Moderna, Inc. (MRNA): price, analyst ratings, earnings and fundamentals
Updated 16 September 2026, 08:02 ET
Moderna, Inc. (MRNA) closed at $143.77 on 15 September 2026, down 2.0%. The stock is up 127.1% over one month and up 511.5% over one year. It trades 18.6% below its 52-week high of $176.66. Analysts recorded 15 actions in the last 90 days; the median price target of $79 is 45.1% below the last close. The company last reported on 31 July 2026 for Q2 2026: EPS of -$1.97 against an estimate of -$2.07, a beat of 4.8%, on revenue of $145.0 million.
Price and performance
Performance figures use dividend and split adjusted closes over trading sessions, so a one-year move compares the last close with the close 252 sessions earlier. The 52-week range uses the adjusted daily highs and lows of the same window. Read the guide: Momentum, trend and technical indicators.
The live chart with technical indicators is in the app: open MRNA in FundSpec.
Analyst ratings
Over the last 90 days FundSpec recorded 15 analyst actions on MRNA from 13 firms: 11 maintained or reiterated a view, 3 upgrades and 1 downgrade. Price targets were 12 raised. The most recent targets from 12 firms range from $38 to $180, with a median of $79, 45.1% below the last close.
| Date | Firm | Action | Price target |
|---|---|---|---|
| 3 Sep 2026 | Rothschild & Co | Downgrades to Sell from Neutral | $40.00 to $81.00 |
| 28 Aug 2026 | Argus Research | Upgrades to Buy from Hold | $180.00 |
| 25 Aug 2026 | Wolfe Research | Upgrades to Peer Perform from Underperform | |
| 24 Aug 2026 | Barclays | Maintains Equal-Weight | $48.00 to $125.00 |
| 21 Aug 2026 | JP Morgan | Maintains Underweight | $40.00 to $77.00 |
| 20 Aug 2026 | Goldman Sachs | Maintains Neutral | $67.00 to $120.00 |
| 20 Aug 2026 | UBS | Maintains Neutral | $50.00 to $150.00 |
| 20 Aug 2026 | Morgan Stanley | Maintains Equal-Weight | $39.00 to $89.00 |
| 19 Aug 2026 | William Blair | Upgrades to Outperform from Market Perform | |
| 3 Aug 2026 | Citigroup | Maintains Neutral | $41.00 to $60.00 |
A price target is one firm's twelve-month view, and the median across firms is a steadier reading than any single call. Upgrades and downgrades matter more when they change a rating, not only a target. Read the guide: What analyst ratings and price targets actually tell you.
Every action with the firm's history is in Analyst Ratings.
Earnings
The next report is scheduled for 5 November 2026 before the open for Q3 2026, with EPS expected at -$1.25 on revenue of $893.7 million. Moderna, Inc. beat the EPS estimate in 7 of its last 8 reported quarters.
| Period | Reported | EPS estimate | EPS actual | Surprise | Revenue |
|---|---|---|---|---|---|
| Q2 2026 | 31 Jul 2026 | -$2.07 | -$1.97 | +4.83% | $145.0M |
| Q1 2026 | 1 May 2026 | -$3.71 | -$1.18 | +68.19% | $389.0M |
| Q4 2025 | 13 Feb 2026 | -$2.60 | -$2.11 | +18.85% | $678.0M |
| Q3 2025 | 6 Nov 2025 | -$2.17 | -$0.51 | +76.50% | $1.0B |
| Q2 2025 | 1 Aug 2025 | -$2.98 | -$2.13 | +28.52% | $142.0M |
| Q1 2025 | 1 May 2025 | -$3.18 | -$2.52 | +20.75% | $108.0M |
| Q4 2024 | 14 Feb 2025 | -$2.68 | -$2.91 | -8.58% | $966.0M |
| Q3 2024 | 7 Nov 2024 | -$1.90 | $0.03 | +101.58% | $1.9B |
An earnings surprise is the reported EPS against the consensus estimate on the day. The price reaction depends as much on guidance and on what was already priced in as on the surprise itself. Read the guide: Earnings season: estimates, surprises and price reaction.
Estimates, confirmed dates and alerts for every company are in Earnings.
Fundamentals
For the period ended 30 June 2026, Moderna, Inc. reported revenue of $145.0 million and net income of -$782.0 million. On a trailing twelve month basis the company shows revenue growth of -27.62%, a gross margin of 23.38%, an operating margin of -149.01% and a return on equity of -39.00%.
Income statement
| Line | Amount |
|---|---|
| Revenue | $145,000,000 |
| Cost of Revenue | $93,000,000 |
| Gross Profit | $52,000,000 |
| Research and Development | $651,000,000 |
| Selling, General & Administrative Expenses | $216,000,000 |
| Depreciation & Amortization | $56,000,000 |
| Total Operating Expenses | $960,000,000 |
| Operating Profit | -$815,000,000 |
| Pre-tax Income | -$767,000,000 |
| Income Tax Expense | $15,000,000 |
| Net Income | -$782,000,000 |
Cash flow
| Line | Amount |
|---|---|
| Cash from Operating Activities | -$526,000,000 |
| Stock-based Compensation | $120,000,000 |
| Cash from Investing Activities | $329,000,000 |
| Capital Expenditures | $37,000,000 |
| Cash from Financing Activities | $14,000,000 |
| Free Cash Flow | -$563,000,000 |
Assets
| Line | Amount |
|---|---|
| Cash & Cash Equivalents | $1,723,000,000 |
| Accounts & Notes Receivable, Net | $17,000,000 |
| Prepaid Expenses | $380,000,000 |
| Inventory | $280,000,000 |
| Other Current Assets | $42,000,000 |
| Total Current Assets | $5,815,000,000 |
| Operating Lease Right-of-Use Assets | $697,000,000 |
| Long-term Investments | $5,187,000,000 |
| Goodwill Intangible Assets, Net | $161,000,000 |
| Deferred Tax Asset | $276,000,000 |
| Other Long-term Assets | $618,000,000 |
| Total Assets | $10,961,000,000 |
Liabilities and equity
| Line | Amount |
|---|---|
| Accounts Payable & Accrued Expenses | $167,000,000 |
| Total Short-term Debt | $31,000,000 |
| Operating Lease Liabilities, Current | $21,000,000 |
| Deferred Liability Charges | $295,000,000 |
| Other Current Liabilities | $163,000,000 |
| Total Current Liabilities | $2,534,000,000 |
| Long-term Debt | $591,000,000 |
| Operating Lease Liabilities, Long-term | $638,000,000 |
| Finance Lease Liabilities | $37,000,000 |
| Long-term Deferred Liability Charges | $147,000,000 |
| Deferred Income Taxes | $255,000,000 |
| Other Liabilities | $284,000,000 |
| Total Liabilities | $4,200,000,000 |
| Additional Paid In Capital | $1,644,000,000 |
| Retained Earnings | $5,098,000,000 |
| Other Accumulated Comprehensive Income | $19,000,000 |
| Total Stockholders Equity | $6,761,000,000 |
| Total Liability & Stockholders Equity | $10,961,000,000 |
Figures as filed with the SEC for the period ended 30 June 2026, in US dollars.
FundSpec fundamental metrics
Each metric is computed from the company's filings and ranked against every company FundSpec covers; the percentile is the share of covered companies with a lower value.
Liquidity
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Cash Ratio | 0.68 | 67th | Calculated as the ratio of Cash and cash equivalents / Current liabilities. This metric calculates the company's ability to repay its short-term debt |
| Current Ratio | 2.29 | 72nd | Calculated as the ratio of Current Assets / Current Liabilities. The higher the current ratio, the more capable the company is of paying its obligations |
| Quick Ratio | 0.69 | 43rd | Calculated as the ratio of (Cash + Marketable Securities + Accounts Receivable) / Current Liabilities. The quick ratio is a measure of how well a company can meet its short-term financial liabilities. |
Leverage
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Debt/Assets | 0.06 | 52nd | Calculated as the ratio of Short-Term Debt + Long-Term Debt / Total Assets. The higher the ratio, the higher the degree of leverage, and consequently, financial risk |
| Debt/Equity | 0.09 | 42nd | Calculated as the ratio of Total Liabilities / Shareholders' Equity. The ratio indicates how much debt a company is using to finance its assets relative to the amount of value represented in shareholders’ equity |
| Degree of Operational Leverage | -0.05 | 40th | Calculated as the ratio of Percentage change in EBIT / Percentage change in revenue. It is a measure of how earnings for the company is impacted by its sales activity. |
| Long Term Debt/Long Term Capital | 0.08 | 18th | Calculated as Long-Term Debt / (Long-Term Debt + Shareholders' Equity). The ratio is an indicator of the company's leverage |
Profitability
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Free Cashflow Margin Pct | -55.8% | 16th | Calculated as the ratio of Free Cashflow from Operating Activities / Net Sales. It measures how much per dollar of revenue the company is able to convert into free cash flow. |
| Gross Margin Pct | 23.4% | 27th | Calculated as the ratio of Revenue - Cost of Goods Sold (COGS) / Revenue. The gross margin represents the percent of total sales revenue that the company retains after incurring the direct costs associated with producing the goods and services sold by a company. |
| Operating Margin Pct | -149.0% | 5th | Calculated as the ratio of (Revenue - (Cost of Goods Sold + Labour + Sales, General & Administrative)) / Revenue. Operating margins are important because they measure efficiency. The higher the operating margin, the more profitable a company's core business is. |
| Operating Profit Pct Growth | 1.4% | 45th | The Operating Profit growth rate over the trailing twelve months (TTM) |
| PreTax Margin Pct | -138.6% | 11th | Calculated as the ratio of (Gross profit - (Operating Expense + Interest Expense)) / Revenue. The pretax profit margin enables profitability to be compared across companies with significant differences in size, scale, capital structure and tax rates. |
| Return on Assets Pct | -27.4% | 25th | Calculated as the ratio of Net Income / Total Assets. It is an indicator of how efficient the company is at using its assets to generate earnings. |
| Return on Equity Pct | -39.0% | 24th | Calculated as the ratio of Net Income / Shareholders' equity. It is a measure of how much profit a company generates with the money shareholders have invested. |
| Return on Invested Capital Pct | -38.1% | 18th | Calculated as the ratio of (Net Income - Dividends) / (Debt + Equity). It is a measure of how efficient the company is at allocating the capital under its control to profitable investments. |
Cashflow
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| FCF Pct Growth | -64.4% | 8th | The Free Cash Flow growth rate over the trailing twelve months (TTM) |
| FCF Pct Growth 3 year CAGR | 65.0% | 68th | The Free Cash Flow compound annual growth rate (CAGR) over the past 3 years |
| FCF Return on Assets Pct | -10.8% | 26th | Calculated as the ratio of Cashflow from Operations / Total Assets. A high cash return on assets means a company is generating more cash flow from every asset dollar |
| Operating Cashflow Pct Growth | -60.2% | 9th | The Operating Cashflow growth rate over the trailing twelve months (TTM) |
| Operating Cashflow Pct Growth 3 year CAGR (FY) | -68.1% | 5th | The Operating Cashflow compound annual growth rate (CAGR) over the past 3 years |
Earnings Growth (Net Income)
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Net Income Pct Growth | 8.5% | 49th | The Net Income growth rate over the trailing twelve months (TTM) |
Top Line Growth
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Revenue Pct Growth | -27.6% | 10th | The Revenue (Sales) growth rate over the trailing twelve months (TTM) |
| Revenue Pct Growth 3 year CAGR | -40.6% | 4th | The Revenue (Sales) compound annual growth rate (CAGR) over the past 3 years |
| Revenue Pct Growth 5 year CAGR | -20.5% | 6th | The Revenue (Sales) compound annual growth rate (CAGR) over the past 5 years |
Taxes
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Effective Tax Rate Pct | -2.1% | 15th | The effective tax rate of the company over the trailing twelve months (TTM). |
Margins and returns say how much of each dollar of sales becomes profit and how hard the balance sheet is working; leverage and liquidity say how much room the company has when conditions turn. Read the guide: A practical guide to discounted cash flow valuation.
Fair value, peer multiples and the full statement history are in the app: open MRNA in FundSpec.
Insider activity
In the last 90 days insiders filed 66 transactions: 23 acquisitions covering 1,176,003 shares and 43 disposals covering 2,407,355 shares. Acquisitions include awards and option exercises as well as open market purchases. The largest by value was a disposal of 187,044 shares by Stephane Bancel, Director, Chief Executive Officer on 5 August 2026, worth about $11.0 million at the transaction price.
| Date | Insider | Title | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 4 Sep 2026 | Shannon Thyme Klinger | Chief Legal Officer | Disposal | 5,704 | $148.87 | $849K |
| 4 Sep 2026 | James M Mock | Chief Financial Officer | Disposal | 5,704 | $148.87 | $849K |
| 4 Sep 2026 | James M Mock | Chief Financial Officer | Acquisition | 11,797 | ||
| 4 Sep 2026 | Shannon Thyme Klinger | Chief Legal Officer | Disposal | 11,797 | ||
| 4 Sep 2026 | Shannon Thyme Klinger | Chief Legal Officer | Acquisition | 11,797 | ||
| 4 Sep 2026 | James M Mock | Chief Financial Officer | Disposal | 11,797 | ||
| 1 Sep 2026 | Stephen Hoge | President | Disposal | 4,489 | $140.34 | $630K |
| 1 Sep 2026 | Shannon Thyme Klinger | Chief Legal Officer | Disposal | 3,471 | $139.95 | $486K |
| 1 Sep 2026 | James M Mock | Chief Financial Officer | Disposal | 1,197 | $140.34 | $168K |
| 1 Sep 2026 | Shannon Thyme Klinger | Chief Legal Officer | Disposal | 1,048 | $140.34 | $147K |
| 1 Sep 2026 | Shannon Thyme Klinger | Chief Legal Officer | Acquisition | 3,471 | $30.96 | $107K |
| 1 Sep 2026 | Shannon Thyme Klinger | Chief Legal Officer | Disposal | 2,166 | ||
| 1 Sep 2026 | James M Mock | Chief Financial Officer | Acquisition | 2,475 | ||
| 1 Sep 2026 | James M Mock | Chief Financial Officer | Disposal | 2,475 | ||
| 1 Sep 2026 | Stephen Hoge | President | Acquisition | 9,283 |
Insider filings record what officers and directors did with their own shares. Disposals are often planned sales or tax related, so a pattern across several insiders says more than one filing.
SEC filings
The latest filing is a 10-Q from 31 July 2026.
| Filed | Form | Document |
|---|---|---|
| 31 Jul 2026 | 10-Q | View on sec.gov |
| 1 May 2026 | 10-Q | View on sec.gov |
| 20 Feb 2026 | 10-K | View on sec.gov |
| 6 Nov 2025 | 10-Q | View on sec.gov |
| 1 Aug 2025 | 10-Q | View on sec.gov |
| 1 May 2025 | 10-Q | View on sec.gov |
| 21 Feb 2025 | 10-K | View on sec.gov |
| 7 Nov 2024 | 10-Q | View on sec.gov |
| 1 Aug 2024 | 10-Q | View on sec.gov |
| 2 May 2024 | 10-Q | View on sec.gov |
Company profile
- Exchange
- Nasdaq
- Sector
- Pharmaceuticals, Biotech and Chemicals
- Industry
- Pharmaceutical Products
- Chief executive
- Stéphane Bancel
- Employees
- 3,900
- Website
- modernatx.com
- SEC CIK
- 0001682852
Moderna, Inc. develops therapeutics and vaccines based on messenger RNA for the treatment of infectious diseases, immuno-oncology, rare diseases, cardiovascular diseases, and auto-immune diseases. The company has 44 development programs, which includes 26 in clinical trials across seven modalities.
Sector and peers
Moderna, Inc. is part of the Pharmaceuticals, Biotech and Chemicals sector, which FundSpec tracks across 614 companies.
Companies in the same industry by market capitalization:
AMGN Amgen Inc.GILD Gilead Sciences, Inc.RVMD Revolution Medicines, Inc.BIIB Biogen Inc.
Put two of them side by side in Compare.
In FundSpec: the fair value estimate, the momentum reading, relative valuation against sector and industry peers, unusual options activity and AI model signals for MRNA are available to subscribers, with the same screen in the iOS and Android apps.
Open MRNA in FundSpec