Moderna stock: growth
MRNAModerna reported $1.94B in revenue for fiscal 2025, down 39.2% on the prior year, up 19.3% a year on average over up to five years.
Daily figure as of 13 Nov 2026
Growth per year by period
What reaches shareholders is growth per share: buybacks lift it, new shares dilute it.
| since 2020 | since 2016 | |
|---|---|---|
| Revenue | 19.3% | 37.8% |
| Revenue per share | 18.9% | 12.8% |
| Earnings | no data | no data |
| Earnings per share | no data | no data |
| Free cash flow | no data | no data |
| Free cash flow per share | no data | no data |
Fiscal years at a glance
How revenue and earnings grow
- Revenue
- Earnings
- Free cash flow
Figures as a table
| Year | Revenue | Earnings | Free cash flow |
|---|---|---|---|
| 2016 | $108.4M | −$216.21M | $33.59M |
| 2017 | $205.83M | −$255.92M | −$389.89M |
| 2018 | $135.07M | −$384.73M | −$436.63M |
| 2019 | $60.21M | −$514.02M | −$490.52M |
| 2020 | $803.4M | −$747.06M | $1.96B |
| 2021 | $17.74B | $12.2B | $13.34B |
| 2022 | $18.88B | $8.36B | $4.58B |
| 2023 | $6.85B | −$4.71B | −$3.83B |
| 2024 | $3.2B | −$3.56B | −$4.06B |
| 2025 | $1.94B | −$2.82B | −$2.07B |
Revenue by segment
How Moderna, Inc. makes its money and how that has shifted. Names are as the company reports them.
- Covid$1.8B93%
- Stand-ready manufacturing revenue$80.0M4%
- Grant revenue$22.0M1%
- Other$32.0M2%
“Other” combines smaller and former segments with revenue the company does not assign to a segment. Names as reported, with abbreviations spelled out for the largest companies. The company split earlier years differently. A history would not be comparable, so only 2025 is shown.
Figures as a table
| 2025 | Share 2025 | |
|---|---|---|
| Covid | $1.81B | 93.1% |
| Stand-ready manufacturing revenue | $80M | 4.1% |
| Grant revenue | $22M | 1.1% |
| Other | $32M | 1.6% |
| Total revenue | $1.94B | 100% |
Revenue by region
Where Moderna, Inc. generates its revenue.
- United States62%
- Rest Of The World31%
- Europe3%
- Other5%
“Other” combines smaller regions with revenue the company does not assign to a region.
Figures as a table
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share 2025 | |
|---|---|---|---|---|---|---|---|
| United States | $764.53M | $6.18B | $5.15B | $1.9B | $1.79B | $1.2B | 61.7% |
| Rest Of The World | $38.87M | $5.45B | $7.3B | $3.6B | $810M | $603M | 31% |
| Europe | no data | $6.85B | $6.82B | $1.36B | $598M | $53M | 2.7% |
| Other | $0 | $0 | $0 | $0 | $0 | $89M | 4.6% |
| Total revenue | $803.4M | $17.74B | $18.88B | $6.85B | $3.2B | $1.94B | 100% |
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Weak, published since 7 Nov 2026 (in the score history since 31 May 2024)
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.