Stock Analysis on Net
Stock Analysis on Net

Moderna Inc. (NASDAQ:MRNA)

This company has been moved to the archive! The financial data has not been updated since November 3, 2023.

Analysis of Income Taxes

Microsoft Excel

Income Tax Expense (Benefit)

Moderna Inc., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Federal 1,687 1,304 — — —
State 47 35 — 1 —
Foreign 57 40 3 — —
Current 1,791 1,379 3 1 —
Federal (569) (288) — (1) —
State (7) (6) — — —
Foreign (2) (2) — — —
Deferred (578) (296) — (1) —
Provision for (benefit from) income taxes 1,213 1,083 3 (1) —

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Moderna Inc. current increased from 2020 to 2021 and from 2021 to 2022.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Moderna Inc. deferred decreased from 2020 to 2021 and from 2021 to 2022.
Provision for (benefit from) income taxes Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Moderna Inc. provision for (benefit from) income taxes increased from 2020 to 2021 and from 2021 to 2022.

Effective Income Tax Rate (EITR)

Moderna Inc., effective income tax rate (EITR) reconciliation

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Federal statutory tax rate 21.00% 21.00% 21.00% 21.00% 21.00%
Change in valuation allowance 0.00% -5.40% -47.40% -33.00% -28.50%
Foreign-derived intangible income -7.40% -4.80% 0.00% -0.20% -0.20%
Stock-based compensation windfall -1.60% -2.60% 19.80% 0.00% 0.00%
Federal research and development credits -0.50% -0.70% 3.80% 2.50% 1.50%
State taxes, net of federal benefits 0.40% 0.50% 3.60% 7.90% 6.30%
Non-deductible items 0.00% 0.00% -0.80% 1.60% 0.00%
Other 0.80% 0.10% -0.30% 0.20% -0.20%
Effective tax rate 12.70% 8.10% -0.30% 0.00% -0.10%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Item Description The company
Effective tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Moderna Inc. effective tax rate increased from 2020 to 2021 and from 2021 to 2022.

Components of Deferred Tax Assets and Liabilities

Moderna Inc., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net operating loss carryforwards 59 69 587 268 115
Stock-based compensation 68 44 33 44 33
Capitalized licenses, research and development and start-up costs 704 204 14 20 22
Tax credit carryforwards 97 80 99 77 54
Deferred revenue 16 43 30 53 71
Operating lease liabilities 26 32 22 27 —
Financing lease liabilities 135 136 24 11 9
Other comprehensive income 106 — — — —
Inventory reserve and capitalization 86 — — — —
Other 69 67 65 7 19
Deferred tax assets, gross 1,366 675 874 507 324
Valuation allowance (155) (149) (823) (471) (308)
Deferred tax assets, net of valuation allowance 1,211 526 51 37 15
Right-of-use assets, financing (117) (119) (12) (3) —
Right-of-use assets, operating (26) (31) (20) (25) —
Property, plant and equipment (85) (49) (18) (9) (15)
Other (1) (1) (1) — —
Deferred tax liabilities (229) (200) (51) (37) (15)
Net deferred tax assets (liabilities) 982 326 — — —

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Item Description The company
Deferred tax assets, gross Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Moderna Inc. deferred tax assets, gross decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Deferred tax assets, net of valuation allowance Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Moderna Inc. deferred tax assets, net of valuation allowance increased from 2020 to 2021 and from 2021 to 2022.
Net deferred tax assets (liabilities) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Moderna Inc. net deferred tax assets (liabilities) increased from 2020 to 2021 and from 2021 to 2022.

Deferred Tax Assets and Liabilities, Classification

Moderna Inc., deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Deferred tax assets 982 326 — — —

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Item Description The company
Deferred tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Moderna Inc. deferred tax assets increased from 2020 to 2021 and from 2021 to 2022.

Adjustments to Financial Statements: Removal of Deferred Taxes

Moderna Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Adjustment to Total Assets
Total assets (as reported) 25,858 24,669 7,337 1,589 1,962
Less: Noncurrent deferred tax assets, net 982 326 — — —
Total assets (adjusted) 24,876 24,343 7,337 1,589 1,962
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported) 19,123 14,145 2,561 1,175 1,530
Less: Net deferred tax assets (liabilities) 982 326 — — —
Stockholders’ equity (adjusted) 18,141 13,819 2,561 1,175 1,530
Adjustment to Net Income (loss)
Net income (loss) (as reported) 8,362 12,202 (747) (514) (385)
Add: Deferred income tax expense (benefit) (578) (296) — (1) —
Net income (loss) (adjusted) 7,784 11,906 (747) (515) (385)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Moderna Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Moderna Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net Profit Margin
Reported net profit margin 45.36% 69.04% -373.77% — —
Adjusted net profit margin 42.22% 67.36% -373.77% — —
Total Asset Turnover
Reported total asset turnover 0.71 0.72 0.03 0.00 0.00
Adjusted total asset turnover 0.74 0.73 0.03 0.00 0.00
Financial Leverage
Reported financial leverage 1.35 1.74 2.86 1.35 1.28
Adjusted financial leverage 1.37 1.76 2.86 1.35 1.28
Return on Equity (ROE)
Reported ROE 43.73% 86.26% -29.17% -43.75% -25.14%
Adjusted ROE 42.91% 86.16% -29.17% -43.86% -25.14%
Return on Assets (ROA)
Reported ROA 32.34% 49.46% -10.18% -32.34% -19.61%
Adjusted ROA 31.29% 48.91% -10.18% -32.42% -19.61%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Moderna Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Moderna Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Moderna Inc. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Moderna Inc. adjusted ROE improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Moderna Inc. adjusted ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Moderna Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) 8,362 12,202 (747) (514) (385)
Product sales 18,435 17,675 200 — —
Profitability Ratio
Net profit margin1 45.36% 69.04% -373.77% — —
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) 7,784 11,906 (747) (515) (385)
Product sales 18,435 17,675 200 — —
Profitability Ratio
Adjusted net profit margin2 42.22% 67.36% -373.77% — —

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 Net profit margin = 100 × Net income (loss) ÷ Product sales
= 100 × 8,362 ÷ 18,435 = 45.36%

2 Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Product sales
= 100 × 7,784 ÷ 18,435 = 42.22%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Moderna Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Product sales 18,435 17,675 200 — —
Total assets 25,858 24,669 7,337 1,589 1,962
Activity Ratio
Total asset turnover1 0.71 0.72 0.03 0.00 0.00
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Product sales 18,435 17,675 200 — —
Adjusted total assets 24,876 24,343 7,337 1,589 1,962
Activity Ratio
Adjusted total asset turnover2 0.74 0.73 0.03 0.00 0.00

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 Total asset turnover = Product sales ÷ Total assets
= 18,435 ÷ 25,858 = 0.71

2 Adjusted total asset turnover = Product sales ÷ Adjusted total assets
= 18,435 ÷ 24,876 = 0.74

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Moderna Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Total assets 25,858 24,669 7,337 1,589 1,962
Stockholders’ equity 19,123 14,145 2,561 1,175 1,530
Solvency Ratio
Financial leverage1 1.35 1.74 2.86 1.35 1.28
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets 24,876 24,343 7,337 1,589 1,962
Adjusted stockholders’ equity 18,141 13,819 2,561 1,175 1,530
Solvency Ratio
Adjusted financial leverage2 1.37 1.76 2.86 1.35 1.28

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 Financial leverage = Total assets ÷ Stockholders’ equity
= 25,858 ÷ 19,123 = 1.35

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 24,876 ÷ 18,141 = 1.37

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Moderna Inc. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) 8,362 12,202 (747) (514) (385)
Stockholders’ equity 19,123 14,145 2,561 1,175 1,530
Profitability Ratio
ROE1 43.73% 86.26% -29.17% -43.75% -25.14%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) 7,784 11,906 (747) (515) (385)
Adjusted stockholders’ equity 18,141 13,819 2,561 1,175 1,530
Profitability Ratio
Adjusted ROE2 42.91% 86.16% -29.17% -43.86% -25.14%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 8,362 ÷ 19,123 = 43.73%

2 Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted stockholders’ equity
= 100 × 7,784 ÷ 18,141 = 42.91%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Moderna Inc. adjusted ROE improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) 8,362 12,202 (747) (514) (385)
Total assets 25,858 24,669 7,337 1,589 1,962
Profitability Ratio
ROA1 32.34% 49.46% -10.18% -32.34% -19.61%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) 7,784 11,906 (747) (515) (385)
Adjusted total assets 24,876 24,343 7,337 1,589 1,962
Profitability Ratio
Adjusted ROA2 31.29% 48.91% -10.18% -32.42% -19.61%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 8,362 ÷ 25,858 = 32.34%

2 Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 7,784 ÷ 24,876 = 31.29%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Moderna Inc. adjusted ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.