MRNA Moderna, Inc. - Common Stock
About Moderna, Inc. - Common Stock Company overview from Wikipedia
Moderna, Inc. is an American pharmaceutical and biotechnology company based in Cambridge, Massachusetts, that focuses on RNA therapeutics, primarily mRNA vaccines. These vaccines use a copy of a molecule called messenger RNA (mRNA) to carry instructions for proteins to produce an immune response. The company's name is derived from the terms "modified", "RNA", and "modern".
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Moderna, Inc. ( mə-DUR-nə) is an American pharmaceutical and biotechnology company based in Cambridge, Massachusetts, that focuses on RNA therapeutics, primarily mRNA vaccines. These vaccines use a copy of a molecule called messenger RNA (mRNA) to carry instructions for proteins to produce an immune response. The company's name is derived from the terms "modified", "RNA", and "modern".
The company's commercial products are the Moderna COVID-19 vaccine sold under the brand names Spikevax and Mnexspike, a respiratory syncytial virus vaccine sold under the brand name Mresvia, and an influenza vaccine sold under the brand name Mflusiva. The company has 44 treatment and vaccine candidates, of which 37 have entered clinical trials. Candidates include possible vaccines for influenza, HIV, Epstein–Barr virus, the Nipah virus, chikungunya, human metapneumovirus, varicella zoster virus, as well as a cytomegalovirus vaccine, a Zika virus vaccine funded by the Biomedical Advanced Research and Development Authority, and three cancer vaccines.
In 2026, Time ranked Moderna as number one in their World's Most Impactful Companies list.
History
Moderna was founded in 2010 by Derrick Rossi, Timothy A. Springer, Kenneth R. Chien, Robert S. Langer, and Noubar Afeyan. Stéphane Bancel was appointed as CEO in 2011. Between 2011 and 2017, Moderna raised US$2 billion in venture capital funding. In 2024, Bancel also led marketing for the company during a transition.
Product development
In 2013, the company formed a partnership with AstraZeneca to develop treatments for cardiovascular, metabolic, and renal diseases, as well as cancer. Moderna was also awarded a $25 million grant by DARPA through a program Autonomous Diagnostics to Enable Prevention and Therapeutics: Prophylactic Options to Environmental and Contagious Threats (ADEPT-PROTECT). Its stated goal was to develop an mRNA vaccine with the capability to suppress a global pandemic within 60 days. In January 2014, the company entered an agreement with Alexion Pharmaceuticals to develop treatments against ten diseases. In January 2014, Moderna created its first venture, Onkaido Therapeutics, to focus "exclusively on developing mRNA-based oncology treatments." It launched its second venture, Valera, in January 2015, with a focus on "viral, bacterial and parasitic infectious diseases." Employees of Valera and Moderna developed an mRNA vaccine candidate against Zika virus infection. Another venture, Elpidera, was announced in May 2015 to continue work on RNA therapies advancing Moderna's work with Alexion.
In 2015, the company formed a partnership with Merck to develop treatments for cancer, and in 2016, the company formed a partnership with Vertex Pharmaceuticals to develop treatments for cystic fibrosis. In January 2016, the Bill & Melinda Gates Foundation committed to provide at least $20 million in grant funding to the company. In 2017, Alexion terminated its partnership with Moderna after safety issues prevented their work from reaching human trials.
In July 2018, the company opened a 200,000 square foot facility in Norwood, Massachusetts for manufacturing, preclinical and clinical work. In December 2018, Moderna became a public company via the largest initial public offering of a biotechnology company in history, raising $621 million by selling 27 million shares at $23 per share.
The first mRNA vaccine developed by Moderna was for influenza in 2015, and its first antibody encoded by mRNA was in 2019. In 2023, Moderna acquired OriCiro Genomics, a Japanese manufacturer of genetic engineering tools, in its first acquisition.
In early 2023, the company in collaboration with Merck won breakthrough status from the FDA for its mRNA-4157/V940 drug candidate, a cancer vaccine.
In July 2023, the company entered into an agreement with the Chinese government to develop mRNA drugs for exclusive use in China.
In May 2024, mResvia, a mRNA respiratory syncytial virus vaccine, was approved for medical use in the United States by the Food and Drug Administration (FDA) for the prevention of lower respiratory tract disease caused by respiratory syncytial virus in individuals 60 years of age and older, the third respiratory syncytial virus vaccine approved in the United States.
In August 2026, Mflusiva, an mRNA vaccine against influenza, intended for individuals aged 50 years of age and older, was approved for medical use in the United States.
COVID-19 vaccine
From 2020 to 2021, Moderna received $955 million from Operation Warp Speed to accelerate development of its COVID-19 vaccine, with $4.9 billion committed in total for producing 300 million vaccine doses.
In March 2020, the US Food and Drug Administration (FDA) approved clinical trials for the Moderna COVID‑19 vaccine candidate, and in December 2020, the vaccine, mRNA-1273, was issued an emergency use authorization in the United States. In 2022, it gained FDA approval both for the monovalent vaccine, Spikevax, and a bivalent booster.
In April 2022, Moderna announced plans to build a $180 million vaccine factory in Montreal, Canada, forming a 10-year partnership with the Government of Canada, Quebec, and McGill University to produce 100 million Spikevax doses annually and expand vaccine research capabilities. The plant is scheduled to supply COVID-19 vaccines in the fall of 2025.
In February 2023, the company agreed to pay $400 million to the National Institutes of Health, Dartmouth College, and Scripps Research to settle a dispute over the rights to a chemical technique that was used in the vaccine.
Legal disputes
Arbutus Biopharma filed a patent infringement lawsuit against Moderna in 2022, alleging that Arbutus developed lipid nanoparticles that enclose the Moderna vaccine's mRNA payload. In April 2023, a court affirmed a decision to cancel a patent by Arbutus Biopharma in connection with the dispute. In April 2024, however, the court issued an order that strengthened Arbutus's arguments by interpreting patents at issue in the manner Arbutus had urged.
Several legal cases between Moderna and Pfizer and BioNTech in various countries, alleging that the Pfizer–BioNTech COVID-19 vaccine violates the patent on Moderna's mRNA vaccine technology, are ongoing.
In November 2024, the British pharmaceutical company GSK plc filed a lawsuit against Moderna Inc. in a US federal court in the state of Delaware, seeking unspecified royalties alleging that the Moderna COVID-19 vaccine and RSV vaccine mResvia infringe on GSK's patents related to messenger RNA (mRNA) technology. According to the complaint, Moderna's use of lipid nanoparticles—crucial for delivering fragile mRNA into the human body—violates several GSK patents covering similar delivery innovations. This lawsuit follows a similar legal action GSK brought against Pfizer and BioNTech earlier in 2024, claiming patent infringement over their mRNA-based COVID-19 vaccine.
== Financial data ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
MRNA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
MRNA Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
MRNA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 2 6.7%
- Buy 7 23.3%
- Hold 18 60.0%
- Sell 2 6.7%
- Strong Sell 1 3.3%
12-Month Price Target
19 analysts · 2026-08-19Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.97 | $-2.12 | 0.15% |
| March 31, 2026 | $-3.40 | $-4.04 | 0.64% |
| Dec. 31, 2025 | $-2.11 | $-2.70 | 0.59% |
| Sept. 30, 2025 | $-0.51 | $-2.15 | 1.6% |
| June 30, 2025 | $-2.13 | $-3.03 | 0.90% |
| March 31, 2025 | $-2.52 | $-3.20 | 0.68% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MRNA | $11.62B | -4.1 | -39.9% | -145.2% | -31.3% | — |
| NTRA | $32.00B | -150.7 | 35.9% | -9.0% | -14.1% | — |
| RVMD | — | — | — | — | — | — |
| BIIB | $25.84B | 20.0 | 2.2% | 13.1% | 7.2% | — |
| ALNY | $52.64B | 170.7 | 65.2% | 8.5% | 60.4% | — |
| INSM | $37.29B | -27.1 | 66.7% | -210.5% | -128.4% | — |
| INCY | $19.60B | 15.4 | 21.2% | 25.0% | 27.6% | — |
| UTHR | $21.27B | 17.5 | 10.6% | 41.9% | 18.7% | 87.9% |
| NBIX | $14.20B | 30.4 | 21.4% | 16.7% | 16.1% | — |
| BBIO | $14.90B | -20.2 | 126.3% | -146.0% | 41.2% | — |
| BMRN | $11.43B | 33.0 | 12.9% | 10.8% | 5.8% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.94B | $3.24B | $6.85B | $19.26B | $18.47B | $803M | $60M | $135M | $206M | |
| Cost of Revenue | $868M | $1.46B | $4.69B | $5.42B | $2.62B | $8M | $0 | $0 | · | |
| R&D Expense | $3.13B | $4.54B | $4.84B | $3.29B | $1.99B | $1.37B | $496M | $454M | $410M | |
| SG&A Expense | $1.02B | $1.17B | $1.55B | $1.13B | $567M | $188M | $110M | $94M | $65M | |
| Operating Expenses | $5.02B | $7.18B | $11.09B | $9.84B | $5.17B | $1.57B | $606M | $548M | $475M | |
| Operating Income | $-3.07B | $-3.94B | $-4.24B | $9.42B | $13.30B | $-763M | $-546M | $-413M | $-269M | |
| Interest Income | $314M | $425M | $421M | $200M | $18M | $25M | $39M | $27M | $15M | |
| Other Non-op | $-8M | $-87M | $-124M | $-45M | $-29M | $-6M | $-8M | $2M | $-2M | |
| Pretax Income | $-2.77B | $-3.61B | $-3.94B | $9.57B | $13.29B | $-744M | $-515M | $-384M | $-256M | |
| Income Tax | $54M | $-46M | $772M | $1.21B | $1.08B | $3M | $-1M | $326.0K | $-80.0K | |
| Net Income | $-2.82B | $-3.56B | $-4.71B | $8.36B | $12.20B | $-747M | $-514M | $-385M | $-256M | |
| EPS (Basic) | $-7.26 | $-9.28 | $-12.33 | $21.26 | $30.31 | $-1.96 | $-1.55 | · | · | |
| EPS (Diluted) | $-7.26 | $-9.28 | $-12.33 | $20.12 | $28.29 | $-1.96 | $-1.55 | · | · | |
| Shares (Basic) | 389,000,000 | 384,000,000 | 382,000,000 | 394,000,000 | 403,000,000 | 381,000,000 | 331,000,000 | · | · | |
| Shares (Diluted) | 389,000,000 | 384,000,000 | 382,000,000 | 416,000,000 | 431,000,000 | 381,000,000 | 331,000,000 | · | · | |
| EBITDA | $-2.86B | $-3.76B | $-3.62B | $9.77B | $13.53B | $-732M | $-515M | · | · |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.60B | $1.93B | $2.91B | $3.21B | $6.85B | $2.62B | $236M | $658M | $135M | |
| Receivables | $184M | $358M | $892M | $1.39B | $3.17B | $1.39B | $5M | $12M | $12M | |
| Inventory | $153M | $117M | $202M | $949M | $1.44B | $47M | $0 | · | · | |
| Prepaid Expense | $408M | $599M | $627M | $1.20B | $728M | $252M | $19M | $28M | $13M | |
| Other Current Assets | $45M | $58M | $88M | $44M | $26M | $11M | · | · | · | |
| Current Assets | $6.54B | $8.10B | $10.32B | $13.43B | $16.07B | $6.30B | $1.13B | $1.56B | $783M | |
| PP&E (Net) | · | · | · | · | · | · | · | $212M | $139M | |
| PP&E (Gross) | · | · | · | · | · | · | · | $276M | $187M | |
| Accum. Depreciation | · | · | · | · | · | · | · | $64M | $48M | |
| Goodwill | $52M | $52M | $52M | $0 | · | · | · | · | · | |
| Intangibles | $45M | $40M | $44M | $0 | · | · | · | · | · | |
| Other Non-current Assets | $605M | $594M | $766M | $988M | $46M | $2M | $2M | $3M | $5M | |
| Total Assets | $12.34B | $14.14B | $18.43B | $25.86B | $24.67B | $7.34B | $1.59B | $1.96B | $1.08B | |
| Accounts Payable | $317M | $405M | $520M | $487M | $302M | $18M | $7M | $31M | $21M | |
| Accrued Liabilities | $1.39B | $1.43B | $1.80B | $2.10B | $1.47B | $470M | $68M | $79M | $73M | |
| Current Liabilities | $1.99B | $2.21B | $3.02B | $4.92B | $9.13B | $4.39B | $143M | $223M | $191M | |
| Capital Leases | $653M | $671M | $643M | $92M | $106M | $97M | $94M | · | · | |
| Deferred Tax | $249M | $231M | $235M | · | · | · | · | · | · | |
| Other Non-current Liabilities | $285M | $267M | $256M | $135M | $76M | $3M | $138.0K | $258.0K | $2M | |
| Total Liabilities | $3.69B | $3.24B | $4.57B | $6.74B | $10.52B | $4.78B | $415M | $432M | $459M | |
| Total Debt | $590M | · | · | · | · | · | · | · | · | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $34.0K | $33.0K | $6.0K | |
| Paid-in Capital | $1.38B | $866M | $371M | $1.17B | $4.21B | $4.80B | $2.67B | $2.54B | $72M | |
| Retained Earnings | $7.22B | $10.04B | $13.61B | $18.32B | $9.96B | $-2.24B | $-1.50B | $-1.01B | $-622M | |
| AOCI | $45M | $-10M | $-123M | $-370M | $-24M | $3M | $2M | $-1M | $-1M | |
| Stockholders' Equity | $8.65B | $10.90B | $13.85B | $19.12B | $14.14B | $2.56B | $1.18B | $1.53B | $-551M | |
| Liabilities + Equity | $12.34B | $14.14B | $18.43B | $25.86B | $24.67B | $7.34B | $1.59B | $1.96B | $1.08B | |
| Shares Outstanding | 394,000,000 | 386,000,000 | 382,000,000 | 385,000,000 | 403,000,000 | 399,000,000 | 336,536,985 | 328,798,904 | 65,206,999 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $211M | $185M | $617M | $348M | $232M | $31M | $31M | $25M | $21M | |
| Stock-based Comp | $483M | $429M | $305M | $226M | $142M | $93M | $81M | $73M | $40M | |
| Deferred Tax | $10M | $-1M | $901M | $-578M | $-296M | $0 | $-1M | $0 | $0 | |
| Other Non-cash | $245M | $-56M | $-227M | $-3.38B | $1.34B | $2.65B | $-56M | · | · | |
| Operating Cash Flow | $-1.87B | $-3.00B | $-3.12B | $4.98B | $13.62B | $2.03B | $-459M | $-331M | $-331M | |
| CapEx | $192M | $1.05B | $707M | $400M | $284M | $68M | $32M | $106M | $58M | |
| Investing Cash Flow | $1.95B | $1.95B | $4.21B | $-5.18B | $-8.52B | $-1.67B | $-15M | $-373M | $417M | |
| Stock Issued | · | · | · | $0 | $0 | $1.85B | $0 | $563M | · | |
| Stock Repurchased | $2M | $0 | $1.15B | $3.33B | $857M | $0 | $0 | · | · | |
| Net Stock Activity | $-2M | $0 | $-1.15B | $-3.33B | $-857M | $1.85B | · | · | · | |
| Financing Cash Flow | $593M | $56M | $-1.38B | $-3.45B | $-873M | $2.03B | $52M | $1.23B | $168.0K | |
| Net Change in Cash | $668M | $-999M | $-289M | $-3.64B | $4.22B | $2.39B | $-422M | $523M | $86M | |
| Taxes Paid | $26M | $197M | $-357M | $2.73B | $480M | $1M | $0 | $294.0K | $398.0K | |
| Free Cash Flow | $-2.06B | $-4.05B | $-3.83B | $4.58B | $13.34B | $1.96B | $-491M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -158.1% | -121.9% | -61.9% | 48.9% | 72.0% | -95.0% | -906.4% | · | · | |
| Net Margin | -145.2% | -110.0% | -68.8% | 43.4% | 66.1% | -93.0% | -853.7% | · | · | |
| Pretax Margin | -142.4% | -111.5% | -57.6% | 49.7% | 71.9% | -92.7% | -854.9% | · | · | |
| EBITDA Margin | -147.3% | -116.2% | -52.9% | 50.7% | 73.2% | -91.1% | -854.9% | · | · | |
| ROA | -21.3% | -21.9% | -21.3% | 33.1% | 76.2% | -16.7% | -28.5% | · | · | |
| ROE | -31.3% | -31.2% | -34.5% | 45.1% | 100.6% | -28.1% | -42.4% | · | · | |
| ROIC | -33.9% | -35.7% | -36.6% | 43.0% | 86.3% | -29.9% | -46.4% | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.3 | 3.7 | 3.4 | 2.7 | 1.8 | 1.4 | 7.9 | · | · | |
| Quick Ratio | 1.4 | 1.0 | 1.3 | 0.9 | 1.1 | 0.9 | 1.7 | · | · | |
| Debt / Equity | 0.1 | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.1 | · | · | · | · | · | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.2 | 0.3 | 0.8 | 1.2 | 0.2 | 0.0 | · | · | |
| Inventory Turnover | 6.4 | 9.2 | 8.2 | 4.5 | 3.5 | 0.3 | · | · | · | |
| Receivables Turnover | 7.2 | 5.2 | 6.0 | 8.4 | 8.1 | 1.2 | 8.6 | · | · |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -39.9% | -52.8% | -64.5% | 4.3% | 2200.2% | · | · | · | · | |
| Revenue CAGR 3Y | -53.4% | -44.0% | 104.3% | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 19.3% | · | · | · | · | · | · | · | · | |
| EPS YoY | · | · | · | -28.9% | · | · | · | · | · | |
| Net Income YoY | · | · | · | -31.5% | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.94B | $3.24B | $6.85B | $19.26B | $18.47B | $803M | $60M | $135M | · | |
| Net Income TTM | $-2.82B | $-3.56B | $-4.71B | $8.36B | $12.20B | $-747M | $-514M | $-385M | · | |
| Market Cap | $11.62B | $16.05B | $37.99B | $69.15B | $102.35B | $41.66B | $6.58B | · | · | |
| Enterprise Value | $9.61B | · | · | · | · | · | · | · | · | |
| P/E | -4.1 | -4.5 | -8.1 | 8.9 | 9.0 | -53.3 | -12.6 | · | · | |
| P/S | 6.0 | 5.0 | 5.5 | 3.6 | 5.5 | 51.9 | 109.7 | · | · | |
| P/B | 1.3 | 1.5 | 2.7 | 3.6 | 7.2 | 16.3 | 5.6 | · | · | |
| P / Tangible Book | 1.4 | 1.5 | 2.8 | 3.6 | 7.2 | 16.3 | · | · | · | |
| P / Cash Flow | -6.2 | -5.3 | -12.2 | 13.9 | 7.5 | 20.6 | -14.3 | · | · | |
| P / FCF | -5.6 | -4.0 | -9.9 | 15.1 | 7.7 | 21.3 | -13.4 | · | · | |
| EV / EBITDA | -3.4 | · | · | · | · | · | · | · | · | |
| EV / FCF | -4.7 | · | · | · | · | · | · | · | · | |
| EV / Revenue | 4.9 | · | · | · | · | · | · | · | · | |
| Earnings Yield | -24.6% | -22.3% | -12.4% | 11.2% | 11.1% | -1.9% | -7.9% | · | · |
Income Statement 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $145M | $389M | $678M | $1.02B | $142M | $108M | $966M | $1.86B | $241M | $167M | $2.81B | $1.83B | $344M | $1.86B | $5.08B | $3.36B | |
| Cost of Revenue | $93M | $955M | $452M | $207M | $119M | $90M | $739M | $514M | $115M | $96M | $929M | $2.24B | $731M | $792M | $1.92B | $1.10B | |
| R&D Expense | $651M | $649M | $775M | $801M | $700M | $856M | $1.12B | $1.14B | $1.22B | $1.06B | $1.41B | $1.16B | $1.15B | $1.13B | $1.21B | $820M | |
| SG&A Expense | $216M | $173M | $308M | $268M | $230M | $212M | $351M | $281M | $268M | $274M | $470M | $442M | $332M | $305M | $375M | $278M | |
| Operating Expenses | $960M | $1.78B | $1.53B | $1.28B | $1.05B | $1.16B | $2.21B | $1.93B | $1.60B | $1.43B | $2.81B | $3.84B | $2.21B | $2.23B | $3.50B | $2.20B | |
| Operating Income | $-815M | $-1.39B | $-857M | $-260M | $-907M | $-1.05B | $-1.25B | $-70M | $-1.36B | $-1.27B | $6M | $-2.01B | $-1.87B | $-366M | $1.58B | $1.17B | |
| Interest Income | $67M | $72M | $70M | $73M | $81M | $90M | $91M | $103M | $111M | $120M | $103M | $105M | $104M | $109M | $87M | $58M | |
| Other Non-op | $-19M | $-18M | $-12M | $0 | $8M | $-4M | $-29M | $-12M | $-27M | $-19M | $-39M | $-51M | $14M | $-48M | $-12M | $-7M | |
| Pretax Income | $-767M | $-1.33B | $-799M | $-187M | $-818M | $-964M | $-1.18B | $21M | $-1.28B | $-1.17B | $70M | $-1.96B | $-1.75B | $-305M | $1.66B | $1.22B | |
| Income Tax | $15M | $9M | $27M | $13M | $7M | $7M | $-64M | $8M | $0 | $10M | $-147M | $1.67B | $-369M | $-384M | $190M | $174M | |
| Net Income | $-782M | $-1.34B | $-826M | $-200M | $-825M | $-971M | $-1.12B | $13M | $-1.28B | $-1.18B | $217M | $-3.63B | $-1.38B | $79M | $1.47B | $1.04B | |
| EPS (Basic) | $-1.97 | $-3.40 | $-2.10 | $-0.51 | $-2.13 | $-2.52 | $-2.91 | $0.03 | $-3.33 | $-3.07 | $0.62 | $-9.53 | $-3.62 | $0.20 | $3.95 | $2.67 | |
| EPS (Diluted) | $-1.97 | $-3.40 | $-2.10 | $-0.51 | $-2.13 | $-2.52 | $-2.91 | $0.03 | $-3.33 | $-3.07 | $0.63 | $-9.53 | $-3.62 | $0.19 | $3.77 | $2.53 | |
| Shares (Basic) | 398,000,000 | 395,000,000 | -775,000,000 | 390,000,000 | 388,000,000 | 386,000,000 | -767,000,000 | 385,000,000 | 384,000,000 | 382,000,000 | -766,000,000 | 381,000,000 | 381,000,000 | 386,000,000 | -794,000,000 | 390,000,000 | |
| Shares (Diluted) | 398,000,000 | 395,000,000 | -775,000,000 | 390,000,000 | 388,000,000 | 386,000,000 | -781,000,000 | 399,000,000 | 384,000,000 | 382,000,000 | -785,000,000 | 381,000,000 | 381,000,000 | 405,000,000 | -841,000,000 | 412,000,000 | |
| EBITDA | $-759M | $-1.33B | · | $-209M | $-851M | $-1.01B | · | $-19M | $-1.32B | $-1.23B | · | $-1.77B | $-1.78B | $-288M | · | $1.28B |
Balance Sheet 25
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.72B | $1.91B | $2.60B | $1.13B | $1.28B | $1.62B | $1.93B | $1.64B | $2.48B | $2.05B | $2.91B | $2.93B | $3.80B | $3.44B | $3.21B | $3.03B | |
| Receivables | $17M | $71M | $184M | $1.05B | $36M | $78M | $358M | $1.56B | $163M | $137M | · | $1.87B | $232M | $1.11B | · | $2.69B | |
| Inventory | $280M | $146M | $153M | $332M | $240M | $128M | $117M | $412M | $399M | $295M | · | $487M | $715M | $732M | · | $2.08B | |
| Prepaid Expense | $380M | $348M | $408M | $716M | $764M | $585M | $599M | $823M | $611M | $645M | · | $873M | $1.19B | $1.35B | · | $1.18B | |
| Other Current Assets | $42M | $51M | $45M | $56M | $57M | $69M | $58M | $46M | $31M | $68M | · | $96M | $53M | $64M | · | $85M | |
| Current Assets | $5.82B | $5.77B | $6.54B | $6.60B | $6.17B | $6.77B | $8.10B | $9.67B | $9.66B | $9.60B | · | $10.80B | $10.60B | $12.12B | · | $14.30B | |
| Goodwill | $52M | $52M | $52M | $52M | $52M | $52M | $52M | $52M | $52M | $52M | · | $52M | $52M | $52M | · | · | |
| Intangibles | $109M | $116M | $45M | $47M | $48M | $49M | $40M | $41M | $42M | $43M | · | $45M | $46M | $48M | · | · | |
| Other Non-current Assets | $618M | $675M | $605M | $530M | $546M | $556M | $594M | $556M | $641M | $650M | · | $661M | $1.29B | $1.16B | · | $38M | |
| Total Assets | $10.96B | $11.49B | $12.34B | $12.13B | $12.01B | $12.70B | $14.14B | $15.80B | $15.68B | $16.73B | · | $19.45B | $21.88B | $24.12B | · | $26.06B | |
| Accounts Payable | $167M | $161M | $317M | $267M | $175M | $226M | $405M | $373M | $279M | $183M | · | $494M | $310M | $389M | · | $330M | |
| Accrued Liabilities | $1.91B | $1.91B | $1.39B | $1.18B | $987M | $1.00B | $1.43B | $1.38B | $1.33B | $1.40B | · | $2.22B | $1.49B | $1.61B | · | $1.86B | |
| Current Liabilities | $2.53B | $2.40B | $1.99B | $1.68B | $1.57B | $1.60B | $2.21B | $2.20B | $2.36B | $2.38B | · | $4.38B | $3.12B | $3.50B | · | $6.81B | |
| Capital Leases | $638M | $645M | $653M | $660M | $666M | $667M | $671M | $679M | $668M | $637M | · | $697M | $104M | $96M | · | $79M | |
| Deferred Tax | $255M | $253M | $249M | $239M | $237M | $234M | $231M | $241M | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $284M | $283M | $285M | $281M | $276M | $274M | $267M | $276M | $266M | $262M | · | $172M | $173M | $163M | · | $81M | |
| Total Liabilities | $4.20B | $4.08B | $3.69B | $2.81B | $2.61B | $2.64B | $3.24B | $3.88B | $3.97B | $3.91B | · | $6.00B | $4.93B | $5.26B | · | $8.06B | |
| Total Debt | $591M | $590M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Paid-in Capital | $1.64B | $1.50B | $1.38B | $1.25B | $1.13B | $982M | $866M | $751M | $631M | $487M | · | $277M | $193M | $731M | · | $1.49B | |
| Retained Earnings | $5.10B | $5.88B | $7.22B | $8.05B | $8.25B | $9.07B | $10.04B | $11.16B | $11.15B | $12.43B | · | $13.39B | $17.02B | $18.40B | · | $16.86B | |
| AOCI | $19M | $25M | $45M | $27M | $23M | $10M | $-10M | $11M | $-71M | $-101M | · | $-211M | $-263M | $-267M | · | $-351M | |
| Stockholders' Equity | $6.76B | $7.41B | $8.65B | $9.33B | $9.40B | $10.07B | $10.90B | $11.93B | $11.71B | $12.82B | $13.85B | $13.46B | $16.95B | $18.86B | $19.12B | $17.99B | |
| Liabilities + Equity | $10.96B | $11.49B | $12.34B | $12.13B | $12.01B | $12.70B | $14.14B | $15.80B | $15.68B | $16.73B | · | $19.45B | $21.88B | $24.12B | · | $26.06B | |
| Shares Outstanding | 399,000,000 | 397,000,000 | 394,000,000 | 391,000,000 | 389,000,000 | 387,000,000 | 386,000,000 | 385,000,000 | 384,000,000 | 383,000,000 | 382,000,000 | 381,000,000 | 381,000,000 | 384,000,000 | 385,000,000 | 387,000,000 |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $56M | $56M | $66M | $51M | $56M | $38M | $59M | $51M | $40M | $35M | $203M | $246M | $90M | $78M | $80M | $113M | |
| Stock-based Comp | $120M | $104M | $113M | $125M | $130M | $115M | $104M | $112M | $112M | $101M | $79M | $77M | $74M | $75M | $62M | $70M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $-105M | $-97M | |
| Other Non-cash | · | $553M | · | · | · | $-219M | · | · | · | $50M | · | · | · | $-1.46B | · | · | |
| Operating Cash Flow | $-526M | $-630M | $930M | $-847M | $-919M | $-1.04B | $825M | $-1.57B | $-1.27B | $-989M | $622M | $-1.60B | $-915M | $-1.23B | $1.66B | $252M | |
| CapEx | $37M | $62M | $39M | $33M | $3M | $117M | $522M | $151M | $182M | $196M | $220M | $140M | $234M | $113M | $92M | $89M | |
| Investing Cash Flow | $329M | $-76M | $-48M | $700M | $564M | $730M | $-539M | $721M | $1.65B | $118M | $-538M | $789M | $1.94B | $2.01B | $-1.05B | $945M | |
| Stock Repurchased | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $-1M | $628M | $526M | $402M | $1.01B | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $-526M | · | · | |
| Financing Cash Flow | $14M | $17M | $581M | $-1M | $9M | $4M | $-3M | $11M | $34M | $14M | $-109M | $-58M | $-668M | $-542M | $-438M | $-1.04B | |
| Net Change in Cash | $-185M | $-688M | $1.46B | $-147M | $-345M | $-303M | $282M | $-833M | $409M | $-857M | $-25M | $-869M | $361M | $244M | $176M | $156M | |
| Free Cash Flow | · | $-692M | · | · | · | $-1.15B | · | · | · | $-1.19B | · | · | · | $-1.34B | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -562.1% | -356.8% | · | -25.6% | -638.7% | -972.2% | · | -3.8% | -565.6% | -758.1% | · | -109.9% | -542.7% | -19.7% | · | 34.7% | |
| Net Margin | -539.3% | -345.2% | · | -19.7% | -581.0% | -899.1% | · | 0.70% | -530.7% | -703.6% | · | -198.2% | -401.2% | 4.2% | · | 31.0% | |
| Pretax Margin | -529.0% | -342.9% | · | -18.4% | -576.1% | -892.6% | · | 1.1% | -530.7% | -697.6% | · | -106.9% | -508.4% | -16.4% | · | 36.2% | |
| EBITDA Margin | -523.4% | -342.4% | · | -20.6% | -599.3% | -937.0% | · | -1.0% | -549.0% | -737.1% | · | -96.5% | -516.6% | -15.5% | · | 38.0% | |
| ROA | -6.8% | -11.1% | · | -1.4% | -6.0% | -6.6% | · | 0.07% | -6.8% | -5.8% | · | -16.0% | -5.8% | 0.31% | · | 4.4% | |
| ROE | -9.7% | -15.4% | · | -1.9% | -7.8% | -8.5% | · | 0.10% | -8.9% | -7.4% | · | -23.1% | -7.9% | 0.44% | · | 7.4% | |
| ROIC | -11.3% | -17.5% | · | -3.0% | -9.7% | -10.5% | · | -0.36% | -11.6% | -10.0% | · | -27.7% | -8.7% | 0.50% | · | 5.5% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.3 | 2.4 | · | 3.9 | 3.9 | 4.2 | · | 4.4 | 4.1 | 4.0 | · | 2.5 | 3.4 | 3.5 | · | 2.1 | |
| Quick Ratio | 0.7 | 0.8 | · | 1.3 | 0.8 | 1.1 | · | 1.5 | 1.1 | 0.9 | · | 1.1 | 1.3 | 1.3 | · | 0.8 | |
| Debt / Equity | 0.1 | 0.1 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 0.1 | 0.1 | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.1 | 0.0 | 0.0 | · | 0.1 | 0.0 | 0.0 | · | 0.1 | 0.0 | 0.1 | · | 0.1 | |
| Inventory Turnover | 0.4 | 7.0 | · | 0.6 | 0.4 | 0.4 | · | 1.1 | 0.2 | 0.2 | · | 1.7 | 0.6 | 0.6 | · | 0.7 | |
| Receivables Turnover | 5.5 | 5.2 | · | 0.8 | 1.4 | 1.0 | · | 1.1 | 1.2 | 0.3 | · | 0.8 | 0.2 | 0.9 | · | 1.2 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.69B | $1.66B | · | $3.13B | $2.35B | $2.38B | · | $4.10B | $2.58B | $4.20B | · | $7.40B | $10.32B | $16.04B | · | $19.15B | |
| Net Income TTM | $-3.15B | $-3.34B | · | $-1.98B | $-3.06B | $-3.41B | · | $-6.07B | $-7.46B | $-6.11B | · | $-3.89B | $1.94B | $6.98B | · | $10.23B | |
| Market Cap | $27.94B | $20.17B | · | $10.10B | $10.73B | $10.97B | · | $25.73B | $45.60B | $40.81B | · | $39.35B | $46.29B | $58.97B | · | $45.76B | |
| Enterprise Value | $26.81B | $18.85B | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | -8.7 | -5.9 | · | -5.0 | -3.5 | -3.2 | · | -4.2 | -6.1 | -6.6 | · | -9.9 | 28.0 | 9.3 | · | 4.9 | |
| P/S | 16.5 | 12.2 | · | 3.2 | 4.6 | 4.6 | · | 6.3 | 17.7 | 9.7 | · | 5.3 | 4.5 | 3.7 | · | 2.4 | |
| P/B | 4.1 | 2.7 | · | 1.1 | 1.1 | 1.1 | · | 2.2 | 3.9 | 3.2 | · | 2.9 | 2.7 | 3.1 | · | 2.5 | |
| P / Tangible Book | 4.2 | 2.8 | · | 1.1 | 1.2 | 1.1 | · | 2.2 | 3.9 | 3.2 | · | 2.9 | 2.7 | 3.1 | · | 2.5 | |
| P / Cash Flow | · | -32.0 | · | · | · | -10.6 | · | · | · | -41.3 | · | · | · | -48.1 | · | · | |
| P / FCF | · | -29.1 | · | · | · | -9.5 | · | · | · | -34.4 | · | · | · | -44.1 | · | · | |
| EV / EBITDA | -35.3 | -14.2 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | · | -27.2 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 15.8 | 11.4 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -11.4% | -16.9% | · | -19.9% | -28.8% | -31.4% | · | -23.8% | -16.5% | -15.0% | · | -10.1% | 3.6% | 10.8% | · | 20.3% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $1.94B | $3.24B | $6.85B | $19.26B | $18.47B |
| Operating Margin % | -158.1% | -121.9% | -61.9% | 48.9% | 72.0% |
| Net Income | $-2.82B | $-3.56B | $-4.71B | $8.36B | $12.20B |
| Diluted EPS | $-7.26 | $-9.28 | $-12.33 | $20.12 | $28.29 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.1 | — | — | — | — |
| Current Ratio | 3.3 | 3.7 | 3.4 | 2.7 | 1.8 |
| Quick Ratio | 1.4 | 1.0 | 1.3 | 0.9 | 1.1 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-2.06B | $-4.05B | $-3.83B | $4.58B | $13.34B |
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Institutional owners (13F) 905 filers · $16.1B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 154 (-9 vs prior Q) | 75 (-6 vs prior Q) | 244 (-10 vs prior Q) | 273 (+54 vs prior Q) | +21.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| FMR LLC | $2,740,775,945 | 39,137,169 | 17.05% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,625,311,704 | 23,208,792 | 10.11% | Shares |
| Capital World Investors | $1,560,053,964 | 22,276,996 | 9.70% | Shares |
| STATE STREET CORP | $1,101,305,296 | 15,726,193 | 6.85% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,091,159,349 | 15,581,313 | 6.79% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $597,447,261 | 8,548,380 | 3.72% | Shares |
| TWO SIGMA INVESTMENTS, LP | $503,762,906 | 7,193,530 | 3.13% | Shares |
| Flagship Pioneering, LLC | $324,114,597 | 4,628,225 | 2.02% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $306,529,714 | 4,377,120 | 1.91% | Shares |
| JANE STREET GROUP, LLC | $290,778,566 | 4,152,200 | 1.81% | Put option |
| TWO SIGMA ADVISERS, LP | $227,948,853 | 7,729,700 | 1.42% | Shares |
| JANE STREET GROUP, LLC | $214,536,905 | 3,063,500 | 1.33% | Call option |
| CITADEL ADVISORS LLC | $211,924,786 | 3,026,200 | 1.32% | Call option |
| NORGES BANK | $211,915,962 | 3,026,074 | 1.32% | Shares |
| CITADEL ADVISORS LLC | $203,913,354 | 2,911,800 | 1.27% | Put option |
| BANQUE PICTET & CIE SA | $189,039,122 | 2,699,402 | 1.18% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $167,217,424 | 2,387,797 | 1.04% | Shares |
| Merck & Co., Inc. | $161,642,545 | 2,308,190 | 1.01% | Shares |
| BAMCO INC /NY/ | $139,316,702 | 1,989,386 | 0.87% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $139,193,519 | 1,987,627 | 0.87% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $137,687,594 | 1,966,124 | 0.86% | Shares |
| LMR Partners LLP | $136,117,311 | 1,943,700 | 0.85% | Put option |
| Toroso Investments, LLC | $115,364,880 | 3,912,000 | 0.72% | Call option |
| Theleme Partners LLP | $107,960,979 | 1,541,639 | 0.67% | Shares |
| D. E. Shaw & Co., Inc. | $101,368,425 | 1,447,500 | 0.63% | Call option |
| D. E. Shaw & Co., Inc. | $97,565,796 | 1,393,200 | 0.61% | Put option |
| Douglas Lane & Associates, LLC | $94,083,834 | 1,343,479 | 0.59% | Shares |
| BlackRock, Inc. | $84,628,524 | 1,208,461 | 0.53% | Shares |
| GOLDMAN SACHS GROUP INC | $80,055,544 | 1,143,161 | 0.50% | Shares |
| BAILLIE GIFFORD & CO | $74,054,554 | 1,057,469 | 0.46% | Shares |
| PERCEPTIVE ADVISORS LLC | $70,030,000 | 1,000,000 | 0.44% | Put option |
| Allianz Asset Management GmbH | $68,082,956 | 972,197 | 0.42% | Shares |
| Qube Research & Technologies Ltd | $63,536,422 | 907,157 | 0.40% | Shares |
| Amundi | $62,241,193 | 888,779 | 0.39% | Shares |
| VANGUARD GROUP INC | $57,431,598 | 1,947,494 | 0.36% | Shares |
| RHUMBLINE ADVISERS | $56,713,913 | 809,853 | 0.35% | Shares |
| BARCLAYS PLC | $55,557,809 | 793,343 | 0.35% | Shares |
| Lingotto Investment Management LLP | $53,496,407 | 763,907 | 0.33% | Shares |
| Vanguard Global Advisers, LLC | $51,680,249 | 737,973 | 0.32% | Shares |
| LETKO, BROSSEAU & ASSOCIATES INC | $50,759,845 | 724,830 | 0.32% | Shares |
| Telemark Asset Management, LLC | $49,021,000 | 700,000 | 0.30% | Shares |
| Step Capital Management Pte. Ltd. | $48,670,850 | 695,000 | 0.30% | Shares |
| BANK OF AMERICA CORP /DE/ | $48,487,021 | 692,375 | 0.30% | Shares |
| Swiss National Bank | $47,613,397 | 679,900 | 0.30% | Shares |
| Walleye Trading LLC | $42,165,063 | 602,100 | 0.26% | Put option |
| Pictet Asset Management Holding SA | $42,018,569 | 602,512 | 0.26% | Shares |
| Alyeska Investment Group, L.P. | $39,274,155 | 560,819 | 0.24% | Shares |
| Trexquant Investment LP | $35,376,355 | 505,160 | 0.22% | Shares |
| Affinity Asset Advisors, LLC | $35,015,000 | 500,000 | 0.22% | Put option |
| California Public Employees Retirement System | $34,719,894 | 495,786 | 0.22% | Shares |
| OFI INVEST ASSET MANAGEMENT | $33,559,089 | 547,881 | 0.21% | Shares |
| Affinity Asset Advisors, LLC | $33,264,250 | 475,000 | 0.21% | Call option |
| Susquehanna Portfolio Strategies, LLC | $32,987,141 | 471,043 | 0.21% | Shares |
| UBS Group AG | $32,164,779 | 459,300 | 0.20% | Put option |
| Mount Capital Ltd | $32,066,737 | 457,900 | 0.20% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $31,516,021 | 450,036 | 0.20% | Shares |
| LMR Partners LLP | $30,813,200 | 440,000 | 0.19% | Call option |
| MILLENNIUM MANAGEMENT LLC | $30,716,208 | 438,615 | 0.19% | Shares |
| Ikarian Capital, LLC | $28,012,000 | 400,000 | 0.17% | Put option |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $27,106,792 | 387,074 | 0.17% | Shares |
| Caption Management, LLC | $25,490,920 | 364,000 | 0.16% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $25,054,913 | 357,774 | 0.16% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $23,116,133 | 330,089 | 0.14% | Shares |
| Squarepoint Ops LLC | $22,479,630 | 321,000 | 0.14% | Put option |
| TD Asset Management Inc | $22,278,084 | 318,122 | 0.14% | Shares |
| Squarepoint Ops LLC | $21,912,387 | 312,900 | 0.14% | Call option |
| Caption Management, LLC | $21,884,375 | 312,500 | 0.14% | Put option |
| Candriam S.C.A. | $21,632,163 | 309,196 | 0.13% | Shares |
| Alphadyne Asset Management LP | $21,527,222 | 307,400 | 0.13% | Put option |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $21,143,948 | 301,927 | 0.13% | Shares |
| CITIGROUP INC | $21,009,000 | 300,000 | 0.13% | Call option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $20,685,252 | 407,190 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $20,218,654 | 398,005 | 0.13% | Shares |
| CWM, LLC | $19,654,850 | 386,906 | 0.12% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $19,451,392 | 277,758 | 0.12% | Shares |
| ALGERT GLOBAL LLC | $19,245,645 | 274,820 | 0.12% | Shares |
| Leonteq Securities AG | $18,707,184 | 267,131 | 0.12% | Shares |
| WOLVERINE TRADING, LLC | $17,677,807 | 697,900 | 0.11% | Call option |
| UBS Group AG | $17,173,177 | 245,226 | 0.11% | Call option |
| PLUSTICK MANAGEMENT LLC | $17,157,350 | 245,000 | 0.11% | Shares |
| Legal & General Group Plc | $17,134,800 | 244,678 | 0.11% | Shares |
| Walleye Trading LLC | $16,534,083 | 236,100 | 0.10% | Call option |
| Qube Research & Technologies Ltd | $16,190,936 | 231,200 | 0.10% | Call option |
| UBS Group AG | $15,978,395 | 228,165 | 0.10% | Shares |
| CREDIT AGRICOLE S A | $15,887,986 | 226,874 | 0.10% | Shares |
| Woodline Partners LP | $15,380,969 | 219,634 | 0.10% | Shares |
| Quantinno Capital Management LP | $15,379,041 | 219,606 | 0.10% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $14,972,974 | 213,808 | 0.09% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $14,797,339 | 211,300 | 0.09% | Shares |
| STRS OHIO | $14,697,476 | 209,874 | 0.09% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $14,545,581 | 207,705 | 0.09% | Shares |
| GROUP ONE TRADING LLC | $14,280,167 | 203,915 | 0.09% | Shares |
| Qube Research & Technologies Ltd | $13,662,853 | 195,100 | 0.08% | Put option |
| VAN ECK ASSOCIATES CORP | $13,302,269 | 189,951 | 0.08% | Shares |
| TWIN FOCUS CAPITAL PARTNERS, LLC | $12,997,638 | 185,601 | 0.08% | Shares |
| WOLVERINE TRADING, LLC | $12,948,696 | 511,200 | 0.08% | Put option |
| Jain Global LLC | $12,693,918 | 181,264 | 0.08% | Shares |
| MILLENNIUM MANAGEMENT LLC | $12,206,229 | 174,300 | 0.08% | Put option |
| PRUDENTIAL FINANCIAL INC | $11,814,831 | 168,711 | 0.07% | Shares |
| Chevy Chase Trust Holdings, LLC | $11,556,911 | 165,028 | 0.07% | Shares |
Company insiders 29 insiders · 12 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| James M Mock | Chief Financial Officer | July 2, 2026 M | 66,436 | 0 | 0 | $0 |
| David W Meline | Chief Financial Officer | Aug. 9, 2022 M | 2,857 | 0 | 0 | $0 |
| Lorence H. Kim | Chief Financial Officer | May 15, 2020 S | 1,219,910 | 0 | 0 | $0 |
| Stephen Hoge | President | July 15, 2026 M | 1,483,848 | 0 | 2 | $-6,345,384 |
| Soria Ester Banque | Chief Commercial Officer | July 5, 2026 A | — | 0 | 0 | $0 |
| Shannon Thyme Klinger | Chief Legal Officer | June 4, 2026 F | 67,468 | 0 | 1 | $-173,550 |
| Arpa Garay | Chief Commercial Officer | Dec. 5, 2023 M | 3,690 | 0 | 0 | $0 |
| Juan Andres | Chief Technical Operations and Quality Officer | Dec. 28, 2022 M | 12,803 | 0 | 0 | $0 |
| Paul Burton | Chief Medical Officer | Nov. 4, 2022 M | 954 | 0 | 0 | $0 |
| Lori M. Henderson | General Counsel and Secretary | May 27, 2021 M | 901 | 0 | 0 | $0 |
| Corinne Le Goff | Chief Commercial Officer | Feb. 1, 2021 A | — | 0 | 0 | $0 |
| Jennifer Ling Lee | Chief Accounting Officer | March 9, 2020 S | 4,419 | 0 | 0 | $0 |
| Michael R. Mcdonnell | Director | July 8, 2026 A | — | 0 | 0 | $0 |
| AFEYAN NOUBAR | Director | May 21, 2026 M | 3,924 | 0 | 2 | $-1,137,065 |
| David M. Rubenstein | Director | Aug. 5, 2025 M | 1,527 | 0 | 0 | $0 |
| Abbas Hussain | Director | June 11, 2025 S | 580 | 0 | 0 | $0 |
| Sandra Horning | Director | April 30, 2025 A | 2,352 | 0 | 0 | $0 |
| Elizabeth G Nabel | Director | April 30, 2025 A | 3,084 | 0 | 0 | $0 |
| Francois Nader | Director | April 30, 2025 A | 20,607 | 0 | 0 | $0 |
| Elizebeth E Tallett | Director | April 30, 2025 A | 703 | 0 | 0 | $0 |
| Paul Sagan | Director | April 30, 2025 A | 312,027 | 0 | 0 | $0 |
| Stephen Berenson | Director | May 6, 2024 A | 22,203 | 0 | 0 | $0 |
| Robert Langer | Director | May 6, 2024 A | 11,467,664 | 0 | 0 | $0 |
| Moncef Slaoui | Director | April 29, 2020 A | — | 0 | 0 | $0 |
| Peter Barton Hutt | Director | Nov. 20, 2019 M | 3,924 | 0 | 0 | $0 |
| Israel Ruiz | Director | June 27, 2019 A | 4,559 | 0 | 0 | $0 |
| Edwin M Kania JR | 10% owner | Jan. 14, 2020 S | 23,847 | 0 | 0 | $0 |
| Stephane Bancel | — | Aug. 6, 2026 M | 6,440,260 | 0 | 4 | $-28,715,011 |
| Tal Zvi Zaks | — | June 30, 2021 M | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 134 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| FIVY · Tidal Trust II | 7.08% | 7,642 NS | April 30, 2026 | N-PORT |
| IDNA · iShares Trust | 3.98% | 145,819 SH | Aug. 8, 2026 | Daily |
| GNOM · Global X Funds | 3.28% | 38,755 NS | May 31, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 2.49% | 32,122 NS | April 30, 2026 | N-PORT |
| FMED · Fidelity Covington Trust | 2.11% | 18,282 NS | May 31, 2026 | N-PORT |
| PTH · Invesco Exchange-Traded Fund Trust | 1.97% | 82,159 SH | Aug. 8, 2026 | Daily |
| RSPH · Invesco Exchange-Traded Fund Trust | 1.95% | 257,758 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 1.60% | 21,593 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 1.51% | 2,668,045 SH | Aug. 8, 2026 | Daily |
| HTEC · EXCHANGE TRADED CONCEPTS TRUST | 1.30% | 15,139 NS | April 30, 2026 | N-PORT |
| SPHB · Invesco Exchange-Traded Fund Trust … | 1.16% | 185,105 SH | Aug. 8, 2026 | Daily |
| NUSC · Nushares ETF Trust | 1.05% | 293,839 NS | April 30, 2026 | N-PORT |
| BIB · ProShares Trust | 0.94% | 14,600 NS | May 31, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.90% | 6,141 NS | May 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.77% | 86,741 NS | April 30, 2026 | N-PORT |
| IQSM · New York Life Investments ETF Trust | 0.68% | 46,782 NS | April 30, 2026 | N-PORT |
| PDP · Invesco Exchange-Traded Fund Trust | 0.67% | 169,402 SH | Aug. 8, 2026 | Daily |
| HIBL · Direxion Shares ETF Trust | 0.54% | 9,339 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.53% | 5,199,246 SH | Aug. 8, 2026 | Daily |
| SPXD · DBX ETF Trust | 0.46% | 666 NS | May 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.41% | 55,196 NS | April 30, 2026 | N-PORT |
| TECB · iShares Trust | 0.40% | 35,820 SH | Aug. 8, 2026 | Daily |
| CGGR · Capital Group Growth ETF | 0.39% | 2,018,912 NS | May 31, 2026 | N-PORT |
| SMLF · iShares Trust | 0.35% | 275,284 SH | Aug. 8, 2026 | Daily |
| IYH · iShares Trust | 0.32% | 218,273 SH | Aug. 8, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.32% | 139,893 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.30% | 940,344 NS | May 31, 2026 | N-PORT |
| FFLG · FIDELITY COVINGTON TRUST | 0.30% | 38,636 NS | April 30, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.30% | 8,190,431 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.30% | 864,043 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.28% | 150,526 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.28% | 79,787 SH | Aug. 8, 2026 | Daily |
| IMCV · iShares Trust | 0.27% | 56,623 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.26% | 162,167 NS | April 30, 2026 | N-PORT |
| GINN · Goldman Sachs ETF Trust | 0.25% | 11,129 NS | May 31, 2026 | N-PORT |
| RSP · Invesco Exchange-Traded Fund Trust | 0.24% | 4,036,776 SH | Aug. 8, 2026 | Daily |
| IXJ · iShares Trust | 0.24% | 185,275 SH | Aug. 8, 2026 | Daily |
| RXL · ProShares Trust | 0.24% | 3,623 NS | May 31, 2026 | N-PORT |
| CURE · Direxion Shares ETF Trust | 0.23% | 6,933 NS | April 30, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.19% | 16,705 NS | May 31, 2026 | N-PORT |
| GSEW · Goldman Sachs ETF Trust | 0.19% | 71,183 NS | May 31, 2026 | N-PORT |
| IWS · iShares Trust | 0.19% | 549,015 SH | Aug. 8, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.18% | 311,100 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.17% | 20,513 SH | Aug. 8, 2026 | Daily |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.16% | 352 NS | May 31, 2026 | N-PORT |
| SFGV · EA Series Trust | 0.16% | 38,316 NS | May 29, 2026 | N-PORT |
| FNDX · SCHWAB STRATEGIC TRUST | 0.15% | 818,606 NS | May 31, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.14% | 39,358 NS | May 31, 2026 | N-PORT |
| IWR · iShares Trust | 0.14% | 1,481,489 SH | Aug. 8, 2026 | Daily |
| FLCV · Federated Hermes ETF Trust | 0.14% | 2,758 NS | May 31, 2026 | N-PORT |