Moderna, Inc.
MRNA · Healthcare · $93.2B mkt cap · FY2025 filings · · No moat ·
Doesn't clear the bar
The five investor questions
15
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $18.5B to $1.9B, decreasing; diluted EPS 28.29 to -7.26, decreasing.
70
Median gross margin 78.9% over 8y, variable.
10
Median ROIC -34.7%, above the 12% hurdle in 29% of years.
55
Net cash position — no leverage risk.
24
Owner earnings changed trend unclear over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
Above value if growth stopped todayBelow value if growth stopped today
- Not reported
- Unavailable — insufficient owner-earnings data
- Unavailable — insufficient growth-model data
- $236.50
- No price data
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. Flag status unavailable — four adjacent recent FY revenue observations are required.
Among the current top-score group, the median current price is 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
Score records captured Oct 16, 2026.
Exactly which 50 companies?
FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE
Missing a usable price or zero-growth estimate: ANF.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
Fundamentals
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Visual explainers
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Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Oct 16, 2026.
Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (50 versus 9). The filing codes alone do not establish that every such row arose from a compensation plan.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
| Insider | Shares owned after | Date | Filing detail | ||||
|---|---|---|---|---|---|---|---|
| Mock James MChief Financial Officer | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event | 1,454 | Not disclosed | Not disclosed | 60,829 | Oct 5, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 704 | $190.01 | $133,767 | 60,125 | Oct 5, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event | 1,454 | —Exercise or conversion of derivative security (M) | — | 0 | Oct 5, 2026 | 1 filed lot
|
| Hoge StephenPresident | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event | 76,452 | $12.21 | $933,479 | 1,602,310 | Sep 15, 2026 | 1 filed lot
|
| Hoge StephenPresident | Open-market or private sale (S)Table I · Disposed · Common Stock | 40,281 | $146.07 | $5,883,846 | 1,562,029 | Sep 15, 2026 | 1 filed lot
|
| Hoge StephenPresident | Exercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) · 1 paired event | 76,452 | —Exercise or conversion of derivative security (M) | — | 305,810 | Sep 15, 2026 | 1 filed lot
|
| Hoge StephenPresident | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event | 76,453 | $12.21 | $933,491 | 1,566,152 | Sep 14, 2026 | 1 filed lot
|
| Hoge StephenPresident | Open-market or private sale (S)Table I · Disposed · Common Stock | 40,294 | $144.13 | $5,807,574 | 1,525,858 | Sep 14, 2026 | 1 filed lot
|
| Hoge StephenPresident | Exercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) · 1 paired event | 76,453 | —Exercise or conversion of derivative security (M) | — | 382,262 | Sep 14, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event | 19,836 | $30.96 | $614,123 | 94,211 | Sep 10, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Open-market or private sale (S)Table I · Disposed · Common Stock | 34,836 | $134.49 | $4,685,094 | See lot detail | Sep 10, 2026 | 2 filed lots
|
| Mock James MChief Financial Officer | Exercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) · 1 paired event | 19,836 | —Exercise or conversion of derivative security (M) | — | 43,642 | Sep 10, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event | 11,797 | Not disclosed | Not disclosed | 80,079 | Sep 4, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 5,704 | $148.87 | $849,154 | 74,375 | Sep 4, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event | 11,797 | —Exercise or conversion of derivative security (M) | — | 106,179 | Sep 4, 2026 | 1 filed lot
|
| Klinger Shannon ThymeChief Legal Officer | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event | 11,797 | Not disclosed | Not disclosed | 87,044 | Sep 4, 2026 | 1 filed lot
|
| Klinger Shannon ThymeChief Legal Officer | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 5,704 | $148.87 | $849,154 | 81,340 | Sep 4, 2026 | 1 filed lot
|
| Klinger Shannon ThymeChief Legal Officer | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event | 11,797 | —Exercise or conversion of derivative security (M) | — | 106,179 | Sep 4, 2026 | 1 filed lot
|
| Klinger Shannon ThymeChief Legal Officer | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events | 5,637 | Not disclosed | Not disclosed | See lot detail | Sep 1, 2026 | 2 filed lots
|
| Klinger Shannon ThymeChief Legal Officer | Open-market or private sale (S)Table I · Disposed · Common Stock | 3,471 | $139.95 | $485,766 | 74,129 | Sep 1, 2026 | 1 filed lot
|
| Klinger Shannon ThymeChief Legal Officer | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 1,048 | $140.34 | $147,076 | 75,247 | Sep 1, 2026 | 1 filed lot
|
| Klinger Shannon ThymeChief Legal Officer | Exercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) · 1 paired event | 3,471 | —Exercise or conversion of derivative security (M) | — | 34,716 | Sep 1, 2026 | 1 filed lot
|
| Klinger Shannon ThymeChief Legal Officer | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event | 2,166 | —Exercise or conversion of derivative security (M) | — | 21,661 | Sep 1, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event | 2,475 | Not disclosed | Not disclosed | 69,479 | Sep 1, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 1,197 | $140.34 | $167,987 | 68,282 | Sep 1, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event | 2,475 | —Exercise or conversion of derivative security (M) | — | 24,755 | Sep 1, 2026 | 1 filed lot
|
| Hoge StephenPresident | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event | 9,283 | Not disclosed | Not disclosed | 1,494,188 | Sep 1, 2026 | 1 filed lot
|
| Hoge StephenPresident | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 4,489 | $140.34 | $629,986 | 1,489,699 | Sep 1, 2026 | 1 filed lot
|
| Hoge StephenPresident | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event | 9,283 | —Exercise or conversion of derivative security (M) | — | 92,828 | Sep 1, 2026 | 1 filed lot
|
| Hoge StephenPresident | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event | 611 | Not disclosed | Not disclosed | 1,485,201 | Aug 28, 2026 | 1 filed lot
|
| Hoge StephenPresident | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 296 | $142.77 | $42,260 | 1,484,905 | Aug 28, 2026 | 1 filed lot
|
| Hoge StephenPresident | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event | 611 | —Exercise or conversion of derivative security (M) | — | 1,221 | Aug 28, 2026 | 1 filed lot
|
| Klinger Shannon ThymeChief Legal Officer | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event | 329 | Not disclosed | Not disclosed | 74,289 | Aug 28, 2026 | 1 filed lot
|
| Klinger Shannon ThymeChief Legal Officer | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 160 | $142.77 | $22,843 | 74,129 | Aug 28, 2026 | 1 filed lot
|
| Klinger Shannon ThymeChief Legal Officer | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event | 329 | —Exercise or conversion of derivative security (M) | — | 658 | Aug 28, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event | 329 | Not disclosed | Not disclosed | 67,164 | Aug 28, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 160 | $142.77 | $22,843 | 67,004 | Aug 28, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event | 329 | —Exercise or conversion of derivative security (M) | — | 658 | Aug 28, 2026 | 1 filed lot
|
| Hoge StephenPresident | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event | 1,437 | Not disclosed | Not disclosed | 1,485,285 | Aug 27, 2026 | 1 filed lot
|
| Hoge StephenPresident | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 695 | $149.66 | $104,014 | 1,484,590 | Aug 27, 2026 | 1 filed lot
|
| Hoge StephenPresident | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event | 1,437 | —Exercise or conversion of derivative security (M) | — | 8,621 | Aug 27, 2026 | 1 filed lot
|
| Klinger Shannon ThymeChief Legal Officer | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event | 774 | Not disclosed | Not disclosed | 74,335 | Aug 27, 2026 | 1 filed lot
|
| Klinger Shannon ThymeChief Legal Officer | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 375 | $149.66 | $56,123 | 73,960 | Aug 27, 2026 | 1 filed lot
|
| Klinger Shannon ThymeChief Legal Officer | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event | 774 | —Exercise or conversion of derivative security (M) | — | 4,642 | Aug 27, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event | 774 | Not disclosed | Not disclosed | 67,210 | Aug 27, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 375 | $149.66 | $56,123 | 66,835 | Aug 27, 2026 | 1 filed lot
|
| Mock James MChief Financial Officer | Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event | 774 | —Exercise or conversion of derivative security (M) | — | 4,642 | Aug 27, 2026 | 1 filed lot
|
| Bancel StephaneDirector, Chief Executive Officer | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock | 252,469 | $19.15 | $4,834,781 | 6,440,260 | Aug 6, 2026 | 1 filed lot
|
| Bancel StephaneDirector, Chief Executive Officer | Exercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) | 252,469 | —Exercise or conversion of derivative security (M) | — | See lot detail | Aug 6, 2026 | 2 filed lots
|
| Bancel StephaneDirector, Chief Executive Officer | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock | 499,246 | $19.15 | $9,560,561 | 6,687,037 | Aug 5, 2026 | 1 filed lot
|
| Bancel StephaneDirector, Chief Executive Officer | Open-market or private sale (S)Table I · Disposed · Common Stock | 499,246 | $57.5168 | $28,715,011 | See lot detail | Aug 5, 2026 | 4 filed lots
|
| Bancel StephaneDirector, Chief Executive Officer | Exercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) | 499,246 | —Exercise or conversion of derivative security (M) | — | See lot detail | Aug 5, 2026 | 2 filed lots
|
Source-event as of . Retrieved .
Healthcare context
#457 of 708 scored Healthcare companies, ranked by Moat Score.
Nearest peers by Moat Score
- #455HROW Harrow, Inc.34.9 out of 100, No moatNo moat
- #456QUCY Quantum Cyber N.V.34.9 out of 100, No moatNo moat
- #458DNLI Denali Therapeutics Inc.34.8 out of 100, No moatNo moat
- #459BEAM Beam Therapeutics Inc.34.8 out of 100, No moatNo moat
Compare MRNA with its nearest peers →All Healthcare companies on the Index →
Common questions about MRNA
- Does Moderna, Inc. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores Moderna, Inc. (MRNA) 34.8 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 15, pricing power 70, returns on capital 10, balance-sheet safety 55, capital allocation 24.
- How has MRNA's Moat Score changed over time?
- The record logs 29 readings since Jul 17, 2026; the latest reads 34.8 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.