Moderna Valuation Multiples

Moderna Overview

About Moderna

Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018. The firm's mRNA technology was rapidly validated with its covid vaccine, which was authorized in the United States in December 2020. Moderna had 35 mRNA development candidates in clinical studies as of August 2025. Programs span a wide range of therapeutic areas, including infectious disease, oncology, cardiovascular disease, and rare genetic diseases.

Founded

2016

HQ

Employees

4.7K

Website

modernatx.com

Sectors

BiopharmaceuticalsBioTech

Financials (LTM)

Revenue: $2B

EBITDA: ($3B)

EV

$17B

Valuation Multiples

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Moderna Financials

Moderna reported last 12-month revenue of $2B and negative EBITDA of ($3B).

In the same LTM period, Moderna generated $1B in gross profit, ($3B) in EBITDA losses, and had net loss of ($3B).

Moderna P&L

In the most recent fiscal year, Moderna reported revenue of $2B and EBITDA of ($3B).

Moderna expects next 12-month revenue of XXX and NTM EBITDA of XXX

Moderna Stock Performance

Moderna has current market cap of $21B, and enterprise value of $17B.

Moderna's stock price is $53.72.

Moderna Valuation Multiples

Moderna trades at 8.5x EV/Revenue multiple, and (5.9x) EV/EBITDA.

Moderna Financial Valuation Multiples

As of April 18, 2026, Moderna has market cap of $21B and EV of $17B.

Equity research analysts estimate Moderna's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Moderna has a P/E ratio of (7.6x).

Moderna Margins & Growth Rates

Moderna's revenue in the last 12 month grew by 11%.

Moderna's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.9M for the same period.

Moderna's rule of 40 is (118%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Moderna's rule of X is (104%) (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Moderna Public Comps

See public comps and valuation multiples for other Biopharmaceuticals comps.

Moderna M&A Activity

Moderna acquired XXX companies to date.

Last acquisition by Moderna was on XXXXXXXX, XXXXX. Moderna acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

Moderna Investment Activity

Moderna invested in XXX companies to date.

Moderna made its latest investment on XXXXXXXX, XXXXX. Moderna invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).