Question 1

What is Moderna's P/B ratio?

Accepted Answer

Moderna (MRNA) P/B ratio is 2.5× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Moderna?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Moderna specifically, the relevant sector benchmark is the current sector median of 3.4×.

Question 5

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

Accepted Answer

Moderna's P/B ratio of 2.5× is below its own 5-year average of 4.0× and below the sector median of 3.4×. That places the current reading at the 41th 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/B ratio range?

Accepted Answer

In the available daily series, Moderna (MRNA) P/B ratio has ranged from a low of 0.9× in 2025 to a high of 46.9× in 2021. The 5-year average is 4.0× and the 5-year median is 2.8×.

Question 7

What was Moderna's P/B ratio in 2025?

Accepted Answer

Moderna (MRNA) P/B ratio at the end of 2025 was 1.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$8.65B	1.3×	-0.1×	Dec 31, 2025
2024	$16.01B	$10.90B	1.5×	-1.3×	Dec 31, 2024
2023	$37.89B	$13.85B	2.7×	-0.9×	Dec 31, 2023
2022	$69.15B	$19.12B	3.6×	-3.7×	Dec 31, 2022
2021	$102.86B	$14.14B	7.3×	-8.9×	Dec 31, 2021
2020	$41.37B	$2.56B	16.2×	+10.6×	Dec 31, 2020
2019	$6.54B	$1.17B	5.6×	+2.3×	Dec 31, 2019
2018	$5.02B	$1.53B	3.3×	-5.5×	Dec 31, 2018
2017	$5.52B	$625.30M	8.8×	—	Dec 31, 2017


Align Technology (ALGN)	3.0×
Quest Diagnostics (DGX)	2.9×
Charles River (CRL)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Danaher (DHR)	2.4×
UnitedHealth Group (UNH)	2.4×
Solventum (SOLV)	2.3×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Molina Healthcare (MOH)	1.7×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Elevance Health (ELV)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Baxter International (BAX)	1.4×
Revvity (RVTY)	1.4×
Zimmer Biomet Holdings (ZBH)	1.2×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Centene (CNC)	0.8×

P/B Ratio for Moderna (MRNA)

P/B Ratio daily chart for Moderna (MRNA)

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

About P/B Ratio at Moderna (MRNA)

Moderna P/B Ratio by Year

Moderna P/B Ratio 2025: 1.3×

Moderna P/B Ratio 2024: 1.5×

Moderna P/B Ratio 2023: 2.7×

Moderna P/B Ratio 2022: 3.6×

Moderna P/B Ratio 2021: 7.3×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Moderna (MRNA) Key Financials

P/B Ratio daily chart for Moderna (MRNA)

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

About P/B Ratio at Moderna (MRNA)

Moderna P/B Ratio by Year

Moderna P/B Ratio 2025: 1.3×

Moderna P/B Ratio 2024: 1.5×

Moderna P/B Ratio 2023: 2.7×

Moderna P/B Ratio 2022: 3.6×

Moderna P/B Ratio 2021: 7.3×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Moderna's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

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

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

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

+What was Moderna's P/B ratio in 2025?

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

Moderna (MRNA) Key Financials