ModernaMRNARevenue: is the business selling more than it used to?
$1.9B−40% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $1.9B in 2025, compounding -53% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $2.2B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNANet income: how much of that revenue becomes profit?
$-2.8BFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→The company lost $2.8B in 2025, less than the $3.6B it lost the year before. The losses are narrowing, but it is still burning shareholder money.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNAHow fast is it growing, year by year?
-39.9%revenue growth, FY 2025
→Revenue grew -40% in 2025 against a five-year average of +409%.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNARevenue per share: is your slice growing as fast as the company?
$5.00revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $5.00 in 2025, compounding -52% a year against -53% for MRNA as a whole. Buybacks added roughly 1.1 points to your per-share result. Free cash flow per share stands at $-5.31.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNAFree cash flow: what is left in real cash after everything?
$-2.1BFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→The business consumed $2.1B of cash in 2025 after investment. Growth is being funded from the balance sheet, not from operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNAHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow is negative, so no share of revenue is currently converting to spare cash. Every sales dollar is being reinvested or consumed.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNAWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is research and development, at 161% of revenue (stock compensation 25%, capital spending 10%). That share has risen since 2022, so the cost of competing is climbing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNAMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin compressed 207 points to -158% since 2022. The bottom line is still negative: costs below the operating line eat what is left. MRNA doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNAWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of -47% and ROCE of -30% sit close together, so the returns come from the business itself rather than from borrowing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNAWhat has the market paid for MRNA over time?
26.1xP/S today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 26.1x sales, the market is paying +279% more than MRNA's own 7-year median of 6.9x. Expectations are elevated, so more has to go right to justify the price.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNAWhat cash return does the business throw off per dollar of market value?
-2.1%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys -2.1% of annual free cash flow, less than its 7-year median of -8.1% - you are paying up for the same cash.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNACould it handle its debt if things went wrong?
→The company holds $1.7B in cash against $591M of debt - a net-cash balance sheet, which means a bad year is an inconvenience rather than a threat.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNAIs the company's own capital growing?
→The company's own capital shrank from $13.9B in 2023 to $6.8B (-51%). Buybacks or losses are drawing the buffer down - the distinction matters.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNAHow much goes back, and how much leaks out as stock comp?
→Shareholders received $2M in buybacks in 2025. Stock compensation issued $483M of new shares in the same year, offsetting 100% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNAHow fast is your ownership being diluted - or concentrated?
→The share count grew 1.3% in 2025. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNADoes MRNA earn more on its capital than that capital costs?
→MRNA's return on capital is negative at -29.7% in 2025. The capital in the business is not yet earning anything back.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNAMRNA has issued or retired shares - did shareholders end up better off?
→MRNA issued +18% more shares from 2019 to 2025, but revenue per share still rose +2647%. The dilution bought more growth than it cost existing holders.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ModernaMRNAAre the people running it buying or selling?
→Insiders sold $39M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 51 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30