Price to Sales (P/S)
since 2018
Calculation
Moderna Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Product sales1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 23, 2024 | 5.52 | = | 96.46 | ÷ | 17.46 | 17.46 | = | 6,671 | ÷ | 382,073,208 | |
| Feb 24, 2023 | 2.92 | = | 139.26 | ÷ | 47.72 | 47.72 | = | 18,435 | ÷ | 386,339,594 | |
| Feb 25, 2022 | 3.45 | = | 151.33 | ÷ | 43.87 | 43.87 | = | 17,675 | ÷ | 402,872,986 | |
| Feb 26, 2021 | 309.64 | = | 154.81 | ÷ | 0.50 | 0.50 | = | 200 | ÷ | 399,769,582 | |
| Feb 27, 2020 | — | = | 26.16 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 368,642,548 | |
| Mar 13, 2019 | — | = | 19.97 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 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 valuation metrics reveals a volatile transition from a speculative growth phase to a period of rapid revenue realization followed by a significant contraction.
- Share Price Evolution
- A substantial increase in equity value occurred between February 2020 and February 2021, with the share price rising from $26.16 to $154.81. After maintaining a plateau through 2022 and 2023, a downward trend is observed by February 2024, with the price declining to $96.46.
- Sales per Share Performance
- Revenue generation showed an explosive trajectory between February 2021, at $0.50 per share, and February 2022, at $43.87 per share. Performance peaked in February 2023 at $47.72 per share before experiencing a sharp decline to $17.46 by February 2024.
- Price-to-Sales (P/S) Ratio Trends
- The P/S ratio exhibited an extreme outlier in February 2021 at 309.64, reflecting a valuation driven by future expectations rather than realized revenue. This ratio normalized rapidly as sales scaled, dropping to 3.45 in February 2022 and reaching a minimum of 2.92 in February 2023. By February 2024, the ratio rose to 5.52, indicating that the contraction in sales per share was more pronounced than the decline in the share price.
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Comparison to Competitors
Moderna Inc., P/S, 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 | 5.52 | 5.72 | 5.78 | 2.19 | 7.76 | 20.77 | 3.40 | 4.43 | 5.43 | 2.61 | 7.84 | 4.99 | 11.16 |
| Feb 24, 2023 | 2.92 | 4.61 | 5.17 | 3.29 | 5.79 | 10.96 | 3.86 | 4.34 | 4.71 | 2.35 | 7.01 | 4.73 | 8.56 |
| Feb 25, 2022 | 3.45 | 4.53 | 5.10 | 3.16 | 6.37 | 8.01 | 2.85 | 4.66 | 3.96 | 3.15 | 4.20 | 5.39 | 8.21 |
| Feb 26, 2021 | 309.64 | 4.05 | 5.64 | 3.16 | 7.01 | 8.06 | 3.24 | 5.15 | 3.93 | 4.42 | 6.24 | 5.52 | 8.82 |
| Feb 27, 2020 | — | 4.22 | 6.03 | 5.52 | 6.29 | 6.03 | 4.00 | 4.79 | 4.33 | 3.66 | 5.34 | 4.83 | 14.95 |
| Mar 13, 2019 | — | 3.58 | 5.22 | 3.67 | 3.97 | 5.15 | 3.84 | 4.45 | 4.92 | 4.49 | 6.62 | 4.24 | 15.54 |
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/S, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Moderna Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 23, 2024 | 5.52 | 5.89 |
| Feb 24, 2023 | 2.92 | 4.56 |
| Feb 25, 2022 | 3.45 | 4.50 |
| Feb 26, 2021 | 309.64 | 4.90 |
| Feb 27, 2020 | — | 4.88 |
| Mar 13, 2019 | — | 4.54 |
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/S, long-term trends, comparison to industry (health care)
| Moderna Inc. | Health Care | |
|---|---|---|
| Feb 23, 2024 | 5.52 | 3.52 |
| Feb 24, 2023 | 2.92 | 51,413.66 |
| Feb 25, 2022 | 3.45 | 3.28 |
| Feb 26, 2021 | 309.64 | 3.31 |
| Feb 27, 2020 | — | 3.21 |
| Mar 13, 2019 | — | 3.07 |
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).