Price to Earnings (P/E)
since 2018
Calculation
Moderna Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss) attributable to common stockholders1 (in millions) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 23, 2024 | — | = | 96.46 | ÷ | -12.34 | -12.34 | = | -4,714 | ÷ | 382,073,208 | |
| Feb 24, 2023 | 6.43 | = | 139.26 | ÷ | 21.64 | 21.64 | = | 8,362 | ÷ | 386,339,594 | |
| Feb 25, 2022 | 5.00 | = | 151.33 | ÷ | 30.29 | 30.29 | = | 12,202 | ÷ | 402,872,986 | |
| Feb 26, 2021 | — | = | 154.81 | ÷ | -1.87 | -1.87 | = | -747 | ÷ | 399,769,582 | |
| Feb 27, 2020 | — | = | 26.16 | ÷ | -1.39 | -1.39 | = | -514 | ÷ | 368,642,548 | |
| Mar 13, 2019 | — | = | 19.97 | ÷ | -1.22 | -1.22 | = | -402 | ÷ | 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 financial trajectory from 2019 to 2024 is characterized by extreme volatility in both equity valuation and bottom-line profitability, transitioning from early-stage losses to a period of significant profitability before returning to a net loss position.
- Share Price Movement
- A substantial increase in share price occurred between February 2020 and February 2021, rising from 26.16 to 154.81. This peak was followed by a period of gradual depreciation through 2023, culminating in a sharp decline to 96.46 by February 2024.
- Earnings per Share (EPS) Trends
- Negative earnings were recorded from 2019 through 2021, with the loss deepening to -1.87 in 2021. A dramatic reversal occurred in 2022, with EPS surging to 30.29, before moderating to 21.64 in 2023. By February 2024, earnings returned to negative territory at -12.34.
- Price-to-Earnings (P/E) Interpretation
- The P/E ratio was unavailable during the initial loss-making years and the final period of 2024 due to negative earnings. During the two years of positive earnings, the ratio remained notably low, moving from 5.00 in 2022 to 6.43 in 2023. These low multiples indicate that the market did not price the shares at a high premium relative to earnings during this window, potentially reflecting a view that the surge in profitability was non-recurring or unsustainable.
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Comparison to Competitors
Moderna Inc., P/E, 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 | — | 63.84 | 23.14 | 12.27 | 39.09 | 135.24 | 16.17 | 10.73 | 893.99 | 73.42 | 25.99 | 35.65 | 30.42 |
| Feb 24, 2023 | 6.43 | 22.62 | 19.56 | 23.97 | 25.65 | 50.08 | 22.68 | 22.97 | 19.21 | 7.58 | 19.68 | 30.55 | 23.02 |
| Feb 25, 2022 | 5.00 | 22.07 | 21.05 | 20.92 | 29.94 | 40.66 | 12.36 | 20.93 | 14.78 | 11.76 | 8.37 | 27.35 | 26.55 |
| Feb 26, 2021 | — | 40.17 | 18.82 | — | 44.49 | 31.95 | 641.48 | 28.92 | 26.72 | 19.62 | 15.09 | 27.89 | 20.18 |
| Feb 27, 2020 | — | 17.82 | 17.07 | 41.99 | 38.34 | 16.19 | 16.45 | 25.99 | 20.60 | 11.63 | 19.86 | 33.36 | 52.90 |
| Mar 13, 2019 | — | 20.60 | 14.01 | 16.81 | 29.77 | 39.13 | 15.26 | 23.74 | 33.46 | 21.58 | 18.17 | 35.19 | 22.59 |
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/E, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Moderna Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 23, 2024 | — | 32.80 |
| Feb 24, 2023 | 6.43 | 20.23 |
| Feb 25, 2022 | 5.00 | 19.27 |
| Feb 26, 2021 | — | 34.89 |
| Feb 27, 2020 | — | 21.03 |
| Mar 13, 2019 | — | 22.89 |
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/E, long-term trends, comparison to industry (health care)
| Moderna Inc. | Health Care | |
|---|---|---|
| Feb 23, 2024 | — | 30.62 |
| Feb 24, 2023 | 6.43 | 351,256.81 |
| Feb 25, 2022 | 5.00 | 21.55 |
| Feb 26, 2021 | — | 32.22 |
| Feb 27, 2020 | — | 22.09 |
| Mar 13, 2019 | — | 24.32 |
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).