{"schemaVersion":1,"research":true,"symbol":"mrna","name":"Moderna","topic":"moat","path":"/stock/mrna/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:06:31.241Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Moderna has valuable vaccine approvals, monetized intellectual property and government manufacturing relationships, but demonstrated commercial weakness outweighs evidence of a durable economic moat. New product adoption and government-linked growth are meaningful positives; multiyear demand declines, minimal RSV sales, more attractive competitor terms and costly manufacturing and patent obligations show fragility. Higher average selling prices in 2023 demonstrate some realized pricing ability, but sustained pricing power is unproven.","advantages":[{"mechanism":"intangible_assets","claim":"Approved vaccines and income-producing intellectual property provide current commercial value, but do not establish durable competitive protection. Government manufacturing agreements support demand visibility without demonstrating customer lock-in or superior production economics.","durability":"Four approved products by June 2026 and realized licensing receipts demonstrate capabilities. Patent exclusivity duration, durable product differentiation and sustained customer preference are not established. Shared manufacturing efficiencies and pipeline expansion remain potential advantages.","risks":"Established vaccine competitors, weak RSV adoption, declining underlying demand, third-party patent dependencies and settlement expenses constrain value capture. Government-linked deliveries may support revenue without proving broader competitive strength.","invalidation":"The limited intangible-asset advantage would weaken further if approvals fail to generate recurring demand, licensing receipts cease, or patent obligations materially restrict commercialization. The no-moat conclusion would warrant reassessment if multiple products sustain adoption and favorable realized prices across successive seasons while manufacturing utilization improves and patent costs stabilize.","competitors":["Pfizer","BioNTech","Sanofi","Novavax","GlaxoSmithKline"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8","e9"],"counterEvidenceIds":["e10","e11","e12","e13","e14","e15","e16","e17"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"Business overview: approved products as of June 30, 2026","excerpt":"As of June 30, 2026, we had four approved products—Spikevax® and mNEXSPIKE®, our COVID vaccines, mRESVIA®, our vaccine against respiratory syncytial virus (RSV), and mCOMBRIAX® , our flu plus COVID combination vaccine, which was approved in Europe for individuals 50 years of age and older."},{"id":"e2","sourceId":"filing-1","location":"Licensing and royalty revenue: upfront payment","excerpt":"Under the terms of the agreement, we received an upfront payment of $50 million, which included a $20 million prepayment creditable against future royalties."},{"id":"e3","sourceId":"filing-1","location":"Licensing and royalty revenue: royalty entitlement","excerpt":"Additionally, we are entitled to receive low double-digit royalties on the net sales of the company’s COVID product."},{"id":"e4","sourceId":"filing-1","location":"Licensing and royalty revenue: recognition of prepaid royalties","excerpt":"In accordance with the terms of the agreement, the $20 million was fully recognized by the end of the first quarter of 2025."},{"id":"e5","sourceId":"filing-1","location":"Stand-ready manufacturing revenue: long-term government agreements","excerpt":"Stand-Ready Manufacturing Revenue Stand-ready manufacturing revenue relates to amounts recognized under long-term strategic agreements with government entities for maintaining mRNA manufacturing capacities and support pandemic readiness."},{"id":"e6","sourceId":"filing-2","location":"MD&A: first-half 2026 product sales growth","excerpt":"Net product sales increased by $246 million, or 123%, primarily due to higher COVID vaccine sales in international markets, driven by deliveries under long-term strategic partnerships with government entities."},{"id":"e7","sourceId":"filing-3","location":"Proxy summary: reported mNEXSPIKE early adoption","excerpt":"mNEXSPIKE achieved strong early adoption, representing approximately 24 percent of all U.S."},{"id":"e8","sourceId":"filing-3","location":"Proxy summary: retail vaccination adoption and attributed data source","excerpt":"retail vaccinations in 2025 and nearly one-third of vaccinations among adults aged 65 years and older (Source: IQVIA)."},{"id":"e9","sourceId":"filing-1","location":"Competition: COVID vaccines","excerpt":"Seasonal vaccines We largely compete against Pfizer and BioNTech for sales of our COVID vaccines, whose vaccine is also based on mRNA technology."},{"id":"e10","sourceId":"filing-1","location":"Competition: other COVID vaccine suppliers","excerpt":"We also compete against other vaccines, including Sanofi and Novavax’s."},{"id":"e11","sourceId":"filing-1","location":"Competition: RSV competitors","excerpt":"With respect to our RSV vaccine, we compete against Pfizer and GlaxoSmithKline, who entered the U.S."},{"id":"e12","sourceId":"filing-1","location":"Competition: earlier competitor entry and minimal RSV sales","excerpt":"market prior to us, and our RSV sales have been minimal to date."},{"id":"e13","sourceId":"filing-1","location":"Risk factors: realized competitor advantage in commercial terms","excerpt":"In some instances, our competitors have been able to offer more attractive terms than we can, and they may continue to do so in the future."},{"id":"e14","sourceId":"filing-2","location":"MD&A: customer demand declines during 2023–2025","excerpt":"For example, we experienced a decline in customer demand for our COVID vaccine in 2023 and 2024, and this trend continued in 2025 as the market transitions to a more competitive and commercially driven environment, with broader external factors continuing to affect market dynamics."},{"id":"e15","sourceId":"filing-2","location":"MD&A: second-quarter 2026 inventory write-downs and unused capacity","excerpt":"33 Table of Contents Operating expenses Cost of sales Cost of sales for the three months ended June 30, 2026 was $93 million, which included inventory write-downs of $41 million, unutilized manufacturing capacity costs of $23 million, and third-party royalties of $11 million."},{"id":"e16","sourceId":"filing-2","location":"Commitments and contingencies: settlement-related royalty expense","excerpt":"The royalty expense recognized for the three and six months ended June 30, 2026 included $6 million and $884 million, respectively, related to the litigation settlement with Arbutus and Genevant."},{"id":"e17","sourceId":"filing-1","location":"Intellectual property: non-exclusive NIAID patent license","excerpt":"In December 2022, we entered into a non-exclusive patent license agreement with the National Institute of Allergy and Infectious Diseases (NIAID), an Institute or Center of the National Institutes of Health (NIH), to license certain patent rights concerning stabilizing prefusion coronavirus spike proteins and the resulting stabilized proteins for use in COVID vaccine products."},{"id":"e18","sourceId":"filing-5","location":"MD&A: 2023 product sales decline and volume explanation","excerpt":"Net product sales decreased by $11.8 billion, or 64%, in 2023, mainly due to lower sales volume across all regions in 2023, reflecting the market's transition to a seasonal commercial market for COVID-19 vaccine."},{"id":"e19","sourceId":"filing-5","location":"MD&A: higher realized average selling price in 2023","excerpt":"The decline was partially offset by a higher average selling price, particularly in the United States, where commercial market sales commenced in the third quarter of 2023."},{"id":"e20","sourceId":"filing-1","location":"Pricing and reimbursement: foreign pricing approval requirements","excerpt":"In addition, in certain foreign jurisdictions, proposed pricing for a drug must be approved before the product may be marketed."},{"id":"e21","sourceId":"filing-1","location":"Pricing and reimbursement: EU pricing and reimbursement controls","excerpt":"In the EU, Member States may limit the medicinal products eligible for reimbursement under national health insurance systems and may impose direct or indirect controls on pricing or profitability."},{"id":"e22","sourceId":"filing-3","location":"Proxy summary: reported 2025 operating expense reduction","excerpt":"These efforts allowed us to reduce our annual operating expenses by approximately $2.2 billion, significantly exceeding the financial cost reduction commitments we set at the start of the year."},{"id":"e23","sourceId":"filing-5","location":"MD&A: realized inventory and manufacturing wind-down charges","excerpt":"As a result of this initiative, we incurred inventory write-downs of $903 million related to raw materials, and CMO wind down costs and cancellation fees of $513 million."},{"id":"e24","sourceId":"filing-2","location":"Stockholders' equity: first-half 2026 loss and share issuance","excerpt":"8 Table of Contents Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income Retained Earnings Total Stockholders’ Equity Shares Amount Balance at December 31, 2025 394 $ — $ 1,382 $ 45 $ 7,223 $ 8,650 Vesting of restricted common stock 3 — — — — — Exercise of options to purchase common stock 2 — 32 — — 32 Tax payments related to net share settlements on equity awards — — (4) — — (4) Issuance of common stock under employee stock purchase plan — — 10 — — 10 Stock-based compensation — — 224 — — 224 Other comprehensive loss, net of tax — — — (26) — (26) Net loss — — — — (2,125) (2,125) Balance at June 30, 2026 399 $ — $ 1,644 $ 19 $ 5,098 $ 6,761 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive (Loss) Income Retained Earnings Total Stockholders’ Equity Shares Amount Balance at December 31, 2024 386 $ — $ 866 $ (10) $ 10,045 $ 10,901 Vesting of restricted common stock 3 — — — — — Exercise of options to purchase common stock — — 5 — — 5 Tax payments related to net share settlements on equity awards — — (1) — — (1) Issuance of common stock under employee stock purchase plan — — 12 — — 12 Stock-based compensation — — 245 — — 245 Other comprehensive income, net of tax — — — 33 — 33 Net loss — — — — (1,796) (1,796) Balance at June 30, 2025 389 $ — $ 1,127 $ 23 $ 8,249 $ 9,399 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements."},{"id":"e25","sourceId":"filing-2","location":"Cash flows: operating cash use improvement and settlement accrual","excerpt":"Net cash used in operating activities decreased by $800 million, or 41%, during the six months ended June 30, 2026, compared to the same period in 2025, primarily attributable to a change in accrued liabilities and accounts payable of $945 million, largely driven by the $950 million litigation settlement accrual, partially offset by an increase in net loss of $329 million."},{"id":"e26","sourceId":"filing-2","location":"Share repurchase programs: no first-half repurchases","excerpt":"There were no shares repurchased during the three and six months ended June 30, 2026 or 2025."},{"id":"e27","sourceId":"filing-3","location":"Executive compensation: adopted stock ownership policy","excerpt":"As amended, the Stock Ownership Policy requires that by the fifth anniversary of the original effectiveness date of the policy (i.e., December 31, 2024), or December 31st following the fifth anniversary of an individual becoming subject to the policy (whichever is later), that individual is required to hold a number of shares of Moderna stock equivalent in value to a multiple of the individual’s salary or, in the case of directors, their annual cash retainer, as follows: •CEO: 7 times annual salary •President: 6 times annual salary •Other Executive Committee members: 3 times annual salary •Non-employee Directors: 6 times annual cash retainer In February 2021, the Stock Ownership Policy was revised by the Compensation Committee to provide that only owned shares would count toward satisfaction of the ownership requirement, eliminating credit previously granted for the value of vested but unexercised stock options."},{"id":"e28","sourceId":"filing-3","location":"Executive compensation: maintained performance equity weighting","excerpt":"•Maintained the weighting of performance-based restricted stock units (PSUs), with the CEO PSU mix at 50% and other executives at 33%, tying executive compensation to the long-term achievement of our financial and pipeline expansion objectives, reinforcing our commitment to creating shareholder value."},{"id":"e29","sourceId":"filing-3","location":"Executive compensation: 2025 bonus funding outcome","excerpt":"•2025 corporate performance resulted in a funding outcome at 170% of target, reflecting exceptional performance against the Company’s corporate objectives."},{"id":"e30","sourceId":"filing-3","location":"Executive compensation: three-year realizable pay and shareholder return comparison","excerpt":"We looked at pay and performance alignment over two periods as follows: •3-Year Analysis (2023-2025): The Company’s total shareholder return (TSR) performance over the three-year period ending December 31, 2025 was the lowest among peer companies and the total realizable pay for our CEO over the same period was at the 20th percentile."},{"id":"e31","sourceId":"filing-3","location":"Governance: separation of chairman and CEO roles","excerpt":"Board Leadership Structure The role of Chairman of the Board is separated from the role of Chief Executive Officer."},{"id":"e32","sourceId":"filing-3","location":"Governance: independent compensation committee","excerpt":"48 Moderna 2026 Proxy statement Executive Compensation Governance of Executive Compensation Program Role of the Compensation Committee and the Board The Compensation Committee, which is comprised entirely of independent directors, is responsible for discharging our Board of Directors’ responsibilities relating to compensation of our directors and executives, overseeing our overall compensation structure, policies and programs, and reviewing our processes and procedures for the consideration and determination of director and executive compensation."},{"id":"e33","sourceId":"filing-3","location":"Governance: completed externally facilitated 2025 board evaluation","excerpt":"In 2025, the Board’s self-evaluation utilized an independent third party who conducted a survey and individual interviews with each director regarding the Board’s operations before reporting back to full Board of Directors."},{"id":"e34","sourceId":"filing-3","location":"Audit governance: actual pre-approval of audit and non-audit services","excerpt":"Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Registered Public Accounting Firm During 2025 and 2024, all audit and non-audit services by our independent registered public accounting firm were pre-approved by our Audit Committee."},{"id":"e35","sourceId":"filing-6","location":"MD&A: first-quarter 2026 cost improvement excluding settlement expenses","excerpt":"Excluding these expenses, cost of sales and cost of sales as a percentage of net product sales and stand-ready manufacturing revenue decreased by 14% and 72 percentage points, respectively, compared to the same period in 2025, primarily due to lower unutilized manufacturing capacity costs, losses on firm purchase commitments and inventory write-downs, partially offset by higher sales volume."},{"id":"e36","sourceId":"filing-2","location":"MD&A: second-quarter 2026 product sales decline","excerpt":"Net product sales decreased by $20 million, or 18%, primarily due to lower COVID vaccine sales in the United States and South America, partially offset by product deliveries in the United Kingdom."},{"id":"e37","sourceId":"filing-1","location":"Business strategy: management expectation of shared manufacturing capital benefits","excerpt":"We believe the manufacturing requirements of different mRNA medicines are similar and that at commercial scale, a portfolio of mRNA medicines will benefit from shared capital expenditures."}],"changes":["Retain the previous no-moat verdict while explicitly weighing four approved products, early mNEXSPIKE adoption and government-linked sales growth.","Revise the pricing assessment: supplied 2023 results establish higher average selling prices, although sustained pricing power remains unproven.","Add assessments of adopted compensation arrangements, actual bonus outcomes and disclosed governance practices."],"limitations":["The evidence consists of issuer filings. The adoption statistic is attributed to IQVIA within the proxy; its underlying dataset is not supplied.","Sources retain dateKind=filed: February 23, 2024; February 21, 2025; February 20, March 16, May 1 and July 31, 2026. No later operating results are supplied.","Named competitor coverage is established for COVID and RSV vaccines, but comparative pricing, efficacy, costs and market shares are incomplete. Compensation peers, collaborators and patent litigants are not automatically product competitors.","Current net prices, product-level price and volume bridges, customer renewal rates, government contract exclusivity and repricing rights, and patent expiration schedules are missing.","The proxy supplies incentive policies and compensation outcomes, but the passages do not establish individual compliance with ownership requirements or comprehensive current beneficial ownership.","Pipeline and shared manufacturing benefits are potential advantages. Pending litigation allegations and generic regulatory risks are not treated as adjudicated violations or realized losses."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Approvals, licensing receipts and government manufacturing agreements have commercial value, but competitor terms, minimal RSV sales and third-party patent costs show weak protection of economic returns.","evidenceIds":["e1","e2","e4","e5","e12","e13","e16"]},{"criterion":"durability","grade":1,"rationale":"Long-term government relationships provide some visibility, but demand declined across three years and patent dependence limits demonstrated durability. A broader approved portfolio has not yet established enduring returns.","evidenceIds":["e1","e5","e14","e17"]},{"criterion":"customer_dependency","grade":1,"rationale":"Assessed indirectly from demand and adoption. Government deliveries and new vaccine uptake demonstrate use, but declining COVID demand and minimal RSV sales indicate fragile customer dependence; switching friction is not demonstrated.","evidenceIds":["e6","e7","e8","e12","e14"]},{"criterion":"erosion_resilience","grade":1,"rationale":"New approvals and improved manufacturing costs are positives, but weak demand, unused capacity, competitor terms and substantial settlement expenses show limited resilience to erosion.","evidenceIds":["e1","e13","e14","e15","e16","e35"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Higher average selling prices partially offset the 2023 volume decline, demonstrating some realized pricing ability. More attractive competitor terms and absent recent price bridges prevent a strong assessment. Government-driven sales growth does not establish price increases.","evidenceIds":["e18","e19","e13","e6"]},{"criterion":"retention","grade":1,"rationale":"Indirect operating evidence is fragile: customer demand fell during 2023–2025, RSV sales remained minimal and second-quarter 2026 product sales declined. Government-linked first-half growth and mNEXSPIKE uptake are offsets, but do not establish repeat-customer retention.","evidenceIds":["e14","e12","e36","e6","e7","e8"]},{"criterion":"margin_resilience","grade":1,"rationale":"Underlying first-quarter costs improved excluding settlement expenses, but subsequent inventory write-downs and unused capacity costs, together with settlement-related royalties, show fragile economics. These costs do not by themselves establish price cuts.","evidenceIds":["e35","e15","e16"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Disclosed foreign price approval requirements and EU controls constrain pricing freedom, while competitors have offered better terms. Government contracts provide revenue visibility, but their repricing provisions are not supplied.","evidenceIds":["e20","e21","e13","e5"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Reported operating expense reductions and suspended repurchases show adjustment. Earlier inventory and cancellation charges, continuing losses and share issuance temper that evidence. The first-half cash-use improvement largely reflected an unpaid settlement accrual rather than equivalent underlying savings.","evidenceIds":["e22","e26","e23","e24","e25"]},{"criterion":"incentive_alignment","grade":2,"rationale":"An adopted owned-share requirement and performance equity weighting support alignment, and low realizable CEO pay accompanied poor shareholder returns. Bonus funding at 170% of target despite weak shareholder performance makes the outcome mixed. Individual ownership compliance and detailed performance hurdles are not established.","evidenceIds":["e27","e28","e29","e30"]},{"criterion":"execution","grade":2,"rationale":"Four approved products, reported early mNEXSPIKE adoption, expense reductions and government-linked deliveries demonstrate execution. Minimal RSV sales, persistent demand weakness and unused capacity temper those achievements. Commercial execution is partly assessed from indirect operating evidence.","evidenceIds":["e1","e7","e8","e22","e6","e12","e14","e15"]},{"criterion":"governance","grade":2,"rationale":"Separated leadership roles, an independent compensation committee, a completed external board evaluation and actual audit-service pre-approval establish functioning oversight practices. These procedural disclosures do not demonstrate exceptional governance effectiveness or durable accountability outcomes.","evidenceIds":["e31","e32","e33","e34"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"48888062f20de4738cf36c9690722839f87a3f34ac4d253723fa1219d37de9a1","updatedAt":"2026-10-18T13:06:31.241Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1682852/000168285226000033/mrna-20251231.htm","publishedAt":"2026-02-20","sha256":"4596f4697da892532b61b8c3964bdc418ba0d704d0b479645395058324002971","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1682852/000168285226000150/mrna-20260630.htm","publishedAt":"2026-07-31","sha256":"f9d8211a110db572d714e3699c9a98631765b221836503bcb6b084568e1ae630","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1682852/000130817926000081/mrna-20260316.htm","publishedAt":"2026-03-16","sha256":"7b540fff664fef914401baf6d1478d56ec49022bb405249aaba6ad03b5d66be5","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1682852/000168285225000022/mrna-20241231.htm","publishedAt":"2025-02-21","sha256":"88d921932646244fc69d3346a2337155d87b6898df1047190a754036b9f91277","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1682852/000168285224000015/mrna-20231231.htm","publishedAt":"2024-02-23","sha256":"99af7690f55826295af1072295b04d00b504626ea4bdc8a9b1c7762d9a3a0986","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1682852/000168285226000060/mrna-20260331.htm","publishedAt":"2026-05-01","sha256":"d5f6233b5961c50b388d77fda1edf64847667ec098dd3692369bba89ea0fe6a9","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:a2b2aa47b5a2cc9b910674d0c51f64bffd53d73d7c1c1cdc5937d25152c5c52b","usage":{"input_tokens":83743,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3887,"reasoning_output_tokens":152},"basisSupplement":{"previousHash":"ff1f075cc2e357d831eb15fd20ab5000e0acaf844a9bb692e963b4495e5890bc","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":85.8318445130204,"operating_margin":71.98310865681339,"roic":null,"fcf_margin":72.19966433869308,"sbc_revenue":0.7687726706729469},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":71.88392254581322,"operating_margin":48.90204018065722,"roic":null,"fcf_margin":23.781342470020245,"sbc_revenue":1.1732336603851943},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; 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a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":54.75896168108776,"operating_margin":-121.90976514215079,"roic":null,"fcf_margin":-125.30902348578492,"sbc_revenue":13.257107540173052},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":55.349794238683124,"operating_margin":-158.1275720164609,"roic":null,"fcf_margin":-106.22427983539096,"sbc_revenue":24.845679012345677},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1682852/000168285226000033/mrna-20251231.htm","publishedAt":"2026-02-20","sha256":"4596f4697da892532b61b8c3964bdc418ba0d704d0b479645395058324002971","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1682852/000168285226000150/mrna-20260630.htm","publishedAt":"2026-07-31","sha256":"f9d8211a110db572d714e3699c9a98631765b221836503bcb6b084568e1ae630","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1682852/000130817926000081/mrna-20260316.htm","publishedAt":"2026-03-16","sha256":"7b540fff664fef914401baf6d1478d56ec49022bb405249aaba6ad03b5d66be5","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1682852/000168285225000022/mrna-20241231.htm","publishedAt":"2025-02-21","sha256":"88d921932646244fc69d3346a2337155d87b6898df1047190a754036b9f91277","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1682852/000168285224000015/mrna-20231231.htm","publishedAt":"2024-02-23","sha256":"99af7690f55826295af1072295b04d00b504626ea4bdc8a9b1c7762d9a3a0986","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1682852/000168285226000060/mrna-20260331.htm","publishedAt":"2026-05-01","sha256":"d5f6233b5961c50b388d77fda1edf64847667ec098dd3692369bba89ea0fe6a9","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"none","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"none","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"none","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}