MRNA Moderna margins

Relative Growth: Rel. Growth: 12

Relative Strength: Rel. Strength: 99

Relative Valuation: Rel. Valuation: 5

Relative Profitability: Rel. Profitability: 13

Gross margin

23.4%

Operating margin

-149%

EBITDA margin

-127.7%

Net margin

-141.4%

At present, Moderna reports a gross margin of 23.4%, an operating margin of -149%, an EBITDA margin of -127.7%, and a net margin of -141.4%; its operating margin is negative at -149%, its EBITDA margin is negative at -127.7%, and its net margin is negative at -141.4%. Net margin had the largest decline, decreasing by 47.1 percentage points, while the other available margins also declined.

MRNA margin history

Gross, operating, EBITDA and net margin trends

Moderna's margins averaged 42.25% gross, -115.24% operating, -96.61% EBITDA, and -111.31% net during the last 3 years. The current gross, operating, EBITDA, and net margins are each below their three-year averages.

MRNA margin expansion

Year-over-year margin changes in percentage points

All available margins contracted year over year, led by net margin with a decline of 47.1 percentage points.

Gross margin expansion

-29.1pp

Operating margin expansion

-42.7pp

EBITDA margin expansion

-38.8pp

Net margin expansion

-47.1pp

MRNA Gross margin

Across the last 3 years, Moderna had an average gross margin of 42.25%. At present, Moderna's current gross margin is 23.4%, which is 18.9 percentage points below its three-year average. Looking back over the last 3 years, Moderna's gross margin reached 67.4% at its highest point in Sep 2024 and 22.1% at its lowest in Mar 2026.

MRNA Operating margin

Moderna recorded an average operating margin of -115.24% across the last 3 years. Compared with its three-year average, Moderna's current operating margin is -149% and is 33.8 percentage points below its three-year average. Over the last 3 years, Moderna's operating margin peaked at -53% in Sep 2024 and reached a low of -158.1% in Dec 2025.

MRNA EBITDA margin

Across the last 3 years, Moderna recorded an average EBITDA margin of -96.61%. The latest EBITDA margin for Moderna is -127.7%, 31.1 percentage points below its three-year average. The highest EBITDA margin for Moderna was -39.8% in Sep 2024, while the lowest was -131.9% in Sep 2025.

MRNA Net margin

Across the last 3 years, Moderna's net margin came to -111.31%. Compared with its three-year average, Moderna's current net margin is -141.4% and is 30.1 percentage points below its three-year average. Net margin was highest at -43.8% in Sep 2024 and lowest at -145.2% in Dec 2025.

MRNA margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 23.4%, MRNA is below the Healthcare sector, the industry and its peers average. Compared to its Healthcare sector average of 68.3%, Moderna's gross margin is 66% lower.

MRNA margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Moderna's gross margin?

For the period ending Jun 30, 2026, MRNA recorded a gross margin of 23.4%.

What is Moderna's operating margin?

As of Jun 30, 2026, MRNA has an operating margin of -149%.

What is Moderna's EBITDA margin?

The current EBITDA margin for MRNA is -127.7% as of Jun 30, 2026.

What is Moderna's net margin?

As of Jun 30, 2026, MRNA has a net margin of -141.4%.

What are the average margins of MRNA?

The three-year average margins for MRNA were 42.3% gross, -115.2% operating, -96.6% EBITDA, and -111.3% net.

What are the highest historical margins of MRNA?

Over this 5-year history, MRNA peaked at 85.8% gross in Dec 2021, 72% operating in Dec 2021, 73.2% EBITDA in Mar 2022, and 66.1% net in Dec 2021.

What are the lowest historical margins of MRNA?

Across the 5-year period, MRNA posted its lowest margins at 22.1% gross in Mar 2026, -158.1% operating in Dec 2025, -131.9% EBITDA in Sep 2025, and -145.2% net in Dec 2025.