Question 1

What is Moderna's P/S ratio?

Accepted Answer

Moderna (MRNA) P/S ratio is 8.4× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

What is a good P/S ratio for Moderna?

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For Moderna specifically, the relevant sector benchmark is the current sector median of 3.5×.

Question 5

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

Accepted Answer

Moderna's P/S ratio of 8.4× is above its own 5-year average of 5.8× and above the sector median of 3.5×. That places the current reading at the 78th 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/S ratio range?

Accepted Answer

In the available daily series, Moderna (MRNA) P/S ratio has ranged from a low of 2.2× in 2022 to a high of 229.0× in 2020. The 5-year average is 5.8× and the 5-year median is 4.8×.

Question 7

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

Accepted Answer

Moderna (MRNA) P/S ratio at the end of 2025 was 5.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$1.94B	5.9×	+0.9×	Dec 31, 2025
2024	$16.01B	$3.20B	5.0×	-0.5×	Dec 31, 2024
2023	$37.89B	$6.83B	5.6×	+1.9×	Dec 31, 2023
2022	$69.15B	$18.88B	3.7×	-2.1×	Dec 31, 2022
2021	$102.86B	$17.74B	5.8×	-45.7×	Dec 31, 2021
2020	$41.37B	$803.39M	51.5×	-57.1×	Dec 31, 2020
2019	$6.54B	$60.21M	108.6×	+71.5×	Dec 31, 2019
2018	$5.02B	$135.07M	37.2×	+10.4×	Dec 31, 2018
2017	$5.52B	$205.82M	26.8×	—	Dec 31, 2017


Zimmer Biomet Holdings (ZBH)	2.1×
AptarGroup (ATR)	2.1×
Becton, Dickinson and (BDX)	2.1×
Charles River (CRL)	1.9×
Quest Diagnostics (DGX)	1.9×
IQVIA (IQV)	1.7×
GE HealthCare (GEHC)	1.6×
Labcorp Holdings (LH)	1.6×
HCA Healthcare (HCA)	1.4×
Solventum (SOLV)	1.4×
Viatris (VTRS)	1.1×
Baxter International (BAX)	0.8×
DaVita (DVA)	0.7×
Henry Schein (HSIC)	0.6×
Universal Health Services (UHS)	0.6×
UnitedHealth Group (UNH)	0.5×
Elevance Health (ELV)	0.3×
McKesson (MCK)	0.3×
Cigna (CI)	0.3×
CVS Health (CVS)	0.2×
Cardinal Health (CAH)	0.2×
Cencora (COR)	0.2×
Humana (HUM)	0.2×
Molina Healthcare (MOH)	0.2×
Centene (CNC)	0.1×

P/S Ratio for Moderna (MRNA)

P/S Ratio daily chart for Moderna (MRNA)

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

About P/S Ratio at Moderna (MRNA)

Moderna P/S Ratio by Year

Moderna P/S Ratio 2025: 5.9×

Moderna P/S Ratio 2024: 5.0×

Moderna P/S Ratio 2023: 5.6×

Moderna P/S Ratio 2022: 3.7×

Moderna P/S Ratio 2021: 5.8×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

Moderna (MRNA) Key Financials

P/S Ratio daily chart for Moderna (MRNA)

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

About P/S Ratio at Moderna (MRNA)

Moderna P/S Ratio by Year

Moderna P/S Ratio 2025: 5.9×

Moderna P/S Ratio 2024: 5.0×

Moderna P/S Ratio 2023: 5.6×

Moderna P/S Ratio 2022: 3.7×

Moderna P/S Ratio 2021: 5.8×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

+What is Moderna's P/S ratio?

+How is the P/S ratio calculated?

+What is the P/S ratio?

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

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

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

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

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

Moderna (MRNA) Key Financials