Moderna

MRNA

Biotechnology · Healthcare

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Moderna is a biotechnology company that makes vaccines and medicines using a technology called mRNA, which teaches the body's cells to fight diseases. Its most well-known product is the COVID-19 vaccine (Spikevax), which was one of the first mRNA vaccines ever approved for widespread use. The company sells primarily to governments and public health agencies around the world.

Moderna earns money by selling its vaccines directly to governments and, increasingly, through commercial pharmacy channels. It operates globally but generates most of its revenue in the United States and Europe, and it has a strong patent portfolio around its mRNA technology that provides some protection from competitors. However, COVID-19 vaccine demand has fallen sharply since its peak, and the company is currently losing money — its main challenge is successfully launching new mRNA products, like its respiratory syncytial virus (RSV) vaccine and a personalized cancer vaccine, to replace lost COVID revenue before its cash reserves run low.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+8.0% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

6.2%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~3 years

$7.1B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$7.1B cash & investments at current burn rate

Growth context

Moderna is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

35.9%

Modest — 35.9% gross margin

Profit after running costs

Operating Margin

-562.1%

Losing money on operations — -562.1%

Return on the money invested

ROCE

-44.8%

Weak — -44.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-27.2%

Shrinking sales (-27.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-54.9%

Burning cash (-54.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.10

Conservative — low debt load (0.10)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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