Stock Analysis on Net
Stock Analysis on Net

Moderna Inc. (NASDAQ:MRNA)

This company has been moved to the archive! The financial data has not been updated since November 3, 2023.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Moderna Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Activity Ratio
Total Asset Turnover
Reported 0.71 0.72 0.03 0.00 0.00
Adjusted 0.57 0.84 0.55 -0.05 -0.03
Liquidity Ratio
Current Ratio
Reported 2.73 1.76 1.43 7.89 7.02
Adjusted 4.66 5.59 12.07 14.14 13.74
Solvency Ratios
Debt to Equity
Reported 0.06 0.05 0.05 0.03 0.03
Adjusted 0.06 0.04 0.04 0.10 0.14
Debt to Capital
Reported 0.05 0.05 0.05 0.03 0.03
Adjusted 0.05 0.04 0.03 0.09 0.12
Financial Leverage
Reported 1.35 1.74 2.86 1.35 1.28
Adjusted 1.19 1.18 1.11 1.15 1.20
Profitability Ratios
Net Profit Margin
Reported 45.36% 69.04% -373.77% — —
Adjusted 22.98% 71.73% 76.60% — —
Return on Equity (ROE)
Reported 43.73% 86.26% -29.17% -43.75% -25.14%
Adjusted 15.73% 71.07% 46.87% -42.42% -24.94%
Return on Assets (ROA)
Reported 32.34% 49.46% -10.18% -32.34% -19.61%
Adjusted 13.19% 60.40% 42.20% -36.76% -20.71%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Moderna Inc. adjusted total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Moderna Inc. adjusted current ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Moderna Inc. adjusted debt-to-equity ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Moderna Inc. adjusted debt-to-capital ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Moderna Inc. adjusted financial leverage ratio increased from 2020 to 2021 and from 2021 to 2022.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Moderna Inc. adjusted net profit margin ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Moderna Inc. adjusted ROE improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Moderna Inc. adjusted ROA improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Moderna Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Product sales 18,435 17,675 200 — —
Total assets 25,858 24,669 7,337 1,589 1,962
Activity Ratio
Total asset turnover1 0.71 0.72 0.03 0.00 0.00
Adjusted
Selected Financial Data (US$ in millions)
Adjusted product sales2 14,278 20,499 4,042 (72) (65)
Adjusted total assets3 24,876 24,343 7,337 1,589 2,174
Activity Ratio
Adjusted total asset turnover4 0.57 0.84 0.55 -0.05 -0.03

Based on: 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 2022 Calculation
Total asset turnover = Product sales ÷ Total assets
= 18,435 ÷ 25,858 = 0.71

2 Adjusted product sales. See details »

3 Adjusted total assets. See details »

4 2022 Calculation
Adjusted total asset turnover = Adjusted product sales ÷ Adjusted total assets
= 14,278 ÷ 24,876 = 0.57

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Moderna Inc. adjusted total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets 13,431 16,071 6,298 1,129 1,563
Current liabilities 4,923 9,128 4,389 143 223
Liquidity Ratio
Current ratio1 2.73 1.76 1.43 7.89 7.02
Adjusted
Selected Financial Data (US$ in millions)
Current assets 13,431 16,071 6,298 1,129 1,563
Adjusted current liabilities2 2,885 2,875 522 80 114
Liquidity Ratio
Adjusted current ratio3 4.66 5.59 12.07 14.14 13.74

Based on: 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 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 13,431 ÷ 4,923 = 2.73

2 Adjusted current liabilities. See details »

3 2022 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= 13,431 ÷ 2,885 = 4.66

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Moderna Inc. adjusted current ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 1,073 764 134 39 43
Stockholders’ equity 19,123 14,145 2,561 1,175 1,530
Solvency Ratio
Debt to equity1 0.06 0.05 0.05 0.03 0.03
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 1,200 916 238 136 255
Adjusted stockholders’ equity3 20,852 20,687 6,606 1,377 1,805
Solvency Ratio
Adjusted debt to equity4 0.06 0.04 0.04 0.10 0.14

Based on: 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 2022 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 1,073 ÷ 19,123 = 0.06

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 1,200 ÷ 20,852 = 0.06

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Moderna Inc. adjusted debt-to-equity ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 1,073 764 134 39 43
Total capital 20,196 14,909 2,696 1,213 1,574
Solvency Ratio
Debt to capital1 0.05 0.05 0.05 0.03 0.03
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 1,200 916 238 136 255
Adjusted total capital3 22,052 21,603 6,844 1,513 2,060
Solvency Ratio
Adjusted debt to capital4 0.05 0.04 0.03 0.09 0.12

Based on: 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 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 1,073 ÷ 20,196 = 0.05

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 1,200 ÷ 22,052 = 0.05

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Moderna Inc. adjusted debt-to-capital ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets 25,858 24,669 7,337 1,589 1,962
Stockholders’ equity 19,123 14,145 2,561 1,175 1,530
Solvency Ratio
Financial leverage1 1.35 1.74 2.86 1.35 1.28
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 24,876 24,343 7,337 1,589 2,174
Adjusted stockholders’ equity3 20,852 20,687 6,606 1,377 1,805
Solvency Ratio
Adjusted financial leverage4 1.19 1.18 1.11 1.15 1.20

Based on: 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 2022 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 25,858 ÷ 19,123 = 1.35

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 24,876 ÷ 20,852 = 1.19

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Moderna Inc. adjusted financial leverage ratio increased from 2020 to 2021 and from 2021 to 2022.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 8,362 12,202 (747) (514) (385)
Product sales 18,435 17,675 200 — —
Profitability Ratio
Net profit margin1 45.36% 69.04% -373.77% — —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 3,281 14,703 3,096 (584) (450)
Adjusted product sales3 14,278 20,499 4,042 (72) (65)
Profitability Ratio
Adjusted net profit margin4 22.98% 71.73% 76.60% — —

Based on: 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 2022 Calculation
Net profit margin = 100 × Net income (loss) ÷ Product sales
= 100 × 8,362 ÷ 18,435 = 45.36%

2 Adjusted net income (loss). See details »

3 Adjusted product sales. See details »

4 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Adjusted product sales
= 100 × 3,281 ÷ 14,278 = 22.98%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Moderna Inc. adjusted net profit margin ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 8,362 12,202 (747) (514) (385)
Stockholders’ equity 19,123 14,145 2,561 1,175 1,530
Profitability Ratio
ROE1 43.73% 86.26% -29.17% -43.75% -25.14%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 3,281 14,703 3,096 (584) (450)
Adjusted stockholders’ equity3 20,852 20,687 6,606 1,377 1,805
Profitability Ratio
Adjusted ROE4 15.73% 71.07% 46.87% -42.42% -24.94%

Based on: 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 2022 Calculation
ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 8,362 ÷ 19,123 = 43.73%

2 Adjusted net income (loss). See details »

3 Adjusted stockholders’ equity. See details »

4 2022 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted stockholders’ equity
= 100 × 3,281 ÷ 20,852 = 15.73%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Moderna Inc. adjusted ROE improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 8,362 12,202 (747) (514) (385)
Total assets 25,858 24,669 7,337 1,589 1,962
Profitability Ratio
ROA1 32.34% 49.46% -10.18% -32.34% -19.61%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 3,281 14,703 3,096 (584) (450)
Adjusted total assets3 24,876 24,343 7,337 1,589 2,174
Profitability Ratio
Adjusted ROA4 13.19% 60.40% 42.20% -36.76% -20.71%

Based on: 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 2022 Calculation
ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 8,362 ÷ 25,858 = 32.34%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2022 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 3,281 ÷ 24,876 = 13.19%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Moderna Inc. adjusted ROA improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.