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Moderna Balance Sheet 2025-2011 | MRNA
Brief overview of Moderna's assets and capital
The review uses the five latest available annual reports between 2021 and 2025.
The asset base decreased -50%, from $24.7 billion to $12.3 billion. Resources became smaller over the five periods.
Assets outpaced liabilities, -50% versus -65%. Dependence on external funding declined.
The equity ratio reached 70.1% from 57.3%. A high capital share reduces dependence on liabilities.
Cash exceeds interest-bearing debt, producing net debt of -$2 billion. The balance sheet therefore carries a net cash position.
The cash share moved from 27.8% to 21%. A higher figure generally provides more room in an adverse scenario.
Retained earnings are $7.2 billion versus $10 billion initially. The direction shows how results contributed to equity.
Conclusion
Moderna shows a high-quality balance sheet profile, with adequate internal capital and room for maneuver.
Annual Balance Sheet Moderna
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-1.99 B | -1.87 B | -2.31 B | -2.26 B | -6.2 B | -2.52 B | -104 M | -625 M | -119 M | -37.6 M | - | - | - | - | - |
Long Term Debt |
590 M | 39 M | 575 M | 912 M | 599 M | 97.4 M | - | - | - | - | - | - | - | - | - |
Long Term Debt Current |
17 M | 14 M | 25 M | 35 M | 46 M | 5.97 M | 3.58 M | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 271 M | 209 M | 268 M | 413 M | - | - | - | - | - |
Total Current Liabilities |
1.99 B | 2.21 B | 3.02 B | 4.92 B | 9.13 B | 4.39 B | 143 M | 223 M | - | - | - | - | - | - | - |
Total Liabilities |
3.69 B | 3.24 B | 4.57 B | 6.74 B | 10.5 B | 4.78 B | 415 M | 432 M | 459 M | 575 M | - | - | - | - | - |
Deferred Revenue |
99 M | 153 M | 568 M | 2.04 B | 6.25 B | 3.87 B | 63.3 M | 109 M | 96.7 M | 108 M | - | - | - | - | - |
Retained Earnings |
7.22 B | 10 B | 13.6 B | 18.3 B | 9.96 B | -2.24 B | -1.5 B | -1.01 B | -622 M | -366 M | - | - | - | - | - |
Total Assets |
12.3 B | 14.1 B | 18.4 B | 25.9 B | 24.7 B | 7.34 B | 1.59 B | 1.96 B | 1.08 B | 1.42 B | - | - | - | - | - |
Cash and Cash Equivalents |
2.6 B | 1.93 B | 2.91 B | 3.2 B | 6.85 B | 2.62 B | 236 M | 658 M | 148 M | - | - | - | - | - | - |
Book Value |
8.65 B | 10.9 B | 13.9 B | 19.1 B | 14.1 B | 2.56 B | 1.17 B | 1.53 B | 625 M | 842 M | - | - | - | - | - |
Total Shareholders Equity |
8.65 B | 10.9 B | 13.9 B | 19.1 B | 14.1 B | 2.56 B | 1.17 B | 1.53 B | -551 M | -335 M | - | - | - | - | - |
All numbers in USD currency
Quarterly Balance Sheet Moderna
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
591 M | 590 M | 26 M | 32 M | 35 M | 39 M | 625 M | 576 M | 575 M | 575 M | 575 M | 843 M | 831 M | 912 M | 922 M | - | 646 M | 599 M | 238 M | 328 M | 138 M | 110 M | 110 M | 110 M | 110 M | 38.7 M | 38.7 M | 38.7 M | 38.7 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
4.2 B | 4.08 B | 2.8 B | 2.61 B | 2.64 B | 3.24 B | 3.88 B | 3.97 B | 3.91 B | 4.57 B | 6 B | 4.94 B | 5.26 B | 6.74 B | 8.06 B | - | 10.5 B | 10.5 B | 10.8 B | 9.45 B | 8.86 B | 4.78 B | 4.78 B | 4.78 B | 4.78 B | 415 M | 415 M | 415 M | 415 M | 432 M | 432 M | 432 M | 432 M | 459 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
295 M | 102 M | 163 M | 218 M | 125 M | 153 M | 379 M | 702 M | 559 M | 568 M | 1.37 B | 1.04 B | 1.22 B | 2.04 B | 4 B | - | 5.6 B | 6.25 B | 7.98 B | 7.3 B | 7.53 B | 3.87 B | 3.87 B | 3.87 B | 3.87 B | 63.3 M | 63.3 M | 63.3 M | 63.3 M | 109 M | 109 M | 109 M | 109 M | 96.7 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
5.1 B | 5.88 B | 8.05 B | 8.25 B | 9.07 B | 10 B | 11.2 B | 11.2 B | 12.4 B | 13.6 B | 13.4 B | 17 B | 18.4 B | 18.3 B | 16.9 B | - | 13.6 B | 9.96 B | 5.09 B | 1.76 B | -1.02 B | -2.24 B | -2.24 B | -2.24 B | -2.24 B | -1.5 B | -1.5 B | -1.5 B | -1.5 B | -1.01 B | -1.01 B | -1.01 B | -1.01 B | -622 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
11 B | 11.5 B | 12.1 B | 12 B | 12.7 B | 14.1 B | 15.8 B | 15.7 B | 16.7 B | 18.4 B | 19.4 B | 21.9 B | 24.1 B | 25.9 B | 26.1 B | - | 27.6 B | 24.7 B | 20.9 B | 16.2 B | 12.7 B | 7.34 B | 7.34 B | 7.34 B | 7.34 B | 1.59 B | 1.59 B | 1.59 B | 1.59 B | 1.96 B | 1.96 B | 1.96 B | 1.96 B | 1.08 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
1.72 B | 1.91 B | 1.13 B | 1.28 B | 1.62 B | 1.93 B | 1.64 B | 2.48 B | 2.05 B | 2.91 B | 2.93 B | 3.8 B | 3.44 B | 3.2 B | 3.03 B | 2.87 B | 5.05 B | 6.85 B | 5.55 B | 5.6 B | 5.44 B | 2.62 B | 2.62 B | 2.62 B | 2.62 B | 236 M | 236 M | 236 M | 236 M | 658 M | 658 M | 658 M | 658 M | 135 M | - | - | - | 50.1 M | - | - | - | 159 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
6.76 B | 7.41 B | 9.33 B | 9.4 B | 10.1 B | 10.9 B | 11.9 B | 11.7 B | 12.8 B | 13.9 B | 13.5 B | 16.9 B | 18.9 B | 19.1 B | 18 B | - | 17.1 B | 14.1 B | 10.1 B | 6.7 B | 3.84 B | 2.56 B | 2.56 B | 2.56 B | 2.56 B | 1.17 B | 1.17 B | 1.17 B | 1.17 B | 1.53 B | 1.53 B | 1.53 B | 1.53 B | 625 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
6.76 B | 7.41 B | 9.33 B | 9.4 B | 10.1 B | 10.9 B | 11.9 B | 11.7 B | 12.8 B | 13.9 B | 13.5 B | 16.9 B | 18.9 B | 19.1 B | 18 B | 18 B | 17.1 B | 14.1 B | 10.1 B | 6.7 B | 3.84 B | 2.56 B | 2.56 B | 2.56 B | 2.56 B | 1.18 B | 1.17 B | 1.17 B | 1.17 B | 1.53 B | 1.53 B | 1.53 B | 1.53 B | -551 M | - | - | - | -335 M | - | - | - | -150 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Moderna, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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