Moderna, Inc. — Earnings Quality Grade F
MRNA · Healthcare
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 35 days, change -6 days YoY
AR growth -48.6% vs revenue growth -39.9%
Revenue -39.9%, CFFO 37.6%. Cash follows revenue
Expense Quality
Inventory growth 30.8% exceeds COGS -40.7%
CapEx growth -80.8% vs revenue -39.9%. Normal
SG&A/Gross Profit = 96.6%, exceeds 70%
Gross margin 54.8%, change +0.6pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-2.1B)
Accruals ratio = -7.7%. Low accruals
Cash $5.8B covers debt $1.3B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 1% of equity. Manageable
Interest coverage = -307.4x (<2x). Financial stress
Other assets -6.4% vs revenue -39.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change 5% YoY. Normal
Manipulation Score
M-Score = -3.50 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-09