Moderna Inc. (NASDAQ:MRNA)

Debt to Equity Ratios

The base debt to equity ratio has remained relatively stable over the analyzed period, fluctuating narrowly between 0.02 and 0.05. There is no marked trend of increase or decrease; minor fluctuations suggest consistent capital structure with limited reliance on debt financing. When including operating lease liabilities, the debt to equity ratio shows more variability and generally higher values, peaking notably at 0.11 in December 2019 and again towards mid to late 2024. This indicates that the inclusion of lease obligations significantly impacts the leverage assessment, hinting at lease commitments playing a notable role in financial obligations during these periods.

Debt to Capital Ratios

Debt to capital ratios closely mirror the movements seen in debt to equity ratios, underscoring consistent trends in overall capital structure. The base ratio remains low, around 0.02 to 0.05 throughout, indicating low debt usage in the capital base. Including operating leases results in higher ratios, with peaks around 0.10 in late 2019 and late 2024, consistent with the debt to equity (including leases) data. This reflects significant lease-related liabilities influencing the company's capital structure during those times.

Debt to Assets Ratios

The debt to assets ratio is consistently low, varying between 0.01 and 0.04. This suggests limited financial leverage relative to total asset value. Incorporation of operating lease liabilities increases the ratio, with a substantial jump to 0.08 in late 2019 and similar peaks again near the end of the data series, implying that lease obligations contribute noticeably to total liabilities compared to assets. Overall, the debt to assets ratios demonstrate conservative leverage relative to asset base.

Financial Leverage

The financial leverage ratio exhibits more pronounced fluctuations than other debt measures. It starts at approximately 1.25 in early 2019 and reaches a significant peak at 2.86 in December 2020, indicating increased reliance on debt or reduction in equity during that period. After this peak, the ratio declines steadily, stabilizing around the 1.3 to 1.45 range throughout 2022 and 2023. This pattern reflects a period of heightened leverage potentially related to operational or strategic factors around 2020, followed by a deleveraging or equity strengthening phase more recently.

Overall Insights

The company's leverage ratios confirm a generally low to moderate use of debt relative to equity, capital, and assets, with the notable impact of operating lease liabilities causing periodic increases in reported leverage. The spike in financial leverage around late 2020 suggests a temporary shift in capital structure, possibly driven by external conditions or internal financing decisions. Since then, the company appears to have managed leverage towards a more conservative and stable range. The inclusion of operating lease liabilities is an important consideration for understanding the true extent of financial obligations.

Total Debt

The total debt shows a general upward trend from March 2019 through December 2021, increasing from $44 million to a peak of $599 million. Thereafter, there is a significant rise to $922 million by September 2022, followed by a moderate decline to $831 million by March 2023. From that point onward, fluctuations occur, with the debt dropping notably to $575 million during the latter part of 2023, before slightly increasing again to $625 million by September 2024. The trend suggests periods of increased borrowing likely related to expansion or operational needs, followed by partial repayments or stabilization phases.

Stockholders’ Equity

Stockholders’ equity displays a robust growth trajectory over the entire period evaluated. Starting at $1,446 million in March 2019, equity decreased gradually to $1,175 million by December 2019. However, starting in early 2020, a marked increase is observed, with equity reaching $6,704 million by June 2021 and continuing to rise sharply to a high of $19,123 million by December 2022. Following this peak, equity levels slightly declined but remained elevated relative to previous years, ending at $11,927 million in September 2024. This trend indicates enhanced value creation for shareholders, possibly from retained earnings, capital infusions, or asset revaluations.

Debt to Equity Ratio

The debt to equity ratio remains relatively low and stable throughout the period, fluctuating between 0.02 and 0.05. This metric reflects a conservative leverage position despite the growth in absolute debt levels, due to the substantial increase in equity. Minor fluctuations in the ratio correspond mainly to variations in total debt rather than changes in equity, with the ratio never exceeding 0.05, signaling a low risk profile in terms of indebtedness relative to shareholder capital.

Overall Analysis

The data reveals a company experiencing significant growth in shareholder equity, notably from early 2020 onwards, while managing debt levels prudently. Increased total debt in certain periods corresponds with equity growth, maintaining a low and stable debt to equity ratio, indicative of strong financial health and conservative leverage management. The fluctuations in debt post-2022 suggest careful attention to debt servicing and potential strategic shifts in capital structure. The overall financial posture appears robust with a focus on sustaining equity growth while controlling debt risk.

Total Debt (including operating lease liability)

The total debt level remained relatively low and stable from March 2019 through September 2019, ranging between 44 and 48 million USD. Starting in Q4 2019, the debt increased significantly, rising from 132 million USD to a peak of 1004 million USD in Q1 2023. After this peak, debt levels exhibited some fluctuations but remained generally elevated, fluctuating between 921 and 1304 million USD through Q3 2024. This pattern indicates a marked increase in leverage beginning at the end of 2019, sustained across subsequent periods.

Stockholders’ Equity

Stockholders’ equity demonstrated a generally upward trend over the entire period analyzed. Beginning at 1446 million USD in Q1 2019, equity initially declined modestly to 1175 million USD by Q4 2019. From Q1 2020 onwards, equity increased substantially, reaching a high of 19123 million USD in Q4 2022. Subsequently, equity decreased gradually through to Q3 2024, ending at 11927 million USD. This trajectory suggests aggressive growth in equity capital during 2020-2022, followed by a contraction afterward.

Debt to Equity Ratio (including operating lease liability)

The debt to equity ratio remained very low and relatively stable, fluctuating between 0.03 and 0.04 from Q1 2019 to Q3 2019. From Q4 2019 onward, the ratio increased but mostly remained below 0.1, reaching 0.11 in Q4 2019. During 2020-2021, the ratio oscillated between 0.03 and 0.06, showing mild volatility. From Q4 2022 to Q3 2024, a gradual increase occurred, reaching 0.11 by Q3 2024. Despite the increased debt levels, this ratio indicates that equity growth remained robust overall, ensuring the company maintained a relatively low leverage profile.

Insight Summary

The data reveals a company that significantly increased both its debt and equity capital beginning in late 2019 through 2022. Debt levels surged notably but were supported by even larger increases in stockholders’ equity, resulting in a debt to equity ratio that, although rising, remained consistently moderate. The peak equity in late 2022, followed by a decline into 2024, alongside somewhat stable but elevated debt levels, may reflect changing capital strategies, potential distributions, or market conditions affecting equity valuations. Overall, the financial structure suggests a cautious approach to leverage with a focus on strengthening equity capital to support growth or operational needs during the period reviewed.

Total Debt

The total debt exhibits a general upward trend over the observed periods. Starting at 44 million US dollars in the first quarter of 2019, debt levels remain relatively stable through 2019, fluctuating modestly between 39 and 48 million. Entering 2020, total debt increases notably, especially from the second quarter, rising sharply to reach a peak of 912 million by the final quarter of 2022. In 2023, debt levels show some variability but overall maintain elevated figures, fluctuating mostly between 575 and 843 million. By mid-2024, debt appears relatively stable at levels slightly above 600 million.

Total Capital

Total capital demonstrates significant growth throughout the timeframe. The metric begins just below 1.5 billion US dollars in early 2019 and initially declines through 2019. From 2020 onward, capital increases substantially, rising from approximately 1.7 billion in the first quarter of 2020 to a peak exceeding 20 billion by the end of 2022. Following this peak, total capital decreases gradually through 2023 and into the first half of 2024, settling near the 12.5 billion mark. This suggests a buildup of capital resources until late 2022 followed by a period of reduction or reallocation.

Debt to Capital Ratio

The debt to capital ratio remains low and relatively stable throughout the periods, generally ranging between 2% and 5%. Despite substantial increases in total debt and significant fluctuations in total capital, this ratio indicates that debt comprises a modest portion of capital structure. Minor oscillations are observed, with peaks near 5% occurring sporadically. The ratio does not show a clear upward or downward long-term trend, signifying consistent management of leverage relative to the company’s capital base.

The financial data reveals several notable trends in debt and capital structure over the periods analyzed. Total debt, including operating lease liabilities, demonstrates a general increasing trend from early 2019 through mid-2024, with some fluctuations. Starting at a relatively low base of $44 million in the first quarter of 2019, debt levels increased gradually until the end of that year, followed by a more pronounced rise in 2020 and beyond. The peak debt value appears near the end of 2022 at approximately $1,004 million, with some subsequent fluctuations but remaining elevated through mid-2024, nearing $1,304 million.

Total capital, also including operating lease liabilities, shows a contrasting pattern. It starts at around $1,490 million in early 2019 and exhibits substantial growth through the end of 2021, reaching a maximum of about $14,850 million. The capital base continues to climb, peaking near $20,127 million around the end of 2022. Following this peak, total capital experiences a downward adjustment through 2023 and into mid-2024, settling near $13,231 million. Despite this reduction, capital levels remain significantly higher than the initial periods.

The debt-to-capital ratio remains relatively low throughout most of the timeframe, suggesting that debt comprises a small proportion of total capital. This ratio fluctuates between 0.03 and 0.1, indicating a consistently conservative capital structure with low leverage. Notable increases in the debt ratio are observed toward the end of 2023 and into 2024, rising from approximately 0.05 to 0.1. This suggests either a modest increase in relative debt or a decrease in capital at that time.

Total Debt

Initially low and stable, debt grows moderately before accelerating significantly from 2020 onward, peaking around the end of 2022. After slight decreases and fluctuations, debt remains elevated through mid-2024.

Total Capital

Shows strong growth from 2019 to late 2022, peaking above $20 billion. Thereafter, total capital declines moderately but remains above initial levels by a wide margin.

Debt to Capital Ratio

Consistently low, indicating low leverage, with minor variations staying mostly below 0.1. Recent periods show a rise toward 0.1, reflecting changes in debt and capital balance.

In summary, the data reflects a significantly expanded capital base concurrent with rising absolute debt levels, though overall leverage remains modest. Increased debt levels in the latter periods alongside capital reductions suggest a shift toward marginally higher leverage risk, but it remains within a conservative range. The trends indicate strategic capital management with cautious use of debt financing over the medium term.

Total Debt

The total debt exhibited a general upward trend over the observed periods. Starting from a relatively low base of 44 million US dollars in March 2019, the debt increased gradually until the end of 2020, reaching 110 million US dollars. Thereafter, a significant rise is noted in 2021 with values peaking around 599 million US dollars in December 2021. Subsequent quarters saw fluctuations but maintained generally elevated levels between 575 million and 922 million US dollars, ending at 625 million US dollars by September 2024. This indicates an overall considerable increase in leverage compared to the initial period.

Total Assets

Total assets showed a consistent growth trajectory from March 2019 through the end of 2021, increasing from 1,806 million US dollars to a peak of 24,669 million US dollars in December 2021. Post this peak, asset values experienced a slight decline, fluctuating around a range between approximately 26,000 million US dollars to 15,680 million US dollars in June 2024, with a minor increase to 15,803 million US dollars by September 2024. Despite this reduction in later periods, total assets remain substantially higher than the initial values, showcasing growth and expansion over the multi-year timeframe.

Debt to Assets Ratio

The debt-to-assets ratio remained low throughout the period, reflecting a cautious leverage strategy relative to asset base. Initially hovering around 0.02 to 0.03, the ratio dipped marginally in the later part of 2020 and early 2021, reaching lows of approximately 0.01. However, from late 2021 onwards, the ratio showed a trend of gradual increase, stabilizing between 0.03 and 0.04 in recent quarters through September 2024. This indicates that although debt levels rose markedly, total assets also grew substantially, keeping the leverage ratio at moderate levels overall.

Summary

The data reveals a significant expansion in both total assets and total debt from 2019 to 2024. Total assets grew notably, peaking toward the end of 2021 before a moderate decline, while total debt increased sharply starting in 2021 and remained elevated. Despite these changes, the debt-to-assets ratio maintained a relatively low and stable level, demonstrating prudent financial management concerning leverage. The company appears to have increased its debt to support asset growth and possibly expansion initiatives while maintaining a conservative leverage profile relative to its asset base.

Total Debt (Including Operating Lease Liability)

The total debt exhibited a relatively stable and modest increase from early 2019 through the end of 2019, ranging from 44 to 132 million US dollars. From 2020 onward, a significant rise in debt levels was observed, peaking sharply at 705 million by December 2021. Following this peak, debt levels remained elevated, fluctuating around the 700 to 1000 million range through 2022 and early 2023. In the most recent quarters, including the first three quarters of 2024, total debt displayed a gradual upward trend, reaching 1304 million by September 2024.

Total Assets

Total assets showed an initial decline from 1806 million in March 2019 to 1589 million in December 2019. Thereafter, a pronounced increase occurred in 2020, with assets nearly doubling from 2068 million in March 2020 to 7337 million by December 2020. This growth trend accelerated through 2021, peaking at 24669 million by December 2021. However, starting in 2022, total assets began a gradual decline, dropping steadily from 27609 million in March 2022 to 15803 million in September 2024. This represents a significant reduction of over 40% from the peak assets in late 2021.

Debt to Assets Ratio

The debt to assets ratio followed a low and relatively stable pattern through 2019, starting at 0.02 and rising to 0.08 by December 2019. In 2020 and 2021, despite increasing debt levels, this ratio remained generally low, fluctuating around 0.02 to 0.03, indicating that asset growth outpaced debt accumulation during that period. Starting in late 2022, and continuing through the first three quarters of 2024, the ratio began a noticeable upward trend, growing from approximately 0.03 to 0.08. This indicates an increasing leverage position, as debt rises relative to declining asset values.

Overall Trends and Insights

The data reveals a phase of rapid asset accumulation through 2020 and 2021, accompanied by an increase in debt but with relatively controlled leverage ratios. From 2022 onward, total assets declined significantly while debt levels remained high or continued to increase, resulting in a rising debt to assets ratio and suggesting increased financial leverage and potential elevated financial risk. The modest growth in debt towards the later periods combined with decreasing assets indicates increased reliance on debt financing relative to asset base. This pattern merits attention for its implications on the company’s capital structure stability.

Total assets

The total assets show a general upward trend from March 2019 through December 2021, rising from $1,806 million to a peak of $24,669 million. This indicates significant asset growth over nearly three years. Following this peak, total assets generally decline through June 2024, reaching approximately $15,680 million, before experiencing a slight increase to $15,803 million in September 2024. The sharpest growth occurred between March 2020 and December 2021, suggesting an expansion phase during this period. The subsequent decline from early 2022 onward may indicate asset divestitures or reductions.

Stockholders’ equity

Stockholders’ equity exhibits a similar pattern to total assets. Starting at $1,446 million in March 2019, equity rises markedly to a high of $19,123 million by December 2022, with the most rapid increase between March 2020 and December 2021. After this peak, equity declines steadily to approximately $11,712 million by June 2024. The partial recovery to $11,927 million in September 2024 mirrors the slight increase seen in total assets around the same time. The initial growth period suggests strong capital injection or retained earnings accumulation, while the later decrease could reflect equity reductions or distributions.

Financial leverage

The financial leverage ratio, defined as total assets divided by stockholders' equity, fluctuates throughout the span. It remains relatively stable and close to 1.25 in early 2019, dips slightly mid-2020, then peaks sharply to 2.86 in December 2020, reaching the highest level of 3.31 in March 2021. This suggests an increased reliance on liabilities relative to equity during this period of rapid asset growth. Following this peak, the leverage ratio declines progressively to approximately 1.28 by March 2023, indicating a decrease in financial risk or improved equity buffering. Between March 2023 and September 2024, the ratio shows minor fluctuations around 1.3, implying stabilization of the company's capital structure after the prior volatility.