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Vaccines and mRNA

The 14 companies in this industry listed on the NYSE and Nasdaq are worth $126 bn combined; the largest are Moderna (MRNA), BioNTech (BNTX) and Vaxcyte, Inc. (PCVX). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

Clear leader
14 companies value 126 bn revenue 7.2 bn margin -76.2% free cash flow -2.7 bn avg. score 0.7
MRNA holds 71.9% of the group's value, 4.0x the runner-up
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 MRNA Moderna
United States · score 0.2
72% 91 bn 2.2 bn -141.4% -1.2 bn -1.4% — Messenger RNA vaccines and therapies · The most advanced mRNA platform; high risk, pipeline in oncology
2 BNTX BioNTech
Germany · score 3.2
18% 22 bn 3.2 bn -39.6% 0.3 bn 1.4% — Messenger RNA vaccines and immunotherapies, from Germany · Pfizer's partner in the mRNA vaccine; a strong cash position to fund the pipeline
3 PCVX Vaxcyte, Inc.
United States · score 0.0
8% 9.5 bn — — -0.9 bn -9.4% — High-fidelity vaccines against bacterial diseases · California
4 NVAX Novavax
United States · score 0.0
1% 1.8 bn 0.4 bn -59.9% -0.0 bn -2.4% — Recombinant protein vaccines · Recombinant protein vaccine, an alternative to mRNA
5 VALN Valneva SE
France · score 0.0
0% 0.5 bn 0.2 bn -110.3% -0.1 bn -13.6% — Vaccines for infectious diseases, from France · France — revenue of $160m
6 EBS Emergent BioSolutions Inc.
United States · score 2.8
0% 0.3 bn 0.7 bn -23.8% 0.1 bn 26.3% — Life sciences for public health threat preparedness and response · Maryland — revenue of $743m
7 ARCT Arcturus Therapeutics Holdings Inc.
United States · score 0.0
0% 0.3 bn 0.0 bn -317.6% -0.1 bn -24.6% — Messenger RNA drugs for rare diseases · California — revenue of $29m
8 RNAC Cartesian Therapeutics, Inc.
United States · score 0.0
0% 0.2 bn 0.0 bn -103x -0.1 bn -42.7% — mRNA therapies for autoimmune diseases · Maryland — revenue of $1m
9 GLSI Greenwich LifeSciences, Inc.
United States · score 0.0
0% 0.2 bn — — -0.0 bn -5.6% — Phase III biopharma in breast cancer immunotherapy · Texas
10 INO INOVIO PHARMACEUTICALS, INC.
United States · score 0.0
0% 0.1 bn 0.0 bn — -0.1 bn -78.1% — DNA medicines for HPV, cancer and infectious diseases · Pennsylvania
11 EVAX Evaxion A/S
Denmark · score 0.0
0% 0.0 bn 0.0 bn -115.5% -0.0 bn -25.8% — AI-powered vaccine and immunotherapy discovery, from Denmark · Denmark — revenue of $7m
12 ELTX Elicio Therapeutics, Inc.
United States · score 0.0
0% 0.0 bn — — -0.0 bn -92.7% — Clinical-stage biotech in immunotherapies for KRAS tumors · Massachusetts
13 SVA SINOVAC BIOTECH LTD
China · score 1.2
— — 0.4 bn -51.5% -0.6 bn — — Human vaccines, from China · China — revenue of $386m
14 GOVX GeoVax Labs, Inc.
United States · score 2.8
— — 0.0 bn — -0.0 bn — — Vaccines and immunotherapies against infectious diseases and cancer · Georgia

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What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

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