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Moderna MRNA Ratios & Valuation

Q2 '26Q1 '26Q4 '25Q3 '25Q2 '25
Profitability
Gross margin23.4%-29.1pp22.1%-32.0pp55.3%+0.6pp48.3%-19.2pp52.5%+19.5pp
Operating margin-149%-42.7pp-153.3%-36.0pp-158.1%-36.2pp-155.2%-102pp-106.3%-14.4pp
Net margin-141.4%-47.1pp-143.6%-37.9pp-145.2%-35.1pp-139.6%-91.6pp-94.3%+26.2pp
Returns
Return on equity-39%-11.5pp-36.6%-7.2pp-28.9%-0.1pp-29.3%-10.1pp-27.5%+15.0pp
Return on invested capital-43.8%-10.0pp-42.5%-7.4pp-35.9%+0.1pp-33.6%-10.9pp-33.8%+3.4pp
Efficiency
Asset turnover0.2×0.0×0.2×0.0×0.1×-0.1×0.2×-0.1×0.2×0.0×
Liquidity
Current ratio2.3×-1.6×2.4×-1.8×3.3×-0.4×3.9×-0.5×3.9×-0.2×
Leverage
Debt-to-equity0.2×+0.1×0.2×+0.1×0.2×+0.1×0.1×0.0×0.1×0.0×
Per Share
Book value per share$16.99-29.9%$18.75-28.1%$22.24-21.7%$23.92-20.0%$24.22-20.6%
Valuation
Market capitalization$21.75B+102%$20.15B+83.8%$11.52B-28.0%$10.05B-60.9%$10.36B-77.2%
Price / sales9.8×+6.3×9.1×+5.6×5.9×+1.0×4.5×-0.6×3.4×-5.6×
Price / book3.2×+2.1×2.7×+1.6×1.3×-0.1×1.1×-1.1×1.1×-2.8×

FAQ

What are Moderna's profit margins?
Moderna (MRNA) runs a 23.4% gross margin and a -149.0% operating margin, with a -141.4% 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.