Merck & Co. vs Moderna: Business Model & Financial Comparison 2026
Merck & Co. · Healthcare / Drug Manufacturers - General·Moderna · Healthcare / Biotechnology
Financial Comparison
| Metric | MRKMerck & Co. | MRNAModerna |
|---|---|---|
| Market Cap | $282.30B | $20.38B |
| Revenue (TTM) | $65.01B | $1.94B |
| Revenue Growth | 5.0% | -29.8% |
| Gross Margin | 77.2% | -105.8% |
| Operating Margin | 32.8% | -126.4% |
| Net Margin | 28.1% | -145.2% |
| Return on Equity | 36.9% | -28.9% |
| P/E (Trailing) | 15.7x | N/A |
| P/E (Forward) | 11.7x | -11.3x |
| Free Cash Flow | $11.89B | $-1.33B |
| Cash | $14.57B | $5.80B |
| Total Debt | $50.53B | $1.30B |
Data sourced from Yahoo Finance. Green highlights indicate better performance for that metric. Use the interactive tool for real-time data.
Business Model Comparison
Merck & Co.
Merck & Co., Inc. stands as a leading company in Healthcare. Generating $65.01 billion in annual revenue (growing 5.0% year-over-year) and carrying a market capitalization of $286.97 billion, the company has cemented its position as a foundational player in the global Drug Manufacturers - General landscape. Under the leadership of its leadership team, Merck & Co., Inc. continues to execute on a multi-year strategic vision that balances growth inv…
Full Merck & Co. analysis →Moderna
Moderna, Inc. stands as a leading company in Healthcare. Generating $1.94 billion in annual revenue (growing -29.8% year-over-year) and carrying a market capitalization of $21.26 billion, the company has cemented its position as a foundational player in the global Biotechnology landscape. Under the leadership of its leadership team, Moderna, Inc. continues to execute on a multi-year strategic vision that balances growth investment with shareholde…
Full Moderna analysis →SWOT Analysis Comparison
Strengths
Merck & Co.
- With a market capitalization of $286.97B, Merck & Co., Inc. is one of the largest companies in its sector, providing the scale advantages of brand recognition, supplier leverage, and capital access th
- Merck & Co., Inc.'s gross margin of 77.2% is well above industry averages, reflecting pricing power, operational efficiency, or a high-value product mix. The operating margin of 32.8% demonstrates dis
- A return on equity of 36.9% demonstrates that Merck & Co., Inc. generates strong returns from shareholder capital, a hallmark of companies with durable competitive advantages.
Moderna
- Moderna, Inc. holds an established position in the Biotechnology sector, with a track record of serving customers and generating value across its core business activities.
- The company's deep expertise in Biotechnology — developed over years of operation — provides meaningful barriers to entry and customer relationship advantages that newer competitors must overcome.
Weaknesses
Merck & Co.
- Merck & Co., Inc.'s debt-to-equity ratio of 96.0 indicates meaningful financial leverage. Total debt stands at $50.53B against $14.57B in cash and equivalents.
Moderna
- Year-over-year revenue declined 29.8%, raising questions about demand for Moderna, Inc.'s core offerings and requiring management to articulate a credible recovery path.
Opportunities
Merck & Co.
- Merck & Co., Inc. operates in the Drug Manufacturers - General segment of the broader Healthcare sector, which represents a $12 trillion global healthcare market by 2030. Even modest share gains in th
- Emerging markets — particularly India (1.4B people, rapidly growing middle class), Southeast Asia (700M people), and Sub-Saharan Africa — represent significant untapped addressable markets for Merck &
- With $14.57B in cash and strong free cash flow generation, Merck & Co., Inc. is well-positioned to pursue strategic acquisitions that expand its capabilities, customer base, or geographic reach.
Moderna
- Moderna, Inc. operates in the Biotechnology segment of the broader Healthcare sector, which represents a $12 trillion global healthcare market by 2030. Even modest share gains in this environment tran
- Emerging markets — particularly India (1.4B people, rapidly growing middle class), Southeast Asia (700M people), and Sub-Saharan Africa — represent significant untapped addressable markets for Moderna
- With $5.80B in cash and strong free cash flow generation, Moderna, Inc. is well-positioned to pursue strategic acquisitions that expand its capabilities, customer base, or geographic reach.
Threats
Merck & Co.
- Global economic slowdowns, inflation, or rising interest rates can reduce consumer and enterprise spending. Merck & Co., Inc.'s revenue is not fully insulated from macroeconomic cycles, and a recessio
- Increasing government regulation — particularly data privacy laws (GDPR, CCPA), antitrust enforcement, and trade restrictions — poses compliance costs and potential restrictions on Merck & Co., Inc.'s
- Competition for skilled technology, engineering, and management talent remains intense. High employee turnover or inability to attract top talent could slow innovation and execution — particularly cri
Moderna
- Global economic slowdowns, inflation, or rising interest rates can reduce consumer and enterprise spending. Moderna, Inc.'s revenue is not fully insulated from macroeconomic cycles, and a recession sc
- Increasing government regulation — particularly data privacy laws (GDPR, CCPA), antitrust enforcement, and trade restrictions — poses compliance costs and potential restrictions on Moderna, Inc.'s bus
- Competition for skilled technology, engineering, and management talent remains intense. High employee turnover or inability to attract top talent could slow innovation and execution — particularly cri
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Open Comparison ToolMerck & Co. vs Moderna: FAQ
- Is Merck & Co. bigger than Moderna?
- By market capitalization, Merck & Co. is larger at $282.30B vs Moderna's $20.38B.
- Which has better profit margins — Merck & Co. or Moderna?
- Merck & Co. has higher net profit margins (28.1%) compared to Moderna (-145.2%). Gross and operating margins are compared in the table above.
- What sectors do Merck & Co. and Moderna operate in?
- Merck & Co. operates in the Healthcare sector (Drug Manufacturers - General). Moderna operates in the Healthcare sector (Biotechnology).
- How does Merck & Co.'s revenue compare to Moderna's?
- Merck & Co. generates $65.01B in annual revenue (TTM) while Moderna generates $1.94B. Merck & Co. is the larger company by revenue as of 2026.