Moderna Inc (MRNA) is overvalued and Regeneron Pharmaceuticals Inc (REGN) is overvalued.
Both trade above our estimate of their intrinsic value. REGN is the closer of the two: -23%, 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 9.1% (average of 3 methods) values the shares at $652.24; the price of $803.90 is 23% above that value, and 76% of that value comes from beyond year five.
Leak Score 42/100 on 10 of 12 signals
| Metric | MRNA | REGN |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $182.56 | $803.90 |
| Intrinsic value | $7.15 | $652.24 |
| Margin of safety | -2452% | -23% |
| Leak Score | 29/100 (7/12) | 42/100 (10/12) |
| Market cap | $72.9B | $82.8B |
| Revenue growth, 5 years | 19.3% | 11.0% |
| Operating margin | -149.0% | 26.9% |
| Net margin | -141.4% | 27.9% |
| Return on equity | -39.0% | 14.0% |
| Debt to equity | 0.19 | 0.09 |
| P/E | — | 19.9x |
| Forward P/E | — | 13.1x |
| P/B | 10.8x | 2.6x |
| Dividend yield | — | 0.4% |