Moderna Inc. (NASDAQ:MRNA)

The return on assets (ROA) exhibits considerable volatility over the examined periods. Initially, the data shows severely negative values around the end of 2019, indicating operational inefficiencies or losses. However, from early 2021 through mid-2022, the ROA improves sharply, reaching a peak nearing 54%, which suggests a period of strong asset utilization and profitability. Following this peak, ROA decreases steadily, turning negative again from late 2023 into 2024, indicating a decline in asset performance or renewed operational challenges.

Financial leverage remains relatively stable throughout the timeline, maintaining a narrow range between approximately 1.18 and 3.31. Notably, leverage spikes to its highest point around the end of 2020, possibly reflecting increased borrowing or liabilities. Subsequently, a gradual reduction in leverage is observed through 2021 and 2022, reaching lower and more stable levels near 1.3 by 2024. This suggests a deleveraging trend or more conservative capital structure management after the peak.

The return on equity (ROE) mirrors the pattern seen with ROA but with amplified magnitude, reflecting the impact of financial leverage on shareholder returns. ROE is deeply negative in late 2019, indicating significant equity losses. Starting in early 2021, ROE strongly improves, rising sharply to a peak around 86% at the end of 2021, which highlights a period of exceptional shareholder profitability. However, after this peak, ROE declines substantially, turning sharply negative again from late 2023 onwards, consistent with deteriorating profitability and challenging equity returns.

Return on Assets (ROA)

Shows a sharp improvement from deep negative values in 2019 to a peak in mid-2022, followed by a steady decline into negative territory by 2024.

Financial Leverage

Remains mostly stable with a notable spike at the end of 2020; subsequently decreases and stabilizes around 1.3 through 2024 indicating reduced reliance on debt.

Return on Equity (ROE)

Exhibits a pattern similar to ROA but with greater volatility, peaking significantly in late 2021 before declining sharply and turning negative again in 2023-2024.

Net Profit Margin

The net profit margin exhibits significant volatility throughout the periods analyzed. Initially, data is unavailable, but in early 2021, the margin registers an extremely negative figure near -374%, followed by a swift recovery to positive margins peaking at approximately 69% by the first quarter of 2022. Subsequently, the margin trends downward steadily, turning negative again by the end of 2023 and reaching a low near -120%. By mid-2024, some improvement is observed, with the margin rising to around -45%, yet it remains in negative territory. This pattern indicates sharp fluctuations in profitability with pronounced losses during certain quarters, reflecting variable operational or market conditions.

Asset Turnover

Asset turnover begins with very low values early in the timeline, noted at 0.03 in the first quarter of 2021, then shows a strong upward trend, peaking at 0.85 in the fourth quarter of 2021. After this peak, the ratio experiences a consistent decline, dropping to roughly 0.30 by the third quarter of 2024. This trend suggests initial improvements in asset utilization efficiency, followed by a gradual decrease in how effectively the company generates revenue from its asset base over time.

Financial Leverage

Financial leverage ratios are relatively stable with minor fluctuations across the entire period. Starting around 1.25 in early 2019, leverage rises to a high of 3.31 in the first quarter of 2021, indicating increased reliance on debt or other forms of capital. Following this peak, leverage declines steadily, settling near 1.3 by mid-2024. This pattern indicates an initial phase of increased leverage possibly to fund growth or operations, followed by a cautious deleveraging or maintenance of moderate leverage levels thereafter.

Return on Equity (ROE)

Return on equity data begins in late 2019 with negative values, reflecting losses or low profitability relative to equity. ROE improves dramatically starting in early 2021, reaching a peak of about 86% by late 2021, indicating a period of outstanding equity returns. However, from 2022 onward, ROE declines progressively, entering negative territory again by late 2023, reaching approximately -50%. This decline signals deteriorating profitability and shareholder returns in recent quarters, aligning with the negative trends observed in net profit margin.

Net Profit Margin

The net profit margin data begins with a notably negative figure of -373.77% in the first quarter of 2021, indicating a significant loss relative to revenue at that time. Subsequently, it experiences a strong positive trend, rising sharply to reach a peak of 69.04% in the first quarter of 2022. Over the following quarters, the margin gradually declines but remains positive through the end of 2022, peaking again at 66.94% in the second quarter of 2022 before tapering off to 11.95% by the first quarter of 2023. Thereafter, the margin worsens considerably, turning negative from the second quarter of 2023 onward, hitting lows near -119.71% in the last quarter of 2023 before partially recovering to -44.8% by the second quarter of 2024. This pattern suggests a volatile profitability profile, with a period of strong profit generation followed by a sharp return to losses.

Asset Turnover

Beginning with an asset turnover ratio of 0.03 in the first quarter of 2021, the company shows a consistent increase in the efficiency of asset utilization through 2022, reaching a peak of 0.85 in the third quarter of 2022. This reflects an improving ability to generate revenue from assets over this period. However, from late 2022 onwards, the ratio demonstrates a clear declining trend, dropping gradually to 0.31 by the third quarter of 2024. The initial rise suggests improving operational efficiency, while the subsequent downturn may indicate either reduced sales relative to asset base growth or declining asset utilization efficiency.

Return on Assets (ROA)

Return on assets follows a pattern similar to that of net profit margin, starting from negative values in early periods shown (-32.34% in the third quarter of 2019), and then steadily improving to a strong positive peak of 53.97% in the third quarter of 2022. After this peak, ROA declines continuously through to mid-2024, falling back into negative territory with a low of -37.42% in the last quarter of 2023 before a moderate recovery to -14.07% in the second quarter of 2024. The initial improvement indicates increasing profitability relative to the asset base, while the subsequent decline points to deterioration in asset profitability, likely influenced by falling net margins and asset turnover.