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Moderna MRNA Net margin

Net margin at other companies

Pfizer logo
PfizerPFE
15.7%
ALN
Alnylam PharmaceuticalsALNY
11.7%+8.0pp
Roivant Sciences logo
Roivant SciencesROIV
-6,079.9%-6,193pp
Biogen logo
BiogenBIIB
14.3%-0.8pp
Merck & Co. logo
Merck & Co.MRK
13.6%-13.7pp
Johnson & Johnson logo
Johnson & JohnsonJNJ
21.8%-2.6pp

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

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 trailing twelve months.

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 net margin?
Moderna (MRNA) reported net margin of -143.6% in Q1 2026.
How has Moderna's net margin changed year-over-year?
Moderna's net margin decreased by 35.9% year-over-year, from -105.7% to -143.6%.
What is the long-term trend for Moderna's net margin?
Over 4 years (2021 to 2025), Moderna's net margin has grown at a 25.2% compound annual growth rate (CAGR), from 197.4% to -484.8%.
What does net margin mean?
The share of every sales dollar that becomes bottom-line profit.
How do you interpret net margin?
Higher is better, but net margin mixes operating performance with financing and tax effects and one-off items — read it alongside operating margin to separate the operating story from the rest.
How does net margin compare across companies?
Comparable across peers but sensitive to leverage and tax structure; two operationally identical firms can show different net margins purely from financing.