Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Moderna, Inc. (MRNA)
A forensic read on Moderna, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
5.1
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-36.7%
ROE
$26.7B
Market cap
Moderna, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 5.1, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
64dInventory days.Days inventory outstanding moved from 29 to 64 FY2024→FY2025 (against cost of goods sold; inventory +31% vs -41% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-31%Return on invested capital.Return on invested capital is -31% and slipping from 46% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
25% of revStock-based comp load.Stock-based compensation ran 25% of revenue in FY2025 — about $1.24 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-145.2%
Debt / Equity0.07x
Free Cash Flow$-2.06B
Latest Revenue$1.94B
Return on Equity-32.6%
Revenue Growth YoY-39.9%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Moderna, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about MRNA's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown