Moderna, Inc. (MRNA) Balance Sheet

NASDAQ: MRNAAssets, liabilities, debt and equity over 10 years.

MRNA balance sheet, 2025

December 31, 2025 · U.S. dollars

$12.34B assets = $3.69B liabilities + $8.65B equity

Both columns are drawn to the same scale: what MRNA owns equals what it owes plus shareholders’ equity. Hover a block for its value.

MRNA financial health

Current ratio3.29

Comfortable · current assets cover current liabilities 3.29×

Debt / equity0.22

Low leverage · $0.22 of debt for each $1 of equity

Equity / assets70.1%

Equity-funded · of assets funded by shareholders

Cash / debt302.7%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles0.8%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

MRNA balance sheet trends, 2016–2025

Moderna, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$1.42B2016	$12.34B2025	+27.2%/yr
Total liabilities	$575.3M2016	$3.69B2025	+22.9%/yr
Shareholders’ equity	$841.9M2016	$8.65B2025	+29.5%/yr
Cash & short-term investments	$1.06B2016	$5.80B2025	+20.8%/yr
Total debt	$37.6M2016	$1.92B2025	+54.8%/yr
Net cash (debt)	$1.02B2016	$3.88B2025	+$2.9B
Working capital	$924.4M2016	$4.56B2025	+$3.6B
Book value per share	$2.242016	$22.242025	+29.1%/yr
Current ratio	6.682016	3.292025	−3.38
Debt / equity	0.042016	0.222025	+0.18
Shares outstanding	376.0M2016	389.0M2025	+0.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

MRNA assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

MRNA liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

MRNA debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

MRNA balance sheet

Moderna, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$5.80B	$7.03B	$8.60B	$9.90B	$10.73B	$4.61B	$1.10B	$1.69B	$756.0M	$1.06B
Cash & equivalents	$2.60B	$1.93B	$2.91B	$3.21B	$6.85B	$2.62B	$235.9M	$658.4M	$134.9M	$50.1M
Short-term investments	$3.20B	$5.10B	$5.70B	$6.70B	$3.88B	$1.98B	$867.1M	$863.1M	$621.2M	$1.01B
Receivables	$284.0M	$592.0M	$1.08B	$1.69B	$3.32B	$1.41B	$16.3M	$30.6M	$16.7M	$18.0M
Inventory	$153.0M	$117.0M	$202.0M	$949.0M	$1.44B	$47.0M	−$904.2M	−$173.0M	$0	$0
Other current assets	$308.0M	$365.0M	$438.0M	$895.0M	$580.0M	$235.0M	$913.7M	$11.0M	$10.5M	$11.1M
Total current assets	$6.54B	$8.10B	$10.32B	$13.43B	$16.07B	$6.30B	$1.13B	$1.56B	$783.2M	$1.09B
Property, plant & equipment (net)	$2.85B	$2.96B	$2.66B	$2.14B	$1.38B	$387.0M	$287.9M	$212.0M	$139.0M	$81.2M
Goodwill & intangible assets	$97.0M	$92.0M	$96.0M	$0	$0	$0	$0	$0	$6.1M	$5.9M
Long-term investments	$2.34B	$2.51B	$4.74B	$8.32B	$6.84B	$638.8M	$160.0M	$173.0M	$145.9M	$236.6M
Other non-current assets	$502.0M	$488.0M	$604.0M	$1.97B	$372.0M	$13.2M	$12.7M	$14.2M	$10.3M	$6.4M
Total assets	$12.34B	$14.14B	$18.43B	$25.86B	$24.67B	$7.34B	$1.59B	$1.96B	$1.08B	$1.42B
Liabilities
Accounts payable	$317.0M	$405.0M	$520.0M	$487.0M	$302.0M	$18.0M	$7.1M	$31.2M	$20.7M	$28.2M
Short-term debt	—	$37.0M	$25.0M	$196.0M	$211.0M	$30.0M	$67.7M	$79.1M	$72.7M	$25.1M
Deferred revenue	$99.0M	$153.0M	$568.0M	$2.04B	$6.25B	$3.87B	$63.3M	$109.1M	$96.7M	$107.7M
Total current liabilities	$1.99B	$2.21B	$3.02B	$4.92B	$9.13B	$4.39B	$143.1M	$222.8M	$191.5M	$162.8M
Long-term debt	$590.0M	$0	$0	$0	$0	$0	$38.7M	$33.5M	$15.7M	$12.5M
Lease obligations	$715.0M	$747.0M	$1.24B	$1.00B	$916.0M	$207.3M	$132.4M	$33.5M	$15.7M	$12.5M
Other long-term liabilities	$1.11B	$1.03B	$1.56B	$1.81B	$1.40B	$387.0M	$232.8M	$175.6M	$252.0M	$400.0M
Total liabilities	$3.69B	$3.24B	$4.57B	$6.74B	$10.52B	$4.78B	$414.6M	$431.9M	$459.2M	$575.3M
Shareholders' equity
Common stock & paid-in capital	—	—	—	—	−$857.0M	$40,000	$34,000	$33,000	$6,000	$6,000
Retained earnings (deficit)	$7.22B	$10.04B	$13.61B	$18.32B	$9.96B	−$2.24B	−$1.50B	−$1.01B	−$621.9M	−$365.7M
Accumulated other comprehensive income	$45.0M	−$10.0M	−$123.0M	−$370.0M	−$24.0M	$3.0M	$1.8M	−$1.3M	−$1.2M	−$403,000
Total shareholders' equity	$8.65B	$10.90B	$13.85B	$19.12B	$14.14B	$2.56B	$1.17B	$1.53B	$625.3M	$841.9M
Key figures
Total debt	$1.92B	$747.0M	$1.24B	$1.20B	$916.0M	$237.0M	$132.4M	$112.6M	$88.4M	$37.6M
Net cash (debt)	$3.88B	$6.28B	$7.36B	$8.70B	$9.81B	$4.37B	$970.6M	$1.58B	$667.6M	$1.02B
Working capital	$4.56B	$5.89B	$7.31B	$8.51B	$6.94B	$1.91B	$985.7M	$1.34B	$591.8M	$924.4M
Tangible book value	$8.55B	$10.81B	$13.76B	$19.12B	$14.14B	$2.56B	$1.17B	$1.53B	$619.2M	$836.0M
Book value per share	$22.24	$28.39	$36.27	$45.97	$32.82	$6.72	$3.55	$18.87	$1.66	$2.24
Shares outstanding	389.0M	384.0M	382.0M	416.0M	431.0M	381.3M	330.8M	81.1M	376.0M	376.0M
Current ratio	3.29	3.67	3.42	2.73	1.76	1.43	7.89	7.02	4.09	6.68
Quick ratio	3.06	3.45	3.21	2.35	1.54	1.37	7.82	7.74	4.04	6.61
Debt / equity	0.22	0.07	0.09	0.06	0.06	0.09	0.11	0.07	0.14	0.04
Equity / assets	70.1%	77.1%	75.2%	74.0%	57.3%	34.9%	73.9%	78.0%	57.7%	59.4%

Moderna, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$5.14B	$5.21B	$5.80B	$4.50B	$5.13B	$5.97B	$7.03B	$6.87B	$8.49B	$8.52B	$8.60B	$7.57B
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
Short-term investments	$3.42B	$3.30B	$3.20B	$3.37B	$3.85B	$4.35B	$5.10B	$5.22B	$6.01B	$6.47B	$5.70B	$4.64B
Receivables	$103.0M	$147.0M	$284.0M	$1.39B	$457.0M	$306.0M	$592.0M	$1.84B	$423.0M	$387.0M	$1.08B	$2.15B
Inventory	$280.0M	$146.0M	$153.0M	$332.0M	$240.0M	$128.0M	$117.0M	$412.0M	$399.0M	$295.0M	$202.0M	$487.0M
Other current assets	$294.0M	$272.0M	$308.0M	$367.0M	$343.0M	$357.0M	$365.0M	$551.0M	$351.0M	$395.0M	$438.0M	$593.0M
Total current assets	$5.82B	$5.77B	$6.54B	$6.60B	$6.17B	$6.77B	$8.10B	$9.67B	$9.66B	$9.60B	$10.32B	$10.80B
Property, plant & equipment (net)	$2.76B	$2.79B	$2.85B	$2.86B	$2.92B	$2.96B	$2.96B	$3.17B	$2.97B	$2.76B	$2.66B	$2.72B
Goodwill & intangible assets	$161.0M	$168.0M	$97.0M	$99.0M	$100.0M	$101.0M	$92.0M	$93.0M	$94.0M	$95.0M	$96.0M	$97.0M
Long-term investments	$1.77B	$2.25B	$2.34B	$2.15B	$2.38B	$2.42B	$2.51B	$2.36B	$2.36B	$3.69B	$4.74B	$5.27B
Other non-current assets	$457.0M	$507.0M	$502.0M	$422.0M	$440.0M	$449.0M	$488.0M	$521.0M	$597.0M	$583.0M	$604.0M	$564.0M
Total assets	$10.96B	$11.49B	$12.34B	$12.13B	$12.01B	$12.70B	$14.14B	$15.80B	$15.68B	$16.73B	$18.43B	$19.45B
Liabilities
Accounts payable	$167.0M	$161.0M	$317.0M	$267.0M	$175.0M	$226.0M	$405.0M	$373.0M	$279.0M	$183.0M	$520.0M	$494.0M
Short-term debt	$52.0M	$50.0M	—	$48.0M	$43.0M	$43.0M	$37.0M	$51.0M	$25.0M	$25.0M	$25.0M	$183.0M
Deferred revenue	$295.0M	$102.0M	$99.0M	$163.0M	$218.0M	$125.0M	$153.0M	$379.0M	$702.0M	$559.0M	$568.0M	$1.37B
Total current liabilities	$2.53B	$2.40B	$1.99B	$1.68B	$1.57B	$1.60B	$2.21B	$2.20B	$2.36B	$2.38B	$3.02B	$4.38B
Long-term debt	$591.0M	$590.0M	$590.0M	$0	$0	$0	$0	$0	$0	$0	$0	$0
Lease obligations	$696.0M	$708.0M	$715.0M	$734.0M	$741.0M	$745.0M	$747.0M	$1.35B	$1.27B	$1.24B	$1.24B	$1.27B
Other long-term liabilities	$1.07B	$1.09B	$1.11B	$1.12B	$1.04B	$1.03B	$1.03B	$1.68B	$1.60B	$1.53B	$1.56B	$1.61B
Total liabilities	$4.20B	$4.08B	$3.69B	$2.81B	$2.61B	$2.64B	$3.24B	$3.88B	$3.97B	$3.91B	$4.57B	$6.00B
Shareholders' equity
Retained earnings (deficit)	$5.10B	$5.88B	$7.22B	$8.05B	$8.25B	$9.07B	$10.04B	$11.16B	$11.15B	$12.43B	$13.61B	$13.39B
Accumulated other comprehensive income	$19.0M	$25.0M	$45.0M	$27.0M	$23.0M	$10.0M	−$10.0M	$11.0M	−$71.0M	−$101.0M	−$123.0M	−$211.0M
Total shareholders' 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
Key figures
Total debt	$1.29B	$1.30B	$1.92B	$1.39B	$741.0M	$745.0M	$747.0M	$1.35B	$1.27B	$1.24B	$1.24B	$1.46B
Net cash (debt)	$3.85B	$3.91B	$3.88B	$3.11B	$4.39B	$5.23B	$6.28B	$5.51B	$7.22B	$7.29B	$7.36B	$6.12B
Working capital	$3.28B	$3.38B	$4.56B	$4.92B	$4.60B	$5.16B	$5.89B	$7.46B	$7.30B	$7.22B	$7.31B	$6.41B
Tangible book value	$6.60B	$7.24B	$8.55B	$9.23B	$9.30B	$9.96B	$10.81B	$11.83B	$11.62B	$12.72B	$13.76B	$13.36B
Book value per share	$17.07	$18.75	$22.07	$23.92	$24.22	$26.08	$28.31	$29.89	$30.50	$33.55	$35.07	$35.31
Shares outstanding	396.0M	395.0M	392.0M	390.0M	388.0M	386.0M	385.0M	399.0M	384.0M	382.0M	395.0M	381.0M
Current ratio	2.29	2.41	3.29	3.93	3.93	4.22	3.67	4.39	4.09	4.03	3.42	2.46
Quick ratio	2.07	2.23	3.06	3.51	3.55	3.92	3.45	3.95	3.77	3.74	3.21	2.22
Debt / equity	0.19	0.18	0.22	0.15	0.08	0.07	0.07	0.11	0.11	0.10	0.09	0.11
Equity / assets	61.7%	64.5%	70.1%	76.9%	78.3%	79.2%	77.1%	75.5%	74.7%	76.6%	75.2%	69.2%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.

MRNA financial position

At the end of fiscal 2025 (December 31, 2025), Moderna had total assets of $12.3 billion (down 12.8% from a year earlier), total liabilities of $3.7 billion and shareholders' equity of $8.7 billion. It held $5.8 billion in cash and short-term investments against $1.9 billion of debt, a net cash position of $3.9 billion. Its current ratio was 3.29. In the latest quarter (ended June 30, 2026) total assets were $11.0 billion and equity $6.8 billion.

Related: MRNA income statement, MRNA cash flow statement, MRNA key metrics. See the MRNA stock overview for the latest quote and news.

MRNA balance sheet FAQ

What are Moderna's total assets?

Moderna reported total assets of $12.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $14.1 billion a year earlier.

How much debt does Moderna have?

Moderna had $1.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.22.

How much cash does Moderna have?

Moderna held $5.8 billion in cash and short-term investments at the end of fiscal 2025; with $1.9 billion of debt that is net cash of $3.9 billion.

What is Moderna's book value?

Moderna's shareholders' equity (book value) was $8.7 billion at the end of fiscal 2025, or $22.24 per share.

What is Moderna's current ratio?

Moderna had current assets of $6.5 billion and current liabilities of $2.0 billion, a current ratio of 3.29 (it can cover its short-term obligations).

How much goodwill does Moderna have?

Moderna carried $97.0 million of goodwill and intangible assets, 0.8% of total assets, at the end of fiscal 2025.