Balance Sheet Moderna, Inc.

Stocks

MRNA

US60770K1079

Pharmaceuticals

Market Closed - Nasdaq Other stock markets 21:00:00 20/07/2026 BST			After hours 01:00:00
59.49 ^USD	-3.77%		61.48	+3.35%

07-20	Goldman Sachs Adjusts Moderna Price Target to $67 From $49, Maintains Neutral Rating	MT
07-16	Moderna advances its cancer therapy assessment, but the stock slides

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Published financial data: MODERNA, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	18.47B	19.26B	6.67B	3.11B	1.82B
Other Revenues, Total	-	-	177M	127M	126M
Total Revenues	18.47B	19.26B	6.85B	3.24B	1.94B
Cost of Goods Sold, Total	4.61B	8.71B	9.54B	6.01B	4B
Gross Profit	13.86B	10.55B	-2.69B	-2.77B	-2.06B
Selling General & Admin Expenses, Total	567M	1.13B	1.55B	1.17B	1.02B
Other Operating Expenses, Total	567M	1.13B	1.55B	1.17B	1.02B
Operating Income	13.3B	9.42B	-4.24B	-3.94B	-3.07B
Interest Expense, Total	-18M	-29M	-38M	-24M	-10M
Interest And Investment Income	18M	200M	421M	425M	314M
Net Interest Expenses	0	171M	383M	401M	304M
Currency Exchange Gains (Loss)	-8M	48M	-	-	-
Other Non Operating Income (Expenses)	-4M	-44M	-14M	-7M	7M
EBT, Excl. Unusual Items	13.28B	9.6B	-3.87B	-3.55B	-2.76B
Gain (Loss) On Sale Of Investments	1M	-20M	-72M	-56M	-5M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
EBT, Incl. Unusual Items	13.28B	9.58B	-3.94B	-3.61B	-2.77B
Income Tax Expense	1.08B	1.21B	772M	-46M	54M
Earnings From Continuing Operations	12.2B	8.36B	-4.71B	-3.56B	-2.82B
Net Income to Company	12.2B	8.36B	-4.71B	-3.56B	-2.82B
Net Income - (IS)	12.2B	8.36B	-4.71B	-3.56B	-2.82B
Preferred Dividend and Other Adjustments	-	-	-	-	-
Net Income to Common Incl Extra Items	12.2B	8.36B	-4.71B	-3.56B	-2.82B
Net Income to Common Excl. Extra Items	12.2B	8.36B	-4.71B	-3.56B	-2.82B
Per Share Items
Net EPS - Basic	30.28	21.22	-12.34	-9.27	-7.25
Basic EPS - Continuing Operations	30.28	21.22	-12.34	-9.27	-7.25
Basic Weighted Average Shares Outstanding	403M	394M	382M	384M	389M
Net EPS - Diluted	28.29	20.12	-12.34	-9.28	-7.25
Diluted EPS - Continuing Operations	28.29	20.12	-12.34	-9.28	-7.25
Diluted Weighted Average Shares Outstanding	431M	416M	382M	384M	389M
Normalized Basic EPS	20.6	15.22	-6.33	-5.78	-4.44
Normalized Diluted EPS	19.26	14.42	-6.33	-5.78	-4.44
Payout Ratio	-	-	-	-	-
American Depositary Receipts Ratio (ADR)	0.1	0.1	0.1	0.1	0.1
Supplemental Items
EBITDA	13.53B	9.77B	-3.62B	-3.76B	-2.86B
EBITA	13.3B	9.42B	-4.24B	-3.94B	-3.07B
EBIT	13.3B	9.42B	-4.24B	-3.94B	-3.07B
EBITDAR	13.7B	9.98B	-3.42B	-3.6B	-2.75B
Total Revenues (As Reported)	18.47B	19.26B	6.85B	3.24B	1.94B
Effective Tax Rate - (Ratio)	8.15	12.67	-19.58	1.28	-1.95
Current Domestic Taxes	1.34B	1.73B	-153M	-58M	15M
Current Foreign Taxes	40M	57M	24M	13M	29M
Total Current Taxes	1.38B	1.79B	-129M	-45M	44M
Deferred Domestic Taxes	-294M	-576M	896M	-	-
Deferred Foreign Taxes	-2M	-2M	5M	-1M	10M
Total Deferred Taxes	-296M	-578M	901M	-1M	10M
Normalized Net Income	8.3B	6B	-2.42B	-2.22B	-1.73B
Interest on Long-Term Debt	17M	29M	38M	24M	3M
Supplemental Operating Expense Items
Advertising Expense	-	-	204M	146M	-
Selling and Marketing Expenses	-	-	204M	146M	-
General and Administrative Expenses	-	-	-	-	-
Research And Development Expense From Footnotes	1.99B	3.3B	4.84B	4.54B	3.13B
Net Rental Expense, Total	173M	213M	203M	158M	111M
Imputed Operating Lease Interest Expense	43.21M	46.71M	50.52M	30.49M	8.65M
Imputed Operating Lease Depreciation	130M	166M	152M	128M	102M
Stock-Based Comp., COGS (Total)	90M	138M	194M	289M	317M
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	52M	88M	111M	140M	166M
Total Stock-Based Compensation	142M	226M	305M	429M	483M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	6.85B	3.2B	2.91B	1.93B	2.6B
Short Term Investments	3.88B	6.7B	5.7B	5.1B	3.2B
Total Cash And Short Term Investments	10.73B	9.9B	8.6B	7.02B	5.8B
Accounts Receivable, Total	3.18B	1.38B	892M	358M	184M
Other Receivables	121M	243M	189M	234M	100M
Notes Receivable	-	36M	-	-	-
Total Receivables	3.3B	1.66B	1.08B	592M	284M
Inventory	1.44B	1.17B	270M	117M	153M
Prepaid Expenses	126M	216M	266M	173M	169M
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	481M	481M	104M	192M	139M
Total Current Assets	16.07B	13.43B	10.32B	8.1B	6.54B
Gross Property Plant And Equipment	1.74B	2.8B	3.09B	3.48B	3.59B
Accumulated Depreciation	-352M	-658M	-433M	-527M	-737M
Net Property Plant And Equipment	1.38B	2.14B	2.66B	2.96B	2.85B
Long-term Investments	6.84B	8.36B	4.74B	2.51B	2.34B
Goodwill	-	-	52M	52M	52M
Other Intangibles, Total	-	-	44M	40M	45M
Deferred Tax Assets Long-Term	326M	982M	81M	-	81M
Other Long-Term Assets, Total	46M	946M	523M	488M	421M
Total Assets	24.67B	25.86B	18.43B	14.14B	12.34B
Liabilities
Accounts Payable, Total	302M	487M	520M	405M	317M
Accrued Expenses, Total	1.47B	1.83B	1.07B	898M	827M
Current Portion of Leases	211M	196M	25M	37M	42M
Current Income Taxes Payable	876M	48M	63M	-	-
Unearned Revenue Current, Total	6.25B	2.04B	568M	153M	99M
Other Current Liabilities	14M	321M	770M	713M	702M
Total Current Liabilities	9.13B	4.92B	3.02B	2.21B	1.99B
Long-Term Debt	-	-	-	-	590M
Long-Term Leases	705M	1B	1.22B	710M	673M
Unearned Revenue Non Current	615M	673M	83M	58M	153M
Other Non Current Liabilities	76M	135M	256M	267M	285M
Total Liabilities	10.52B	6.74B	4.57B	3.24B	3.69B
Preferred Stock Convertible	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	-	-	-	-	-
Additional Paid In Capital	4.21B	1.17B	371M	866M	1.38B
Retained Earnings	9.96B	18.32B	13.61B	10.04B	7.22B
Comprehensive Income and Other	-24M	-370M	-123M	-10M	45M
Total Common Equity	14.14B	19.12B	13.85B	10.9B	8.65B
Total Equity	14.14B	19.12B	13.85B	10.9B	8.65B
Total Liabilities And Equity	24.67B	25.86B	18.43B	14.14B	12.34B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	403M	386M	382M	386M	395M
ECS Total Common Shares Outstanding	403M	385M	382M	386M	394M
Book Value / Share	35.1	49.67	36.27	28.24	21.95
Tangible Book Value	14.14B	19.12B	13.76B	10.81B	8.55B
Tangible Book Value Per Share	35.1	49.67	36.02	28	21.71
Total Debt	916M	1.2B	1.24B	747M	1.3B
Net Debt	-16.65B	-17.02B	-12.04B	-8.77B	-6.83B
Debt Equivalent of Unfunded Proj. Benefit Obligation	9M	8M	-	-	-
Debt Equivalent Oper. Leases	1.38B	1.7B	1.62B	1.26B	888M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	870M	575M	163M	63M	91M
Inventories - Work In Process, Total	338M	205M	15M	26M	29M
Inventories - Finished Goods, Total	233M	169M	24M	28M	33M
Land - (BS)	-	11M	22M	59M	78M
Buildings, Total	-	-	-	743M	1.18B
Machinery, Total	202M	343M	445M	525M	777M
Full Time Employees	2.7K	3.9K	5.6K	5.8K	4.7K
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	340M	3M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	12.2B	8.36B	-4.71B	-3.56B	-2.82B
Depreciation & Amortization - CF	232M	348M	621M	189M	215M
Depreciation & Amortization, Total	232M	348M	621M	189M	215M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	54M	31M	-26M	-43M	-59M
Stock-Based Compensation (CF)	142M	226M	305M	429M	483M
Other Operating Activities, Total	-318M	-531M	835M	60M	77M
Change In Accounts Receivable	-1.78B	1.79B	493M	534M	156M
Change In Inventories	-1.39B	492M	747M	83M	-34M
Change In Accounts Payable	204M	240M	13M	-69M	-92M
Change in Unearned Revenues	2.82B	-4.16B	-2.06B	-439M	41M
Change In Income Taxes	876M	-828M	15M	-	-
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets	582M	-992M	653M	-187M	162M
Cash from Operations	13.62B	4.98B	-3.12B	-3B	-1.87B
Capital Expenditure	-284M	-400M	-707M	-1.05B	-192M
Cash Acquisitions	-	-	-85M	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-10M
Investment in Marketable and Equity Securities, Total	-8.24B	-4.74B	5.02B	3B	2.15B
Other Investing Activities, Total	-	-40M	-23M	-	-
Cash from Investing	-8.52B	-5.18B	4.21B	1.95B	1.95B
Long-Term Debt Issued, Total	-	-	-	-	600M
Total Debt Issued	-	-	-	-	600M
Long-Term Debt Repaid, Total	-140M	-184M	-270M	-10M	-18M
Total Debt Repaid	-140M	-184M	-270M	-10M	-18M
Issuance of Common Stock	124M	65M	46M	66M	35M
Repurchase of Common Stock	-857M	-3.33B	-1.15B	-	-2M
Issuance of Preferred Stock	-	-	-	-	-
Repurchase of Preferred Stock	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Other Financing Activities, Total	-	-	-	-	-22M
Cash from Financing	-873M	-3.45B	-1.38B	56M	593M
Foreign Exchange Rate Adjustments	-	-	-	-	2M
Net Change in Cash	4.22B	-3.64B	-289M	-999M	668M
Supplemental Items
Cash Interest Paid	14M	25M	39M	24M	10M
Cash Income Tax Paid (Refund)	480M	2.73B	-357M	197M	26M
Levered Free Cash Flow	9.29B	3.67B	-2.38B	-3.09B	-1.33B
Unlevered Free Cash Flow	9.3B	3.69B	-2.36B	-3.07B	-1.32B
Change In Net Working Capital	-904M	2.38B	-71M	174M	-105M
Net Debt Issued / Repaid	-140M	-184M	-270M	-10M	582M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	51.93	23.3	-11.97	-15.14	-14.51
Return on Total Capital	93.06	33.28	-14.96	-18.44	-17.79
Return On Equity %	146.08	50.27	-28.59	-28.77	-28.87
Return on Common Equity	146.08	50.27	-28.59	-28.77	-28.87
Margin Analysis
Gross Profit Margin %	75.05	54.78	-39.28	-85.63	-105.76
SG&A Margin	3.07	5.88	22.62	36.28	52.37
EBITDA Margin %	73.24	50.71	-52.83	-116.07	-147.07
EBITA Margin %	71.98	48.9	-61.9	-121.91	-158.13
EBIT Margin %	71.98	48.9	-61.9	-121.91	-158.13
Income From Continuing Operations Margin %	66.06	43.41	-68.84	-110.04	-145.16
Net Income Margin %	66.06	43.41	-68.84	-110.04	-145.16
Net Avail. For Common Margin %	66.06	43.41	-68.84	-110.04	-145.16
Normalized Net Income Margin	44.95	31.13	-35.32	-68.58	-88.83
Levered Free Cash Flow Margin	50.31	19.04	-34.8	-95.41	-68.24
Unlevered Free Cash Flow Margin	50.37	19.14	-34.45	-94.95	-67.91
Asset Turnover
Asset Turnover	1.15	0.76	0.31	0.2	0.15
Fixed Assets Turnover	20.87	10.94	2.86	1.15	0.67
Receivables Turnover (Average Receivables)	8.09	8.45	5.86	4.97	6.71
Inventory Turnover (Average Inventory)	6.19	6.02	13.27	37.66	29.63
Short Term Liquidity
Current Ratio	1.76	2.73	3.42	3.67	3.29
Quick Ratio	1.54	2.34	3.21	3.45	3.06
Operating Cash Flow to Current Liabilities	1.49	1.01	-1.03	-1.36	-0.94
Days Sales Outstanding (Average Receivables)	45.11	43.2	62.29	73.58	54.41
Days Outstanding Inventory (Average Inventory)	58.93	60.67	27.51	9.72	12.32
Average Days Payable Outstanding	9.73	17.67	21.27	28.58	32.65
Cash Conversion Cycle (Average Days)	94.32	86.21	68.54	54.71	34.08
Long Term Solvency
Total Debt/Equity	6.48	6.28	8.97	6.85	15.09
Total Debt / Total Capital	6.08	5.9	8.23	6.41	13.11
LT Debt/Equity	4.98	5.25	8.79	6.51	14.6
Long-Term Debt / Total Capital	4.68	4.94	8.07	6.1	12.69
Total Liabilities / Total Assets	42.66	26.05	24.81	22.92	29.89
EBIT / Interest Expense	738.67	324.83	-111.55	-164.38	-307.4
EBITDA / Interest Expense	761.17	344.17	-89.87	-149.92	-274.8
(EBITDA - Capex) / Interest Expense	745.39	330.38	-108.47	-193.71	-294
Total Debt / EBITDA	0.07	0.12	-0.36	-0.21	-0.47
Net Debt / EBITDA	-1.22	-1.71	3.53	2.44	2.49
Total Debt / (EBITDA - Capex)	0.07	0.13	-0.3	-0.16	-0.44
Net Debt / (EBITDA - Capex)	-1.24	-1.78	2.92	1.89	2.32
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	2.2K	4.29	-64.45	-52.75	-39.93
Gross Profit, 1 Yr. Growth %	-2.51K	-23.88	-125.49	3.01	-25.8
EBITDA, 1 Yr. Growth %	-1.95K	-27.79	-137.04	3.81	-23.88
EBITA, 1 Yr. Growth %	-1.84K	-29.15	-145	-6.94	-22.08
EBIT, 1 Yr. Growth %	-1.84K	-29.15	-145	-6.94	-22.08
Earnings From Cont. Operations, 1 Yr. Growth %	-1.73K	-31.47	-156.37	-24.46	-20.75
Net Income, 1 Yr. Growth %	-1.73K	-31.47	-156.37	-24.46	-20.75
Normalized Net Income, 1 Yr. Growth %	-1.88K	-27.77	-140.33	-8.24	-22.19
Diluted EPS Before Extra, 1 Yr. Growth %	-1.54K	-28.88	-161.33	-24.8	-21.77
Accounts Receivable, 1 Yr. Growth %	128.25	-56.38	-35.6	-59.87	-48.6
Inventory, 1 Yr. Growth %	2.97K	-32.41	-76.88	-42.08	30.77
Net Property, Plant and Equip., 1 Yr. Growth %	257.36	54.66	24.26	11.17	-3.45
Total Assets, 1 Yr. Growth %	236.23	4.82	-28.74	-23.25	-12.76
Tangible Book Value, 1 Yr. Growth %	452.32	35.19	-28.06	-21.43	-20.87
Common Equity, 1 Yr. Growth %	452.32	35.19	-27.55	-21.32	-20.65
Cash From Operations, 1 Yr. Growth %	571.93	-63.43	-162.6	-3.66	-37.65
Capital Expenditures, 1 Yr. Growth %	317.65	40.84	76.75	48.66	-81.73
Levered Free Cash Flow, 1 Yr. Growth %	324.3	-60.53	-164.95	29.56	-57.04
Unlevered Free Cash Flow, 1 Yr. Growth %	323.6	-60.38	-163.98	30.23	-57.03
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	1.65K	389.78	-39.11	-59.01	-46.72
Gross Profit, 2 Yr. CAGR %	463.88	328.38	-55.95	-48.76	-12.58
EBITDA, 2 Yr. CAGR %	412.52	265.3	-48.28	-37.99	-11.11
EBITA, 2 Yr. CAGR %	393.47	251.37	-43.54	-35.29	-14.84
EBIT, 2 Yr. CAGR %	393.47	251.37	-43.54	-35.29	-14.84
Earnings From Cont. Operations, 2 Yr. CAGR %	387.23	234.58	-37.84	-34.74	-22.63
Net Income, 2 Yr. CAGR %	387.23	234.58	-37.84	-34.74	-22.63
Normalized Net Income, 2 Yr. CAGR %	407.88	259.12	-46.03	-39.1	-16.28
Diluted EPS Before Extra, 2 Yr. CAGR %	326.82	220.34	-33.95	-32.09	-23.33
Accounts Receivable, 2 Yr. CAGR %	2.33K	-0.22	-47	-49.16	-54.58
Inventory, 2 Yr. CAGR %	-	398.51	-60.47	-68.35	-12.97
Net Property, Plant and Equip., 2 Yr. CAGR %	119.17	135.1	38.63	17.54	3.6
Total Assets, 2 Yr. CAGR %	293.96	87.73	-13.57	-26.05	-18.17
Tangible Book Value, 2 Yr. CAGR %	246.99	173.26	-1.38	-24.82	-21.15
Common Equity, 2 Yr. CAGR %	246.99	173.26	-1.03	-24.5	-20.98
Cash From Operations, 2 Yr. CAGR %	444.73	56.76	-52.15	-22.34	-22.49
Capital Expenditures, 2 Yr. CAGR %	197.91	142.54	57.78	62.1	-47.89
Levered Free Cash Flow, 2 Yr. CAGR %	431.67	29.42	-49.36	-8.26	-25.02
Unlevered Free Cash Flow, 2 Yr. CAGR %	431.99	29.55	-49.64	-8.7	-25.2
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	415.2	584.74	104.31	-44.04	-53.44
Gross Profit, 3 Yr. CAGR %	251.57	189.26	67.25	-41.53	-42.03
EBITDA, 3 Yr. CAGR %	226.58	166.69	70.34	-34.76	-33.6
EBITA, 3 Yr. CAGR %	218.05	158.4	77.11	-33.3	-31.15
EBIT, 3 Yr. CAGR %	218.05	158.4	77.11	-33.3	-31.15
Earnings From Cont. Operations, 3 Yr. CAGR %	216.54	153.39	84.79	-33.67	-30.38
Net Income, 3 Yr. CAGR %	216.54	153.39	84.79	-33.67	-30.38
Normalized Net Income, 3 Yr. CAGR %	224	165.1	73.27	-35.58	-33.92
Diluted EPS Before Extra, 3 Yr. CAGR %	78.74	134.87	84.63	-31.03	-28.83
Accounts Receivable, 3 Yr. CAGR %	531.87	536.58	-13.77	-51.69	-48.97
Inventory, 3 Yr. CAGR %	-	-	79.1	-59.24	-49.21
Net Property, Plant and Equip., 3 Yr. CAGR %	86.86	95.13	90.09	28.8	10.08
Total Assets, 3 Yr. CAGR %	132.53	153.39	35.93	-16.93	-21.86
Tangible Book Value, 3 Yr. CAGR %	109.87	153.43	75.14	-8.58	-23.52
Common Equity, 3 Yr. CAGR %	109.87	153.43	75.54	-8.32	-23.24
Cash From Operations, 3 Yr. CAGR %	245.28	121.4	15.44	-39.58	-27.82
Capital Expenditures, 3 Yr. CAGR %	38.99	132.08	118.26	54.68	-21.7
Levered Free Cash Flow, 3 Yr. CAGR %	233.02	123.46	2.85	-30.74	-28.76
Unlevered Free Cash Flow, 3 Yr. CAGR %	234.01	123.83	2.41	-30.88	-28.99
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	179.44	147.88	119.28	122.01	19.34
Gross Profit, 5 Yr. CAGR %	142.2	120.02	53.18	44.75	29.02
EBITDA, 5 Yr. CAGR %	130.34	108.35	56.26	48.79	31.32
EBITA, 5 Yr. CAGR %	126.35	103.58	59.3	48.52	32.14
EBIT, 5 Yr. CAGR %	126.35	103.58	59.3	48.52	32.14
Earnings From Cont. Operations, 5 Yr. CAGR %	124.03	100.84	65.06	47.27	30.45
Net Income, 5 Yr. CAGR %	124.03	100.84	65.06	47.27	30.45
Normalized Net Income, 5 Yr. CAGR %	128.6	106.6	58.2	47.13	30.01
Diluted EPS Before Extra, 5 Yr. CAGR %	49.47	36.9	20.02	42.98	29.91
Accounts Receivable, 5 Yr. CAGR %	197.94	152.79	134.48	131.63	-33.27
Inventory, 5 Yr. CAGR %	-	-	-	-	26.62
Net Property, Plant and Equip., 5 Yr. CAGR %	76.3	72.75	65.83	59.32	49.11
Total Assets, 5 Yr. CAGR %	77.07	88.57	56.51	54.83	10.95
Tangible Book Value, 5 Yr. CAGR %	111.43	103.25	55.15	55.87	27.27
Common Equity, 5 Yr. CAGR %	111.43	103.25	55.37	56.13	27.56
Cash From Operations, 5 Yr. CAGR %	189.71	71.94	56.62	45.61	-1.57
Capital Expenditures, 5 Yr. CAGR %	53.67	46.94	46.22	101.04	23.07
Levered Free Cash Flow, 5 Yr. CAGR %	-	93.35	56.78	56.51	-9.54
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	93.56	56.71	56.36	-9.68