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.
The analysis of the price-to-book value (P/BV) ratio reveals a period of extreme volatility followed by a significant correction and subsequent stabilization. The valuation trajectory is characterized by a massive expansion in market expectations peaking in early 2021, followed by a steady decline in the multiple as the company's book value increased and the share price corrected.
- Share Price Trajectory
- A substantial increase in share price is observed between February 2020 and February 2021, where the price rose from 26.16 US$ to 154.81 US$. Subsequent years show a consistent downward trend, with the price retreating to 96.46 US$ by February 2024.
- Book Value Per Share (BVPS) Dynamics
- The book value per share exhibited a sharp upward trend starting in 2021, rising from 6.41 US$ to a peak of 49.50 US$ in February 2023. This represents a significant accumulation of net assets over a three-year period, although a contraction occurred in 2024, bringing the BVPS down to 36.26 US$.
- P/BV Ratio Interpretation
- The P/BV ratio reached an extreme peak of 24.16 in February 2021, indicating a market valuation heavily driven by growth expectations rather than tangible assets. A rapid normalization occurred by February 2022, with the ratio dropping to 4.31. The trend continued downward to 2.66 by February 2024, which is lower than the 2019 baseline of 4.29, suggesting a current market valuation that is more closely aligned with the company's underlying book value.
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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).