Moderna Inc (MRNA) is overvalued and BeOne Medicines Ltd ADR (ONC) is overvalued.
Both trade above our estimate of their intrinsic value. ONC is the closer of the two: -65%, against -2452% for MRNA.
Values as of the 22 Sept 2026 close.
Its liquidation floor, current assets minus every liability, values the shares at $7.15; the price of $182.56 is 2452% above that value.
Leak Score 29/100 on 7 of 12 signals
Discounting its cash flows at 8.5% (average of 3 methods) values the shares at $223.46; the price of $368.08 is 65% above that value, and 79% of that value comes from beyond year five.
Leak Score 43/100 on 3 of 12 signals
| Metric | MRNA | ONC |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $182.56 | $368.08 |
| Intrinsic value | $7.15 | $223.46 |
| Margin of safety | -2452% | -65% |
| Leak Score | 29/100 (7/12) | 43/100 (3/12) |
| Market cap | $72.9B | $38.4B |
| Revenue growth, 5 years | 19.3% | 76.9% |
| Operating margin | -149.0% | 15.1% |
| Net margin | -141.4% | 10.7% |
| Return on equity | -39.0% | 14.7% |
| Debt to equity | 0.19 | 0.40 |
| P/E | — | 64.7x |
| Forward P/E | — | 36.7x |
| P/B | 10.8x | 8.0x |