Moderna Inc. (NASDAQ:MRNA)

The financial data reveals significant fluctuations in the company's operational efficiency, liquidity, leverage, and profitability over the five-year period under review.

Asset Turnover Ratios

The reported total asset turnover exhibited a marked improvement from 0.03 in 2020 to a peak of 0.72 in 2021, followed by a slight decline in 2022 to 0.71 and a substantial drop to 0.36 in 2023. Adjusted total asset turnover followed a similar pattern with growth from -0.05 in 2019 to 0.84 in 2021, then decreasing consistently to 0.24 by 2023. This indicates an initial enhancement in asset utilization efficiency, which deteriorated significantly in the most recent year.

Current Ratio

The reported current ratio decreased substantially from 7.89 in 2019 to 1.43 in 2020, then showed a steady increase to 3.42 by 2023. In contrast, the adjusted current ratio started at a very high 14.14 in 2019 and declined steadily each year, reaching 4.5 in 2023. This suggests an overall decline in liquidity when considering adjusted figures, despite reported ratios indicating improved short-term financial stability after 2020.

Debt Metrics

Both reported and adjusted debt to equity ratios remained relatively low and stable throughout the period, with minor increases observable in adjusted debt to equity reaching 0.08 in 2023. Similarly, debt to capital ratios were low, with adjusted figures showing a rise from 0.03 in 2020 to 0.08 in 2023. This indicates a conservative leverage policy with a slight increase in debt reliance in recent years.

Financial Leverage

The reported financial leverage ratio increased from 1.35 in 2019 to a peak of 2.86 in 2020, before declining to approximately 1.33 in 2023. Adjusted financial leverage remained stable, slightly increasing from 1.15 in 2019 to 1.26 in 2023, suggesting consistent reliance on equity financing with minor fluctuations.

Profitability Ratios

Profitability displays considerable volatility. The reported net profit margin turned negative in 2020 (-373.77%), peaked positively in 2021 (69.04%), and declined sharply to -70.66% in 2023. Adjusted net profit margin remained positive in 2020 and 2021 before decreasing significantly to -107% in 2023. Return on equity (ROE) and return on assets (ROA) followed comparable trends, with reported and adjusted values indicating losses in early years, strong returns peaking in 2021, and subsequent steep declines culminating in negative returns by 2023. This reflects a highly unstable profitability profile with positive results concentrated in the mid-term and a reversal to losses in the latest year.

Overall, the data suggests a period of growth in operational efficiency and profitability through 2021, followed by a decline in asset turnover, profitability, and adjusted liquidity measures. Leverage remained low throughout, indicating a cautious capital structure approach. The volatility in profit margins and returns signifies considerable earnings uncertainty, particularly pronounced in the most recent reporting period.

The financial data reveals several notable trends over the period from 2019 to 2023, highlighting significant fluctuations in sales, asset base, and asset utilization efficiency.

Net Product Sales

Net product sales show a substantial increase between 2020 and 2021, rising from 200 million US dollars to 17,675 million US dollars, indicating strong revenue growth. This upward trend continues slightly into 2022, reaching 18,435 million US dollars. However, in 2023, net product sales decline sharply to 6,671 million US dollars, signaling a significant decrease in revenue.

Total Assets

Total assets follow a similar upward trajectory initially, growing from 1,589 million US dollars in 2019 to 7,337 million in 2020, then accelerating significantly to 24,669 million in 2021 and marginally increasing to 25,858 million in 2022. In 2023, total assets contract to 18,426 million, reflecting a reduction in the company's asset base after several years of expansion.

Reported Total Asset Turnover

The reported total asset turnover ratio, which measures the efficiency of asset usage to generate sales, shows low values throughout the period with considerable volatility. Starting with no available data in 2019, it registers at 0.03 in 2020, sharply improving to 0.72 in 2021 and maintaining a similar level at 0.71 in 2022. In 2023, the ratio decreases to 0.36, consistent with the reduced sales and shrinking asset base.

Adjusted Net Product Sales

Adjusted net product sales also demonstrate a strong growth pattern from a negative position of -72 million in 2019 to 4,042 million in 2020. The figure peaks at 20,499 million in 2021, then declines to 14,278 million in 2022 and further drops significantly to 4,611 million in 2023. This pattern mirrors the trend seen in reported net product sales but shows more pronounced fluctuations.

Adjusted Total Assets

The adjusted total assets closely track the total assets trend, increasing from 1,589 million in 2019 to 7,337 million in 2020, then growing to 24,343 million in 2021 and slightly to 24,876 million in 2022 before decreasing to 19,037 million in 2023. This indicates a consistent pattern of asset accumulation followed by a contraction in the latest year.

Adjusted Total Asset Turnover

The adjusted total asset turnover reflects greater fluctuations compared to the reported metric. It begins with a negative figure (-0.05) in 2019, improves markedly to 0.55 in 2020, then reaches a high point of 0.84 in 2021. Subsequently, it declines to 0.57 in 2022 and falls sharply to 0.24 in 2023. This trajectory indicates an initial enhancement in asset utilization efficiency, followed by a notable decrease aligned with the drop in adjusted sales.

Overall, the data indicates a period of significant growth in product sales and asset base culminating around 2021-2022, followed by a pronounced decline in both sales and asset utilization efficiency in 2023. The substantial decrease in sales combined with lower turnover ratios in the most recent year suggests challenges in maintaining previous revenue levels and asset productivity. The alignment of adjusted and reported figures underscores these trends and highlights the volatility experienced in this timeframe.

Current Assets

Current assets exhibited significant growth from 2019 to 2021, increasing from $1,129 million to $16,071 million. This was followed by a decline in 2022 and 2023, with values decreasing to $13,431 million and $10,325 million respectively, indicating a reduction in liquid or short-term assets after a peak in 2021.

Current Liabilities

Current liabilities showed a sharp increase from $143 million in 2019 to $9,128 million in 2021, nearly a 64-fold rise. After 2021, there was a noticeable decline in liabilities to $4,923 million in 2022 and further to $3,015 million in 2023, suggesting that the company managed to reduce its short-term obligations significantly after peaking.

Reported Current Ratio

The reported current ratio dropped dramatically from 7.89 in 2019 to 1.43 in 2020, reflecting the steep increase in liabilities compared to assets. It then increased somewhat to 1.76 in 2021 and showed substantial improvement in 2022 and 2023, reaching 3.42, signaling improved liquidity and a stronger short-term financial position in recent years.

Adjusted Current Assets

Adjusted current assets followed a similar pattern to the reported current assets, growing sharply from 2019 to 2021 and peaking at $16,071 million in 2021. A decrease was observed in subsequent years, though the drop in 2023 was less pronounced than reported current assets, illustrating a relatively more stable adjustment on the assets side.

Adjusted Current Liabilities

Adjusted current liabilities increased from $80 million in 2019 to a peak of $2,875 million in 2021, followed by minor fluctuations. Unlike reported liabilities, adjusted liabilities show a more moderate increase and slight decreases after 2021, indicating more conservative liability figures after adjustments.

Adjusted Current Ratio

The adjusted current ratio was very high in 2019 and 2020 at 14.14 and 12.07 respectively, indicating a very strong liquidity position historically. It decreased substantially over the following years, stabilizing between 4.5 and 5.59 from 2021 to 2023, which still represents a comfortable level of liquidity but suggests the company’s current liabilities were growing faster relative to adjusted current assets compared to earlier periods.

The financial data reveals significant fluctuations in the debt and equity structure over the examined period. There is a marked increase in both total debt and stockholders' equity from 2019 through 2022, followed by contrasting movements in 2023.

Total Debt

The total debt shows an increasing trend from $39 million in 2019 to a peak of $1,073 million in 2022. However, in 2023, total debt decreases substantially to $575 million, indicating a reduction in debt obligations or refinancing activities during that year.

Stockholders' Equity

Stockholders' equity grows significantly from $1,175 million in 2019, rising consistently to a high of $19,123 million in 2022. In 2023, however, equity declines to $13,854 million, reflecting potential changes in retained earnings, share repurchases, or other equity adjustments.

Reported Debt to Equity Ratio

This ratio remains relatively low and stable throughout the period, starting at 0.03 in 2019 and peaking modestly at 0.06 in 2022 before dropping back to 0.04 in 2023. This implies that the company's debt level is low relative to its equity, maintaining a conservative capital structure overall.

Adjusted Total Debt and Adjusted Stockholders' Equity

Adjusted total debt follows a similar increasing trend as reported debt, rising from $136 million in 2019 to $1,200 million by 2022 and marginally increasing to $1,243 million in 2023. Adjusted stockholders' equity also increases sharply from $1,377 million in 2019 to $20,852 million in 2022, then decreases to $15,131 million in 2023.

Adjusted Debt to Equity Ratio

The adjusted debt to equity ratio exhibits more variability compared to the reported ratio. It declines from 0.10 in 2019 to 0.04 in 2020 and 2021, suggesting a reduction in leverage relative to equity during those years. However, the ratio rises again to 0.06 in 2022 and further to 0.08 in 2023, indicating a relative increase in debt obligations when adjusted figures are considered.

Overall, the company's financial leverage remains low, but the trends in adjusted ratios and declines in equity in 2023 warrant close monitoring. The reduction in total debt in 2023 contrasts with a slight increase in adjusted total debt, which could signal changes in off-balance-sheet liabilities or reclassification of financial obligations. The decline in equity, both reported and adjusted, in 2023 should be analyzed further to determine underlying causes such as distributions or asset revaluations.

The financial data over the five-year period reveals notable fluctuations in debt levels and capital structure ratios.

Total Debt

Total debt exhibited a general increasing trend from 2019 through 2022, rising sharply from 39 million USD in 2019 to a peak of 1,073 million USD in 2022. However, in 2023, total debt decreased substantially to 575 million USD, almost halving compared to the previous year.

Total Capital

Total capital showed significant growth from 2019 to 2022, expanding from 1,213 million USD to 20,196 million USD, which represents a large increase in the company’s financial base. In 2023, total capital reduced to 14,429 million USD, suggesting a contraction but remaining well above the 2019 and 2020 levels.

Reported Debt to Capital Ratio

The reported debt to capital ratio remained relatively stable throughout the period, fluctuating narrowly between 0.03 and 0.05 from 2019 to 2022. This ratio slightly decreased to 0.04 in 2023, indicating a marginal lessening in leverage relative to the company’s capital structure.

Adjusted Total Debt

Adjusted total debt followed a pattern similar to the reported total debt but at higher absolute values. It increased more than eightfold from 136 million USD in 2019 to a peak of 1,200 million USD in 2022. In 2023, this adjusted debt slightly increased further to 1,243 million USD, illustrating continued reliance on debt financing after the reported decrease in total debt.

Adjusted Total Capital

Adjusted total capital expanded considerably from 1,513 million USD in 2019 to 22,052 million USD in 2022, indicating significant growth in financial resources. Like the reported total capital, adjusted capital declined to 16,374 million USD in 2023 but still remained significantly above the initial years.

Adjusted Debt to Capital Ratio

This ratio showed more variation compared to the reported debt ratio. It started at 0.09 in 2019, dropped sharply to 0.03 in 2020, and then hovered between 0.04 and 0.05 through 2021 and 2022 before increasing markedly to 0.08 in 2023. This suggests increasing leverage when considering adjusted debt and capital metrics toward the most recent year.

Overall, the data indicates substantial growth in capital over the five years with a temporary peak in debt levels around 2022. Leverage ratios remained relatively moderate but showed some increase in adjusted terms in the latest year, suggesting a shifting balance between debt and equity financing. The decrease in reported total debt in 2023 contrasted with an increase in adjusted debt could imply differences in debt categorization or financial adjustments affecting the interpretation of leverage.

Total Assets

Total assets demonstrated significant growth from 2019 through 2022, rising from $1,589 million to a peak of $25,858 million. However, in 2023, total assets experienced a notable decline to $18,426 million, indicating a reversal in asset expansion after several years of rapid accumulation.

Stockholders’ Equity

Stockholders’ equity showed a consistent upward trend from 2019 to 2022, increasing from $1,175 million to $19,123 million. This growth was relatively strong, particularly between 2020 and 2021 where equity jumped markedly. In 2023, equity decreased to $13,854 million, reflecting a contraction possibly aligned with the reduction in total assets noted in the same year.

Reported Financial Leverage

The reported financial leverage ratio exhibited volatility during the period. It increased markedly from 1.35 in 2019 to 2.86 in 2020, suggesting a higher proportion of liabilities relative to equity at that point. Subsequently, it declined steadily to 1.33 by 2023, returning close to the initial 2019 level, which implies a moderation in leverage and potentially a more balanced capital structure towards the end of the period.

Adjusted Total Assets

Adjusted total assets paralleled the trend in total assets, increasing substantially from $1,589 million in 2019 to $24,876 million in 2022 before decreasing to $19,037 million in 2023. The adjusted figures consistently show slightly lower values than total assets but follow a similar trajectory, confirming the patterns observed in asset valuations.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity rose significantly from $1,377 million in 2019 to a peak of $20,852 million in 2022, after which it declined to $15,131 million in 2023. This trend closely mirrors the behavior of reported equity, although adjusted equity shows relatively higher values in comparison, indicating adjustments that enhance the equity base.

Adjusted Financial Leverage

The adjusted financial leverage ratio remained relatively stable and low compared to the reported leverage. Starting at 1.15 in 2019, it modestly decreased to 1.11 in 2020, then gradually increased to 1.26 in 2023. This indicates a relatively stable, conservative leverage position throughout the period, with slight increases suggesting cautious incremental use of debt financing.

Net Income (Loss)

The net income experienced significant fluctuations over the five-year period. Starting with a loss of $514 million in 2019, the loss widened to $747 million in 2020. However, there was a dramatic turnaround in 2021, generating a substantial profit of $12,202 million. The profit decreased to $8,362 million in 2022 and then reverted to a loss amounting to $4,714 million in 2023. This volatility indicates considerable changes in profitability and perhaps underlying operational or market conditions.

Net Product Sales

Net product sales showed strong growth from an absence of values in 2019 to $200 million in 2020, followed by a sharp increase to $17,675 million in 2021. Sales slightly increased further to $18,435 million in 2022 but then declined significantly to $6,671 million in 2023. This trend highlights a rapid climb in sales followed by a notable drop in the most recent year.

Reported Net Profit Margin

The reported net profit margin mirrored the changes in net income, starting at a negative margin in 2020 of -373.77%, then sharply increasing to 69.04% in 2021 and moderating to 45.36% in 2022. The margin then turned negative again, hitting -70.66% in 2023, which indicates profitability was not sustained despite previous gains.

Adjusted Net Income (Loss)

Adjusted net income shows a somewhat different pattern compared to the unadjusted figures. It moved from a loss of $584 million in 2019 to a positive $3,096 million in 2020, surging to $14,703 million in 2021. Subsequently, it declined sharply to $3,281 million in 2022 and further to a loss of $4,934 million in 2023. Despite the adjustment, the trend of a peak followed by a decline and eventual loss remains consistent.

Adjusted Net Product Sales

Adjusted net product sales began with a negative value in 2019 (-$72 million), rose significantly to $4,042 million in 2020, and further peaked at $20,499 million in 2021. This was followed by a decrease to $14,278 million in 2022 and a substantial decline to $4,611 million in 2023. The pattern confirms a strong growth phase followed by a steep reduction in recent periods.

Adjusted Net Profit Margin

Adjusted net profit margin was high in 2020 at 76.6%, remained elevated at 71.73% in 2021, but saw a notable drop to 22.98% in 2022. In 2023, the margin fell drastically to -107%, indicating a significant negative return after adjustments.

Overall Analysis

The data reveals a pronounced growth phase in 2020 and 2021, characterized by substantial increases in sales and profitability both in reported and adjusted terms. This growth peaked in 2021, followed by a deteriorating trend over the next two years. Both net income and profit margins turned negative in 2023, accompanied by a significant decline in sales. The volatility suggests exposure to factors impacting financial performance and possibly changes in market dynamics, costs, or other operational challenges. Adjusted figures corroborate the reported results, confirming that despite accounting adjustments, the financial performance weakened substantially in the latter years.

The financial data reveals significant fluctuations in profitability and equity for Moderna Inc. over the five-year period from 2019 to 2023. The net income figures demonstrate a marked volatility, with an initial loss in 2019 and 2020 followed by substantial profits in 2021 and 2022, before returning to a loss in 2023.

Net Income (Loss)

The net income transitioned from negative values of -514 million USD in 2019 and -747 million USD in 2020 to a sharp increase reaching 12,202 million USD in 2021. This trend continued positively in 2022 with 8,362 million USD, then reversed to a significant loss of -4,714 million USD in 2023. This indicates a peak in earnings in 2021 followed by a decline in subsequent years, possibly reflecting changing business dynamics or market conditions.

Stockholders’ Equity

Stockholders’ equity exhibited consistent growth from 1,175 million USD in 2019 to a peak of 19,123 million USD in 2022 before declining to 13,854 million USD in 2023. This growth trajectory up to 2022 suggests an accumulation of retained earnings and capital investments, while the decrease in 2023 aligns with the net loss reported in the same year.

Reported Return on Equity (ROE)

Reported ROE reflected the fluctuations in net income and equity, showing negative returns in 2019 and 2020 at -43.75% and -29.17% respectively. It then surged to 86.26% in 2021 and remained positive at 43.73% in 2022. In 2023, the ROE fell sharply back to negative territory at -34.03%, indicating diminished profitability relative to equity during that year.

Adjusted Net Income (Loss)

The adjusted net income presents a slightly different pattern but generally mirrors the reported net income trends. After a loss of -584 million USD in 2019, adjusted income improved dramatically to 3,096 million USD in 2020, peaked at 14,703 million USD in 2021, then dropped significantly to 3,281 million USD in 2022 and declined below zero again to -4,934 million USD in 2023. These adjusted figures may exclude certain non-recurring items but still highlight significant volatility.

Adjusted Stockholders’ Equity

Adjusted equity figures show an upward trend from 1,377 million USD in 2019 to 20,852 million USD in 2022, followed by a reduction to 15,131 million USD in 2023. The pattern is consistent with the reported equity data, reaffirming the build-up of capital or reserves until 2022 and the subsequent decrease coinciding with the 2023 losses.

Adjusted Return on Equity (Adjusted ROE)

The adjusted ROE aligns closely with adjusted net income trends, shifting from a negative -42.42% in 2019 to a positive 46.87% in 2020, reaching 71.07% in 2021, and dropping significantly to 15.73% in 2022 before turning negative again at -32.61% in 2023. This suggests that even after adjustments, profitability relative to equity experienced considerable fluctuation, with 2021 being an exceptional year and 2023 showing a downturn.

Overall, the data indicates a period of strong earnings growth and increasing equity between 2020 and 2022, followed by a decline in financial performance in 2023 that affected both income and shareholders' equity. The volatility in returns on equity underscores the variable profitability experienced during this timeframe.

Net Income (Loss)

Net income demonstrated significant volatility over the observed period. The company experienced losses in 2019 and 2020, with figures of -514 million and -747 million respectively. In 2021, there was a dramatic turnaround to a net income of 12,202 million, followed by a decrease to 8,362 million in 2022, and a return to a loss of -4,714 million in 2023. This pattern indicates substantial profitability fluctuations.

Total Assets

Total assets grew substantially from 1,589 million in 2019 to a peak of 25,858 million in 2022. However, the assets decreased to 18,426 million in 2023. This trend reflects a strong asset base expansion followed by a contraction, possibly indicating changes in investment, asset sales, or valuation adjustments.

Reported Return on Assets (ROA)

Reported ROA followed a similar volatile trend as net income. It was negative in 2019 and 2020 at -32.34% and -10.18%, turned highly positive to 49.46% in 2021, then declined to 32.34% in 2022 and dropped sharply to -25.58% in 2023. These swings illustrate varying efficiency in generating profit from the asset base over time.

Adjusted Net Income (Loss)

The adjusted net income figures show a more optimistic view of profitability, starting with a loss of -584 million in 2019 but shifting to a gain of 3,096 million in 2020. There was a peak in 2021 at 14,703 million, followed by a significant decrease to 3,281 million in 2022, and a return to a loss of -4,934 million in 2023. Adjusted results suggest that certain factors adjusted for in profitability had a major impact on reported earnings, especially in 2021.

Adjusted Total Assets

The trend in adjusted total assets aligns closely with total assets, rising from 1,589 million in 2019 to a high of 24,876 million in 2022, before declining to 19,037 million in 2023. This indicates similar movements in asset valuation or adjustments as with total assets.

Adjusted Return on Assets (Adjusted ROA)

Adjusted ROA shows pronounced fluctuations. It started negative at -36.76% in 2019, jumped significantly to 42.2% in 2020, and reached the highest point of 60.4% in 2021. However, it sharply decreased to 13.19% in 2022 and fell to -25.92% in 2023. This pattern highlights variability in operational profitability once adjustments are considered, with a peak in 2021 followed by rapid declines.