Moderna, Korn Ferry and FirstSun Face Scrutiny Despite Net Cash Positions

Moderna (MRNA), Korn Ferry (KFY) and FirstSun Capital Bancorp (FSUN) were cited on May 14, 2026, as cash-heavy companies with investment warning signs, highlighting that net cash alone may not indicate stronger earnings prospects or stock performance. Moderna held a net cash position of $3.91 billion, equal to 18.1% of its market value, while trading at $56.35, or 10 times forward price-to-sales. Korn Ferry held $549 million in net cash, or 15.6% of market capitalization, and traded at $67.78, or 12 times forward earnings. FirstSun Capital Bancorp had $245.1 million in net cash, representing 14.1% of market value. Its shares traded at $37.07, or 0.9 times forward book value. The report argued that companies with limited debt may still face concerns tied to growth, profitability or borrower appeal.