Question 1

What is Moderna's P/E ratio?

Accepted Answer

Moderna (MRNA) P/E ratio is 22.5× as of November 2, 2023. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

What is a good P/E ratio for Moderna?

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Moderna specifically, the relevant sector benchmark is the current sector median of 25.0×.

Question 5

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

Accepted Answer

Moderna's P/E ratio of 22.5× is above its own 5-year average of 14.4× and below the sector median of 25.0×. That places the current reading at the 72th 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/E ratio range?

Accepted Answer

In the available daily series, Moderna (MRNA) P/E ratio has ranged from a low of 3.4× in 2022 to a high of 301.2× in 2021. The 5-year average is 14.4× and the 5-year median is 8.4×.

Question 7

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

Accepted Answer

Moderna (MRNA) P/E ratio at the end of 2022 was 8.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	−$2.82B	—	—	Dec 31, 2025
2024	$16.01B	−$3.56B	—	—	Dec 31, 2024
2023	$37.89B	−$4.71B	—	—	Dec 31, 2023
2022	$69.15B	$8.36B	8.3×	-0.2×	Dec 31, 2022
2021	$102.86B	$12.20B	8.4×	—	Dec 31, 2021
2020	$41.37B	−$747.06M	—	—	Dec 31, 2020
2019	$6.54B	−$514.11M	—	—	Dec 31, 2019
2018	$5.02B	−$384.73M	—	—	Dec 31, 2018
2017	$5.52B	−$266.36M	—	—	Dec 31, 2017


Medtronic (MDT)	22.2×
McKesson (MCK)	22.2×
Illumina (ILMN)	21.7×
ResMed (RMD)	21.6×
GE HealthCare (GEHC)	21.6×
Pfizer (PFE)	21.1×
Quest Diagnostics (DGX)	21.1×
Henry Schein (HSIC)	21.0×
AptarGroup (ATR)	20.9×
IQVIA (IQV)	20.7×
UnitedHealth Group (UNH)	20.4×
Biogen (BIIB)	19.7×
Zoetis (ZTS)	18.9×
Gilead Sciences (GILD)	18.8×
Humana (HUM)	18.5×
Regeneron Pharmaceuticals (REGN)	18.2×
Bristol-Myers Squibb (BMY)	17.0×
HCA Healthcare (HCA)	15.8×
DaVita (DVA)	13.3×
Incyte (INCY)	13.1×
Elevance Health (ELV)	12.3×
Cigna (CI)	11.1×
Novo Nordisk (NVO)	8.6×
Solventum (SOLV)	7.9×
Universal Health Services (UHS)	7.2×

P/E Ratio for Moderna (MRNA)

P/E Ratio daily chart for Moderna (MRNA)

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

About P/E Ratio at Moderna (MRNA)

Moderna P/E Ratio by Year

Moderna P/E Ratio 2022: 8.3×

Moderna P/E Ratio 2021: 8.4×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Moderna (MRNA) Key Financials

P/E Ratio daily chart for Moderna (MRNA)

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

About P/E Ratio at Moderna (MRNA)

Moderna P/E Ratio by Year

Moderna P/E Ratio 2022: 8.3×

Moderna P/E Ratio 2021: 8.4×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

+What is Moderna's P/E ratio?

+How is the P/E ratio calculated?

+What is the P/E ratio?

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

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

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

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

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

Moderna (MRNA) Key Financials