Aureus
FRed Flag

Moderna, Inc.(MRNA)

F

Financial data as of Dec 31, 2025Improving · Healthcare

FCF Margin-108.0%Free Cash Flow / Revenue
Cash Conversion66.4%Operating CF / Net Income
Free Cash Flow-$2.1B
Revenue$1.9B
Net Cash$1.3BCash exceeds debt
Debt / FCFN/AElevated debt burden
Current Ratio3.29Adequate short-term liquidity
YoY FCF Growth+194.1%2 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseF
→
-1Negative FCF in 3 of last 4 quarters
→
+1Strong YoY FCF growth (194.1% YoY)
→
-1Only 2 positive quarters recently
→
-0.5Highly volatile FCF (consistency: 2.27)
→
FinalF

Analysis Summary

Strengths

  • Net cash position ($1.3B)
  • Strong liquidity (current ratio: 3.29)
  • Strong YoY FCF growth (+194.1%)

Concerns

  • Negative FCF margin (-108.0%)
  • Only 2 positive FCF quarters recently
  • Highly volatile quarterly FCF

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin-108.0%
Net Margin-146.8%
Operating CF Margin-97.5%
CapEx Ratio10.5%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash$1.3BCash exceeds debt
Debt / FCFN/AElevated debt burden
Current Ratio3.29Strong liquidity
Debt / Equity0.15Low leverage

Quarterly FCF Trend

+194.1% YoYImproving (+194.1%)

Free cash flow per quarter

Sector Comparison — Healthcare

FCF Margin ranked against sector peers

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Detailed Metrics

Company NameModerna, Inc.
SectorHealthcare
Free Cash Flow-$2.1B
Revenue$1.9B
Net Income-$2.8B
Operating Cash Flow-$1.9B
Capital Expenditure$202.0M
FCF Margin-108.0%
Cash Conversion Rate66.4%
Net Margin-146.8%
Total Debt$1.3B
Total Cash$2.6B
Net Cash$1.3B
Current Ratio3.29
Debt / Equity0.15
Debt / FCFN/A
YoY FCF Growth+194.1%
Positive Quarters2 of 5
Trend DirectionImproving
Report DateDec 31, 2025
GradeF
Data SourceYahoo Finance

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