What are Moderna's profit margins?

Moderna (MRNA) runs a 22.1% gross margin and a -153.3% operating margin, with a -143.6% net margin.

Where do Moderna's ratios come from?

Every ratio is computed from Moderna's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Moderna MRNA Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Gross margin	22.1%-32.0pp	55.3%+0.6pp	48.3%-19.2pp	52.5%+19.5pp	54.1%+31.7pp
Operating margin	-153.3%-36.0pp	-158.1%-36.2pp	-155.2%-102pp	-106.3%-14.4pp	-117.4%-17.5pp
Net margin	-143.6%-37.9pp	-145.2%-35.1pp	-139.6%-91.6pp	-94.3%+26.2pp	-105.7%+14.4pp
Returns
Return on equity	-36.6%-7.2pp	-28.9%-0.1pp	-29.3%-10.1pp	-27.5%+15.0pp	-29.3%+9.7pp
Return on invested capital	-42.5%-7.4pp	-35.9%+0.1pp	-33.6%-10.9pp	-33.8%+3.4pp	-35.2%+0.7pp
Efficiency
Asset turnover	0.2×0.0×	0.1×-0.1×	0.2×-0.1×	0.2×0.0×	0.2×0.0×
Liquidity
Current ratio	2.4×-1.8×	3.3×-0.4×	3.9×-0.5×	3.9×-0.2×	4.2×+0.2×
Leverage
Debt-to-equity	0.2×+0.1×	0.2×+0.1×	0.1×0.0×	0.1×0.0×	0.1×0.0×
Per Share
Book value per share	$18.75-28.1%	$22.24-21.7%	$23.92-20.0%	$24.22-20.6%	$26.08-22.3%
Valuation
Market capitalization	$20.15B+83.8%	$11.52B-28.0%	$10.05B-60.9%	$10.36B-77.2%	$10.96B-73.1%
Price / sales	9.1×+5.6×	5.9×+1.0×	4.5×-0.6×	3.4×-5.6×	3.5×-4.5×
Price / book	2.7×+1.6×	1.3×-0.1×	1.1×-1.1×	1.1×-2.8×	1.1×-2.1×

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Questions, answered.

What are Moderna's profit margins?: Moderna (MRNA) runs a 22.1% gross margin and a -153.3% operating margin, with a -143.6% net margin.
Where do Moderna's ratios come from?: Every ratio is computed from Moderna's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.