Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Moderna Inc., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Moderna Inc. debt to equity ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Moderna Inc. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Moderna Inc. debt to capital ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Moderna Inc. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Moderna Inc. debt to assets ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Moderna Inc. debt to assets ratio (including operating lease liability) deteriorated from 2020 to 2021 and from 2021 to 2022. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Moderna Inc. financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Moderna Inc. interest coverage ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Moderna Inc. fixed charge coverage ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Debt to Equity
Moderna Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Financing lease liabilities, current | 161) | 165) | 24) | —) | —) | |
| Financing lease liabilities, non-current | 912) | 599) | 110) | 39) | —) | |
| Deferred lease obligation, non-current | —) | —) | —) | —) | 10) | |
| Lease financing obligation | —) | —) | —) | —) | 33) | |
| 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 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| AbbVie Inc. | 3.67 | 4.98 | 6.58 | — | — | |
| Amgen Inc. | 10.64 | 4.97 | 3.51 | 3.09 | — | |
| Bristol-Myers Squibb Co. | 1.27 | 1.24 | 1.34 | 0.91 | — | |
| Danaher Corp. | 0.39 | 0.49 | 0.53 | 0.72 | — | |
| Eli Lilly & Co. | 1.52 | 1.88 | 2.94 | 5.88 | — | |
| Gilead Sciences Inc. | 1.19 | 1.27 | 1.73 | 1.09 | — | |
| Johnson & Johnson | 0.52 | 0.46 | 0.56 | 0.47 | — | |
| Merck & Co. Inc. | 0.67 | 0.87 | 1.26 | 1.02 | — | |
| Pfizer Inc. | 0.37 | 0.50 | 0.63 | 0.83 | — | |
| Regeneron Pharmaceuticals Inc. | 0.12 | 0.14 | 0.24 | 0.06 | — | |
| Thermo Fisher Scientific Inc. | 0.78 | 0.85 | 0.63 | 0.60 | — | |
| Zoetis Inc. | 1.79 | 1.45 | 1.91 | 2.38 | — | |
| Debt to Equity, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.84 | 0.96 | 1.16 | 1.12 | — | |
| Debt to Equity, Industry | ||||||
| Health Care | 0.74 | 0.80 | 0.91 | 0.92 | — | |
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 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Moderna Inc. debt to equity ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
Debt to Equity (including Operating Lease Liability)
Moderna Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Financing lease liabilities, current | 161) | 165) | 24) | —) | —) | |
| Financing lease liabilities, non-current | 912) | 599) | 110) | 39) | —) | |
| Deferred lease obligation, non-current | —) | —) | —) | —) | 10) | |
| Lease financing obligation | —) | —) | —) | —) | 33) | |
| Total debt | 1,073) | 764) | 134) | 39) | 43) | |
| Operating lease liabilities, current | 35) | 46) | 6) | 4) | —) | |
| Operating lease liabilities, non-current | 92) | 106) | 97) | 94) | —) | |
| Total debt (including operating lease liability) | 1,200) | 916) | 238) | 136) | 43) | |
| Stockholders’ equity | 19,123) | 14,145) | 2,561) | 1,175) | 1,530) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.06 | 0.06 | 0.09 | 0.12 | 0.03 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| AbbVie Inc. | 3.72 | 5.03 | 6.66 | — | — | |
| Amgen Inc. | 10.83 | 5.07 | 3.55 | 3.15 | — | |
| Bristol-Myers Squibb Co. | 1.31 | 1.27 | 1.37 | 0.92 | — | |
| Danaher Corp. | 0.41 | 0.52 | 0.56 | 0.74 | — | |
| Eli Lilly & Co. | 1.59 | 1.96 | 3.06 | 6.11 | — | |
| Gilead Sciences Inc. | 1.22 | 1.30 | 1.76 | 1.12 | — | |
| Johnson & Johnson | 0.53 | 0.47 | 0.57 | 0.48 | — | |
| Merck & Co. Inc. | 0.70 | 0.91 | 1.32 | 1.06 | — | |
| Pfizer Inc. | 0.41 | 0.54 | 0.65 | 0.85 | — | |
| Regeneron Pharmaceuticals Inc. | 0.12 | 0.15 | 0.25 | 0.07 | — | |
| Thermo Fisher Scientific Inc. | 0.82 | 0.89 | 0.65 | 0.62 | — | |
| Zoetis Inc. | 1.85 | 1.49 | 1.96 | 2.45 | — | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.87 | 0.99 | 1.19 | 1.15 | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.80 | 0.86 | 0.97 | 0.98 | — | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 1,200 ÷ 19,123 = 0.06
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Moderna Inc. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Capital
Moderna Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Financing lease liabilities, current | 161) | 165) | 24) | —) | —) | |
| Financing lease liabilities, non-current | 912) | 599) | 110) | 39) | —) | |
| Deferred lease obligation, non-current | —) | —) | —) | —) | 10) | |
| Lease financing obligation | —) | —) | —) | —) | 33) | |
| Total debt | 1,073) | 764) | 134) | 39) | 43) | |
| Stockholders’ equity | 19,123) | 14,145) | 2,561) | 1,175) | 1,530) | |
| 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 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| AbbVie Inc. | 0.79 | 0.83 | 0.87 | 1.14 | — | |
| Amgen Inc. | 0.91 | 0.83 | 0.78 | 0.76 | — | |
| Bristol-Myers Squibb Co. | 0.56 | 0.55 | 0.57 | 0.48 | — | |
| Danaher Corp. | 0.28 | 0.33 | 0.35 | 0.42 | — | |
| Eli Lilly & Co. | 0.60 | 0.65 | 0.75 | 0.85 | — | |
| Gilead Sciences Inc. | 0.54 | 0.56 | 0.63 | 0.52 | — | |
| Johnson & Johnson | 0.34 | 0.31 | 0.36 | 0.32 | — | |
| Merck & Co. Inc. | 0.40 | 0.46 | 0.56 | 0.50 | — | |
| Pfizer Inc. | 0.27 | 0.33 | 0.39 | 0.45 | — | |
| Regeneron Pharmaceuticals Inc. | 0.11 | 0.13 | 0.20 | 0.06 | — | |
| Thermo Fisher Scientific Inc. | 0.44 | 0.46 | 0.39 | 0.37 | — | |
| Zoetis Inc. | 0.64 | 0.59 | 0.66 | 0.70 | — | |
| Debt to Capital, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.46 | 0.49 | 0.54 | 0.53 | — | |
| Debt to Capital, Industry | ||||||
| Health Care | 0.43 | 0.44 | 0.48 | 0.48 | — | |
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 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Moderna Inc. debt to capital ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
Debt to Capital (including Operating Lease Liability)
Moderna Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Financing lease liabilities, current | 161) | 165) | 24) | —) | —) | |
| Financing lease liabilities, non-current | 912) | 599) | 110) | 39) | —) | |
| Deferred lease obligation, non-current | —) | —) | —) | —) | 10) | |
| Lease financing obligation | —) | —) | —) | —) | 33) | |
| Total debt | 1,073) | 764) | 134) | 39) | 43) | |
| Operating lease liabilities, current | 35) | 46) | 6) | 4) | —) | |
| Operating lease liabilities, non-current | 92) | 106) | 97) | 94) | —) | |
| Total debt (including operating lease liability) | 1,200) | 916) | 238) | 136) | 43) | |
| Stockholders’ equity | 19,123) | 14,145) | 2,561) | 1,175) | 1,530) | |
| Total capital (including operating lease liability) | 20,323) | 15,061) | 2,799) | 1,311) | 1,574) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.06 | 0.06 | 0.08 | 0.10 | 0.03 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| AbbVie Inc. | 0.79 | 0.83 | 0.87 | 1.14 | — | |
| Amgen Inc. | 0.92 | 0.84 | 0.78 | 0.76 | — | |
| Bristol-Myers Squibb Co. | 0.57 | 0.56 | 0.58 | 0.48 | — | |
| Danaher Corp. | 0.29 | 0.34 | 0.36 | 0.43 | — | |
| Eli Lilly & Co. | 0.61 | 0.66 | 0.75 | 0.86 | — | |
| Gilead Sciences Inc. | 0.55 | 0.56 | 0.64 | 0.53 | — | |
| Johnson & Johnson | 0.35 | 0.32 | 0.36 | 0.33 | — | |
| Merck & Co. Inc. | 0.41 | 0.48 | 0.57 | 0.51 | — | |
| Pfizer Inc. | 0.29 | 0.35 | 0.39 | 0.46 | — | |
| Regeneron Pharmaceuticals Inc. | 0.11 | 0.13 | 0.20 | 0.07 | — | |
| Thermo Fisher Scientific Inc. | 0.45 | 0.47 | 0.40 | 0.38 | — | |
| Zoetis Inc. | 0.65 | 0.60 | 0.66 | 0.71 | — | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.46 | 0.50 | 0.54 | 0.53 | — | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.44 | 0.46 | 0.49 | 0.49 | — | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 1,200 ÷ 20,323 = 0.06
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Moderna Inc. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Assets
Moderna Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Financing lease liabilities, current | 161) | 165) | 24) | —) | —) | |
| Financing lease liabilities, non-current | 912) | 599) | 110) | 39) | —) | |
| Deferred lease obligation, non-current | —) | —) | —) | —) | 10) | |
| Lease financing obligation | —) | —) | —) | —) | 33) | |
| Total debt | 1,073) | 764) | 134) | 39) | 43) | |
| Total assets | 25,858) | 24,669) | 7,337) | 1,589) | 1,962) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.04 | 0.03 | 0.02 | 0.02 | 0.02 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| AbbVie Inc. | 0.46 | 0.52 | 0.57 | 0.75 | — | |
| Amgen Inc. | 0.60 | 0.54 | 0.52 | 0.50 | — | |
| Bristol-Myers Squibb Co. | 0.41 | 0.41 | 0.43 | 0.36 | — | |
| Danaher Corp. | 0.23 | 0.27 | 0.28 | 0.35 | — | |
| Eli Lilly & Co. | 0.33 | 0.35 | 0.36 | 0.39 | — | |
| Gilead Sciences Inc. | 0.40 | 0.39 | 0.46 | 0.40 | — | |
| Johnson & Johnson | 0.21 | 0.19 | 0.20 | 0.18 | — | |
| Merck & Co. Inc. | 0.28 | 0.31 | 0.35 | 0.31 | — | |
| Pfizer Inc. | 0.18 | 0.21 | 0.26 | 0.31 | — | |
| Regeneron Pharmaceuticals Inc. | 0.09 | 0.11 | 0.16 | 0.05 | — | |
| Thermo Fisher Scientific Inc. | 0.35 | 0.37 | 0.31 | 0.30 | — | |
| Zoetis Inc. | 0.53 | 0.47 | 0.53 | 0.56 | — | |
| Debt to Assets, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.31 | 0.33 | 0.36 | 0.36 | — | |
| Debt to Assets, Industry | ||||||
| Health Care | 0.28 | 0.29 | 0.31 | 0.31 | — | |
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 assets = Total debt ÷ Total assets
= 1,073 ÷ 25,858 = 0.04
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Moderna Inc. debt to assets ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
Debt to Assets (including Operating Lease Liability)
Moderna Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Financing lease liabilities, current | 161) | 165) | 24) | —) | —) | |
| Financing lease liabilities, non-current | 912) | 599) | 110) | 39) | —) | |
| Deferred lease obligation, non-current | —) | —) | —) | —) | 10) | |
| Lease financing obligation | —) | —) | —) | —) | 33) | |
| Total debt | 1,073) | 764) | 134) | 39) | 43) | |
| Operating lease liabilities, current | 35) | 46) | 6) | 4) | —) | |
| Operating lease liabilities, non-current | 92) | 106) | 97) | 94) | —) | |
| Total debt (including operating lease liability) | 1,200) | 916) | 238) | 136) | 43) | |
| Total assets | 25,858) | 24,669) | 7,337) | 1,589) | 1,962) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.05 | 0.04 | 0.03 | 0.09 | 0.02 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| AbbVie Inc. | 0.46 | 0.53 | 0.58 | 0.75 | — | |
| Amgen Inc. | 0.61 | 0.56 | 0.53 | 0.51 | — | |
| Bristol-Myers Squibb Co. | 0.42 | 0.42 | 0.44 | 0.37 | — | |
| Danaher Corp. | 0.25 | 0.28 | 0.29 | 0.36 | — | |
| Eli Lilly & Co. | 0.34 | 0.36 | 0.37 | 0.41 | — | |
| Gilead Sciences Inc. | 0.41 | 0.40 | 0.47 | 0.41 | — | |
| Johnson & Johnson | 0.22 | 0.19 | 0.21 | 0.18 | — | |
| Merck & Co. Inc. | 0.29 | 0.33 | 0.37 | 0.32 | — | |
| Pfizer Inc. | 0.20 | 0.23 | 0.27 | 0.32 | — | |
| Regeneron Pharmaceuticals Inc. | 0.09 | 0.11 | 0.16 | 0.05 | — | |
| Thermo Fisher Scientific Inc. | 0.37 | 0.38 | 0.33 | 0.32 | — | |
| Zoetis Inc. | 0.54 | 0.49 | 0.54 | 0.58 | — | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.32 | 0.34 | 0.37 | 0.37 | — | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.29 | 0.31 | 0.33 | 0.33 | — | |
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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 1,200 ÷ 25,858 = 0.05
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Moderna Inc. debt to assets ratio (including operating lease liability) deteriorated from 2020 to 2021 and from 2021 to 2022. |
Financial Leverage
Moderna Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| 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 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| AbbVie Inc. | 8.04 | 9.51 | 11.51 | — | — | |
| Amgen Inc. | 17.79 | 9.13 | 6.69 | 6.17 | — | |
| Bristol-Myers Squibb Co. | 3.12 | 3.04 | 3.13 | 2.52 | — | |
| Danaher Corp. | 1.68 | 1.84 | 1.92 | 2.05 | — | |
| Eli Lilly & Co. | 4.65 | 5.44 | 8.27 | 15.07 | — | |
| Gilead Sciences Inc. | 2.97 | 3.23 | 3.76 | 2.74 | — | |
| Johnson & Johnson | 2.44 | 2.46 | 2.76 | 2.65 | — | |
| Merck & Co. Inc. | 2.37 | 2.77 | 3.62 | 3.26 | — | |
| Pfizer Inc. | 2.06 | 2.35 | 2.44 | 2.65 | — | |
| Regeneron Pharmaceuticals Inc. | 1.29 | 1.36 | 1.56 | 1.34 | — | |
| Thermo Fisher Scientific Inc. | 2.21 | 2.33 | 2.00 | 1.97 | — | |
| Zoetis Inc. | 3.39 | 3.06 | 3.61 | 4.26 | — | |
| Financial Leverage, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 2.68 | 2.90 | 3.21 | 3.12 | — | |
| Financial Leverage, Industry | ||||||
| Health Care | 2.70 | 2.79 | 2.96 | 2.93 | — | |
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 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Moderna Inc. financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022. |
Interest Coverage
Moderna Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) | 8,362) | 12,202) | (747) | (514) | (385) | |
| Add: Income tax expense | 1,213) | 1,083) | 3) | (1) | —) | |
| Add: Interest expense | 29) | 18) | 10) | 7) | 3) | |
| Earnings before interest and tax (EBIT) | 9,604) | 13,303) | (735) | (508) | (381) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 331.17 | 739.06 | -74.31 | -76.85 | -123.16 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| AbbVie Inc. | 7.04 | 6.36 | 2.38 | 5.72 | — | |
| Amgen Inc. | 6.22 | 6.60 | 7.44 | 8.09 | — | |
| Bristol-Myers Squibb Co. | 7.26 | 7.07 | -3.84 | 8.58 | — | |
| Danaher Corp. | 40.30 | 32.92 | 17.35 | 31.44 | — | |
| Eli Lilly & Co. | 21.53 | 19.12 | 21.11 | 14.15 | — | |
| Gilead Sciences Inc. | 7.22 | 9.27 | 2.70 | 6.19 | — | |
| Johnson & Johnson | 79.71 | 125.46 | 83.07 | 55.49 | — | |
| Merck & Co. Inc. | 18.09 | 18.22 | 11.58 | 13.84 | — | |
| Pfizer Inc. | 29.05 | 19.83 | 6.17 | 12.23 | — | |
| Regeneron Pharmaceuticals Inc. | 82.80 | 163.75 | 67.97 | 81.43 | — | |
| Thermo Fisher Scientific Inc. | 11.56 | 17.49 | 14.07 | 7.02 | — | |
| Zoetis Inc. | 13.02 | 12.11 | 9.64 | 9.08 | — | |
| Interest Coverage, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 14.99 | 14.65 | 7.34 | 11.18 | — | |
| Interest Coverage, Industry | ||||||
| Health Care | 12.46 | 12.10 | 7.74 | 8.87 | — | |
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
Interest coverage = EBIT ÷ Interest expense
= 9,604 ÷ 29 = 331.17
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Moderna Inc. interest coverage ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Fixed Charge Coverage
Moderna Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Federal statutory tax rate | 21.00% | 21.00% | 21.00% | 21.00% | 21.00% | |
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) | 8,362) | 12,202) | (747) | (514) | (385) | |
| Add: Income tax expense | 1,213) | 1,083) | 3) | (1) | —) | |
| Add: Interest expense | 29) | 18) | 10) | 7) | 3) | |
| Earnings before interest and tax (EBIT) | 9,604) | 13,303) | (735) | (508) | (381) | |
| Add: Operating lease costs | 48) | 24) | 17) | 17) | 19) | |
| Earnings before fixed charges and tax | 9,652) | 13,327) | (718) | (491) | (362) | |
| Interest expense | 29) | 18) | 10) | 7) | 3) | |
| Operating lease costs | 48) | 24) | 17) | 17) | 19) | |
| Reconciliation of net income (loss) to net income (loss) attributable to common stockholders | —) | —) | —) | —) | 17) | |
| Reconciliation of net income (loss) to net income (loss) attributable to common stockholders, tax adjustment1 | —) | —) | —) | —) | 5) | |
| Reconciliation of net income (loss) to net income (loss) attributable to common stockholders, after tax adjustment | —) | —) | —) | —) | 22) | |
| Fixed charges | 77) | 42) | 27) | 24) | 44) | |
| Solvency Ratio | ||||||
| Fixed charge coverage2 | 125.35 | 317.31 | -26.75 | -20.79 | -8.26 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors3 | ||||||
| AbbVie Inc. | 6.54 | 5.90 | 2.28 | 5.42 | — | |
| Amgen Inc. | 5.52 | 5.67 | 6.48 | 7.12 | — | |
| Bristol-Myers Squibb Co. | 6.30 | 6.01 | -3.08 | 7.10 | — | |
| Danaher Corp. | 13.41 | 10.85 | 7.10 | 8.38 | — | |
| Eli Lilly & Co. | 15.17 | 13.33 | 15.06 | 10.18 | — | |
| Gilead Sciences Inc. | 6.30 | 8.15 | 2.45 | 5.46 | — | |
| Johnson & Johnson | 38.72 | 48.16 | 33.93 | 28.72 | — | |
| Merck & Co. Inc. | 13.69 | 13.08 | 8.47 | 10.31 | — | |
| Pfizer Inc. | 18.79 | 14.22 | 4.98 | 9.88 | — | |
| Regeneron Pharmaceuticals Inc. | 68.67 | 138.96 | 57.70 | 60.98 | — | |
| Thermo Fisher Scientific Inc. | 8.12 | 12.19 | 10.30 | 5.61 | — | |
| Zoetis Inc. | 10.76 | 10.08 | 8.21 | 7.85 | — | |
| Fixed Charge Coverage, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 11.58 | 11.33 | 5.95 | 8.97 | — | |
| Fixed Charge Coverage, Industry | ||||||
| Health Care | 8.87 | 8.60 | 5.72 | 6.62 | — | |
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
Reconciliation of net income (loss) to net income (loss) attributable to common stockholders, tax adjustment = (Reconciliation of net income (loss) to net income (loss) attributable to common stockholders × Federal statutory tax rate) ÷ (1 − Federal statutory tax rate)
= (0 × 21.00%) ÷ (1 − 21.00%) = 0
2 2022 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 9,652 ÷ 77 = 125.35
3 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Moderna Inc. fixed charge coverage ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |