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Side-by-side financial comparison of Moderna (MRNA) and Qnity Electronics, Inc. (Q). Click either name above to swap in a different company.
Qnity Electronics, Inc. is the larger business by last-quarter revenue ($1.3B vs $1.0B, roughly 1.3× Moderna). Qnity Electronics, Inc. runs the higher net margin — 12.3% vs -19.7%, a 32.0% gap on every dollar of revenue. On growth, Qnity Electronics, Inc. posted the faster year-over-year revenue change (10.5% vs -45.4%).
Moderna, Inc. is an American pharmaceutical and biotechnology company based in Cambridge, Massachusetts, that focuses on RNA therapeutics, primarily mRNA vaccines. These vaccines use a copy of a molecule called messenger RNA (mRNA) to carry instructions for proteins to produce an immune response. The company's name is derived from the terms "modified", "RNA", and "modern".
MRNA vs Q — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.3B |
| Net Profit | $-200.0M | $162.0M |
| Gross Margin | 79.6% | 47.0% |
| Operating Margin | -25.6% | — |
| Net Margin | -19.7% | 12.3% |
| Revenue YoY | -45.4% | 10.5% |
| Net Profit YoY | -1638.5% | 48.6% |
| EPS (diluted) | $-0.51 | $0.72 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $1.3B | ||
| Q3 25 | $1.0B | $1.3B | ||
| Q4 24 | $966.0M | — | ||
| Q3 24 | $1.9B | $1.1B | ||
| Q4 23 | $2.8B | — | ||
| Q3 23 | $1.8B | — | ||
| Q1 23 | $1.9B | — | ||
| Q4 22 | $5.1B | — |
| Q1 26 | — | $162.0M | ||
| Q3 25 | $-200.0M | $211.0M | ||
| Q4 24 | $-1.1B | — | ||
| Q3 24 | $13.0M | $199.0M | ||
| Q4 23 | $217.0M | — | ||
| Q3 23 | $-3.6B | — | ||
| Q1 23 | $79.0M | — | ||
| Q4 22 | $1.5B | — |
| Q1 26 | — | 47.0% | ||
| Q3 25 | 79.6% | 45.1% | ||
| Q4 24 | 23.5% | — | ||
| Q3 24 | 72.4% | 47.0% | ||
| Q4 23 | 67.0% | — | ||
| Q3 23 | -22.4% | — | ||
| Q1 23 | 57.5% | — | ||
| Q4 22 | 62.3% | — |
| Q1 26 | — | — | ||
| Q3 25 | -25.6% | 21.3% | ||
| Q4 24 | -129.0% | — | ||
| Q3 24 | -3.8% | 21.8% | ||
| Q4 23 | 0.2% | — | ||
| Q3 23 | -109.9% | — | ||
| Q1 23 | -19.7% | — | ||
| Q4 22 | 31.1% | — |
| Q1 26 | — | 12.3% | ||
| Q3 25 | -19.7% | 16.5% | ||
| Q4 24 | -115.9% | — | ||
| Q3 24 | 0.7% | 17.3% | ||
| Q4 23 | 7.7% | — | ||
| Q3 23 | -198.3% | — | ||
| Q1 23 | 4.2% | — | ||
| Q4 22 | 28.8% | — |
| Q1 26 | — | $0.72 | ||
| Q3 25 | $-0.51 | $1.01 | ||
| Q4 24 | $-2.91 | — | ||
| Q3 24 | $0.03 | $0.95 | ||
| Q4 23 | $0.63 | — | ||
| Q3 23 | $-9.53 | — | ||
| Q1 23 | $0.19 | — | ||
| Q4 22 | $3.77 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $857.0M |
| Total DebtLower is stronger | — | $4.0B |
| Stockholders' EquityBook value | $9.3B | $7.5B |
| Total Assets | $12.1B | $14.1B |
| Debt / EquityLower = less leverage | — | 0.54× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $857.0M | ||
| Q3 25 | $1.1B | $128.0M | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.6B | — | ||
| Q4 23 | $2.9B | — | ||
| Q3 23 | $2.9B | — | ||
| Q1 23 | $3.4B | — | ||
| Q4 22 | $3.2B | — |
| Q1 26 | — | $4.0B | ||
| Q3 25 | — | $1.7B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q1 23 | — | — | ||
| Q4 22 | — | — |
| Q1 26 | — | $7.5B | ||
| Q3 25 | $9.3B | $9.1B | ||
| Q4 24 | $10.9B | — | ||
| Q3 24 | $11.9B | $11.1B | ||
| Q4 23 | $13.9B | — | ||
| Q3 23 | $13.5B | — | ||
| Q1 23 | $18.9B | — | ||
| Q4 22 | $19.1B | — |
| Q1 26 | — | $14.1B | ||
| Q3 25 | $12.1B | $12.5B | ||
| Q4 24 | $14.1B | — | ||
| Q3 24 | $15.8B | — | ||
| Q4 23 | $18.4B | — | ||
| Q3 23 | $19.4B | — | ||
| Q1 23 | $24.1B | — | ||
| Q4 22 | $25.9B | — |
| Q1 26 | — | 0.54× | ||
| Q3 25 | — | 0.19× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q1 23 | — | — | ||
| Q4 22 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-847.0M | — |
| Free Cash FlowOCF − Capex | $-880.0M | — |
| FCF MarginFCF / Revenue | -86.6% | — |
| Capex IntensityCapex / Revenue | 3.2% | 9.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.9B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q3 25 | $-847.0M | $782.0M | ||
| Q4 24 | $825.0M | — | ||
| Q3 24 | $-1.6B | — | ||
| Q4 23 | $622.0M | — | ||
| Q3 23 | $-1.6B | — | ||
| Q1 23 | $-1.2B | — | ||
| Q4 22 | $1.7B | — |
| Q1 26 | — | — | ||
| Q3 25 | $-880.0M | $568.0M | ||
| Q4 24 | $303.0M | — | ||
| Q3 24 | $-1.7B | — | ||
| Q4 23 | $402.0M | — | ||
| Q3 23 | $-1.7B | — | ||
| Q1 23 | $-1.3B | — | ||
| Q4 22 | $1.6B | — |
| Q1 26 | — | — | ||
| Q3 25 | -86.6% | 44.5% | ||
| Q4 24 | 31.4% | — | ||
| Q3 24 | -92.2% | — | ||
| Q4 23 | 14.3% | — | ||
| Q3 23 | -95.0% | — | ||
| Q1 23 | -71.9% | — | ||
| Q4 22 | 30.9% | — |
| Q1 26 | — | 9.3% | ||
| Q3 25 | 3.2% | 16.8% | ||
| Q4 24 | 54.0% | — | ||
| Q3 24 | 8.1% | — | ||
| Q4 23 | 7.8% | — | ||
| Q3 23 | 7.6% | — | ||
| Q1 23 | 6.1% | — | ||
| Q4 22 | 1.8% | — |
| Q1 26 | — | — | ||
| Q3 25 | — | 3.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | -120.46× | — | ||
| Q4 23 | 2.87× | — | ||
| Q3 23 | — | — | ||
| Q1 23 | -15.51× | — | ||
| Q4 22 | 1.13× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MRNA
| COVID19 | $971.0M | 96% |
| Other Revenue | $20.0M | 2% |
| Grant | $14.0M | 1% |
| Collaboration Arrangement Including Arrangements With Affiliate | $7.0M | 1% |
| License And Royalty | $2.0M | 0% |
Q
Segment breakdown not available.
