Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Price to Earnings (P/E) since 2018
- Analysis of Revenues
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Solvency Ratios (Summary)
Based on: 10-K (reporting date: 2023-12-31), 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).
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 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
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 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
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 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
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 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Moderna Inc. debt to assets ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
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 2021 to 2022 and from 2022 to 2023. |
Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Moderna Inc. financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023. |
Solvency ratio | Description | The company |
---|---|---|
Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Moderna Inc. interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
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 deteriorated from 2021 to 2022 and from 2022 to 2023. |
Debt to Equity
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Financing lease liabilities, current | ||||||
Financing lease liabilities, non-current | ||||||
Total debt | ||||||
Stockholders’ equity | ||||||
Solvency Ratio | ||||||
Debt to equity1 | ||||||
Benchmarks | ||||||
Debt to Equity, Competitors2 | ||||||
AbbVie Inc. | ||||||
Amgen Inc. | ||||||
Bristol-Myers Squibb Co. | ||||||
Danaher Corp. | ||||||
Eli Lilly & Co. | ||||||
Gilead Sciences Inc. | ||||||
Johnson & Johnson | ||||||
Merck & Co. Inc. | ||||||
Pfizer Inc. | ||||||
Regeneron Pharmaceuticals Inc. | ||||||
Thermo Fisher Scientific Inc. | ||||||
Debt to Equity, Sector | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | ||||||
Debt to Equity, Industry | ||||||
Health Care |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= ÷ =
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 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Debt to Equity (including Operating Lease Liability)
Moderna Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Financing lease liabilities, current | ||||||
Financing lease liabilities, non-current | ||||||
Total debt | ||||||
Operating lease liabilities, current | ||||||
Operating lease liabilities, non-current | ||||||
Total debt (including operating lease liability) | ||||||
Stockholders’ equity | ||||||
Solvency Ratio | ||||||
Debt to equity (including operating lease liability)1 | ||||||
Benchmarks | ||||||
Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
AbbVie Inc. | ||||||
Amgen Inc. | ||||||
Bristol-Myers Squibb Co. | ||||||
Danaher Corp. | ||||||
Eli Lilly & Co. | ||||||
Gilead Sciences Inc. | ||||||
Johnson & Johnson | ||||||
Merck & Co. Inc. | ||||||
Pfizer Inc. | ||||||
Regeneron Pharmaceuticals Inc. | ||||||
Thermo Fisher Scientific Inc. | ||||||
Debt to Equity (including Operating Lease Liability), Sector | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | ||||||
Debt to Equity (including Operating Lease Liability), Industry | ||||||
Health Care |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= ÷ =
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 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Capital
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Financing lease liabilities, current | ||||||
Financing lease liabilities, non-current | ||||||
Total debt | ||||||
Stockholders’ equity | ||||||
Total capital | ||||||
Solvency Ratio | ||||||
Debt to capital1 | ||||||
Benchmarks | ||||||
Debt to Capital, Competitors2 | ||||||
AbbVie Inc. | ||||||
Amgen Inc. | ||||||
Bristol-Myers Squibb Co. | ||||||
Danaher Corp. | ||||||
Eli Lilly & Co. | ||||||
Gilead Sciences Inc. | ||||||
Johnson & Johnson | ||||||
Merck & Co. Inc. | ||||||
Pfizer Inc. | ||||||
Regeneron Pharmaceuticals Inc. | ||||||
Thermo Fisher Scientific Inc. | ||||||
Debt to Capital, Sector | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | ||||||
Debt to Capital, Industry | ||||||
Health Care |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
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 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Debt to Capital (including Operating Lease Liability)
Moderna Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Financing lease liabilities, current | ||||||
Financing lease liabilities, non-current | ||||||
Total debt | ||||||
Operating lease liabilities, current | ||||||
Operating lease liabilities, non-current | ||||||
Total debt (including operating lease liability) | ||||||
Stockholders’ equity | ||||||
Total capital (including operating lease liability) | ||||||
Solvency Ratio | ||||||
Debt to capital (including operating lease liability)1 | ||||||
Benchmarks | ||||||
Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
AbbVie Inc. | ||||||
Amgen Inc. | ||||||
Bristol-Myers Squibb Co. | ||||||
Danaher Corp. | ||||||
Eli Lilly & Co. | ||||||
Gilead Sciences Inc. | ||||||
Johnson & Johnson | ||||||
Merck & Co. Inc. | ||||||
Pfizer Inc. | ||||||
Regeneron Pharmaceuticals Inc. | ||||||
Thermo Fisher Scientific Inc. | ||||||
Debt to Capital (including Operating Lease Liability), Sector | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | ||||||
Debt to Capital (including Operating Lease Liability), Industry | ||||||
Health Care |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
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 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Assets
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Financing lease liabilities, current | ||||||
Financing lease liabilities, non-current | ||||||
Total debt | ||||||
Total assets | ||||||
Solvency Ratio | ||||||
Debt to assets1 | ||||||
Benchmarks | ||||||
Debt to Assets, Competitors2 | ||||||
AbbVie Inc. | ||||||
Amgen Inc. | ||||||
Bristol-Myers Squibb Co. | ||||||
Danaher Corp. | ||||||
Eli Lilly & Co. | ||||||
Gilead Sciences Inc. | ||||||
Johnson & Johnson | ||||||
Merck & Co. Inc. | ||||||
Pfizer Inc. | ||||||
Regeneron Pharmaceuticals Inc. | ||||||
Thermo Fisher Scientific Inc. | ||||||
Debt to Assets, Sector | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | ||||||
Debt to Assets, Industry | ||||||
Health Care |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
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 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Debt to Assets (including Operating Lease Liability)
Moderna Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Financing lease liabilities, current | ||||||
Financing lease liabilities, non-current | ||||||
Total debt | ||||||
Operating lease liabilities, current | ||||||
Operating lease liabilities, non-current | ||||||
Total debt (including operating lease liability) | ||||||
Total assets | ||||||
Solvency Ratio | ||||||
Debt to assets (including operating lease liability)1 | ||||||
Benchmarks | ||||||
Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
AbbVie Inc. | ||||||
Amgen Inc. | ||||||
Bristol-Myers Squibb Co. | ||||||
Danaher Corp. | ||||||
Eli Lilly & Co. | ||||||
Gilead Sciences Inc. | ||||||
Johnson & Johnson | ||||||
Merck & Co. Inc. | ||||||
Pfizer Inc. | ||||||
Regeneron Pharmaceuticals Inc. | ||||||
Thermo Fisher Scientific Inc. | ||||||
Debt to Assets (including Operating Lease Liability), Sector | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | ||||||
Debt to Assets (including Operating Lease Liability), Industry | ||||||
Health Care |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
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 2021 to 2022 and from 2022 to 2023. |
Financial Leverage
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Total assets | ||||||
Stockholders’ equity | ||||||
Solvency Ratio | ||||||
Financial leverage1 | ||||||
Benchmarks | ||||||
Financial Leverage, Competitors2 | ||||||
AbbVie Inc. | ||||||
Amgen Inc. | ||||||
Bristol-Myers Squibb Co. | ||||||
Danaher Corp. | ||||||
Eli Lilly & Co. | ||||||
Gilead Sciences Inc. | ||||||
Johnson & Johnson | ||||||
Merck & Co. Inc. | ||||||
Pfizer Inc. | ||||||
Regeneron Pharmaceuticals Inc. | ||||||
Thermo Fisher Scientific Inc. | ||||||
Financial Leverage, Sector | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | ||||||
Financial Leverage, Industry | ||||||
Health Care |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= ÷ =
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 2021 to 2022 and from 2022 to 2023. |
Interest Coverage
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net income (loss) | ||||||
Add: Income tax expense | ||||||
Add: Interest expense | ||||||
Earnings before interest and tax (EBIT) | ||||||
Solvency Ratio | ||||||
Interest coverage1 | ||||||
Benchmarks | ||||||
Interest Coverage, Competitors2 | ||||||
AbbVie Inc. | ||||||
Amgen Inc. | ||||||
Bristol-Myers Squibb Co. | ||||||
Danaher Corp. | ||||||
Eli Lilly & Co. | ||||||
Gilead Sciences Inc. | ||||||
Johnson & Johnson | ||||||
Merck & Co. Inc. | ||||||
Pfizer Inc. | ||||||
Regeneron Pharmaceuticals Inc. | ||||||
Thermo Fisher Scientific Inc. | ||||||
Interest Coverage, Sector | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | ||||||
Interest Coverage, Industry | ||||||
Health Care |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =
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 deteriorated from 2021 to 2022 and from 2022 to 2023. |
Fixed Charge Coverage
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net income (loss) | ||||||
Add: Income tax expense | ||||||
Add: Interest expense | ||||||
Earnings before interest and tax (EBIT) | ||||||
Add: Operating lease costs | ||||||
Earnings before fixed charges and tax | ||||||
Interest expense | ||||||
Operating lease costs | ||||||
Fixed charges | ||||||
Solvency Ratio | ||||||
Fixed charge coverage1 | ||||||
Benchmarks | ||||||
Fixed Charge Coverage, Competitors2 | ||||||
AbbVie Inc. | ||||||
Amgen Inc. | ||||||
Bristol-Myers Squibb Co. | ||||||
Danaher Corp. | ||||||
Eli Lilly & Co. | ||||||
Gilead Sciences Inc. | ||||||
Johnson & Johnson | ||||||
Merck & Co. Inc. | ||||||
Pfizer Inc. | ||||||
Regeneron Pharmaceuticals Inc. | ||||||
Thermo Fisher Scientific Inc. | ||||||
Fixed Charge Coverage, Sector | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | ||||||
Fixed Charge Coverage, Industry | ||||||
Health Care |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =
2 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 deteriorated from 2021 to 2022 and from 2022 to 2023. |