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.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Moderna Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 30, 2023 -25.76% = -17.82% × 1.45
Jun 30, 2023 7.12% = 5.52% × 1.29
Mar 31, 2023 25.36% = 19.83% × 1.28
Dec 31, 2022 43.73% = 32.34% × 1.35
Sep 30, 2022 65.39% = 45.15% × 1.45
Jun 30, 2022 78.15% = 53.97% × 1.45
Mar 31, 2022 85.73% = 53.02% × 1.62
Dec 31, 2021 86.26% = 49.46% × 1.74
Sep 30, 2021 69.75% = 33.75% × 2.07
Jun 30, 2021 52.13% = 21.64% × 2.41
Mar 31, 2021 15.59% = 4.71% × 3.31
Dec 31, 2020 -29.17% = -10.18% × 2.86
Sep 30, 2020 -21.66% = -12.85% × 1.69
Jun 30, 2020 -16.54% = -13.98% × 1.18
Mar 31, 2020 -30.82% = -24.46% × 1.26
Dec 31, 2019 -43.75% = -32.34% × 1.35
Sep 30, 2019 — = — × 1.27
Jun 30, 2019 — = — × 1.26
Mar 31, 2019 — = — × 1.25

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2023 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Moderna Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 30, 2023 -25.76% = -39.67% × 0.45 × 1.45
Jun 30, 2023 7.12% = 11.95% × 0.46 × 1.29
Mar 31, 2023 25.36% = 33.37% × 0.59 × 1.28
Dec 31, 2022 43.73% = 45.36% × 0.71 × 1.35
Sep 30, 2022 65.39% = 57.36% × 0.79 × 1.45
Jun 30, 2022 78.15% = 63.31% × 0.85 × 1.45
Mar 31, 2022 85.73% = 66.94% × 0.79 × 1.62
Dec 31, 2021 86.26% = 69.04% × 0.72 × 1.74
Sep 30, 2021 69.75% = 64.55% × 0.52 × 2.07
Jun 30, 2021 52.13% = 57.01% × 0.38 × 2.41
Mar 31, 2021 15.59% = 30.95% × 0.15 × 3.31
Dec 31, 2020 -29.17% = -373.77% × 0.03 × 2.86
Sep 30, 2020 -21.66% = — × 0.00 × 1.69
Jun 30, 2020 -16.54% = — × 0.00 × 1.18
Mar 31, 2020 -30.82% = — × 0.00 × 1.26
Dec 31, 2019 -43.75% = — × 0.00 × 1.35
Sep 30, 2019 — = — × — × 1.27
Jun 30, 2019 — = — × — × 1.26
Mar 31, 2019 — = — × — × 1.25

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2023 is the decrease in profitability measured by net profit margin ratio.

Two-Component Disaggregation of ROA

Moderna Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 30, 2023 -17.82% = -39.67% × 0.45
Jun 30, 2023 5.52% = 11.95% × 0.46
Mar 31, 2023 19.83% = 33.37% × 0.59
Dec 31, 2022 32.34% = 45.36% × 0.71
Sep 30, 2022 45.15% = 57.36% × 0.79
Jun 30, 2022 53.97% = 63.31% × 0.85
Mar 31, 2022 53.02% = 66.94% × 0.79
Dec 31, 2021 49.46% = 69.04% × 0.72
Sep 30, 2021 33.75% = 64.55% × 0.52
Jun 30, 2021 21.64% = 57.01% × 0.38
Mar 31, 2021 4.71% = 30.95% × 0.15
Dec 31, 2020 -10.18% = -373.77% × 0.03
Sep 30, 2020 -12.85% = — × 0.00
Jun 30, 2020 -13.98% = — × 0.00
Mar 31, 2020 -24.46% = — × 0.00
Dec 31, 2019 -32.34% = — × 0.00
Sep 30, 2019 — = — × —
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2023 is the decrease in profitability measured by net profit margin ratio.