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Moderna MRNA Debt-to-assets

Debt-to-assets at other companies

Pfizer logo
PfizerPFE
0.3×0.0×
ALN
Alnylam PharmaceuticalsALNY
0.1×0.0×
Roivant Sciences logo
Roivant SciencesROIV
0.0×
Biogen logo
BiogenBIIB
0.2×0.0×
Merck & Co. logo
Merck & Co.MRK
0.4×+0.1×
Johnson & Johnson logo
Johnson & JohnsonJNJ
0.3×0.0×

Other financials

Income statement

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Revenue$389.0M+260%
Gross profit-$566.0M-3,244%
Operating income-$1.4B-32.2%
Net income-$1.3B-38.3%
EPS (diluted)-$3.40-34.9%

Balance sheet

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Cash & equivalents$1.9B+17.4%
Total debt$1.3B+71.9%
Total equity$7.4B-26.4%
Total assets$11.5B-9.6%

Cash flow

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Operating cash flow-$630.0M+39.3%
CapEx$62.0M-47.0%
Free cash flow-$692.0M+40.0%

Valuation

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Market cap$25.38B+83.8%
Enterprise value$24.8B+93.6%
P/S11.4×+7.1×

Profitability

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Gross margin22.1%-32.0pp
Operating margin-153.3%+67.8pp
Net margin-143.6%+80.2pp

Returns & leverage

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Return on equity-36.6%+11.9pp
Debt / equity0.2×+0.1×
Current ratio2.4×-1.8×

Where this comes from

Calculated from Moderna’s reported figures.

Based on the most recent quarter.

The official record: Moderna’s 10-Q, filed May 1, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Moderna's debt-to-assets?
Moderna (MRNA) reported debt-to-assets of 0.1× in Q1 2026.
How has Moderna's debt-to-assets changed year-over-year?
Moderna's debt-to-assets increased by 90.3% year-over-year, from 0.1× to 0.1×.
What is the long-term trend for Moderna's debt-to-assets?
Over 4 years (2021 to 2025), Moderna's debt-to-assets has grown at a 17.4% compound annual growth rate (CAGR), from 0.2× to 0.3×.
What does debt-to-assets mean?
What fraction of everything the company owns is funded by debt.
How do you interpret debt-to-assets?
A lower ratio indicates a more conservatively financed balance sheet. Rising debt-to-assets over time signals increasing financial risk.
How does debt-to-assets compare across companies?
Comparable within an industry; bounded between 0 and 1 for most non-financials, which makes cross-company reads cleaner than debt-to-equity.