Current Ratio
since 2018
Calculation
Moderna Inc., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 3.42 | = | 10,325) | ÷ | 3,015) |
| Dec 31, 2022 | 2.73 | = | 13,431) | ÷ | 4,923) |
| Dec 31, 2021 | 1.76 | = | 16,071) | ÷ | 9,128) |
| Dec 31, 2020 | 1.43 | = | 6,298) | ÷ | 4,389) |
| Dec 31, 2019 | 7.89 | = | 1,129) | ÷ | 143) |
| Dec 31, 2018 | 7.02 | = | 1,563) | ÷ | 223) |
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), 10-K (reporting date: 2018-12-31).
1 US$ in millions
The current ratio demonstrates a non-linear trend between 2018 and 2023, characterized by an initial period of extreme liquidity, followed by a sharp contraction during a phase of rapid balance sheet expansion, and a subsequent recovery toward a more balanced liquidity position.
- Initial Liquidity Phase (2018–2019)
- During this period, the current ratio remained exceptionally high, peaking at 7.89 in 2019. This was driven by very low current liabilities relative to available current assets, indicating a highly conservative short-term financial position.
- Rapid Expansion and Compression (2020–2021)
- A significant shift occurred in 2020, where current assets grew from 1,129 million to 6,298 million, and further increased to 16,071 million by 2021. Simultaneously, current liabilities escalated from 143 million to 9,128 million. This surge in short-term obligations led to a sharp decline in the current ratio to 1.43 in 2020 and 1.76 in 2021, reflecting the operational pressures and funding requirements of rapid scaling.
- Liquidity Recovery and Normalization (2022–2023)
- Starting in 2022, a trend of liquidity recovery is observed. While current assets declined from their 2021 peak to 10,325 million by 2023, current liabilities decreased more aggressively, dropping from 9,128 million to 3,015 million. Consequently, the current ratio improved steadily, reaching 2.73 in 2022 and 3.42 in 2023, indicating a strengthened ability to cover short-term obligations.
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Comparison to Competitors
Moderna Inc., current ratio, long-term trends, comparison to competitors
| Moderna Inc. | AbbVie Inc. | Amgen Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 3.42 | 0.87 | 1.65 | 1.43 | 1.68 | 0.94 | 1.43 | 1.16 | 1.25 | 0.91 | 5.69 | 1.75 | 3.99 |
| Dec 31, 2022 | 2.73 | 0.96 | 1.41 | 1.25 | 1.89 | 1.05 | 1.29 | 0.99 | 1.47 | 1.22 | 5.06 | 1.48 | 4.83 |
| Dec 31, 2021 | 1.76 | 0.79 | 1.59 | 1.52 | 1.43 | 1.23 | 1.27 | 1.35 | 1.27 | 1.40 | 3.56 | 1.50 | 4.46 |
| Dec 31, 2020 | 1.43 | 0.84 | 1.81 | 1.58 | 1.86 | 1.40 | 1.40 | 1.21 | 1.02 | 1.35 | 3.63 | 2.13 | 4.33 |
| Dec 31, 2019 | 7.89 | 3.18 | 1.44 | 1.60 | 5.19 | 1.16 | 3.10 | 1.26 | 1.24 | 0.88 | 3.67 | 1.92 | 3.61 |
| Dec 31, 2018 | 7.02 | 0.98 | 2.79 | 1.61 | 1.47 | 1.73 | 3.38 | 1.47 | 1.17 | 1.57 | 4.47 | 1.73 | 3.43 |
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), 10-K (reporting date: 2018-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
Moderna Inc., current ratio, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Moderna Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2023 | 3.42 | 1.27 |
| Dec 31, 2022 | 2.73 | 1.30 |
| Dec 31, 2021 | 1.76 | 1.36 |
| Dec 31, 2020 | 1.43 | 1.37 |
| Dec 31, 2019 | 7.89 | 1.66 |
| Dec 31, 2018 | 7.02 | 1.71 |
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), 10-K (reporting date: 2018-12-31).
Comparison to Industry (Health Care)
Moderna Inc., current ratio, long-term trends, comparison to industry (health care)
| Moderna Inc. | Health Care | |
|---|---|---|
| Dec 31, 2023 | 3.42 | 1.23 |
| Dec 31, 2022 | 2.73 | 1.23 |
| Dec 31, 2021 | 1.76 | 1.31 |
| Dec 31, 2020 | 1.43 | 1.30 |
| Dec 31, 2019 | 7.89 | 1.48 |
| Dec 31, 2018 | 7.02 | 1.52 |
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), 10-K (reporting date: 2018-12-31).