10 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $1.9B | -$2.8B | 55.3% | -158.1% | -$2.1B | $590M | $2.6B |
| 2024 | $3.2B | -$3.6B | 54.8% | -121.9% | -$4.1B | $0 | $1.9B |
| 2023 | $6.8B | -$4.7B | 31.5% | -61.9% | -$3.8B | — | $2.9B |
| 2022 | $19.3B | $8.4B | 71.9% | 48.9% | $4.6B | — | $3.2B |
| 2021 | $18.5B | $12.2B | 85.8% | 72.0% | $13.3B | — | $6.8B |
| 2020 | — | -$747M | — | — | $2.0B | — | $2.6B |
| 2019 | $60M | -$514M | 100.0% | -906.8% | -$491M | — | $236M |
| 2018 | — | -$385M | — | — | -$437M | — | $658M |
| 2017 | — | -$256M | — | — | -$390M | — | $135M |
| 2016 | — | -$216M | — | — | $34M | — | $50M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $389M | -$1.3B | -145.5% | -356.8% | -$692M | $590M | $1.9B |
| Dec '25 | $678M | -$826M | 33.3% | -126.4% | $891M | $590M | $2.6B |
| Sep '25 | $1.0B | -$200M | 79.6% | -25.6% | -$880M | — | $1.1B |
| Jun '25 | $142M | -$825M | 16.2% | -638.7% | -$922M | — | $1.3B |
| Mar '25 | $108M | -$971M | 16.7% | -972.2% | -$1.2B | — | $1.6B |
| Dec '24 | $966M | -$1.1B | 23.5% | -129.0% | $303M | $0 | $1.9B |
| Sep '24 | $1.9B | $13M | 72.4% | -3.8% | -$1.7B | — | $1.6B |
| Jun '24 | $241M | -$1.3B | 52.3% | -565.6% | -$1.5B | — | $2.5B |
| Mar '24 | $167M | -$1.2B | 42.5% | -758.1% | -$1.2B | — | $2.1B |
| Dec '23 | $2.8B | $217M | 67.0% | 0.2% | $402M | — | $2.9B |
| Sep '23 | $1.8B | -$3.6B | -22.4% | -109.9% | -$1.7B | — | $2.9B |
| Jun '23 | $344M | -$1.4B | -112.5% | -542.7% | -$1.1B | — | $3.8B |
| Mar '23 | $1.9B | $79M | 57.5% | -19.7% | -$1.3B | — | $3.4B |
| Dec '22 | $5.1B | $1.5B | 62.3% | 31.1% | $1.6B | — | $3.2B |
| Sep '22 | $3.4B | $1.0B | 67.3% | 34.7% | $163M | — | $3.0B |
| Jun '22 | — | $2.2B | — | — | $217M | — | $2.9B |
| Mar '22 | — | $3.7B | — | — | $2.6B | — | $5.0B |
| Dec '21 | — | $4.9B | — | — | $3.2B | — | $6.8B |
| Sep '21 | — | $3.3B | — | — | $3.2B | — | $5.5B |
| Jun '21 | — | $2.8B | — | — | $4.0B | — | $5.6B |
How the market has priced MRNA against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Moderna's revenue has declined 43.0% per year. These are computed facts, not advice.
As of FY2025, Moderna reported $590M of total debt against $2.6B of cash.
In FY2025, gross margin was 55.3%, operating margin -158.1%, and net margin -145.2%.
As of Jun '26, Moderna traded at a price-to-earnings ratio of about 4.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.