Price to Operating Profit (P/OP)
since 2018
Calculation
Moderna Inc., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Income (loss) from operations1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 23, 2024 | — | = | 96.46 | ÷ | -11.09 | -11.09 | = | -4,239 | ÷ | 382,073,208 | |
| Feb 24, 2023 | 5.71 | = | 139.26 | ÷ | 24.38 | 24.38 | = | 9,420 | ÷ | 386,339,594 | |
| Feb 25, 2022 | 4.59 | = | 151.33 | ÷ | 33.00 | 33.00 | = | 13,296 | ÷ | 402,872,986 | |
| Feb 26, 2021 | — | = | 154.81 | ÷ | -1.91 | -1.91 | = | -763 | ÷ | 399,769,582 | |
| Feb 27, 2020 | — | = | 26.16 | ÷ | -1.48 | -1.48 | = | -546 | ÷ | 368,642,548 | |
| Mar 13, 2019 | — | = | 19.97 | ÷ | -1.26 | -1.26 | = | -413 | ÷ | 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 exhibits significant volatility in both valuation and operational profitability over the observed period. A distinct transition is evident, moving from a phase of sustained operating losses to a period of high profitability, followed by a recent return to operating deficits.
- Share Price Performance
- A sharp escalation in share price occurred between February 2020 and February 2021, rising from 26.16 to a peak of 154.81. Following this peak, a gradual decline was observed through 2023, culminating in a more pronounced drop to 96.46 by February 2024.
- Operating Profitability Trends
- Operating profit per share remained negative from 2019 through 2021, reaching a low of -1.91 in February 2021. A substantial pivot occurred in February 2022, with profit per share surging to 33.00. This profitability diminished to 24.38 in 2023 and reverted to a deficit of -11.09 by February 2024.
- Price to Operating Profit (P/OP) Analysis
- The P/OP ratio was only calculable during the window of positive operating earnings. In February 2022, the ratio was 4.59, which increased to 5.71 by February 2023. This upward trend in the ratio, occurring while operating profit per share was actually declining, indicates that the share price did not contract as quickly as the operating profits during that period. The ratio became inapplicable in 2024 due to the return to negative operating results.
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Comparison to Competitors
Moderna Inc., P/OP, long-term trends, comparison to competitors
| Moderna Inc. | AbbVie Inc. | Amgen Inc. | Danaher Corp. | Gilead Sciences Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|
| Feb 23, 2024 | — | 24.34 | 19.69 | 35.64 | 12.05 | 25.39 | 31.16 | 28.74 |
| Feb 24, 2023 | 5.71 | 14.78 | 13.40 | 20.97 | 14.21 | 18.01 | 25.30 | 17.75 |
| Feb 25, 2022 | 4.59 | 14.21 | 16.24 | 25.14 | 7.76 | 7.55 | 21.07 | 22.35 |
| Feb 26, 2021 | — | 16.32 | 14.96 | 36.91 | 19.38 | 14.82 | 22.81 | 19.16 |
| Feb 27, 2020 | — | 10.82 | 13.84 | 34.47 | 20.66 | 19.01 | 26.84 | 51.98 |
| Mar 13, 2019 | — | 18.35 | 11.46 | 23.18 | 10.15 | 17.53 | 27.33 | 74.57 |
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).