Moderna Inc (MRNA) is overvalued and Royalty Pharma plc (RPRX) is overvalued.
Both trade above our estimate of their intrinsic value. RPRX is the closer of the two: -49%, 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 7.7% (average of 3 methods) values the shares at $39.27; the price of $58.52 is 49% above that value, and 80% of that value comes from beyond year five.
Leak Score 34/100 on 7 of 12 signals
| Metric | MRNA | RPRX |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $182.56 | $58.52 |
| Intrinsic value | $7.15 | $39.27 |
| Margin of safety | -2452% | -49% |
| Leak Score | 29/100 (7/12) | 34/100 (7/12) |
| Market cap | $72.9B | $33.7B |
| Revenue growth, 5 years | 19.3% | 2.3% |
| Operating margin | -149.0% | 62.3% |
| Net margin | -141.4% | 32.1% |
| Return on equity | -39.0% | 12.4% |
| Debt to equity | 0.19 | 1.31 |
| P/E | — | 31.1x |
| Forward P/E | — | 10.2x |
| P/B | 10.8x | 3.8x |
| Dividend yield | — | 1.8% |