What is Moderna's inventories?

Moderna (MRNA) reported inventories of $117M in Q1 2026.

How has Moderna's inventories changed year-over-year?

Moderna's inventories decreased by 12.7% year-over-year, from $134M to $117M.

What is the long-term trend for Moderna's inventories?

Over 4 years (2021 to 2025), Moderna's inventories has grown at a -39.0% compound annual growth rate (CAGR), from $3.54B to $490M.

What does inventories mean?

Total inventory including raw materials, work-in-progress, and finished goods, valued at the lower of cost or net realizable value.

Moderna MRNA Inventories

Inventories at other companies

PfizerPFE

$2.46B-11.9%

NovavaxNVAX

$11.46M+11.6%

ALN

Alnylam PharmaceuticalsALNY

$19.9M-72.2%

Ultragenyx PharmaceuticalRARE

$55M+19.5%

Gilead SciencesGILD

$2.42B+20.1%

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+39.2%

CapEx$62.0M-47.0%

Free cash flow-$692.0M+40.0%

Valuation

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Market cap$21.62B+73.9%

Enterprise value$21.04B+76.5%

P/S9.7×+5.7×

Profitability

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Gross margin22.1%-32.0pp

Operating margin-153.3%+67.8pp

Net margin-143.6%+80.2pp

FCF margin-132.4%—

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

Reported directly by Moderna in its filing.

Tagged under the XBRL concept us-gaap:InventoryNoncurrent.

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 inventories?: Moderna (MRNA) reported inventories of $117M in Q1 2026.
How has Moderna's inventories changed year-over-year?: Moderna's inventories decreased by 12.7% year-over-year, from $134M to $117M.
What is the long-term trend for Moderna's inventories?: Over 4 years (2021 to 2025), Moderna's inventories has grown at a -39.0% compound annual growth rate (CAGR), from $3.54B to $490M.
What does inventories mean?: Total inventory including raw materials, work-in-progress, and finished goods, valued at the lower of cost or net realizable value.