Moderna (MRNA)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
Fundamental grade
Five factors scored 1 to 9 from MRNA's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Moderna's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $18.5B | $19.3B | $6.8B | $3.2B | $1.9B |
| Net income | $12.2B | $8.4B | -$4.7B | -$3.6B | -$2.8B |
| Free cash flow | $13.3B | $4.6B | -$3.8B | -$4.1B | -$2.1B |
| EPS (diluted) | $28.29 | $20.12 | -$12.33 | -$9.28 | -$7.26 |
| Operating margin | 72.0% | 48.9% | -61.9% | -121.9% | -158.1% |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own MRNA
From each investor's latest 13F filing (what a 13F shows). 2 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Ron Baron Baron Capital (BAMCO) |
New position | $139M | 0.21% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $34M | 0.01% | Q2 2026 |
Insider buying
Open-market purchases by Moderna's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Jan 23, 2026 | Ro Khanna |
0 | $48.78 | — |
| Jan 23, 2026 | Ro Khanna |
0 | $48.78 | — |
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In the full deep dive
Questions
Are Moderna insiders buying the stock?
2 open-market insider purchases of MRNA in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Moderna?
2 of the superinvestors Investingly tracks hold MRNA in their latest 13F, including Ron Baron, Cliff Asness.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.