Moderna
Moderna returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | -35.2% | — | -39% | -27.43% | — |
| FY 2026 Q1 | Mar 31, 2026 | — | -33.79% | — | -36.56% | -26.41% | — |
| FY 2025 Q4 | Dec 31, 2025 | — | -27.59% | — | -28.87% | -21.31% | — |
| FY 2025 Q3 | Sep 30, 2025 | — | -28.79% | — | -29.32% | -22.31% | — |
| FY 2025 Q2 | Jun 30, 2025 | — | -27.56% | — | -27.5% | -20.97% | — |
| FY 2025 Q1 | Mar 31, 2025 | — | -29.31% | — | -29.34% | -22.81% | — |
| FY 2024 Q4 | Dec 31, 2024 | — | -28.85% | — | -28.77% | -21.87% | — |
| FY 2024 Q3 | Sep 30, 2024 | — | -18.79% | — | -17.52% | -12.62% | — |
| FY 2024 Q2 | Jun 30, 2024 | — | -28.9% | — | -40.94% | -31.24% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | -29.39% | — | -37.68% | -29.22% | — |
| FY 2023 Q4 | Dec 31, 2023 | — | -23.33% | — | -28.59% | -21.29% | — |
| FY 2023 Q3 | Sep 30, 2023 | — | -15.53% | — | -22.04% | -15.23% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | 2.7% | — | 6.91% | 5.04% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | 24.76% | — | 26.62% | 18.49% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | 51.65% | — | 50.27% | 33.1% | — |
| FY 2022 Q3 | Sep 30, 2022 | — | 87.7% | — | 83.69% | 50.09% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | 117.86% | — | 113.86% | 66.62% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | 143.71% | — | 139.99% | 72.64% | — |
| FY 2021 Q4 | Dec 31, 2021 | — | 143.83% | — | 146.08% | 76.25% | — |
| FY 2021 Q3 | Sep 30, 2021 | — | 107.63% | — | 109.62% | 55.22% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | 71.78% | — | 72.43% | 35.59% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | 20.49% | — | 21.84% | 8.1% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | -34.73% | — | -39.99% | -16.74% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | -26.78% | — | -29.8% | -19.15% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | -21.22% | — | -22.74% | -18.84% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | -29.96% | — | -32.76% | -26.1% | — |
| FY 2019 Q4 | Dec 31, 2019 | — | — | — | — | — | — |
| FY 2019 Q3 | Sep 30, 2019 | — | — | — | — | — | — |
| FY 2019 Q2 | Jun 30, 2019 | — | — | — | — | — | — |
| FY 2019 Q1 | Mar 31, 2019 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.9%, rounded from the Pharmaceuticals benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · MRNA, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.