EV/EBITDA

The current EV/EBITDA of -11.5x means that Moderna’s enterprise value (total market value of equity plus debt minus cash) is negative relative to its earnings before interest, taxes, depreciation, and amortization — essentially, its EBITDA is negative, so the metric is negative.

Among sector peers, the median EV/EBITDA is 13.9x, placing MRNA in the 4th percentile, far below most companies. The metric has been generally decreasing over the last eight quarters, with a year-over-year decline of 172.1%, though it improved 7.3% from the previous quarter. A negative EV/EBITDA already signals that the company is not generating positive operating cash flow on this basis, and the long-term downward trend suggests deteriorating profitability, which heightens investment risk. This combination of a deeply negative level and a sustained decline does not point to a turnaround opportunity and instead reinforces caution. The data directly supports the overall CAUTIOUS verdict, as both the metric and its trajectory indicate financial strain.

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