Return on Assets (ROA)
since 2018
Calculation
Moderna Inc., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income (loss)1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | -25.58% | = | 100 | × | (4,714) | ÷ | 18,426) |
| Dec 31, 2022 | 32.34% | = | 100 | × | 8,362) | ÷ | 25,858) |
| Dec 31, 2021 | 49.46% | = | 100 | × | 12,202) | ÷ | 24,669) |
| Dec 31, 2020 | -10.18% | = | 100 | × | (747) | ÷ | 7,337) |
| Dec 31, 2019 | -32.34% | = | 100 | × | (514) | ÷ | 1,589) |
| Dec 31, 2018 | -19.61% | = | 100 | × | (385) | ÷ | 1,962) |
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$ in millions
The financial performance from 2018 to 2023 is characterized by extreme volatility in profitability and a rapid expansion and subsequent contraction of the asset base.
- Net Income Trends
- A period of consistent losses is observed from 2018 to 2020, with the deficit widening to US$ 747 million by the end of 2020. This was followed by a massive surge in profitability in 2021, reaching a peak net income of US$ 12,202 million. While profitability remained positive in 2022 at US$ 8,362 million, a significant reversal occurred in 2023, resulting in a net loss of US$ 4,714 million.
- Total Asset Growth and Contraction
- The asset base grew exponentially between 2019 and 2022, increasing from US$ 1,589 million to a peak of US$ 25,858 million. The most aggressive growth phase occurred between 2020 and 2021, where assets more than tripled. In 2023, a contraction is noted, with total assets decreasing to US$ 18,426 million.
- Return on Assets (ROA) Analysis
- The ROA closely mirrored the volatility of net income. Negative returns were recorded from 2018 through 2020, with the lowest point occurring in 2019 at -32.34%. A dramatic pivot occurred in 2021, with ROA spiking to 49.46%, indicating highly efficient asset utilization during that period. This remained strong in 2022 at 32.34% before plummeting to -25.58% in 2023, coinciding with the return to a net loss position.
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Comparison to Competitors
Moderna Inc., ROA, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | -25.58% | 3.61% | 6.91% | 8.43% | 5.64% | 8.19% | 9.12% | 20.98% | 0.34% | 0.94% | 11.95% | 6.07% | 15.92% |
| Dec 31, 2022 | 32.34% | 8.53% | 10.06% | 6.53% | 8.55% | 12.62% | 7.27% | 9.57% | 13.30% | 15.91% | 14.85% | 7.15% | 18.30% |
| Dec 31, 2021 | 49.46% | 7.88% | 9.63% | 6.40% | 7.73% | 11.44% | 9.16% | 11.47% | 12.35% | 12.11% | 31.75% | 8.12% | 17.44% |
| Dec 31, 2020 | -10.18% | 3.07% | 11.54% | -7.61% | 4.79% | 13.28% | 0.18% | 8.41% | 7.72% | 6.23% | 20.47% | 9.23% | 23.07% |
| Dec 31, 2019 | -32.34% | 8.84% | 13.13% | 2.65% | 4.85% | 21.17% | 8.74% | 9.59% | 11.66% | 9.72% | 14.29% | 6.33% | 14.15% |
| Dec 31, 2018 | -19.61% | 9.58% | 12.64% | 14.06% | 5.54% | 7.36% | 8.57% | 10.00% | 7.53% | 7.00% | 20.83% | 5.22% | 33.57% |
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).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
Moderna Inc., ROA, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Moderna Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2023 | -25.58% | 7.25% |
| Dec 31, 2022 | 32.34% | 10.67% |
| Dec 31, 2021 | 49.46% | 10.42% |
| Dec 31, 2020 | -10.18% | 5.45% |
| Dec 31, 2019 | -32.34% | 9.02% |
| Dec 31, 2018 | -19.61% | 8.97% |
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., ROA, long-term trends, comparison to industry (health care)
| Moderna Inc. | Health Care | |
|---|---|---|
| Dec 31, 2023 | -25.58% | 7.19% |
| Dec 31, 2022 | 32.34% | 9.66% |
| Dec 31, 2021 | 49.46% | 9.46% |
| Dec 31, 2020 | -10.18% | 5.81% |
| Dec 31, 2019 | -32.34% | 8.32% |
| Dec 31, 2018 | -19.61% | 7.90% |
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).