MRNA Moderna, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 31, 2026MRNA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Moderna, Inc. - Common Stock Company overview from Wikipedia
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 May 2026, Time ranked Moderna first in their list of the World's Most Impactful Companies.
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 2017, Alexion terminated its partnership with Moderna after safety issues prevented their work from reaching human trials.
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 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 (now known as intismeran autogene), a cancer vaccine. On August 19, 2026, the company announced that its drug, in combination with Merck's pembrolizumab (sold as Keytruda), reduced the risk of recurrence and spread of melanoma.
These positive results from the drug's late-stage Phase 3 trials boosted Moderna's share price by 177% in a single day.
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 ↗
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?
| Metric | 5Y trend | MRNA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -23.85Y avg ≈0.3 | ≈0.3 | · | · | |
| P/S (TTM) | 34.05Y avg ≈5.1 | ≈5.1 | 7.0 | Overvalued | |
| P/B (MRQ) | 11.25Y avg ≈3.3 | ≈3.3 | 9.7 | Undervalued | |
| EV / EBITDA | -25.6 | · | · | · | |
| Price / FCF (TTM) | -60.95Y avg ≈0.7 | ≈0.7 | · | · | |
| Price / Cash Flow (TTM) | -70.75Y avg ≈-0.5 | ≈-0.5 | · | · | |
| EV / Revenue | 37.8 | · | · | · | |
| EV / FCF | -35.6 | · | · | · | |
| Price / Tangible Book (MRQ) | 11.45Y avg ≈3.3 | ≈3.3 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | MRNA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -149.0%5Y avg ≈-44.2% | ≈-44.2% | 24.0% | Weak | |
| EBITDA Margin (TTM) | -138.7%5Y avg ≈-38.5% | ≈-38.5% | 17.9% | Weak | |
| Pretax Margin (TTM) | -138.6%5Y avg ≈-38.0% | ≈-38.0% | 13.8% | Weak | |
| Net Profit Margin (TTM) | -141.4%5Y avg ≈-42.9% | ≈-42.9% | 12.7% | Weak | |
| ROA (TTM) | -27.4%5Y avg ≈9.0% | ≈9.0% | 6.8% | Weak | |
| ROE (TTM) | -39.0%5Y avg ≈9.7% | ≈9.7% | 22.1% | Weak | |
| ROIC | -33.9%5Y avg ≈4.6% | ≈4.6% | 10.8% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | MRNA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.1 | · | 0.1 | High debt | |
| Current Ratio (MRQ) | 2.35Y avg ≈3.0 | ≈3.0 | 2.3 | In line | |
| Quick Ratio | 1.45Y avg ≈1.1 | ≈1.1 | 0.8 | Low liquidity | |
| Long-Term Debt / Equity (MRQ) | 0.1 | · | 1.1 | Low debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | MRNA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | -39.9%5Y avg ≈409.5% | ≈409.5% | · | · | |
| Revenue CAGR 3Y | -53.4%5Y avg ≈2.3% | ≈2.3% | · | · | |
| Revenue CAGR 5Y | 19.3% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | MRNA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.15Y avg ≈0.5 | ≈0.5 | 0.5 | Weak | |
| Inventory Turnover | 6.45Y avg ≈6.4 | ≈6.4 | 3.6 | Top tier | |
| Receivables Turnover | 7.25Y avg ≈7.0 | ≈7.0 | 6.3 | Top tier | |
| Revenue / Employee | ≈$413.6K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 30, 2026 | $-1.97 | $-2.12 | 7.3% |
| March 31, 2026 | $-3.40 | $-4.04 | 15.8% | |
| Dec. 31, 2025 | $-2.11 | $-2.70 | 21.7% | |
| Sept. 30, 2025 | $-0.51 | $-2.15 | 76.3% | |
| June 30, 2025 | $-2.13 | $-3.03 | 29.6% | |
| March 31, 2025 | $-2.52 | $-3.20 | 21.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| 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
| 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
| 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
| 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
| 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
| 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 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $21.95 | $28.24 | $36.27 | $49.67 | $35.10 | $6.42 | $3.49 | · | · | |
| Revenue / Share | $5.00 | $8.43 | $17.93 | $46.31 | $42.86 | · | · | · | · | |
| Cash Flow / Share | $-4.81 | $-7.82 | $-8.16 | $11.97 | $31.60 | · | · | · | · | |
| Cash / Share | $6.59 | $4.99 | $7.61 | $8.32 | $16.99 | $6.58 | $0.70 | · | · | |
| EPS (TTM) | $-7.26 | $-9.28 | $-12.33 | $20.12 | $28.29 | $-1.96 | $-1.55 | · | · |
Growth Rates
| 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)
| 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
| 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 | · | 390,000,000 | 388,000,000 | 386,000,000 | · | 385,000,000 | 384,000,000 | 382,000,000 | · | 381,000,000 | 381,000,000 | 386,000,000 | · | 390,000,000 | |
| Shares (Diluted) | 398,000,000 | 395,000,000 | · | 390,000,000 | 388,000,000 | 386,000,000 | · | 399,000,000 | 384,000,000 | 382,000,000 | · | 381,000,000 | 381,000,000 | 405,000,000 | · | 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
| 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
| 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
| 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
| 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
| 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 |
Per Share
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $16.94 | $18.66 | · | $23.86 | $24.16 | $26.01 | · | $30.98 | $30.50 | $33.46 | · | $35.31 | $44.49 | $49.12 | · | $46.49 | |
| Revenue / Share | $0.36 | $0.98 | · | $2.61 | $0.37 | $0.28 | · | $4.67 | $0.63 | $0.44 | · | $4.81 | $0.90 | $4.60 | · | $8.16 | |
| Cash Flow / Share | · | $-1.59 | · | · | · | $-2.69 | · | · | · | $-2.59 | · | · | · | $-3.02 | · | · | |
| Cash / Share | $4.32 | $4.81 | · | $2.90 | $3.29 | $4.19 | · | $4.27 | $6.45 | $5.36 | · | $7.70 | $9.98 | $8.96 | · | $7.82 | |
| EPS (TTM) | $-7.98 | $-8.14 | · | $-8.07 | $-7.53 | $-8.73 | · | $-5.74 | $-15.30 | $-15.59 | · | $-9.19 | $2.87 | $11.73 | · | $27.64 |
Valuation (TTM)
| 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 | $2.23B | $2.23B | · | $2.23B | $3.08B | $3.18B | · | $5.08B | $5.05B | $5.15B | · | $9.12B | $10.65B | $15.06B | · | $21.39B | |
| Net Income TTM | $-3.15B | $-3.19B | · | $-3.12B | $-2.90B | $-3.36B | · | $-2.22B | $-5.87B | $-5.97B | · | $-3.47B | $1.21B | $4.78B | · | $11.77B | |
| 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 | -8.8 | -6.2 | · | -3.2 | -3.7 | -3.2 | · | -11.6 | -7.8 | -6.8 | · | -11.2 | 42.3 | 13.1 | · | 4.3 | |
| P/S | 12.5 | 9.1 | · | 4.5 | 3.5 | 3.5 | · | 5.1 | 9.0 | 7.9 | · | 4.3 | 4.3 | 3.9 | · | 2.1 | |
| 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 | · | · | |
| EV / Revenue | 12.0 | 8.5 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -11.4% | -16.0% | · | -31.2% | -27.3% | -30.8% | · | -8.6% | -12.9% | -14.6% | · | -8.9% | 2.4% | 7.6% | · | 23.4% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 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 |
| Metric | 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 |
| Metric | 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 |
Institutional owners (13F) 897 filers · $26.1B total · As of Sept. 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 |
|---|---|---|---|---|
| 149 (-22 vs prior Q) | 80 (-3 vs prior Q) | 261 (+12 vs prior Q) | 280 (+48 vs prior Q) | -3.6M |
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 | $3,631,748,191 | 51,859,891 | 13.93% | Shares |
| BlackRock, Inc. | $2,142,876,625 | 30,599,409 | 8.22% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,625,311,704 | 23,208,792 | 6.23% | Shares |
| Capital World Investors | $1,560,053,964 | 22,276,996 | 5.98% | Shares |
| BAILLIE GIFFORD & CO | $1,275,020,663 | 18,206,778 | 4.89% | Shares |
| VANGUARD GROUP INC | $1,226,335,222 | 41,584,782 | 4.70% | Shares |
| STATE STREET CORP | $1,101,305,296 | 15,726,193 | 4.22% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,091,159,349 | 15,581,313 | 4.18% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $678,818,969 | 9,710,335 | 2.60% | Shares |
| MORGAN STANLEY | $667,952,903 | 9,538,094 | 2.56% | Shares |
| Theleme Partners LLP | $564,271,697 | 8,057,571 | 2.16% | Shares |
| TWO SIGMA INVESTMENTS, LP | $503,762,906 | 7,193,530 | 1.93% | Shares |
| Invesco Ltd. | $404,794,349 | 5,780,299 | 1.55% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $398,631,769 | 5,692,300 | 1.53% | Call option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $338,867,047 | 4,838,884 | 1.30% | Shares |
| GOLDMAN SACHS GROUP INC | $327,176,636 | 4,671,950 | 1.25% | Shares |
| Flagship Pioneering, LLC | $324,114,597 | 4,628,225 | 1.24% | Shares |
| UBS Group AG | $312,558,666 | 4,463,211 | 1.20% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $310,751,122 | 4,437,400 | 1.19% | Put option |
| BNP PARIBAS FINANCIAL MARKETS | $306,529,714 | 4,377,120 | 1.18% | Shares |
| JANE STREET GROUP, LLC | $290,778,566 | 4,152,200 | 1.12% | Put option |
| TWO SIGMA ADVISERS, LP | $227,948,853 | 7,729,700 | 0.87% | Shares |
| JANE STREET GROUP, LLC | $214,536,905 | 3,063,500 | 0.82% | Call option |
| CITADEL ADVISORS LLC | $211,924,786 | 3,026,200 | 0.81% | Call option |
| NORGES BANK | $211,915,962 | 3,026,074 | 0.81% | Shares |
| NORTHERN TRUST CORP | $209,062,589 | 2,985,329 | 0.80% | Shares |
| CITADEL ADVISORS LLC | $203,913,354 | 2,911,800 | 0.78% | Put option |
| BANQUE PICTET & CIE SA | $189,039,122 | 2,699,402 | 0.73% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $172,876,329 | 2,468,775 | 0.66% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $172,384,027 | 2,461,574 | 0.66% | Shares |
| Merck & Co., Inc. | $161,642,545 | 2,308,190 | 0.62% | Shares |
| CITIGROUP INC | $151,643,942 | 2,165,414 | 0.58% | Shares |
| BAMCO INC /NY/ | $139,316,702 | 1,989,386 | 0.53% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $139,193,519 | 1,987,627 | 0.53% | Shares |
| LMR Partners LLP | $136,117,311 | 1,943,700 | 0.52% | Put option |
| FEDERATED HERMES, INC. | $125,688,303 | 1,794,778 | 0.48% | Shares |
| Bank of New York Mellon Corp | $119,168,299 | 1,701,675 | 0.46% | Shares |
| Toroso Investments, LLC | $115,364,880 | 3,912,000 | 0.44% | Call option |
| D. E. Shaw & Co., Inc. | $101,368,425 | 1,447,500 | 0.39% | Call option |
| NATIONAL BANK OF CANADA /FI/ | $99,775,440 | 1,424,802 | 0.38% | Shares |
| BANK OF AMERICA CORP /DE/ | $98,719,820 | 1,409,679 | 0.38% | Shares |
| D. E. Shaw & Co., Inc. | $97,565,796 | 1,393,200 | 0.37% | Put option |
| Douglas Lane & Associates, LLC | $94,083,834 | 1,343,479 | 0.36% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $82,325,159 | 1,620,574 | 0.32% | Shares |
| BARCLAYS PLC | $72,489,872 | 1,035,126 | 0.28% | Shares |
| PERCEPTIVE ADVISORS LLC | $70,030,000 | 1,000,000 | 0.27% | Put option |
| Allianz Asset Management GmbH | $68,944,325 | 984,497 | 0.26% | Shares |
| DEUTSCHE BANK AG\ | $68,871,004 | 983,450 | 0.26% | Shares |
| ROYAL BANK OF CANADA | $66,139,000 | 944,457 | 0.25% | Shares |
| Qube Research & Technologies Ltd | $63,536,422 | 907,157 | 0.24% | Shares |
Company insiders 29 insiders · 13 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Stephane Bancel | Chief Executive Officer | Aug. 6, 2026 M | 6,440,260 | 0 | 4 | $-28,715,011 |
| James M Mock | Chief Financial Officer | Sept. 10, 2026 M | 59,375 | 0 | 2 | $-4,685,094 |
| 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 | Sept. 15, 2026 M | 1,562,029 | 0 | 6 | $-28,433,106 |
| Shannon Thyme Klinger | Chief Legal Officer | Sept. 4, 2026 M | 81,340 | 0 | 3 | $-1,385,363 |
| Soria Ester Banque | Chief Commercial Officer | July 5, 2026 A | · | 0 | 0 | $0 |
| 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 |
| Abbas Hussain | Director | May 6, 2026 A | 12,066 | 0 | 2 | $-278,862 |
| Sandra Horning | Director | May 6, 2026 A | 18,585 | 0 | 0 | $0 |
| Elizabeth G Nabel | Director | May 6, 2026 A | 19,317 | 0 | 0 | $0 |
| David M. Rubenstein | Director | May 6, 2026 A | 9,643 | 0 | 0 | $0 |
| Francois Nader | Director | May 6, 2026 A | 32,781 | 0 | 0 | $0 |
| Elizebeth E Tallett | Director | May 6, 2026 A | 4,761 | 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 |
| 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 98 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 |
|---|---|---|---|---|
| IDNA · iShares Trust | 8.92% | 166,814 SH | Sept. 11, 2026 | Daily |
| PTH · Invesco Exchange-Traded Fund Trust | 6.35% | 121,202 SH | Oct. 1, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 5.04% | 28,250 SH | Oct. 1, 2026 | Daily |
| IBB · iShares Trust | 3.67% | 2,776,860 SH | Sept. 11, 2026 | Daily |
| ADPV · Series Portfolios Trust | 3.46% | 112,564 NS | July 31, 2026 | N-PORT |
| PBE · Invesco Exchange-Traded Fund Trust | 3.36% | 73,884 SH | Oct. 1, 2026 | Daily |
| SPHB · Invesco Exchange-Traded Fund Trust … | 2.69% | 132,686 SH | Oct. 1, 2026 | Daily |
| RSPH · Invesco Exchange-Traded Fund Trust | 2.32% | 105,273 SH | Oct. 1, 2026 | Daily |
| PDP · Invesco Exchange-Traded Fund Trust | 2.18% | 166,594 SH | Oct. 1, 2026 | Daily |
| BOBP · EXCHANGE TRADED CONCEPTS TRUST | 1.84% | 196 NS | July 31, 2026 | N-PORT |
| BBP · ETFis Series Trust I | 1.51% | 27,191 NS | July 31, 2026 | N-PORT |
| HTEC · EXCHANGE TRADED CONCEPTS TRUST | 1.48% | 18,698 NS | July 31, 2026 | N-PORT |
| AMOM · Exchange Listed Funds Trust | 1.27% | 5,549 NS | July 31, 2026 | N-PORT |
| ALTL · Pacer Funds Trust | 1.14% | 19,107 NS | July 31, 2026 | N-PORT |
| TECB · iShares Trust | 0.99% | 35,820 SH | Sept. 11, 2026 | Daily |
| LABU · Direxion Shares ETF Trust | 0.81% | 73,372 NS | July 31, 2026 | N-PORT |
| IYH · iShares Trust | 0.80% | 213,148 SH | Sept. 11, 2026 | Daily |
| HIBL · Direxion Shares ETF Trust | 0.77% | 10,501 NS | July 31, 2026 | N-PORT |
| PALC · Pacer Funds Trust | 0.75% | 28,833 NS | July 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.74% | 151,134 SH | Sept. 11, 2026 | Daily |
| LQAI · Exchange Listed Funds Trust | 0.72% | 290 NS | July 31, 2026 | N-PORT |
| IQSM · New York Life Investments ETF Trust | 0.71% | 42,756 NS | July 31, 2026 | N-PORT |
| IMCV · iShares Trust | 0.68% | 57,651 SH | Sept. 11, 2026 | Daily |
| IXJ · iShares Trust | 0.61% | 185,275 SH | Sept. 11, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.53% | 269,860 SH | Oct. 1, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.53% | 5,199,246 SH | Aug. 19, 2026 | Daily |
| IWS · iShares Trust | 0.49% | 545,006 SH | Sept. 11, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.47% | 54,994 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.43% | 20,977 SH | Sept. 11, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.42% | 155,418 NS | July 31, 2026 | N-PORT |
| IWR · iShares Trust | 0.37% | 1,491,204 SH | Sept. 11, 2026 | Daily |
| FFLG · FIDELITY COVINGTON TRUST | 0.36% | 38,823 NS | July 31, 2026 | N-PORT |
| IMCB · iShares Trust | 0.34% | 41,485 SH | Sept. 11, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.30% | 8,190,431 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.30% | 864,043 SH | Aug. 19, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.29% | 1,443,681 SH | Oct. 1, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.28% | 79,787 SH | Aug. 19, 2026 | Daily |
| XT · iShares Trust | 0.27% | 76,182 SH | Sept. 11, 2026 | Daily |
| XOEF · iShares Trust | 0.27% | 438 SH | Sept. 11, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.27% | 159,829 NS | July 31, 2026 | N-PORT |
| PWS · Pacer Funds Trust | 0.23% | 1,002 NS | July 31, 2026 | N-PORT |
| CURE · Direxion Shares ETF Trust | 0.22% | 6,948 NS | July 31, 2026 | N-PORT |
| IVE · iShares Trust | 0.16% | 585,934 SH | Sept. 11, 2026 | Daily |
| IUSV · iShares Trust | 0.15% | 309,431 SH | Sept. 11, 2026 | Daily |
| ILCV · iShares Trust | 0.14% | 13,837 SH | Sept. 11, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.13% | 5,523 SH | Oct. 1, 2026 | Daily |
| IWD · iShares Trust | 0.13% | 808,531 SH | Sept. 11, 2026 | Daily |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.13% | 10,778 SH | Oct. 1, 2026 | Daily |
| PBP · Invesco Exchange-Traded Fund Trust | 0.11% | 2,210 SH | Oct. 1, 2026 | Daily |
| VFMF · VANGUARD WELLINGTON FUND | 0.10% | 10,416 SH | Aug. 19, 2026 | Daily |
| FBCG · FIDELITY COVINGTON TRUST | 0.09% | 116,755 NS | July 31, 2026 | N-PORT |
| PHDG · Invesco Actively Managed Exchange-T… | 0.09% | 292 SH | Oct. 1, 2026 | Daily |
| TOPC · iShares Trust | 0.09% | 207 SH | Sept. 11, 2026 | Daily |
| XVV · iShares Trust | 0.08% | 4,049 SH | Sept. 11, 2026 | Daily |
| VOOV · VANGUARD ADMIRAL FUNDS | 0.08% | 81,089 SH | Aug. 19, 2026 | Daily |
| IVV · iShares Trust | 0.07% | 4,451,293 SH | Sept. 11, 2026 | Daily |
| ILCB · iShares Trust | 0.07% | 6,859 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.07% | 251,348 SH | Sept. 11, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.07% | 219,545 SH | Aug. 19, 2026 | Daily |
| IYY · iShares Trust | 0.07% | 15,249 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.07% | 101,286 SH | Sept. 11, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.07% | 189,321 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.07% | 461,929 SH | Sept. 11, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.06% | 24,458 NS | July 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.06% | 161,896 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.06% | 485,363 NS | July 31, 2026 | N-PORT |
| REVS · Columbia ETF Trust I | 0.05% | 3,100 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.05% | 28,534 NS | July 31, 2026 | N-PORT |
| EGLE · Global X Funds | 0.05% | 18 NS | July 31, 2026 | N-PORT |
| VOO · VANGUARD INDEX FUNDS | 0.04% | 9,176,506 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.04% | 60,129 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.04% | 30,646 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.04% | 82,257 SH | Aug. 19, 2026 | Daily |
| XRMI · Global X Funds | 0.03% | 295 NS | July 31, 2026 | N-PORT |
| ESG · FlexShares Trust | 0.03% | 750 NS | July 31, 2026 | N-PORT |
| XTR · Global X Funds | 0.03% | 27 NS | July 31, 2026 | N-PORT |
| XCLR · Global X Funds | 0.03% | 20 NS | July 31, 2026 | N-PORT |
| XYLG · Global X Funds | 0.03% | 355 NS | July 31, 2026 | N-PORT |
| XYLD · Global X Funds | 0.03% | 17,845 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.03% | 11,333,732 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.03% | 1,456 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.03% | 67,653 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.03% | 5,988 NS | July 31, 2026 | N-PORT |
| PTLC · Pacer Funds Trust | 0.03% | 17,608 NS | July 31, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.03% | 1,332 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.03% | 104,884 NS | July 31, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.03% | 29,161 NS | July 31, 2026 | N-PORT |
| QDPL · Pacer Funds Trust | 0.03% | 8,483 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.02% | 9,796 NS | July 31, 2026 | N-PORT |
| DFLV · Dimensional ETF Trust | 0.02% | 30,232 NS | July 31, 2026 | N-PORT |
| HCMT · Direxion Shares ETF Trust | 0.02% | 2,462 NS | July 31, 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0.02% | 24 NS | July 31, 2026 | N-PORT |
| SPXL · Direxion Shares ETF Trust | 0.02% | 27,610 NS | July 31, 2026 | N-PORT |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.02% | 306,937 SH | Aug. 19, 2026 | Daily |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.02% | 8,486 SH | Oct. 1, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.01% | 1,157 NS | July 31, 2026 | N-PORT |
| CBLS · Elevation Series Trust | -1.05% | -10,652 NS | July 31, 2026 | N-PORT |
| SMLF · iShares Trust | · | 278,862 SH | Sept. 11, 2026 | Daily |
MRNA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
18 analysts · 2026-09-30Mean target $119.56 -37.1%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MRNA | $11.62B | -4.1 | -39.9% | -145.2% | -31.3% | · |
| ABBV | · | 96.8 | 8.6% | 6.9% | 15367.3% | · |
| AMGN | $176.35B | 23.0 | 10.0% | 21.0% | 95.9% | · |
| GILD | $152.32B | 18.1 | 2.4% | 28.9% | 40.5% | · |
| VRTX | $115.15B | 29.6 | 8.9% | 32.9% | 22.1% | · |
| REGN | $106.21B | 18.6 | 0.99% | 31.4% | 14.7% | · |
| NTRA | $32.00B | -150.7 | 35.9% | -9.0% | -14.1% | · |
| RVMD | · | · | · | · | · | · |
| BIIB | $25.84B | 20.0 | 2.2% | 13.1% | 7.2% | · |
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