Moderna (MRNA) stock
Health Care · Biotechnology
Moderna (MRNA) is a Biotechnology company in the Health Care sector, headquartered in Cambridge, Massachusetts. As of October 23, 2026, MRNA closed at $200.10, a market capitalization of $79.89 billion, the 160th largest company in the S&P 500. Over the last twelve months it generated $2.23 billion in revenue (+2% year over year) and -$1.24 billion in free cash flow.
- 1-year total return: +662.3% (dividends reinvested)
- 5-year return: -9.3% a year
- 52-week range: $22.28 – $254.48
- Gross margin -66.0%, operating margin -557.9%
- FI Handbook report card: F across 7 metrics
- 23rd largest of 60 Health Care stocks in the S&P 500
MRNA price chart
1Y price change: +662.3% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| MRNA | +9.9% | +578.5% | +662.3% | +36.5% | -9.3% | — | +35.2% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2018.
MRNA key statistics
- Market cap
- $79.9B
- #160 in S&P 500
- P/E (TTM)
- —
- Forward P/E
- -43.6x
- EPS (TTM)
- $-7.98
- Revenue (TTM)
- $2.2B
- +2%
- Free cash flow
- -$1.2B
- Gross margin
- -66.0%
- Operating margin
- -557.9%
- Return on equity
- -39.0%
- Dividend yield
- None
- 52-week range
- $22.28 – $254.48
- Beta
- 1.09
- Price / sales
- 35.9x
- EV / EBITDA
- -34.6x
- Debt / equity
- 0.19x
- Employees
- 4,700
MRNA report card
FTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth2.1%D
- Gross margin-66.0%F
- Operating margin-557.9%F
- FCF margin-55.8%F
- Return on equity-39.0%F
- Net debt / EBITDA——
- Forward P/E——
- PEG ratio——
- Shareholder yield0.0%F
- Share count change / yr0.4%C
Moderna financials
Revenue went from $108.4M in fiscal 2016 to $1.9B in fiscal 2025, growing 37.8% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $108.4M | $205.8M | $135.1M | $60.2M | $803.0M | $18.5B | $19.3B | $6.8B | $3.2B | $1.9B |
| Gross profit | — | — | — | — | $795.0M | $15.9B | $13.8B | $2.2B | $1.8B | $1.1B |
| Operating income | -$223.8M | -$269.4M | -$413.3M | -$546.0M | -$763.0M | $13.3B | $9.4B | -$4.2B | -$3.9B | -$3.1B |
| Net income | -$216.2M | -$255.9M | -$384.7M | -$514.0M | -$747.0M | $12.2B | $8.4B | -$4.7B | -$3.6B | -$2.8B |
| EPS (diluted) | — | — | — | $-1.55 | $-1.96 | $28.29 | $20.12 | $-12.33 | $-9.28 | $-7.26 |
| Free cash flow | $33.6M | -$389.9M | -$436.6M | -$491.0M | $2.0B | $13.3B | $4.6B | -$3.8B | -$4.1B | -$2.1B |
| Buybacks | — | — | — | $0 | $0 | $857.0M | $3.3B | $1.2B | $0 | $2.0M |
| Diluted shares | — | — | — | 331.0M | 381.0M | 431.0M | 416.0M | 382.0M | 384.0M | 389.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into MRNA?
A reverse DCF asks what growth the current price requires. With an enterprise value of $76.0B and -$1.2B of trailing free cash flow, Moderna needs to grow free cash flow at a rate outside our model for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 4.8x vs. median 5.2x (10th–90th percentile 4.3x–6.3x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
MRNA earnings
Next report: November 6, 2026. Moderna has beaten EPS estimates 6 quarters in a row. Last quarter's revenue was $143.0M (+4% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 31, 2026 | $-2.06 | $-1.97 | +4.3% |
| Apr 30, 2026 | $-3.88 | $-3.40 | +12.4% |
| Feb 13, 2026 | $-2.64 | $-2.11 | +20.2% |
| Nov 6, 2025 | $-2.16 | $-0.51 | +76.4% |
| Aug 1, 2025 | $-3.00 | $-2.13 | +29.0% |
| May 1, 2025 | $-3.11 | $-2.52 | +18.9% |
| Feb 14, 2025 | $-2.73 | $-2.91 | -6.7% |
| Nov 7, 2024 | $-1.94 | $0.03 | +101.5% |
Stocks like MRNA
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 ABBV AbbVie | +0.16% | +29% | $504.8B | 80.7x | Compare |
 AMGN Amgen | -1.79% | +54% | $237.5B | 27.3x | Compare |
 GILD Gilead Sciences | -0.73% | +32% | $193.5B | — | Compare |
 VRTX Vertex Pharmaceuticals Incorpor | -2.10% | +24% | $132.8B | 29.9x | Compare |
 REGN Regeneron Pharmaceuticals | -1.72% | +41% | $82.9B | 19.9x | Compare |
 BIIB Biogen | -1.24% | +67% | $37.0B | 44.5x | Compare |
 INCY Incyte | -1.04% | +30% | $23.5B | 14.7x | Compare |
 LLY Eli Lilly and | -2.54% | +56% | $1.1T | 42.7x | Compare |
MRNA news
- Moderna (MRNA) Stock May Be Fully Priced As Melanoma Vaccine Data Leaks · Oct 25, 2026
- Moderna Melanoma Therapy Cuts Recurrence Risk 42% in Phase 3 Trial · Oct 24, 2026
- Moderna, Meta, SpaceX, Bloom Energy, AT&T, and More Stocks That Explain Today’s Market · Oct 23, 2026
- Moderna stock extends losses as investors digest melanoma vaccine trial data · Oct 23, 2026
- Moderna’s Cancer-Vaccine Leak Spurs Panic Selling. Wall Street Wanted a Cure. · Oct 23, 2026
MRNA stock FAQ
What is MRNA's market cap?
Moderna's market capitalization is $79.89 billion as of October 23, 2026, ranking 160th in the S&P 500.
Does MRNA pay a dividend?
No. Moderna does not currently pay a regular cash dividend.
How much has MRNA stock returned?
Including reinvested dividends, MRNA returned +662.3% over one year, -9.3% a year over five years through October 23, 2026.
When does MRNA report earnings?
Moderna is expected to report earnings on November 6, 2026. It has beaten EPS estimates 6 quarters in a row.
How many employees does Moderna have?
Moderna has about 4,700 full-time employees, or $474,043 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology