Is the business good?
How good a business is MRNA?
Moderna keeps −149% of every revenue dollar as operating profit, against −72% for the median Biotechnology name.
−149%
Operating margin · Biotechnology median −72% · 12 months to Q2 2026
- Share count, year on year
- +2.6%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 129%
R&D as % of revenue
- Gross margin
- 23%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −95% |
| FY2021 | 72% |
| FY2022 | 49% |
| FY2023 | −62% |
| FY2024 | −122% |
| FY2025 | −158% |
Details›
- Gross margin12 months to Q2 2026
- 23%
- Operating margin12 months to Q2 2026
- −149%
- Net margin12 months to Q2 2026
- −141%
- Free cash flow margin
- −56%
- R&D as % of revenue
- 129%
- Revenue, trailing twelve months
- $2.23B
- Free cash flow, trailing twelve months
- −$1.24B
- Net income, trailing twelve months
- −$3.15B
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Biotechnology
Ranks #30 of 145 by Smart Score