Common-Size Balance Sheet: Assets
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2018
- Analysis of Revenues
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Moderna Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2023-12-31), 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).
- Cash and Cash Equivalents
- The percentage of cash and cash equivalents relative to total assets saw a notable increase from 14.84% in 2019 to a peak of 35.76% in 2020, followed by a decline to 12.39% in 2022. A slight recovery is observed in 2023, rising to 15.78%. This indicates a significant accumulation and subsequent reduction of liquid assets over the period, with a partial rebound in the latest year.
- Investments
- Investments as a portion of total assets decreased sharply from 54.56% in 2019 to 15.72% in 2021. After this drop, there was a recovery trend, rising to 30.92% by 2023. This suggests a strategic reallocation of assets, potentially shifting between liquid investments and other asset classes.
- Accounts Receivable, Net
- Accounts receivable rose substantially from a minimal 0.34% in 2019 to 18.95% in 2020, then decreased progressively to 4.84% by 2023. The initial increase indicates a surge in receivables, possibly reflecting heightened sales or billing activities, followed by improved collections or reduced sales on credit.
- Inventory
- Inventory as a percentage of total assets began being recorded in 2020 at 0.63%, peaked at 5.84% in 2021, and then decreased steadily to 1.1% by 2023. This trend suggests inventory buildup in 2021 with subsequent drawdown or improved inventory management in later years.
- Prepaid and Other Current Assets
- Prepaid services remained below 1% throughout the period, with a slight upward trend reaching 0.99% in 2023. Other current asset categories such as down payments to vendors and materials show fluctuating but generally low percentages. "Prepaid expenses and other current assets" rose from 1.29% in 2019 to a peak of 4.62% in 2022, before declining to 3.4%. This indicates some active management of prepaid costs and miscellaneous short-term assets.
- Current Assets
- Overall current assets as a percentage of total assets were highest in 2020 at 85.84% and declined to 56.03% by 2023. The substantial drop from 2020 to 2022 points to a rebalancing towards more long-term or fixed assets.
- Non-Current Assets
- Non-current assets represented 28.98% of total assets in 2019, decreased sharply to 14.16% in 2020, and then increased significantly to 48.06% in 2022 before slightly decreasing to 43.97% in 2023. This reflects a strategic shift toward longer-term investments and capital assets after an initial decline.
- Property, Plant, and Equipment (Net)
- The proportion of property, plant, and equipment decreased steeply from 12.68% in 2019 to 4.05% in 2020, then gradually increased to 10.56% by 2023. This suggests either asset disposals or impairments followed by reinvestment or asset acquisitions in later years.
- Right-of-Use Assets, Operating Leases
- This asset class declined from 5.44% in 2019 to 0.47% by 2022, then rose again to 3.87% in 2023, indicating fluctuating lease-related capitalization possibly tied to changes in lease commitments.
- Deferred Tax Assets
- Deferred tax assets were unrecorded prior to 2021, then increased to 3.8% of total assets in 2022 before dropping markedly to 0.44% in 2023. This sharp rise and fall may be linked to changes in tax positions or timing of tax benefits.
- Other Non-Current Assets
- Other non-current assets were stable and low up to 2021 but experienced a sizeable increase to 3.82% in 2022, maintaining a similar level (3.72%) in 2023. This points to newly recorded or reclassified items increasing the company's long-term asset base.
- Inventory, Non-Current
- Non-current inventory appeared starting 2022 at 3.52% and decreased to 0.92% in 2023, showing occasional longer-term stock holdings that were later reduced.
- Goodwill and Intangible Assets
- Goodwill and finite-lived intangible assets emerged as small portions (0.28% and 0.24%, respectively) of total assets in 2023, suggesting recent acquisitions or intangible asset capitalization.
- Overall Asset Composition Trends
- The asset composition shifted markedly during the reviewed period. Initial years show a heavy concentration in cash equivalents and investments, peaking in 2020, followed by progressive diversification with increased investments in property, plant, equipment, and non-current assets from 2021 onwards. This reflects strategic changes in asset utilization, moving from liquid and short-term assets to more physical and long-term asset investments. The significant volatility in current assets, particularly receivables and cash, illustrates dynamic operational and financial management.