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 Investments

Microsoft Excel

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Moderna Inc., adjustment to net income (loss)

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net income (loss) (as reported) 8,362 12,202 (747) (514) (385)
Add: Net increase (decrease) from available-for-sale debt securities (322) (43) 1 3 —
Net income (loss) (adjusted) 8,040 12,159 (746) (511) (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).

Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

Moderna Inc., adjusted profitability 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 43.61% 68.79% -373.17% — —
Return on Equity (ROE)
Reported ROE 43.73% 86.26% -29.17% -43.75% -25.14%
Adjusted ROE 42.04% 85.96% -29.12% -43.49% -25.15%
Return on Assets (ROA)
Reported ROA 32.34% 49.46% -10.18% -32.34% -19.61%
Adjusted ROA 31.09% 49.29% -10.17% -32.14% -19.62%

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).

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

Moderna Inc., Profitability 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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) 8,040 12,159 (746) (511) (385)
Product sales 18,435 17,675 200 — —
Profitability Ratio
Adjusted net profit margin2 43.61% 68.79% -373.17% — —

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 × 8,040 ÷ 18,435 = 43.61%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Moderna Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated 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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) 8,040 12,159 (746) (511) (385)
Stockholders’ equity 19,123 14,145 2,561 1,175 1,530
Profitability Ratio
Adjusted ROE2 42.04% 85.96% -29.12% -43.49% -25.15%

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) ÷ Stockholders’ equity
= 100 × 8,040 ÷ 19,123 = 42.04%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by 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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) 8,040 12,159 (746) (511) (385)
Total assets 25,858 24,669 7,337 1,589 1,962
Profitability Ratio
Adjusted ROA2 31.09% 49.29% -10.17% -32.14% -19.62%

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) ÷ Total assets
= 100 × 8,040 ÷ 25,858 = 31.09%

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