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Moderna MRNA Return on invested capital

Return on invested capital at other companies

Pfizer logo
PfizerPFE
6%
Roivant Sciences logo
Roivant SciencesROIV
-25.6%
Biogen logo
BiogenBIIB
7.8%-0.4pp
Merck & Co. logo
Merck & Co.MRK
10.8%-12.8pp
Johnson & Johnson logo
Johnson & JohnsonJNJ
20.6%+0.3pp
Gilead Sciences logo
Gilead SciencesGILD
23.7%+4.4pp

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$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
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

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 return on invested capital?
Moderna (MRNA) reported return on invested capital of -42.5% in Q1 2026.
How has Moderna's return on invested capital changed year-over-year?
Moderna's return on invested capital decreased by 20.9% year-over-year, from -35.2% to -42.5%.
What is the long-term trend for Moderna's return on invested capital?
Over 5 years (2020 to 2025), Moderna's return on invested capital has grown at a -21.7% compound annual growth rate (CAGR), from -122.1% to -35.9%.
What does return on invested capital mean?
The after-tax return the business earns on all the capital — debt and equity — invested in it.
How do you interpret return on invested capital?
The cleanest measure of business quality: ROIC sustained above the cost of capital creates value, below it destroys value. Compare against WACC, not against zero.
How does return on invested capital compare across companies?
Highly comparable across companies as a quality screen. Sector-sensitive definitions of invested capital mean banks/insurers are best excluded.