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Moderna MRNA EV / sales

EV / sales at other companies

Pfizer logo
PfizerPFE
3.5×+0.3×
ALN
Alnylam PharmaceuticalsALNY
9.9×-4.7×
Roivant Sciences logo
Roivant SciencesROIV
2,241.3×+1,993×
Biogen logo
BiogenBIIB
+0.8×
Merck & Co. logo
Merck & Co.MRK
5.2×+1.2×
Johnson & Johnson logo
Johnson & JohnsonJNJ
6.5×+1.8×

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 EV / sales?
Moderna (MRNA) reported EV / sales of 8.8× in Q1 2026.
How has Moderna's EV / sales changed year-over-year?
Moderna's EV / sales increased by 176.4% year-over-year, from 3.2× to 8.8×.
What is the long-term trend for Moderna's EV / sales?
Over 4 years (2021 to 2025), Moderna's EV / sales has grown at a -24.2% compound annual growth rate (CAGR), from 48.5× to 16×.
What does EV / sales mean?
What the whole business costs relative to its annual sales.
How do you interpret EV / sales?
A fallback valuation gauge for pre-profit or cyclical firms. Like P/S, only comparable across similar-margin businesses, but it accounts for debt and cash unlike P/S.
How does EV / sales compare across companies?
Compare within a margin cohort; the debt-and-cash adjustment makes it cleaner than P/S for leveraged firms.