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Moderna MRNA Debt-to-equity

Debt-to-equity at other companies

Pfizer logo
PfizerPFE
0.7×0.0×
ALN
Alnylam PharmaceuticalsALNY
0.2×-0.4×
Roivant Sciences logo
Roivant SciencesROIV
0.0×
Biogen logo
BiogenBIIB
0.4×+0.1×
Merck & Co. logo
Merck & Co.MRK
1.1×+0.3×
Johnson & Johnson logo
Johnson & JohnsonJNJ
0.7×0.0×

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$24.52B+83.8%
Enterprise value$23.94B+93.6%
P/S11×+6.8×

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
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-equity?
Moderna (MRNA) reported debt-to-equity of 0.2× in Q1 2026.
How has Moderna's debt-to-equity changed year-over-year?
Moderna's debt-to-equity increased by 133.6% year-over-year, from 0.1× to 0.2×.
What is the long-term trend for Moderna's debt-to-equity?
Over 4 years (2021 to 2025), Moderna's debt-to-equity has grown at a 2.6% compound annual growth rate (CAGR), from 0.4× to 0.4×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.