{ "ok": true, "cik": "1682852", "ticker": "MRNA", "name": "Moderna, Inc.", "filings": [ { "form": "8-K", "filed": "2026-09-30", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers", "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1682852/000119312526408289/0001193125-26-408289-index.htm" }, { "form": "8-K", "filed": "2026-09-01", "items": [ "1.01 Entry into a Material Definitive Agreement", "2.03 Creation of a Direct Financial Obligation", "3.02 Unregistered Sales of Equity Securities", "8.01 Other Events", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1682852/000119312526378505/0001193125-26-378505-index.htm" }, { "form": "10-Q", "filed": "2026-07-31", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1682852/000168285226000150/0001682852-26-000150-index.htm" }, { "form": "8-K", "filed": "2026-07-31", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1682852/000168285226000147/0001682852-26-000147-index.htm" }, { "form": "8-K", "filed": "2026-07-08", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers", "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1682852/000168285226000134/0001682852-26-000134-index.htm" }, { "form": "8-K", "filed": "2026-05-11", "items": [ "5.03 Amendments to Articles or Bylaws; Change in Fiscal Year", "5.07 Submission of Matters to a Vote of Security Holders", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1682852/000168285226000101/0001682852-26-000101-index.htm" } ], "events12m": 15, "healthWatch": { "window": "last 12 months", "since": "2025-10-01", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-09-30", "url": "https://www.sec.gov/Archives/edgar/data/1682852/000119312526408289/0001193125-26-408289-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001682852.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1682852" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up Moderna, Inc. ($MRNA). Last filing: 8-K (5.02 Departure or Election of Directors; Appointment of Officers), 2026-09-30. 15 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 1944000000, "revenueGrowth1y": -0.39925834363411616, "revenueGrowthPerYear": -0.43042428623248974, "yearsOfData": 5, "operatingMargin": -1.581275720164609, "operatingMarginPrior": -1.219097651421508, "netMargin": -1.4516460905349795, "operatingCashFlow": -1873000000, "capitalSpending": 192000000, "freeCashFlow": -2065000000, "researchAndDevelopment": 3132000000, "researchShareOfRevenue": 1.6111111111111112, "cash": 2595000000, "longTermDebt": 590000000, "longTermDebtChange": null, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 18471000000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 19263000000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 6848000000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 3236000000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 1944000000 } ], "totalEquity": 8650000000, "totalAssets": 12338000000, "equityRatio": 0.7010860755389853, "returnOnEquity": -0.326242774566474, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": -7.26, "sharesOutstanding": 389000000, "bookValuePerShare": 22.236503856041132, "revenuePerShare": 4.997429305912596, "range80": { "low": 614749948.446874, "high": 1668834723.8511012, "baseline": 1036460964.0337483, "n": 4599, "band": "b1", "bandLabel": "$1B–10B", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.45670640027483506, "classVolatility": 0.07701947805587882, "volatility": 0.3275001801923152 }, "ifPaceHeld": { "low": 614749948.446874, "high": 1668834723.8511012 } }, "edgarette": "🔖 Exposure: revenue $1.9B (FY2025), total debt $590.0M. Experience: revenue down 39.9% on the year, down 43.0% a year over 4 years; operating margin -158.1%, down from -121.9%. Soundness: equity 70.1% of assets, return on equity -32.6%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $614.7M and $1.7B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $426.9M to $2.4B. A statistical range, not company guidance. Against peers (31 filers, $50M+ revenue, biological products, (no diagnostic substances)): operating margin -158.1% against a -15.8% median; growth -39.9% against 21.4%.", "peers": { "sic": 2836, "sicDescription": "Biological Products, (No Diagnostic Substances)", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "2836", "growth": [ 0.2145, 27 ], "opMargin": [ -0.1582, 31 ], "equityRatio": [ 0.5857, 31 ], "returnOnEquity": [ -0.0646, 25 ] }, "summary": "Moderna (MRNA) saw revenue fall 39.9% in FY2025 to $1.9 billion, operating margin -158% against a -15.8% median for biological products, (no diagnostic substances), equity 70.1% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
Moderna, Inc. against its own record and its peers
Operating marginPeer median -15.8%-158.1%Revenue, on the yearPeer median 21.4%-39.9%Equity of assetsPeer median 58.6%70.1%Return on equityPeer median -6.5%-32.6%Gold tick: the median of 25–31 peers with $50M+ revenue in biological products, (no diagnostic substances)
", "chartHorizon": null, "backtest": { "tests": 6, "hits": 1, "rate": 0.16666666666666666, "method": "v4", "byYear": { "2020": [ 0, 1 ], "2021": [ 0, 1 ], "2022": [ 0, 1 ], "2023": [ 0, 1 ], "2024": [ 0, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-10-01T14:01:10.958Z", "hash": "46ce57705f63119b", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Moderna (MRNA) saw revenue fall 39.9% in FY2025 to $1.9 billion, operating margin -158% against a -15.8% median for biological products, (no diagnostic substances), equity 70.1% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 1944000000, "totalDebt": 590000000, "cash": 2595000000 }, "experience": { "revenueGrowth1y": -0.39925834363411616, "revenueGrowthPerYear": -0.43042428623248974, "operatingMargin": -1.581275720164609, "operatingMarginPrior": -1.219097651421508, "netMargin": -1.4516460905349795, "freeCashFlow": -2065000000 }, "soundness": { "equityRatio": 0.7010860755389853, "returnOnEquity": -0.326242774566474, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 2836, "sicDescription": "Biological Products, (No Diagnostic Substances)", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "2836", "growth": [ 0.2145, 27 ], "opMargin": [ -0.1582, 31 ], "equityRatio": [ 0.5857, 31 ], "returnOnEquity": [ -0.0646, 25 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-10-01", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-09-30", "url": "https://www.sec.gov/Archives/edgar/data/1682852/000119312526408289/0001193125-26-408289-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 614749948.446874, "high": 1668834723.8511012, "baseline": 1036460964.0337483, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 4599, "sizeBand": "$1B–10B", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341, "coverageAllYears": 0.6904374799277399, "stressCoverageAllYears": 0.819004992974709, "outcomeYears": [ 2019, 2025 ] }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.45670640027483506, "classVolatility": 0.07701947805587882, "pricedVolatility": 0.3275001801923152, "k": 3 }, "stress": { "low": 426876506.5468201, "high": 2404155369.330642, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 6, "hits": 1, "rate": 0.16666666666666666, "method": "v4", "byYear": { "2020": [ 0, 1 ], "2021": [ 0, 1 ], "2022": [ 0, 1 ], "2023": [ 0, 1 ], "2024": [ 0, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-10-01T14:01:10.958Z", "hash": "46ce57705f63119b", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001682852.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1682852" }, "speedCash": { "fiscalYear": 2025, "cashConversion": -0.9635, "growth3y": -0.5344, "volatility": 0.4567, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.7011, "quadrant": { "code": "sj", "label": "Slow and jumpy", "plain": "growing slower than its size class, with revenue that swings more" }, "compass": { "code": "fading", "inside": "Turns -96.4% of revenue into operating cash; revenue shrinking 53.4% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 0th percentile for cash, 0th for growth.", "emoji": "🍂", "label": "Fading", "plain": "slow and jumpy, lagging its peers" }, "band": "$1B-10B", "cashPctInClass": 0, "growthPctInClass": 0, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "slowjumpy", "text": "slow and jumpy: growing slower than its size class, with revenue that swings more" }, { "key": "cash", "text": "operating cash flow was negative" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±46%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 3, "name": "Old boat", "plain": "three warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": -1873000000, "investing": 1946000000, "financing": 593000000, "capitalSpending": 192000000, "free": -2065000000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 13620000000, "free": 13336000000 }, { "fiscalYearEnd": "2022-12-31", "operating": 4981000000, "free": 4581000000 }, { "fiscalYearEnd": "2023-12-31", "operating": -3118000000, "free": -3825000000 }, { "fiscalYearEnd": "2024-12-31", "operating": -3004000000, "free": -4055000000 }, { "fiscalYearEnd": "2025-12-31", "operating": -1873000000, "free": -2065000000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 2595000000, "shortTerm": 3204000000, "longTerm": 2336000000, "equityHoldings": null, "totalAssets": 12338000000, "ladder": { "within1y": 3204000000, "y1to5": 2336000000, "y5to10": null, "y10plus": null, "noSingleDate": null }, "currentRatio": 3.29, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": -0.9635, "growth3y": -0.5344, "volatility": 0.4567, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.7011, "quadrant": { "code": "sj", "label": "Slow and jumpy", "plain": "growing slower than its size class, with revenue that swings more" }, "compass": { "code": "fading", "inside": "Turns -96.4% of revenue into operating cash; revenue shrinking 53.4% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 0th percentile for cash, 0th for growth.", "emoji": "🍂", "label": "Fading", "plain": "slow and jumpy, lagging its peers" }, "band": "$1B-10B", "cashPctInClass": 0, "growthPctInClass": 0, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "slowjumpy", "text": "slow and jumpy: growing slower than its size class, with revenue that swings more" }, { "key": "cash", "text": "operating cash flow was negative" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±46%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 3, "name": "Old boat", "plain": "three warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": -1873000000, "investing": 1946000000, "financing": 593000000, "capitalSpending": 192000000, "free": -2065000000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 13620000000, "free": 13336000000 }, { "fiscalYearEnd": "2022-12-31", "operating": 4981000000, "free": 4581000000 }, { "fiscalYearEnd": "2023-12-31", "operating": -3118000000, "free": -3825000000 }, { "fiscalYearEnd": "2024-12-31", "operating": -3004000000, "free": -4055000000 }, { "fiscalYearEnd": "2025-12-31", "operating": -1873000000, "free": -2065000000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 2595000000, "shortTerm": 3204000000, "longTerm": 2336000000, "equityHoldings": null, "totalAssets": 12338000000, "ladder": { "within1y": 3204000000, "y1to5": 2336000000, "y5to10": null, "y10plus": null, "noSingleDate": null }, "currentRatio": 3.29, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }