Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018. The firm's mRNA technology was rapidly validated with its covid vaccine, which was authorized in the United States in December 2020. Moderna had 35 mRNA development candidates in clinical studies as of August 2025. Programs span a wide range of therapeutic areas, including infectious disease, oncology, cardiovascular disease, and rare genetic diseases.
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The chart shows the growth of an initial investment of $10,000 in Moderna, Inc. Common Stock, comparing it to the performance of the S&P 500 index.
All prices have been adjusted for splits and dividends.
Moderna, Inc. Common Stock (MRNA) has returned 64.93% so far this year and 104.62% over the past 12 months. Looking at the last ten years, MRNA has achieved an annualized return of 8.38%, underperforming the Benchmark (SPY), which averaged 12.23% per year.
The table below presents the monthly returns of Moderna, Inc. Common Stock (MRNA) with color gradation from worst to best to easily spot seasonal factors.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 47.74% | 23.29% | -3.09% | -4.73% | ||||||||
| 2025 | -6.59% | -18.97% | -9.08% | -0.56% | -4.05% | 2.49% | 8.24% | -12.62% | 7.94% | 3.98% | -2.37% | 17.72% |
| 2024 | 1.17% | -8.58% | 15.18% | 3.78% | 28.30% | -15.03% | 1.85% | -22.27% | -13.82% | -19.02% | -20.98% | -4.04% |
| 2023 | -2.65% | -20.54% | 10.98% | -13.43% | -3.25% | -5.40% | -3.36% | -3.36% | -9.56% | -26.34% | 3.30% | 29.86% |
| 2022 | -31.48% | -12.33% | 12.97% | -22.46% | 7.76% | -2.22% | 15.61% | -19.27% | -9.82% | 25.99% | 13.66% | 3.58% |
| 2021 | 61.48% | -10.53% | -15.22% | 35.26% | 0.60% | 27.65% | 49.64% | 4.64% | 0.53% | -3.66% | 5.21% | -23.04% |
| 2020 | 4.80% | 25.51% | 10.93% | 53.04% | 26.26% | 2.31% | 17.62% | -13.46% | 11.35% | -3.02% | 124.55% | -41.20% |
| 2019 | 11.19% | 34.52% | -11.87% | 26.73% | -21.02% | -29.58% | -11.84% | 19.17% | -1.12% | 5.55% | 21.19% | -3.65% |
| 2018 | -30.59% |
The charts below present risk-adjusted performance metrics for Moderna, Inc. Common Stock (MRNA) and compare them to a Benchmark (SPY). These indicators evaluate an investment's returns against its associated risks.
The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.
These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns.
The chart below shows the rolling Sharpe ratio of MRNA compared to the benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.
The current Moderna, Inc. Common Stock volatility is 3.37%, representing the standart deviation of percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.
The Drawdowns chart displays portfolio losses from any high point along the way. It shows the maximum percentage drop from a peak to a trough over a specified period, indicating the risk of significant losses.
Although chart shows positive values, it represents the percentage drop from the peak, so a value of 10% means the portfolio has dropped 10% from its highest point.
The income statement provides a summary of a company's revenues, expenses, and profits over a specific period. It shows how much money the company earned (revenues) and how much it spent (expenses), leading to the net income or profit. This statement is crucial for understanding a company's financial performance and profitability.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Liabilities And Equity (USD) | 12.34B | 14.14B | 18.43B | 25.86B | 24.67B | 7.34B | 1.59B | 1.96B |
| Temporary Equity Attributable To Parent (USD) | - | - | - | - | - | - | - | - |
| Temporary Equity (USD) | - | - | - | - | - | - | - | - |
| Equity Attributable To Parent (USD) | 8.65B | 10.90B | 13.85B | 19.12B | 14.15B | 2.56B | 1.17B | 1.53B |
| Equity Attributable To Noncontrolling Interest (USD) | - | - | - | - | - | - | - | - |
| Equity (USD) | 8.65B | 10.90B | 13.85B | 19.12B | 14.15B | 2.56B | 1.17B | 1.53B |
| Noncurrent Liabilities (USD) | 1.70B | 1.04B | 1.56B | 1.81B | 1.40B | 386.57M | 271.50M | 209.11M |
| Other Current Liabilities (USD) | 1.25B | 1.49B | 2.25B | 4.25B | 8.70B | 4.28B | 108.60M | 168.19M |
| Wages (USD) | 420.00M | 312.00M | 245.00M | 190.00M | 126.00M | 95.25M | 27.43M | 23.41M |
| Accounts Payable (USD) | 317.00M | 405.00M | 520.00M | 487.00M | 302.00M | 18.36M | 7.09M | 31.21M |
| Current Liabilities (USD) | 1.99B | 2.21B | 3.02B | 4.92B | 9.13B | 4.39B | 143.12M | 222.80M |
| Liabilities (USD) | 3.69B | 3.24B | 4.57B | 6.74B | 10.52B | 4.78B | 414.61M | 431.91M |
| Other Non-current Assets (USD) | - | - | - | - | - | - | - | 187.17M |
| Fixed Assets (USD) | - | - | - | - | - | - | - | 211.98M |
| Noncurrent Assets (USD) | 5.79B | 6.04B | 8.10B | 12.43B | 8.60B | 1.04B | 460.62M | 399.14M |
| Other Current Assets (USD) | 6.39B | 7.98B | 10.12B | 12.48B | 14.63B | 6.24B | 1.12B | 1.55B |
| Prepaid Expenses (USD) | - | - | - | - | - | 15.65M | 8.48M | 10.40M |
| Inventory (USD) | 153.00M | 117.00M | 202.00M | 949.00M | 1.44B | 46.53M | - | - |
| Current Assets (USD) | 6.54B | 8.10B | 10.33B | 13.43B | 16.07B | 6.30B | 1.13B | 1.56B |
| Assets (USD) | 12.34B | 14.14B | 18.43B | 25.86B | 24.67B | 7.34B | 1.59B | 1.96B |
Moderna stock has surged over 70% since the start of 2026, driven by its expanding pipeline beyond its coronavirus vaccine. The biotech company is commercializing RSV and flu vaccines, advancing cancer vaccine candidates, and pursuing oncology treatments. However, with 2025 revenue of $1.9 billion and a $2.8 billion net loss, the analyst suggests waiting for a dip before investing, as the stock may have advanced too quickly.
Pfizer and Moderna, both pandemic-era vaccine leaders, face declining COVID vaccine sales but are pursuing new product pipelines. Moderna offers higher upside potential with its mRNA-based cancer and flu vaccines, having gained 69% this year, but carries significant downside risk. Pfizer, the larger and more stable company with a 6.3% dividend yield, provides lower volatility and financial flexibility to weather setbacks. The choice depends on investor risk tolerance.
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Moderna reached a $950 million settlement agreement with Arbutus Biopharma and Roivant's Genevant Sciences, resolving litigation related to its COVID-19 vaccine Spikevax and mRESVIA product. The settlement clears a major legal overhang, allowing the company to focus on future growth. Moderna expects to end 2026 with $4.5-5 billion in cash and aims for breakeven in 2028. The stock surged 8.85% in premarket trading as the settlement value was better than investors' worst-case fears.
Moderna faces a transition period as it shifts from pandemic-era coronavirus vaccine dominance to building a seasonal vaccine franchise and expanding into oncology and rare diseases. While the company recently received FDA approval to review its flu vaccine candidate after an initial rejection, it continues to navigate declining vaccine sales and reduced government funding. The stock surged 50% in January on turnaround optimism, and the company expects seasonal vaccine growth to drive cash breakeven by 2028.
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Billionaire Philippe Laffont, founder of Coatue Management, sold his entire CoreWeave position in Q4 2025 after gaining approximately 80% returns since the company's IPO in March 2025. Simultaneously, he opened a small position in Moderna by purchasing 200,000 shares. Moderna stock surged nearly 50% in January 2026 as the biotech company pivots toward long-term growth through its respiratory vaccine franchise and pipeline candidates in oncology and rare diseases.