What is Moderna's free cash flow margin?

Moderna (MRNA) reported free cash flow margin of -132.4% in Q3 2025.

What does free cash flow margin mean?

How much real, spendable cash each sales dollar generates after reinvestment.

How do you interpret free cash flow margin?

A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.

How does free cash flow margin compare across companies?

Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.

Moderna MRNA Free cash flow margin

Free cash flow margin at other companies

PfizerPFE

18%+8.8pp

ALN

Alnylam PharmaceuticalsALNY

15%+12.7pp

Roivant SciencesROIV

-9,183.5%-17,093pp

BiogenBIIB

24.4%-0.4pp

Merck & Co.MRK

21.5%-5.2pp

Johnson & JohnsonJNJ

18.5%-4.3pp

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.

free cash flow/total revenue=-132.4%

Based on trailing twelve months.

The official record: Moderna’s 10-Q, filed November 6, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Moderna's free cash flow margin?: Moderna (MRNA) reported free cash flow margin of -132.4% in Q3 2025.
What does free cash flow margin mean?: How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?: A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?: Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.