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 Operating Leases

Microsoft Excel

Adjustments to Financial Statements for Operating Leases

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
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 212
Total assets (adjusted) 25,858 24,669 7,337 1,589 2,174
Adjustment to Total Debt
Total debt (as reported) 1,073 764 134 39 43
Add: Operating lease liability (before adoption of FASB Topic 842)2 212
Add: Operating lease liabilities, current 35 46 6 4
Add: Operating lease liabilities, non-current 92 106 97 94
Total debt (adjusted) 1,200 916 238 136 255

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).

1, 2 Equal to total present value of future operating lease payments.


Moderna Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios for Operating Leases (Summary)

Moderna Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Total Asset Turnover1
Reported total asset turnover 0.71 0.72 0.03 0.00 0.00
Adjusted total asset turnover 0.71 0.72 0.03 0.00 0.00
Debt to Equity2
Reported debt to equity 0.06 0.05 0.05 0.03 0.03
Adjusted debt to equity 0.06 0.06 0.09 0.12 0.17
Return on Assets3 (ROA)
Reported ROA 32.34% 49.46% -10.18% -32.34% -19.61%
Adjusted ROA 32.34% 49.46% -10.18% -32.34% -17.70%

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 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 but then slightly deteriorated from 2021 to 2022.
Adjusted debt to equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Moderna Inc. adjusted debt to equity ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted ROA A profitability ratio calculated as 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 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 Operating Leases
Selected Financial Data (US$ in millions)
Product sales 18,435 17,675 200
Adjusted total assets 25,858 24,669 7,337 1,589 2,174
Activity Ratio
Adjusted total asset turnover2 0.71 0.72 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 ÷ 25,858 = 0.71

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 but then slightly deteriorated from 2021 to 2022.

Adjusted Debt to Equity

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 debt 1,073 764 134 39 43
Stockholders’ equity 19,123 14,145 2,561 1,175 1,530
Solvency Ratio
Debt to equity1 0.06 0.05 0.05 0.03 0.03
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt 1,200 916 238 136 255
Stockholders’ equity 19,123 14,145 2,561 1,175 1,530
Solvency Ratio
Adjusted debt to equity2 0.06 0.06 0.09 0.12 0.17

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 Debt to equity = Total debt ÷ Stockholders’ equity
= 1,073 ÷ 19,123 = 0.06

2 Adjusted debt to equity = Adjusted total debt ÷ Stockholders’ equity
= 1,200 ÷ 19,123 = 0.06

Solvency ratio Description The company
Adjusted debt-to-equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Moderna Inc. adjusted debt-to-equity ratio improved from 2020 to 2021 and 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 Operating Leases
Selected Financial Data (US$ in millions)
Net income (loss) 8,362 12,202 (747) (514) (385)
Adjusted total assets 25,858 24,669 7,337 1,589 2,174
Profitability Ratio
Adjusted ROA2 32.34% 49.46% -10.18% -32.34% -17.70%

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 × Net income (loss) ÷ Adjusted total assets
= 100 × 8,362 ÷ 25,858 = 32.34%

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