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Moderna MRNA Price / book

Price / book at other companies

Pfizer logo
PfizerPFE
1.8×+0.2×
ALN
Alnylam PharmaceuticalsALNY
40.8×-41.2×
Roivant Sciences logo
Roivant SciencesROIV
4.4×+2.8×
Biogen logo
BiogenBIIB
1.4×+0.3×
Merck & Co. logo
Merck & Co.MRK
6.5×+1.8×
Johnson & Johnson logo
Johnson & JohnsonJNJ
7.3×+2.1×

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+39.3%
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 price / book?
Moderna (MRNA) reported price / book of 2.7× in Q1 2026.
How has Moderna's price / book changed year-over-year?
Moderna's price / book increased by 149.8% year-over-year, from 1.1× to 2.7×.
What is the long-term trend for Moderna's price / book?
Over 4 years (2021 to 2025), Moderna's price / book has grown at a -45.1% compound annual growth rate (CAGR), from 50.7× to 4.6×.
What does price / book mean?
How the market price compares to the company's accounting net worth.
How do you interpret price / book?
Below 1.0 can flag a market discount to book value (common for distressed or asset-heavy firms); high values reflect intangible value the balance sheet doesn't capture. Most informative for financials and asset-heavy businesses.
How does price / book compare across companies?
A core valuation gauge for banks and insurers; weak for asset-light firms where book value understates economic value.