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Pioneered mRNA vaccine technology with its COVID-19 shot Spikevax, now developing mRNA vaccines and therapies for flu, RSV and cancer.
Pioneered mRNA vaccine technology with its COVID-19 shot Spikevax, now developing mRNA vaccines and therapies for flu, RSV and cancer.
Has one commercial franchise: COVID shots, sold first under government supply contracts and now in the US mainly through pharmacies and health providers on a seasonal vaccination cycle, so sales swing with take-up. Its newer RSV shot is small by comparison. The company has cut spending to stretch cash while its pipeline matures.
Moat: narrow (IP / patents, process know-how). A pioneering mRNA platform and manufacturing know-how, though platform advantages face growing competition.
Headquarters: Cambridge, Massachusetts, US · Founded: 2010 · Employees: 4,700
Size Moderna (MRNA) is a United States Health Care company (Biotechnology) with a market value of $101B, the 122nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $62.96 on 6 Nov 2026.
Performance Over six months the shares gained 43.3%, against +39.3% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 11 in its peer set.
Growth Revenue fell 27.6% over the last twelve months (peer median +8.7%); the operating margin is -149.0% (peer median 30.6%).
Valuation It trades at 43.8× enterprise value to sales against a peer median of 8.1× (most expensive of 11).
Capital Return on invested capital runs 100.7 points below its cost of capital (10.6% WACC).
Credit Moderna has 1 bond outstanding ($3.00B).
Short interest Short interest is 8.2% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.23B | $1.94B | $3.24B | $6.84B | $19.1B |
| Revenue growth | — | -40% | -53% | -64% | — |
| Gross profit | $280M | $861M | $1.58B | $1.53B | $13.3B |
| EBITDA | -$3.08B | -$2.86B | -$3.76B | -$3.63B | $9.61B |
| Net income | -$3.15B | -$2.82B | -$3.56B | -$4.71B | $8.36B |
| Free cash flow | -$1.24B | -$2.06B | -$4.05B | -$3.83B | $4.58B |
| Capital expenditure | $171M | $202M | $1.05B | $707M | $400M |
| Total debt | $1.29B | $1.30B | $747M | $1.24B | $1.20B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Moderna MRNA | $101B | +43% | -28% | -149% | 43.8× | n/a |
| BioNTech SE Sponsored ADR BNTX | $22.8B | -7% | -1% | -38% | 2.0× | 5.7% |
| Novavax NVAX | $1.78B | +7% | -62% | -29% | 3.3× | n/a |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 2.6× | -5.4% |
| GSK GSK.L | $102B | 0% | +4% | 25% | 2.9× | -0.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MRNA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.6% | +13.4% | 2nd lowest of 11 |
| 6-month return | +43.3% | +39.3% | 5th highest of 11 |
| Distance from 52-week high | -26.4% | -8.1% | 2nd lowest of 11 |
| Revenue growth (TTM) | -27.6% | +8.7% | lowest of 11 |
| Operating margin | -149.0% | 30.6% | lowest of 11 |
| EV / Sales | 43.8× | 8.1× | most expensive of 11 |
| ROIC minus cost of capital | -100.7 pp | +4.2 pp | lowest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Moderna MRNA | United States | $101B | +43% | -28% | -149% | 43.8× | n/a | n/a |
| CSL CSL.AX | Australia | $67.2B | +105% | -2% | 26% | 4.9× | 7.1% | +11.0% |
| argenx SE Sponsored ADR ARGX | United States | $57.5B | +19% | +71% | 29% | 10.0× | 10.9% | +151.4% |
| Lonza LONN.SW | Switzerland | $55.4B | +39% | -11% | 25% | 7.7× | 15.0% | +7.7% |
| Samsung Biologics 207940.KS | South Korea | $53.7B | +3% | -20% | 43% | 16.7× | 9.6% | +31.4% |
| Gilead Sciences GILD | United States | $207B | +28% | +7% | 38% | 7.2× | -2.9% | +3.6% |
| Iqvia IQV | United States | $44.8B | +52% | +9% | 14% | 3.4× | 17.3% | +7.5% |
| Natera NTRA | United States | $44.8B | +60% | +38% | -11% | 16.2× | n/a | n/a |
| Amgen AMGN | United States | $249B | +40% | +9% | 36% | 7.4× | 1.8% | +7.8% |
| Celltrion 068270.KS | South Korea | $34.3B | +10% | +40% | 32% | 8.6× | 8.3% | +17.6% |
| Genmab A/S GMAB.CO | Denmark | $32.1B | +115% | +14% | 32% | 9.0× | 11.6% | +19.5% |
Moderna has 1 bond outstanding with $3.00B face value.