Moderna is set to return to the Nasdaq 100 before trading opens on October 9, 2026, following a sharp rebound in its share price that pushed its market capitalization to $78.44 billion.
The biotechnology company's reinstatement comes even as it continues to post operating losses and weak profitability, according to Yahoo Finance.
Moderna shares traded at roughly $196 on October 7, up 4.81% that day and 571.42% over 12 months.
The stock recovered from a 52-week low of $22.28, restoring the market value required for index inclusion.
Moderna had exited the Nasdaq 100 during its December 2024 reconstitution, when falling shares pushed its market capitalization below the threshold.
Its return replaces Warner Bros. Discovery after the media company's separate stock listing ended, Yahoo Finance reported.
Index Criteria Focus on Size, Not Profit
The Nasdaq 100 tracks the largest nonfinancial companies listed on the exchange by market capitalization.
Its selection criteria focus on company size rather than whether a business generates profits, allowing Moderna to qualify despite its financial challenges.
Moderna's latest financial figures show a substantial gap between its stock market recovery and operating performance.
Its gross margin stood at negative 66.02%, indicating that product costs exceeded revenue before other expenses were considered.
Revenue increased 2.10% in the most recent quarter, while the operating margin reached negative 557.93% and the net margin stood at negative 141.43%.
Free cash flow was negative $1.24 billion, highlighting continued financial pressure on its operations.
Moderna also reported a loss of $8.36 per share against a book value of $16.95 per share, with return on equity at negative 39.00%.
These figures indicate that the improvement in its stock price has not been matched by a return to profitability.
The company's financial position includes $5.14 billion in cash and $1.29 billion in debt.
Yahoo Finance's analysis said the cash balance could fund approximately four more years at the reported rate of cash use, although that estimate depends on spending and financial conditions remaining comparable.
Moderna's valuation reflects expectations for future business performance rather than current earnings.
At approximately $196 per share, the company had a market capitalization of $78.44 billion, a price-to-sales ratio of 35.21 and a price-to-book ratio of 11.60.
The stock had no trailing earnings multiple, while its forward earnings figure was negative because a loss was expected in the following year.
Short interest represented 10.06% of the available share float, according to Yahoo Finance.
