Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Moderna, Inc. (MRNA) Halal?

FAIL

Moderna, Inc. · NASDAQ: MRNA · Healthcare

The short answer

No — Moderna (MRNA) does not pass this Shariah stock screen. Its mRNA medicines business (COVID vaccines Spikevax and mNEXSPIKE, RSV vaccine mRESVIA, flu-plus-COVID combo mCOMBRIAX; 26 candidates across 36 clinical programmes) has no prohibited lines, and its debt is small (interest-bearing debt $597M ≈ 0.8% of its ~$75.4B market cap: $188.94 close, Oct 1, 2026 — even adding the $3.0B of 0% convertibles issued Sept 1, 2026 the ratio is ~4.8%). But interest income of $139M is about 26.0% of H1 2026 revenue ($534M) — above the 5% non-compliant income ceiling. Both Zoya and Musaffa also flag MRNA as not Shariah-compliant / not halal; no ShariaPortfolio rating was found — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

Moderna, Inc. is a biotechnology company developing a new class of medicines made of messenger RNA (mRNA), per Note 1 of its Q2 2026 10-Q. It has four approved products — Spikevax and mNEXSPIKE (COVID-19 vaccines), mRESVIA (RSV vaccine) and mCOMBRIAX (flu-plus-COVID combination vaccine, approved in Europe) — and a development pipeline of 26 candidates across 36 clinical programmes spanning infectious-disease vaccines, oncology therapeutics and rare-disease therapeutics. None of the disclosed lines — mRNA vaccines and therapeutics, vaccine manufacturing, research collaborations — are prohibited lines (no alcohol, gambling, pork, conventional banking/insurance, tobacco, cannabis, or adult entertainment). Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

At June 30, 2026 interest-bearing debt was $597M — $591M of long-term debt ($600M term-loan principal, net of discount) plus $6M of financing lease liabilities, per the Q2 2026 10-Q balance sheet. Against a market cap of about $75.4B ($188.94 close, October 1, 2026, stockanalysis.com), debt ÷ market cap is about 0.8%, far below the ~33% ceiling. Cash, cash equivalents and investments totalled $6.9B, about 9.2% of market cap, within the ~33% guideline. Separately, on September 1, 2026 Moderna issued $3.0B of 0.00% convertible senior notes due 2032 (Form 8-K); adding that debt lifts the ratio to about 4.8% — still under the ceiling. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: FAIL

Interest income was $139M for the six months ended June 30, 2026, per the Q2 2026 10-Q, against total revenue of $534M — about 26.03% of revenue, above the 5% non-compliant income limit. The MD&A attributes the interest to lower average investment balances and interest rates, not lending. Q2 2026 alone was $67M on $145M of revenue (~46%), and FY2025 was $314M on $1,944M (~16.2%) — the ratio has been over the ceiling in each period. Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does Moderna do?

Moderna (NASDAQ: MRNA) is a biotechnology company developing medicines based on messenger RNA (mRNA), per Note 1 of its Q2 2026 Form 10-Q. It has four approved products — Spikevax and mNEXSPIKE (COVID-19 vaccines), mRESVIA (a vaccine against respiratory syncytial virus, RSV), and mCOMBRIAX (a flu-plus-COVID combination vaccine approved in Europe). Its development pipeline covers 26 candidates across 36 clinical programmes in infectious-disease vaccines, oncology therapeutics and rare-disease therapeutics. None of the disclosed business lines are prohibited lines, so the business gate passes.

Why does Moderna fail this Shariah stock screen?

Moderna's business has no prohibited lines and it carries modest debt — the failure is on the income gate. For the six months ended June 30, 2026 it reported interest income of $139M against total revenue of $534M, a ratio of about 26.0% — above the ~5% non-compliant income ceiling used in this screen. The 10-Q MD&A says the interest comes from investment balances and interest rates, not from lending. Full-year 2025 was $314M of interest income on $1,944M of revenue (about 16.2%) — also over the ceiling. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Moderna's interest-bearing debt ratio?

At June 30, 2026 Moderna's interest-bearing debt was $597M — $591M of long-term debt ($600M term-loan principal, net of unamortized discount) plus $6M of financing lease liabilities, per the Q2 2026 10-Q balance sheet. Against a market capitalization of about $75.4B ($188.94 close, October 1, 2026), debt divided by market cap is about 0.8%, far below the ~33% ceiling. Separately, on September 1, 2026 the company issued $3.0B of 0.00% convertible senior notes due 2032 (Form 8-K); including that debt the ratio is about 4.8% — still under the ceiling. The financial-structure gate passes.

What is Moderna's non-compliant income ratio?

For the six months ended June 30, 2026, Moderna reported interest income of $139M ($67M in Q2) against total revenue of $534M — about 26.03% of revenue, above the 5% non-compliant income limit. Q2 2026 alone was $67M on $145M of revenue (about 46%). For full-year 2025, interest income was $314M on $1,944M of revenue — about 16.2%, also above 5%. The 10-Q MD&A attributes the interest income to investment balances and interest rates. On the income-statement basis used here, the income gate fails.

Do Zoya, Musaffa, or ShariaPortfolio cover Moderna?

Zoya and Musaffa both cover MRNA and both flag it: Zoya lists MRNA as not Shariah-compliant as of October 2026 (citing FY2025 interest income of $314M, 16.15% of revenue), and Musaffa classifies Moderna as not halal under its AAOIFI methodology as of October 2026. No MRNA rating was found from ShariaPortfolio — honestly reported as absent, not invented.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).