Question 1

What is Moderna's P/FCF ratio?

Accepted Answer

Moderna (MRNA) P/FCF ratio is 72.9× as of August 2, 2023. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Moderna?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Moderna specifically, the relevant sector benchmark is the current sector median of 19.8×.

Question 5

Is Moderna's P/FCF ratio high or low?

Accepted Answer

Moderna's P/FCF ratio of 72.9× is above its own 5-year average of 20.3× and above the sector median of 19.8×. That places the current reading at the 89th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Moderna's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Moderna (MRNA) P/FCF ratio has ranged from a low of 3.8× in 2022 to a high of 91.2× in 2023. The 5-year average is 20.3× and the 5-year median is 9.1×.

Question 7

What was Moderna's P/FCF ratio in 2022?

Accepted Answer

Moderna (MRNA) P/FCF ratio at the end of 2022 was 15.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Moderna's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$11.56B	−$2.05B	—	—	Dec 31, 2025
2024	$16.01B	−$4.05B	—	—	Dec 31, 2024
2023	$37.89B	−$3.83B	—	—	Dec 31, 2023
2022	$69.15B	$4.58B	15.1×	+7.4×	Dec 31, 2022
2021	$102.86B	$13.34B	7.7×	-13.4×	Dec 31, 2021
2020	$41.37B	$1.96B	21.1×	—	Dec 31, 2020
2019	$6.54B	−$490.52M	—	—	Dec 31, 2019
2018	$5.02B	−$436.63M	—	—	Dec 31, 2018
2017	$5.52B	−$389.88M	—	—	Dec 31, 2017


Align Technology (ALGN)	17.8×
McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Incyte (INCY)	12.9×
UnitedHealth Group (UNH)	12.5×
CVS Health (CVS)	12.4×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	10.7×
Bristol-Myers Squibb (BMY)	10.4×
Biogen (BIIB)	10.3×
Elevance Health (ELV)	10.0×
Zimmer Biomet Holdings (ZBH)	9.6×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Centene (CNC)	2.5×

P/FCF Ratio for Moderna (MRNA)

P/FCF Ratio daily chart for Moderna (MRNA)

Historical P/FCF Ratio for Moderna (MRNA) from 2017 to 2025

About P/FCF Ratio at Moderna (MRNA)

Moderna P/FCF Ratio by Year

Moderna P/FCF Ratio 2022: 15.1×

Moderna P/FCF Ratio 2021: 7.7×

Moderna P/FCF Ratio 2020: 21.1×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Moderna (MRNA) Key Financials

P/FCF Ratio daily chart for Moderna (MRNA)

Historical P/FCF Ratio for Moderna (MRNA) from 2017 to 2025

About P/FCF Ratio at Moderna (MRNA)

Moderna P/FCF Ratio by Year

Moderna P/FCF Ratio 2022: 15.1×

Moderna P/FCF Ratio 2021: 7.7×

Moderna P/FCF Ratio 2020: 21.1×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Moderna's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Moderna?

+Is Moderna's P/FCF ratio high or low?

+What is Moderna's historical P/FCF ratio range?

+What was Moderna's P/FCF ratio in 2022?

+Why does Moderna's P/FCF ratio change over time?

Moderna (MRNA) Key Financials