Loading institutional data...
Loading institutional data...
Held by 709 of 5,944 reporting institutions (98th percentile) — extremely crowded.
Data as of Q1 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading quality & risk...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $2M buybacks = $2M returned on -$2.1B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -31%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-09-17
Where each multiple sits in its own 8-yr range · 68th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 8-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 0.0 | 0.0 | 1.0 | 14.2 | 28.1 | 68.5 | 45.2 | 44.7 |
| R&D | 336.2 | 826.7 | 170.6 | 10.8 | 17.1 | 70.8 | 140.4 | 161.1 |
| SG&A | 69.8 | 183.3 | 23.4 | 3.1 | 5.9 | 22.6 | 36.3 | 52.4 |
| Operating Income | -306.0 | -910.0 | -95.0 | 72.0 | 48.9 | -61.9 | -121.9 | -158.1 |
| Income Tax | 0.2 | -1.7 | 0.4 | 5.9 | 6.3 | 11.3 | -1.4 | 2.8 |
| Net Income | -284.8 | -856.7 | -93.0 | 66.1 | 43.4 | -68.8 | -110.0 | -145.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MRNA: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.94B 100.0% | $3.24B 100.0% | $6.85B 100.0% | $19.26B 100.0% | $18.47B 100.0% | $803.0M 100.0% | $60.0M 100.0% | $135.1M 100.0% | $205.8M 100.0% | $108.4M 100.0% |
| Cost of Revenue | $868.0M 44.7% | $1.46B 45.2% | $4.69B 68.5% | $5.42B 28.1% | $2.62B 14.2% | $8.0M 1.0% | $0 0.0% | $0 0.0% | — | — |
| Research & Development | $3.13B 161.1% | $4.54B 140.4% | $4.84B 70.8% | $3.29B 17.1% | $1.99B 10.8% | $1.37B 170.6% | $496.0M 826.7% | $454.1M 336.2% | $410.5M 199.4% | $274.7M 253.4% |
| Selling, General & Admin | $1.02B 52.4% | $1.17B 36.3% | $1.55B 22.6% | $1.13B 5.9% | $567.0M 3.1% | $188.0M 23.4% | $110.0M 183.3% | $94.3M 69.8% | $64.7M 31.4% | $57.5M 53.0% |
| Total Operating Expenses | $5.02B 258.1% | $7.18B 221.9% | $11.09B 161.9% | $9.84B 51.1% | $5.17B 28.0% | $1.57B 195.0% | $605.9M 1009.9% | $548.3M 406.0% | $475.2M 230.9% | $332.2M 306.4% |
| Operating Income | -$3.07B -158.1% | -$3.94B -121.9% | -$4.24B -61.9% | $9.42B 48.9% | $13.30B 72.0% | -$763.0M -95.0% | -$546.0M -910.0% | -$413.3M -306.0% | -$269.4M -130.9% | -$223.8M -206.4% |
| Interest & Investment Income | $314.0M 16.2% | $425.0M 13.1% | $421.0M 6.1% | $200.0M 1.0% | $18.0M 0.1% | $25.0M 3.1% | $39.0M 65.0% | $27.0M 20.0% | $15.2M 7.4% | $11.3M 10.4% |
| Other Income (Expense), net | -$8.0M -0.4% | -$87.0M -2.7% | -$124.0M -1.8% | -$45.0M -0.2% | -$29.0M -0.2% | -$6.0M -0.7% | -$8.0M -13.3% | $1.8M 1.4% | -$1.9M -0.9% | -$2.7M -2.5% |
| Pretax Income | -$2.77B -142.4% | -$3.61B -111.5% | -$3.94B -57.6% | $9.57B 49.7% | $13.29B 71.9% | -$744.0M -92.7% | -$515.0M -858.3% | -$384.4M -284.6% | -$256.0M -124.4% | -$215.2M -198.5% |
| Income Tax Expense | $54.0M 2.8% | -$46.0M -1.4% | $772.0M 11.3% | $1.21B 6.3% | $1.08B 5.9% | $3.0M 0.4% | -$1.0M -1.7% | $326K 0.2% | -$80K -0.0% | $1.0M 1.0% |
| Net Income | -$2.82B -145.2% | -$3.56B -110.0% | -$4.71B -68.8% | $8.36B 43.4% | $12.20B 66.1% | -$747.0M -93.0% | -$514.0M -856.7% | -$384.7M -284.8% | -$255.9M -124.3% | -$216.2M -199.5% |
| Per Share | ||||||||||
| EPS (Basic) | $-7.26 | $-9.28 | $-12.33 | $21.26 | $30.31 | $-1.96 | $-1.55 | — | — | — |
| EPS (Diluted) | $-7.26 | $-9.28 | $-12.33 | $20.12 | $28.29 | $-1.96 | $-1.55 | — | — | — |
| Weighted Avg Shares (Basic) | 389.0M | 384.0M | 382.0M | 394.0M | 403.0M | 381.0M | 331.0M | — | — | — |
| Weighted Avg Shares (Diluted) | 389.0M | 384.0M | 382.0M | 416.0M | 431.0M | 381.0M | 331.0M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.24T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.03T | 50.2× | — | 15.9× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $894.1B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $650.5B | 24.5× | — | 6.9× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $467.1B | 111.9× | 33.4× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $368.2B | 20.2× | — | 5.7× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $339.9B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $257.7B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $248.2B | 37.1× | 31.9× | 5.6× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $204.6B | 26.7× | 17.6× | 5.6× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $187.3B | 22.3× | 20.4× | 6.4× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.0B | 27.5× | 19.2× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $157.1B | 20.3× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $150.2B | 42.1× | 31.0× | 6.1× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $136.2B | 48.7× | 37.5× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $131.1B | 33.7× | 28.8× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $127.8B | 18.2× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.8B | 24.9× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| CVS | $114.7B | 64.9× | 11.5× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $107.1B | 33.4× | 18.4× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $102.5B | 22.9× | 16.2× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.4B | 15.1× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.4B | 16.4× | 15.5× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $82.6B | 19.0× | 19.8× | 5.8× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| CI | $72.7B | 12.4× | 5.5× | 0.3× | 11.2% | 21.8% | 2.2% | 14.3% | 14.1% | 0.0× | 1,583 |
| MRNA | $62.3B | — | — | 32.0× | -39.9% | 55.3% | -145% | -32.6% | -30.5% | -0.2× | 709 |
Peers = companies sharing MRNA's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.