NASDAQ · Healthcare

Moderna, Inc.

MRNA · Biotechnology

$63.96

▲ 2.16 (3.5%)

Cached · 10 min

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

D⤢

Price-to-Book 2.93x

Cash Flow

F⤢

Free Cash Flow -$2.1B

Owner Earnings -$2.4B

Profitability

Gross Profit Margin 54.8%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin -159.9%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin -146.8%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt -0.5 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt $4.0B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $4.6B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

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

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.

Market Data

Market Cap $25.4B

Enterprise Value $18.1B

P/E (TTM) -15.21

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

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	54.8%▲	54.2%▲	30.5%▼	71.3%
Operating Margin %	-159.9%▼	-123.3%▼	-62.8%▼	49.9%
Net Income %	-146.8%▼	-111.3%▼	-69.8%▼	44.3%
Diluted EPS	-7.26▲	-9.28▲	-12.33▼	20.12

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
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	389,000	384,000	382,000	416,000
Basic Average Shares	389,000	384,000	382,000	394,000
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

2/6

Graham Score

Speculative Investor

Fails most of Graham's safety criteria. Treat with caution.

Graham's Fair Value

N/A (negative EPS)

Margin of Safety

—

Market Cap / Net Assets

2.9x

Net Assets: $8.7B

Warren's Owner Earnings

-$2.4B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

2/6 — Speculative Investor

✅

Adequate Size

Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.

$1.9B

vs > $1.5B revenue

✅

Strong Financial Condition

Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.

3.29x

vs Current Ratio > 2.0x

❌

Earnings Stability

Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.

3 loss years (4 yrs data)

vs No negative EPS years

❌

Dividend Record

Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.

No dividend

vs Uninterrupted dividends

❌

Moderate P/E Ratio

Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.

-15.2x

vs P/E ≤ 15.0x

❌

Moderate Price-to-Book

Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.

2.93x P/B (P/E×P/B: -44.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

These metrics estimate what Moderna, Inc. is worth based on fundamentals — independent of what the market prices it at. Graham's Fair Value and NCAV are conservative floors. EPV assumes zero growth. These are reference points, not price targets.

Net Current Asset Value

$7.20

Trading at 8.9x 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

$-86.08

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

ROIC — Return on Invested Capital

-23.5%

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

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	$63.96	$25.4B	-15.21	54.8%	-146.8%	$1.9B
AMGN Amgen Inc.	$337.60	$182.2B	23.5	71.4%	21.0%	$37.2B
GILD Gilead Sciences, Inc.	$123.76	$153.7B	16.8	79.4%	31.0%	$29.7B
BIIB Biogen Inc.	$196.58	$29.0B	21.2	78.7%	13.8%	$9.9B
REGN Regeneron Pharmaceuticals, Inc.	$609.94	$63.9B	14.9	43.9%	29.6%	$14.9B
VRTX Vertex Pharmaceuticals Incorpor	$451.63	$114.6B	26.8	54.4%	35.5%	$12.2B

"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

7.31%

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
FMR, LLC	11.51%	45,672,024
Blackrock Inc.	7.47%	29,635,876
Vanguard Capital Management LLC	5.76%	22,872,458
BAILLIE GIFFORD & CO	5.04%	19,985,876
Capital World Investors	4.71%	18,697,694
Vanguard Portfolio Management LLC	3.94%	15,616,367
State Street Corporation	3.75%	14,861,409
Geode Capital Management, LLC	2.38%	9,435,132

Risk Analysis

Beta (Market Risk)

1.03

Moderate volatility — moves slightly more than market

Short Interest

17.8% 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: $63.96 High: $67.74

Currently at 92% of 52-week range

Moderna, Inc.

Metric Explanations

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Graham's Fair Value

Market Cap / Net Assets

Warren's Owner Earnings

Graham's 7 Criteria

Graham's 7 Criteria — Explained

Net Current Asset Value

Earnings Power Value

ROIC — Return on Invested Capital

Cash Flow Analysis

Peers & Industry Comparison

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis