Moderna, Inc. (MRNA)
Moderna develops messenger-RNA vaccines and therapeutics, including its COVID-19 vaccine.
MRNA vs TECH: how the two businesses compare
- Bigger business: MRNA, with $1.9B of yearly revenue, about 1.6× TECH's $1.2B.
- More profitable: TECH keeps 6 cents of each sales dollar as profit; MRNA lost money over the year.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Moderna (MRNA) is the larger business by reported revenue: $1.9B in its fiscal year ended Dec 2025, about 1.6× TECH's $1.2B (fiscal year ended Jun 2025). MRNA's net margin was -145.2% and TECH's 6.0%. Both file with the SEC under the same industry code, SIC 2836 (Biological Products, (No Diagnostic Substances)).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Health Care
- Biological Products, (No Diagnostic Substances)
- Same classification
- Different
- MRNA December 31 · TECH June 30
- Oct 28, 2026
MRNA vs TECH: quick comparison
| Company fact | MRNA | TECH |
|---|---|---|
| Company | Moderna, Inc. | Bio-Techne Corporation |
| Exchange | NASDAQ | NASDAQ |
| SEC industry | Biological Products, (No Diagnostic Substances) | Biological Products, (No Diagnostic Substances) |
| Fiscal year-end | December 31 | June 30 |
| Latest annual filing | 10-K · 2026-02-20 | 10-K/A · 2026-10-28 |
MRNA vs TECH: audited financials
- Scale: MRNA's $1.9B of revenue is about 1.6× TECH's $1.2B.
- Net margin: TECH kept 6.0% of revenue as net income versus -145.2% at MRNA.
- Cash conversion: operating cash flow equalled MRNA -96.3% of revenue; TECH 23.6% of revenue, or 3.92× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 6 months apart (2025-12-31 for MRNA, 2025-06-30 for TECH), so each figure reflects somewhat different demand and cost conditions.
| Metric | MRNA | TECH |
|---|---|---|
| Revenue | $1.9B2025-01-01 to 2025-12-31 · SEC filing | $1.2B2024-07-01 to 2025-06-30 · SEC filing |
| Net income | −$2.8B2025-01-01 to 2025-12-31 · SEC filing | $73M2024-07-01 to 2025-06-30 · SEC filing |
| Operating cash flow | −$1.9B2025-01-01 to 2025-12-31 · SEC filing | $288M2024-07-01 to 2025-06-30 · SEC filing |
| Diluted EPS | −$7.262025-01-01 to 2025-12-31 · SEC filing | $0.462024-07-01 to 2025-06-30 · SEC filing |
| Net margin | -145.2%2025-01-01 to 2025-12-31 · SEC filing | 6.0%2024-07-01 to 2025-06-30 · SEC filing |
MRNA: FY ending 2025-12-31 · TECH: FY ending 2025-06-30. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where MRNA and TECH overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 2836, Biological Products, (No Diagnostic Substances).
Differences
- Offset fiscal calendars: MRNA's year ends December 31 and TECH's June 30, about 6 months apart.
- Scale: MRNA reported about 1.6× the annual revenue of TECH.
- Profitability: net margin of -145.2% for MRNA versus 6.0% for TECH.
- MRNA reported a net loss of $2.8B in its fiscal year ended Dec 2025.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Bio-Techne Corporation (TECH)
Bio-Techne makes reagents, proteins, and instruments used in biological research and diagnostics.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves MRNA
We have not yet published a company-specific driver list for MRNA. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-20.
What moves TECH
We have not yet published a company-specific driver list for TECH. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K/A filed 2026-10-28.
The investment question
You now know MRNA reports about 1.6× TECH's revenue, and TECH keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about the biological products, (no diagnostic substances) cycle, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. MRNA's fiscal year ends December 31, while TECH's ends June 30. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 6 matched transaction rows for MRNA and 14 matched transaction rows for TECH. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
MRNA primary filings
TECH primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving MRNA or TECH
MRNA vs TECH FAQs
Are MRNA and TECH direct competitors?
Moderna and Bio-Techne share the SEC industry classification “Biological Products, (No Diagnostic Substances).” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is MRNA or TECH the bigger company by revenue?
Moderna (MRNA) is the larger business by reported revenue: $1.9B in its fiscal year ended Dec 2025, about 1.6× TECH's $1.2B (fiscal year ended Jun 2025). MRNA's net margin was -145.2% and TECH's 6.0%. Both file with the SEC under the same industry code, SIC 2836 (Biological Products, (No Diagnostic Substances)). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, MRNA or TECH?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this MRNA vs TECH comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Moderna, Inc. and Bio-Techne Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
MRNA vs TECH compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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