.8%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-1,050	-714	0	0
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	-2,538,000	-3,338,000	-3,618,000	9,768,000
Total Unusual Items	-5,000	-56,000	-72,000	-20,000
Total Unusual Items Excluding Goodwill	-5,000	-56,000	-72,000	-20,000
Net Income From Continuing Operation Net Minority Interest	-2,822,000	-3,561,000	-4,714,000	8,362,000
Reconciled Depreciation	215,000	189,000	621,000	348,000
Reconciled Cost Of Revenue	868,000	1,464,000	4,693,000	5,416,000
EBITDA	-2,543,000	-3,394,000	-3,618,000	9,768,000
EBIT	-2,758,000	-3,583,000	-4,239,000	9,420,000
Net Interest Income	304,000	401,000	421,000	200,000
Interest Expense	10,000	24,000	38,000	29,000
Interest Income	314,000	425,000	421,000	200,000
Normalized Income	-2,818,050	-3,505,714	-4,714,000	8,362,000
Net Income From Continuing And Discontinued Operation	-2,822,000	-3,561,000	-4,714,000	8,362,000
Total Expenses	4,996,000	7,144,000	10,993,000	9,455,000
Total Operating Income As Reported	-3,074,000	-3,945,000	-4,239,000	9,420,000
Diluted Average Shares		384,000	382,000	416,000	431,000
Basic Average Shares		384,000	382,000	394,000	403,000
Diluted EPS		0	0	0	0
Basic EPS		0	0	0	0
Diluted NI Availto Com Stockholders	-2,822,000	-3,561,000	-4,714,000	8,362,000
Net Income Common Stockholders	-2,822,000	-3,561,000	-4,714,000	8,362,000
Net Income	-2,822,000	-3,561,000	-4,714,000	8,362,000
Net Income Including Noncontrolling Interests	-2,822,000	-3,561,000	-4,714,000	8,362,000
Net Income Continuous Operations	-2,822,000	-3,561,000	-4,714,000	8,362,000
Tax Provision	54,000	-46,000	772,000	1,213,000
Pretax Income	-2,768,000	-3,607,000	-3,942,000	9,575,000
Other Income Expense	2,000	-63,000	-124,000	-45,000
Other Non Operating Income Expenses	7,000	-7,000	-124,000	-45,000
Gain On Sale Of Security	-5,000	-56,000	-72,000	-20,000
Net Non Operating Interest Income Expense	304,000	401,000	421,000	200,000
Interest Expense Non Operating	10,000	24,000	38,000	29,000
Interest Income Non Operating	314,000	425,000	421,000	200,000
Operating Income	-3,074,000	-3,945,000	-4,239,000	9,420,000
Operating Expense	4,128,000	5,680,000	6,300,000	4,039,000
Other Operating Expenses	-22,000	-37,000	-94,000	-388,000
Research And Development	3,132,000	4,543,000	4,845,000	3,295,000
Selling General And Administration	1,018,000	1,174,000	1,549,000	1,132,000
Gross Profit	1,054,000	1,735,000	2,061,000	13,459,000
Cost Of Revenue	868,000	1,464,000	4,693,000	5,416,000
Total Revenue	1,922,000	3,199,000	6,754,000	18,875,000
Operating Revenue	3,304,000	4,517,000	8,203,000	18,435,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	394,000	386,000	382,000	385,000
Share Issued	394,000	386,000	382,000	385,000
Total Debt	1,305,000	747,000	1,243,000	1,200,000
Tangible Book Value	8,553,000	10,809,000	13,758,000	19,123,000
Invested Capital	9,240,000	10,901,000	13,854,000	19,123,000
Working Capital	4,557,000	5,893,000	7,310,000	8,508,000
Net Tangible Assets	8,553,000	10,809,000	13,758,000	19,123,000
Capital Lease Obligations	715,000	747,000	1,243,000	1,200,000
Common Stock Equity	8,650,000	10,901,000	13,854,000	19,123,000
Total Capitalization	9,240,000	10,901,000	13,854,000	19,123,000
Total Equity Gross Minority Interest	8,650,000	10,901,000	13,854,000	19,123,000
Stockholders Equity	8,650,000	10,901,000	13,854,000	19,123,000
Gains Losses Not Affecting Retained Earnings	45,000	-10,000	-123,000	-370,000
Other Equity Adjustments	45,000	-10,000	-123,000	-370,000
Retained Earnings	7,223,000	10,045,000	13,606,000	18,320,000
Additional Paid In Capital	1,382,000	866,000	371,000	1,173,000
Total Liabilities Net Minority Interest	3,688,000	3,241,000	4,572,000	6,735,000
Total Non Current Liabilities Net Minority Interest	1,701,000	1,035,000	1,557,000	1,812,000
Other Non Current Liabilities	36,000	36,000	21,000	135,000
Tradeand Other Payables Non Current	249,000	231,000	235,000
Non Current Deferred Liabilities	153,000	58,000	83,000	673,000
Non Current Deferred Revenue	153,000	58,000	83,000	673,000
Long Term Debt And Capital Lease Obligation	1,263,000	710,000	1,218,000	1,004,000
Long Term Capital Lease Obligation	673,000	710,000	1,218,000	1,004,000
Long Term Debt	590,000
Current Liabilities	1,987,000	2,206,000	3,015,000	4,923,000
Other Current Liabilities	143,000	184,000	41,000	53,000
Current Deferred Liabilities	99,000	153,000	568,000	2,038,000
Current Deferred Revenue	99,000	153,000	568,000	2,038,000
Current Debt And Capital Lease Obligation	42,000	37,000	25,000	196,000
Current Capital Lease Obligation	42,000	37,000	25,000	196,000
Pensionand Other Post Retirement Benefit Plans Current	420,000	312,000	245,000	190,000
Current Provisions	509,000	370,000	556,000
Payables And Accrued Expenses	774,000	1,150,000	1,580,000	2,446,000
Current Accrued Expenses	457,000	745,000	997,000	1,911,000
Payables	317,000	405,000	583,000	535,000
Total Tax Payable		3,000	63,000	48,000	876,000
Income Tax Payable		3,000	63,000	48,000	876,000
Accounts Payable	317,000	405,000	520,000	487,000
Total Assets	12,338,000	14,142,000	18,426,000	25,858,000
Total Non Current Assets	5,794,000	6,043,000	8,101,000	12,427,000
Other Non Current Assets	160,000	171,000	181,000	946,000
Non Current Prepaid Assets	100,000	139,000	342,000	0
Non Current Deferred Assets	81,000	81,000	81,000	982,000
Non Current Deferred Taxes Assets	81,000	81,000	81,000	982,000
Non Current Accounts Receivable	161,000	97,000
Investments And Advances	2,342,000	2,508,000	4,743,000	8,360,000
Investmentin Financial Assets	2,336,000	2,494,000	4,677,000	8,318,000
Available For Sale Securities	2,336,000	2,494,000	4,677,000	8,318,000
Long Term Equity Investment	6,000	14,000	66,000	42,000
Goodwill And Other Intangible Assets	97,000	92,000	96,000	0
Other Intangible Assets	45,000	40,000	44,000
Goodwill	52,000	52,000	52,000	0
Net PPE	2,853,000	2,955,000	2,658,000	2,139,000
Accumulated Depreciation	-737,000	-527,000	-433,000	-658,000
Gross PPE	3,590,000	3,482,000	3,091,000	2,797,000
Leases	403,000	207,000	522,000	460,000
Construction In Progress	298,000	1,057,000	860,000	281,000
Other Properties	1,393,000	1,235,000	1,587,000	1,986,000
Machinery Furniture Equipment	235,000	181,000	100,000	59,000
Buildings And Improvements	1,183,000	743,000	0
Land And Improvements	78,000	59,000	22,000	11,000
Current Assets	6,544,000	8,099,000	10,325,000	13,431,000
Other Current Assets	45,000	58,000	88,000	44,000
Hedging Assets Current					21,000
Prepaid Assets	263,000	307,000	350,000	851,000
Inventory	153,000	117,000	202,000	949,000
Finished Goods	33,000	28,000	24,000	169,000
Work In Process	29,000	26,000	15,000	205,000
Raw Materials	91,000	63,000	163,000	575,000
Receivables	284,000	592,000	1,081,000	1,685,000
Other Receivables	13,000	58,000	61,000	53,000
Taxes Receivable	45,000	117,000	69,000	150,000
Accrued Interest Receivable	42,000	59,000	59,000	61,000
Notes Receivable			0	36,000	0
Accounts Receivable	184,000	358,000	892,000	1,385,000
Allowance For Doubtful Accounts Receivable	-184,000	-340,000	-692,000	0
Gross Accounts Receivable	368,000	698,000	1,584,000	1,385,000
Cash Cash Equivalents And Short Term Investments	5,799,000	7,025,000	8,604,000	9,902,000
Other Short Term Investments	3,204,000	5,098,000	5,697,000	6,697,000
Cash And Cash Equivalents	2,595,000	1,927,000	2,907,000	3,205,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-2,075,000	-4,055,000	-3,825,000	4,581,000
Repurchase Of Capital Stock		0	-1,153,000	-3,329,000	-857,000
Repayment Of Debt	-22,000	0	0		-140,000
Issuance Of Debt	600,000	0	0
Issuance Of Capital Stock	35,000	66,000	46,000	65,000
Capital Expenditure	-202,000	-1,051,000	-707,000	-400,000
Interest Paid Supplemental Data	10,000	24,000	39,000	25,000
Income Tax Paid Supplemental Data	26,000	197,000		2,729,000	480,000
End Cash Position	2,597,000	1,929,000	2,928,000	3,217,000
Beginning Cash Position	1,929,000	2,928,000	3,217,000	6,860,000
Effect Of Exchange Rate Changes	2,000	0	0
Changes In Cash	666,000	-999,000	-289,000	-3,643,000
Financing Cash Flow	593,000	56,000	-1,377,000	-3,448,000
Cash Flow From Continuing Financing Activities	593,000	56,000	-1,377,000	-3,448,000
Net Other Financing Charges	-2,000		-1,153,000
Proceeds From Stock Option Exercised			46,000	65,000	124,000
Net Common Stock Issuance	35,000	66,000	46,000	-3,264,000
Common Stock Payments		0	-1,153,000	-3,329,000	-857,000
Common Stock Issuance	35,000	66,000	46,000	65,000
Net Issuance Payments Of Debt	560,000	-10,000	-270,000	-184,000
Net Long Term Debt Issuance	560,000	-10,000	-270,000	-184,000
Long Term Debt Payments	-22,000	0	0		-140,000
Long Term Debt Issuance	600,000	0	0
Investing Cash Flow	1,946,000	1,949,000	4,206,000	-5,176,000
Cash Flow From Continuing Investing Activities	1,946,000	1,949,000	4,206,000	-5,176,000
Net Other Investing Changes			-23,000	-40,000	-30,000
Net Investment Purchase And Sale	2,148,000	3,000,000	4,998,000	-4,736,000
Sale Of Investment	7,916,000	9,529,000	8,781,000	6,699,000
Purchase Of Investment	-5,768,000	-6,529,000	-3,783,000	-11,435,000
Net Business Purchase And Sale	0	0	-85,000	0
Purchase Of Business	0	0	-85,000	0
Net Intangibles Purchase And Sale	-10,000	0	0
Purchase Of Intangibles	-10,000	0	0
Net PPE Purchase And Sale	-192,000	-1,051,000	-707,000	-400,000
Purchase Of PPE	-192,000	-1,051,000	-707,000	-400,000
Operating Cash Flow	-1,873,000	-3,004,000	-3,118,000	4,981,000
Cash Flow From Continuing Operating Activities	-1,873,000	-3,004,000	-3,118,000	4,981,000
Change In Working Capital	233,000	-78,000	689,000	-4,014,000
Change In Other Working Capital	41,000	-439,000	-2,060,000	-4,157,000
Change In Other Current Liabilities	-27,000	106,000	639,000	-754,000
Change In Other Current Assets	38,000	-53,000	-605,000	21,000
Change In Payables And Accrued Expense	-94,000	-454,000	-327,000	852,000
Change In Accrued Expense	-2,000	-385,000	-340,000	612,000
Change In Payable	-92,000	-69,000	13,000	240,000
Change In Account Payable	-92,000	-69,000	13,000	240,000
Change In Tax Payable			15,000	-828,000	876,000
Change In Income Tax Payable			15,000	-828,000	876,000
Change In Prepaid Assets	153,000	145,000	1,802,000	-2,258,000
Change In Inventory	-34,000	83,000	747,000	492,000
Change In Receivables	156,000	534,000	493,000	1,790,000
Changes In Account Receivables	156,000	534,000	493,000	1,790,000
Other Non Cash Items	77,000	60,000	7,000	28,000
Stock Based Compensation	483,000	429,000	305,000	226,000
Amortization Of Securities	-67,000	-95,000	-61,000	31,000
Deferred Tax			828,000	-559,000	-318,000
Deferred Income Tax			828,000	-559,000	-318,000
Depreciation Amortization Depletion	215,000	189,000	621,000	348,000
Depreciation And Amortization	215,000	189,000	621,000	348,000
Operating Gains Losses	8,000	52,000	35,000
Earnings Losses From Equity Investments	8,000	52,000	35,000	0
Net Income From Continuing Operations	-2,822,000	-3,561,000	-4,714,000	8,362,000

These metrics estimate what Moderna, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

N/A (negative EPS)

Margin of Safety

—

Market Cap ÷ Company Value

1.07

P/B Ratio

2.15

Warren's Owner Earnings

-$2.4B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

2/7 — Speculative Investor

✅ Adequate Size

$1.9B

vs > $1.5B revenue

✅ Strong Financial Condition

3.29x

vs Current Ratio > 2.0x

❌ Earnings Stability

2 loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Earnings Growth

-28.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

-10.7x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.15x P/B (P/E×P/B: -23.1)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$7.20

Trading at 6.5x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$-86.12

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	N/A	N/A	N/A	4.8%	N/A
Repurchase of Capital Stock	N/A	$0M	-$1.2B	-$3.3B	-$857M
Free Cash Flow	-$2.1B ▲	-$4.1B ▼	-$3.8B ▼	$4.6B •	N/A •
Warren's Owner Earnings	-$2.4B	-$2.3B	-$3.4B	$9.1B	N/A

Peers & Industry Comparison

Biotechnology — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
MRNA	$46.92	$18.6B	-10.73	54.8%	-146.8%	$1.9B
AMGN Amgen Inc.	$322.27	$173.9B	22.4	71.4%	21.0%	$37.2B
GILD Gilead Sciences, Inc.	$132.46	$164.4B	19.5	78.8%	28.9%	$29.4B
BIIB Biogen Inc.	$187.34	$27.7B	20.1	78.7%	13.8%	$9.9B
REGN Regeneron Pharmaceuticals, Inc.	$708.90	$74.3B	17.3	43.9%	29.6%	$14.9B
VRTX Vertex Pharmaceuticals Incorpor	$428.70	$109.0B	28.0	53.7%	32.9%	$12.0B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

7.32%

Moderate — some alignment with shareholders

Return on Equity (ROE)

-32.6%

Weak — poor returns on equity

Return on Assets (ROA)

-22.9%

Poor — assets are not generating adequate returns

Debt Trend YoY

+74.7% YoY

Debt is growing — management is leveraging up

Leadership Team

Stéphane Bancel

CEO & Director

Age 52

Pay: $6,137,337

Stephen Hoge

President

Age 49

Pay: $4,259,250

James Mock

Chief Financial Officer

Age 48

Pay: $2,179,152

Patrick Norman Bergstedt

Senior Vice President of Commercial Vaccines

Age 63

John Lepore ,

Senior Vice President of Government Engagement

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.53%	41,584,782
Blackrock Inc.	8.23%	32,505,733
FMR, LLC	7.10%	28,045,311
BAILLIE GIFFORD & CO	5.21%	20,580,514
State Street Corporation	4.14%	16,365,478
Capital World Investors	3.25%	12,828,040
Geode Capital Management, LLC	2.33%	9,219,644
Morgan Stanley	2.25%	8,870,716

Risk Analysis

Beta (Market Risk)

1.06

Moderate volatility — moves slightly more than market

Short Interest

18.3% of float

Heavy short selling — market has significant bearish bets

Debt-to-Equity

0.18x

Conservative balance sheet — low financial risk

Current Ratio

2.41x

Strong liquidity — Graham approved

52-Week Price Range

Low: $22.28 Current: $46.92 High: $59.55

Currently at 66% of 52-week range

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