Price to Book Value (P/BV)
since 2018
Calculation
Moderna Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 23, 2024 | 2.66 | = | 96.46 | ÷ | 36.26 | 36.26 | = | 13,854 | ÷ | 382,073,208 | |
| Feb 24, 2023 | 2.81 | = | 139.26 | ÷ | 49.50 | 49.50 | = | 19,123 | ÷ | 386,339,594 | |
| Feb 25, 2022 | 4.31 | = | 151.33 | ÷ | 35.11 | 35.11 | = | 14,145 | ÷ | 402,872,986 | |
| Feb 26, 2021 | 24.16 | = | 154.81 | ÷ | 6.41 | 6.41 | = | 2,561 | ÷ | 399,769,582 | |
| Feb 27, 2020 | 8.21 | = | 26.16 | ÷ | 3.19 | 3.19 | = | 1,175 | ÷ | 368,642,548 | |
| Mar 13, 2019 | 4.29 | = | 19.97 | ÷ | 4.65 | 4.65 | = | 1,530 | ÷ | 329,000,469 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Moderna Inc. Annual Report.
- Share Price
- The share price exhibited a significant upward trend from March 2019 to February 2021, increasing from $19.97 to a peak of $154.81. This peak was followed by a relatively stable period up to February 2022, with only a slight decrease to $151.33. Afterward, the share price showed a declining trajectory, falling to $139.26 in February 2023 and further down to $96.46 by February 2024.
- Book Value per Share (BVPS)
- BVPS experienced fluctuations over the analyzed period. Initially, it decreased from $4.65 in March 2019 to $3.19 in February 2020. Subsequently, it increased steadily, reaching $6.41 in February 2021, followed by a substantial rise to $35.11 in February 2022. The upward trend continued to $49.50 in February 2023 before declining to $36.26 in February 2024.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio showed considerable volatility throughout the period. It started at 4.29 in March 2019, peaked at 24.16 in February 2021, indicating a strong market premium over book value. There was a sharp decrease in the following year to 4.31 in February 2022 and a continued decline to 2.81 in February 2023, stabilizing near 2.66 by February 2024. This suggests a market reassessment towards a valuation more closely aligned with the company’s book value.
Comparison to Competitors
Moderna Inc., P/BV, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 23, 2024 | 2.66 | 29.97 | 24.94 | 3.35 | 3.47 | 65.80 | 4.01 | 5.48 | 8.68 | 1.75 | 3.96 | 4.57 | 6.26 |
| Feb 24, 2023 | 2.81 | 15.52 | 35.01 | 4.88 | 3.64 | 29.36 | 4.90 | 5.37 | 6.07 | 2.48 | 3.77 | 4.83 | 5.50 |
| Feb 25, 2022 | 4.31 | 16.53 | 18.51 | 4.07 | 4.16 | 25.28 | 3.65 | 5.90 | 5.05 | 3.35 | 3.60 | 5.18 | 6.16 |
| Feb 26, 2021 | 24.16 | 14.18 | 14.53 | 3.55 | 3.93 | 35.07 | 4.33 | 6.72 | 7.46 | 2.98 | 4.81 | 5.15 | 6.30 |
| Feb 27, 2020 | 8.21 | — | 13.84 | 2.80 | 3.72 | 51.67 | 3.93 | 6.61 | 7.83 | 3.00 | 3.79 | 4.16 | 10.23 |
| Mar 13, 2019 | 4.29 | — | 9.41 | 5.89 | 2.80 | 12.87 | 3.89 | 6.08 | 7.79 | 3.80 | 5.07 | 3.75 | 10.68 |
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., P/BV, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Moderna Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 23, 2024 | 2.66 | 6.77 |
| Feb 24, 2023 | 2.81 | 5.66 |
| Feb 25, 2022 | 4.31 | 5.72 |
| Feb 26, 2021 | 24.16 | 5.99 |
| Feb 27, 2020 | 8.21 | 5.82 |
| Mar 13, 2019 | 4.29 | 6.02 |
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., P/BV, long-term trends, comparison to industry (health care)
| Moderna Inc. | Health Care | |
|---|---|---|
| Feb 23, 2024 | 2.66 | 5.94 |
| Feb 24, 2023 | 2.81 | 87,112.79 |
| Feb 25, 2022 | 4.31 | 5.48 |
| Feb 26, 2021 | 24.16 | 5.37 |
| Feb 27, 2020 | 8.21 | 5.14 |
| Mar 13, 2019 | 4.29 | 5.17 |
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).