At a glance
Moderna Inc is worth $88.16B. Revenue fell 39.9% to $1.94B in fiscal 2025, at a loss; over 5 years it has grown 19.3% a year. It pays no dividend; it spent $5.34B buying back its shares over FY2021–FY2025. The stock returned +713.1% over the past year with dividends reinvested and −8.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 28.7% in the 2020 crash (S&P 500: 33.7%) and 50.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 52 months after the lows.
The business in plain English
Moderna makes medicines from messenger RNA (mRNA), the molecule cells use as instructions for building proteins. An mRNA vaccine prompts the body's own cells to make a protein from a virus, which trains the immune system. In its annual report filed February 20, 2026, Moderna listed three products on sale: two COVID vaccines, Spikevax and mNEXSPIKE, and mRESVIA, a vaccine against respiratory syncytial virus (RSV). mNEXSPIKE launched in the third quarter of 2025 and had become its leading product in the U.S. retail channel.
Moderna earns its money by selling these vaccines. Revenue was $1.9 billion in 2025, mostly from COVID vaccines. That was down 39.9% from 2024 and far below the $19.3 billion of 2022. The United States brought in 61.7% of 2025 revenue, the rest of the world outside Europe 35.6% and Europe 2.7%. Moderna has built plants in the UK, Canada and Australia to supply long-term partnerships in those countries.
Future growth depends on new products. When the report was filed, regulators were reviewing a flu vaccine and a combined flu and COVID vaccine. The U.S. Food and Drug Administration (FDA) aimed to decide on the flu vaccine by August 5, 2026. With Merck, Moderna was running eight mid- and late-stage trials of intismeran autogene, a cancer therapy custom-made for each patient. Two rare-disease treatments were also in development, one partnered with Recordati.
Price history
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MRNA +713.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $1.20B | 61.7% |
| Rest of world | $692.0M | 35.6% |
| Europe | $53.0M | 2.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $145.0M, up 2.1% from a year earlier, and net income was $-782.0M.
- For fiscal 2025, revenue was $1.94B (-39.9% year over year; +19.3% a year from FY2020 to FY2025) with a -145.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +19.3% good |
|---|---|
| Operating margin | -158.1% weak |
| Free cash flow margin | -106.2% weak |
| Return on equity (FY2025) | -32.6% weak |
| Return on assets (FY2025) | -22.9% weak |
| Net cash (cash minus debt) | $6.32B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $803.0M | $-747.0M | $1.96B |
| FY2021 | $18.47B | $12.20B | $13.34B |
| FY2022 | $19.26B | $8.36B | $4.58B |
| FY2023 | $6.85B | $-4.71B | $-3.83B |
| FY2024 | $3.24B | $-3.56B | $-4.05B |
| FY2025 | $1.94B | $-2.82B | $-2.06B |
Valuation snapshot
| Market value | $88.16B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Moderna’s market value went from $6.52B at the end of 2019 to $88.16B on Nov 2, 2026, about 13.5 times as much; since the end of 2025 it is up 665%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $88.16B | +665.2% |
| 2025 | $11.52B | -28.0% |
| 2024 | $16.00B | -57.8% |
| 2023 | $37.92B | -45.1% |
| 2022 | $69.01B | -33.0% |
| 2021 | $102.98B | +149.1% |
| 2020 | $41.34B | +534.2% |
| 2019 | $6.52B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MRNA price data to Nov 2, 2026 | +648.8% | +713.1% | +45.8% | -8.7% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +648.8% |
| 2025 | -29.1% |
| 2024 | -58.2% |
| 2023 | -44.6% |
| 2022 | -29.3% |
| 2021 | +143.1% |
| 2020 | +434.1% |
| 2019 | +28.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 40.4% over that stretch · deepest drop along the way 28.7%, back to its old high 0.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 44.4% over that stretch · deepest drop along the way 50.2%, back to its old high 52.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 15 sales ($69.1M), 15 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 5, 2026 | Stephane Bancel Chief Executive Officer, Director | sell (plan) | $11.0M |
| Oct 15, 2026 | Stephen Hoge President | sell (plan) | $8.6M |
| Aug 5, 2026 | Stephane Bancel Chief Executive Officer, Director | sell (plan) | $8.3M |
| Oct 14, 2026 | Stephen Hoge President | sell (plan) | $8.3M |
| Aug 5, 2026 | Stephane Bancel Chief Executive Officer, Director | sell (plan) | $7.1M |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 13.1% | Jun 30, 2026 |
| Vanguard Capital Management | 6.53% | Mar 31, 2026 |
| Capital World Investors | 5.6% | Jun 30, 2026 |
| BAILLIE GIFFORD & CO | 4.6% | Jun 30, 2026 |
ETFs with the most weight in MRNA
| IDNA iShares Genomics Immunology and Healthcare ETF | 3.06% |
| GNOM Global X Genomics & Biotechnology ETF | 2.84% |
| BBH VanEck Biotech ETF | 2.17% |
| XBI SPDR S&P Biotech ETF | 2.14% |
| LGHT Langar Global HealthTech ETF | 2.02% |
| RSPH Invesco S&P 500 Equal Weight Health Care ETF | 1.29% |
| IBBQ Invesco Nasdaq Biotechnology ETF | 1.17% |
| SPHB Invesco S&P 500® High Beta ETF | 0.94% |
What could go wrong
- Shrinking demand for COVID vaccines. Most 2025 revenue came from COVID vaccines, and total revenue fell 39.9% that year. Lower vaccination rates, new virus variants or price pressure could shrink sales further and make demand hard to forecast.
- Shifting U.S. vaccine policy. Moderna says 2025 changes at the FDA and in CDC vaccination recommendations may have reduced demand. New requirements for studies after approval raised costs. Narrower-than-expected recommendations also hurt its RSV vaccine.
- New vaccines may not win approval. Growth plans depend on launching flu, flu+COVID and norovirus vaccines. The FDA at first refused to accept its flu vaccine application. Delays or rejections could leave less cash for cancer and rare-disease research.
- Larger rivals and limited access to Europe. Moderna competes with Pfizer and Sanofi in COVID vaccines and with Pfizer and GSK in RSV. A competitor's European Commission contract, which runs to year-end 2026, has shut it out of many European markets.
- Custom-made cancer therapy is hard to produce. Intismeran, its cancer therapy with Merck, is made separately for each patient using a new and complex process. Production problems or an unsuccessful Merck partnership could delay or limit the program.
- Continuing losses and cash burn. Moderna lost $2.8 billion in 2025. Its free cash flow (cash left after running the business and investing in facilities) was negative $2.1 billion. It warns it may not reach lasting profitability.
Recent events
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Major agreement signed
- Quarterly results released
- Investor presentation or announcement; Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Moderna does not pay a dividend and paid none from fiscal 2021 through 2025. It had net losses in 2023, 2024 and 2025, so there were no profits to pay one from. For an income investor, any cash would have to come from selling shares, so returns depend on the share price. Moderna bought back $5.3 billion of stock over fiscal 2021–2025, almost all of it from 2021 to 2023. Even so, the share count fell only 1.1% between July 30, 2021 and July 24, 2026.
The price has swung hard. During the 2020 COVID crash the shares rose 40.4% while the market fell, despite a 28.7% drop that they recovered within days. In the 2022 bear market they fell 50.2% from January 3, 2022. They did not regain that level until October 15, 2026, more than four years later. Through October 28, 2026, the deepest fall from a peak was 95.4%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Moderna make money?
Moderna makes money mainly by selling vaccines built on mRNA technology. In 2025, revenue was $1.9 billion, mostly from its COVID vaccines, Spikevax and mNEXSPIKE. Its other product is mRESVIA, a vaccine for respiratory syncytial virus (RSV). The United States brought in 61.7% of 2025 revenue. Sales fell 39.9% from 2024, and the company lost $2.8 billion in 2025. It plans to use cash from new infectious-disease vaccines to fund cancer and rare-disease research.
Does Moderna pay a dividend?
No. Moderna paid no dividends from fiscal 2021 through 2025. It had net losses in 2023, 2024 and 2025, so there were no profits to fund one. Instead it returned cash through share buybacks (buying back its own stock), spending $5.3 billion over those five years, almost all of it from 2021 to 2023. Even so, shares outstanding fell only 1.1% between July 30, 2021 and July 24, 2026, to about 399.2 million.
Is Moderna profitable?
No. Moderna earned $12.2 billion during the pandemic in 2021 but has lost money since 2023. It lost $4.7 billion in 2023, $3.6 billion in 2024 and $2.8 billion in 2025. Free cash flow, the cash left after running the business and investing in facilities, was negative $2.1 billion in 2025. In the quarter ended June 30, 2026, it lost $782 million on $145 million of revenue. At that date it held $6.9 billion of cash and investments and $591 million of debt.
What is Moderna developing besides COVID vaccines?
Mainly flu vaccines, cancer therapies and rare-disease medicines. When its annual report was filed on February 20, 2026, regulators were reviewing a flu vaccine and a combined flu and COVID vaccine. A norovirus vaccine was in a late-stage trial. With Merck, Moderna was testing intismeran autogene, a cancer therapy custom-made for each patient, in eight mid- and late-stage trials. In a mid-stage melanoma study, combined with Merck's Keytruda, it helped patients go longer without the cancer returning, and the benefit lasted through five years of follow-up. Recordati is a partner on one rare-disease treatment.
How volatile is Moderna stock?
Very volatile. As of October 28, 2026, the shares were up 626.2% for 2026 so far. That followed losses in every calendar year from 2022 through 2025, including a 58.2% drop in 2024. Over the five years to that date, the shares were still down 38% in total. Beta measures how much a stock moves compared with the overall market. Moderna's one-year beta was 2.22, so it tended to move more than twice as much as the market. Its deepest fall from a peak was 95.4%.