Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Moderna Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits significant growth from early 2021 through mid-2022, indicating improving efficiency in using fixed assets to generate revenue. Specifically, it rises from 0.67 in March 2021 to a peak of 16.77 in September 2022. Following this peak, there is a noticeable decline over subsequent quarters, falling to 2.08 by September 2024. This pattern suggests that after a period of heightened asset utilization, asset productivity has decreased considerably, possibly due to changes in asset base, shifts in demand, or operational adjustments.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
- This adjusted metric follows a similar trajectory to the basic net fixed asset turnover but at slightly lower levels throughout the timeframe. Starting at 0.52 in March 2021, it climbs steadily to 15.35 in September 2022. Post-peak, there is a comparable decline, reaching a low of 1.57 in September 2024. This reinforces the observation of diminishing asset efficiency when considering additional leased assets, reflecting a consistent downward trend subsequent to strong growth.
- Total Asset Turnover
- The total asset turnover ratio shows a gradual increase from March 2021 (0.03) to September 2022 (0.85), suggesting an improvement in the use of all assets to generate revenue. After this peak, the ratio experiences a steady decrease to approximately 0.31 by September 2024. The decline after 2022 indicates a reduction in asset efficiency overall, though the decline is less steep than that observed in net fixed asset turnover ratios.
- Equity Turnover
- Equity turnover begins the observed period at 0.08 in March 2021 and increases to a high of 1.28 by June 2021, maintaining levels slightly above 1.0 until late 2021. Afterward, a gradual downward trend is evident, dropping below 0.5 by mid-2024 and stabilizing around 0.42 in the last reported quarters. This suggests that the rate at which equity is used to generate revenue improved initially but has since weakened, indicating less efficient use of shareholder equity over recent periods.
Net Fixed Asset Turnover
Moderna Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net product sales | 1,820) | 184) | 167) | 2,793) | 1,757) | 293) | 1,828) | 4,859) | 3,120) | 4,531) | 5,925) | 6,935) | 4,810) | 4,197) | 1,733) | 200) | —) | —) | —) | ||||||
| Property, plant and equipment, net | 2,381) | 2,196) | 2,063) | 1,945) | 1,952) | 2,280) | 2,018) | 2,018) | 2,019) | 1,324) | 1,341) | 1,241) | 845) | 794) | 372) | 297) | 277) | 230) | 202) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 2.08 | 2.23 | 2.43 | 3.43 | 4.48 | 4.43 | 7.11 | 9.14 | 10.16 | 16.77 | 16.31 | 14.24 | 12.95 | 7.72 | 5.20 | 0.67 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 10.80 | 10.95 | 10.92 | 10.89 | 11.18 | 11.33 | 11.51 | 11.76 | 11.82 | 11.57 | 11.18 | 11.00 | 10.75 | 10.41 | 9.67 | — | — | — | — | ||||||
| Amgen Inc. | 5.06 | 4.85 | 4.70 | 4.53 | 4.61 | 4.58 | 4.56 | 4.57 | 4.73 | 4.77 | 4.75 | 4.69 | 4.89 | 4.92 | 4.93 | — | — | — | — | ||||||
| Bristol-Myers Squibb Co. | 6.87 | 6.79 | 6.75 | 6.77 | 6.93 | 7.11 | 7.30 | 7.38 | 7.74 | 7.90 | 7.77 | 7.67 | 7.75 | 7.66 | 7.43 | — | — | — | — | ||||||
| Danaher Corp. | 4.90 | 5.08 | 5.20 | 5.25 | 6.01 | 6.68 | 7.31 | 7.96 | 8.40 | 8.12 | 7.94 | 7.77 | 7.71 | 7.84 | 7.59 | — | — | — | — | ||||||
| Eli Lilly & Co. | 2.53 | 2.62 | 2.64 | 2.64 | 2.70 | 2.62 | 2.63 | 2.81 | 3.14 | 3.18 | 3.22 | 3.15 | 3.11 | 3.02 | 2.95 | — | — | — | — | ||||||
| Gilead Sciences Inc. | 5.22 | 5.17 | 5.13 | 5.07 | 4.88 | 4.91 | 4.88 | 4.93 | 5.01 | 5.13 | 5.18 | 5.27 | 5.40 | 5.27 | 5.06 | — | — | — | — | ||||||
| Johnson & Johnson | 4.28 | 4.38 | 4.36 | 4.28 | 4.65 | 4.37 | 4.58 | 4.79 | 5.29 | 5.21 | 5.07 | 4.95 | 4.95 | 4.79 | 4.59 | — | — | — | — | ||||||
| Merck & Co. Inc. | 2.69 | 2.69 | 2.66 | 2.61 | 2.63 | 2.62 | 2.66 | 2.77 | 2.89 | 2.85 | 2.73 | 2.53 | 2.57 | 2.61 | 2.55 | — | — | — | — | ||||||
| Pfizer Inc. | 3.26 | 2.97 | 2.98 | 3.14 | 3.88 | 4.48 | 5.46 | 6.17 | 6.47 | 6.64 | 6.12 | 5.46 | 4.79 | 3.89 | 3.31 | — | — | — | — | ||||||
| Regeneron Pharmaceuticals Inc. | 3.12 | 3.13 | 3.10 | 3.16 | 3.27 | 3.23 | 3.19 | 3.23 | 3.70 | 3.91 | 4.64 | 4.62 | 3.99 | 3.69 | 2.82 | — | — | — | — | ||||||
| Thermo Fisher Scientific Inc. | 4.50 | 4.56 | 4.56 | 4.54 | 4.74 | 4.68 | 4.68 | 4.84 | 5.12 | 5.02 | 4.87 | 4.71 | 5.54 | 5.83 | 5.85 | — | — | — | — | ||||||
| Vertex Pharmaceuticals Inc. | 9.51 | 8.61 | 8.68 | 8.51 | 8.59 | 8.47 | 8.28 | 8.06 | 7.78 | 7.59 | 7.18 | 6.92 | 6.84 | 6.54 | 6.51 | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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).
1 Q3 2024 Calculation
Net fixed asset turnover
= (Net product salesQ3 2024
+ Net product salesQ2 2024
+ Net product salesQ1 2024
+ Net product salesQ4 2023)
÷ Property, plant and equipment, net
= (1,820 + 184 + 167 + 2,793)
÷ 2,381 = 2.08
2 Click competitor name to see calculations.
- Net Product Sales
- The net product sales demonstrate a significant increase starting from the first quarter of 2021, reaching a peak in the first quarter of 2022. After a slow beginning with missing data initially, sales surged dramatically to 1,733 million USD in Q2 2021 and further increased to 6,935 million USD by Q1 2022. Subsequently, a downward trend is observed with sales diminishing to 3,120 million USD in Q4 2022. Though there is some volatility afterwards, including a rise to 2,793 million USD in Q4 2023 and a low in Q2 2024 at 184 million USD, the overall trend after the peak appears to be declining or unstable.
- Property, Plant and Equipment, Net
- This asset category shows a continuous upward trend over the examined period. Starting from 202 million USD in Q1 2020, the value steadily increases, with occasional moderation, reaching 2,381 million USD by Q3 2024. This indicates ongoing investment in long-term physical assets, implying expansion or modernization efforts.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio initially climbs sharply from 0.67 in Q1 2021 to a peak of 16.77 in Q3 2022, reflecting highly efficient use of the fixed assets to generate sales during that period. After this peak, the ratio declines steadily to 2.08 by Q3 2024. This decline suggests that despite the continued growth in property, plant, and equipment, the efficiency in generating sales from these assets has deteriorated markedly post-peak, consistent with the observed decrease in net product sales.
- Overall Analysis
- The data reveals a phase of rapid sales growth and asset utilization efficiency in 2021 and early 2022, followed by a substantial tapering off in revenue generation and asset turnover. Concurrently, the company has increased its fixed asset base significantly, which has not translated into proportional sales in recent quarters. This divergence suggests either market challenges impacting sales or possible overcapacity in production assets. The fluctuating sales and declining turnover ratio warrant further investigation into operational strategy and market conditions to address the diminishing asset efficiency and stabilize revenues.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Moderna Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net product sales | 1,820) | 184) | 167) | 2,793) | 1,757) | 293) | 1,828) | 4,859) | 3,120) | 4,531) | 5,925) | 6,935) | 4,810) | 4,197) | 1,733) | 200) | —) | —) | —) | ||||||
| Property, plant and equipment, net | 2,381) | 2,196) | 2,063) | 1,945) | 1,952) | 2,280) | 2,018) | 2,018) | 2,019) | 1,324) | 1,341) | 1,241) | 845) | 794) | 372) | 297) | 277) | 230) | 202) | ||||||
| Right-of-use assets, operating leases | 784) | 775) | 697) | 713) | 765) | 130) | 117) | 121) | 113) | 122) | 132) | 142) | 115) | 104) | 89) | 90) | 92) | 92) | 101) | ||||||
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 3,165) | 2,971) | 2,760) | 2,658) | 2,717) | 2,410) | 2,135) | 2,139) | 2,132) | 1,446) | 1,473) | 1,383) | 960) | 898) | 461) | 387) | 369) | 322) | 303) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.57 | 1.65 | 1.82 | 2.51 | 3.22 | 4.19 | 6.72 | 8.62 | 9.62 | 15.35 | 14.85 | 12.78 | 11.40 | 6.83 | 4.19 | 0.52 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | 4.23 | 5.84 | 6.86 | 6.79 | 6.73 | 6.57 | 6.36 | 6.13 | 5.95 | 5.89 | 5.53 | 5.32 | 5.26 | 4.99 | 4.90 | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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).
1 Q3 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net product salesQ3 2024
+ Net product salesQ2 2024
+ Net product salesQ1 2024
+ Net product salesQ4 2023)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (1,820 + 184 + 167 + 2,793)
÷ 3,165 = 1.57
2 Click competitor name to see calculations.
- Net product sales
- The net product sales exhibit a pronounced increase starting from the first recorded figure in March 2021, with sales surging from $200 million to a peak of $6,935 million in March 2022. Afterwards, there is a notable decline, with values reducing to $3,120 million by December 2022. Subsequently, sales show fluctuations with intermittent recoveries, evidenced by jumps to $4,859 million in March 2023 and $2,793 million by December 2023, but generally remain considerably lower than the peak in early 2022. From March 2024 onward, sales are significantly diminished relative to the peak period, featuring low values around the $167 million to $1,820 million range, signaling a period of reduced revenue generation compared to the peak.
- Property, plant and equipment, net (including operating lease, right-of-use asset)
- There is a continuous upward trend in the net value of property, plant, and equipment from March 2020 through September 2024. Starting at $303 million in March 2020, the figure rises steadily each subsequent quarter, reaching $3,165 million by September 2024. This steady increase suggests significant capital investment and expansion in physical and leased assets over the period, reflecting ongoing asset growth without major divestitures or impairments.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio starts at a low value of 0.52 in March 2021 and rapidly increases to a peak of 15.35 in September 2022. This sharp rise denotes a period of very efficient utilization of fixed assets to generate sales, aligning with the surge in net product sales during this timeframe. Following this peak, the ratio declines steadily each quarter, decreasing to 1.57 by September 2024. This decline indicates that while the asset base continued to grow, the sales generated from these assets weakened considerably, reflecting reduced operational efficiency or diminished sales performance relative to asset investment over the latter part of the period.
Total Asset Turnover
Moderna Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net product sales | 1,820) | 184) | 167) | 2,793) | 1,757) | 293) | 1,828) | 4,859) | 3,120) | 4,531) | 5,925) | 6,935) | 4,810) | 4,197) | 1,733) | 200) | —) | —) | —) | ||||||
| Total assets | 15,803) | 15,680) | 16,729) | 18,426) | 19,450) | 21,884) | 24,125) | 25,858) | 26,056) | 26,043) | 27,609) | 24,669) | 20,923) | 16,153) | 12,694) | 7,337) | 4,651) | 3,486) | 2,068) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.31 | 0.31 | 0.30 | 0.36 | 0.45 | 0.46 | 0.59 | 0.71 | 0.79 | 0.85 | 0.79 | 0.72 | 0.52 | 0.38 | 0.15 | 0.03 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 0.39 | 0.39 | 0.37 | 0.40 | 0.40 | 0.41 | 0.42 | 0.42 | 0.41 | 0.40 | 0.40 | 0.38 | 0.37 | 0.36 | 0.33 | — | — | — | — | ||||||
| Amgen Inc. | 0.34 | 0.32 | 0.30 | 0.28 | 0.28 | 0.28 | 0.28 | 0.38 | 0.38 | 0.41 | 0.41 | 0.40 | 0.37 | 0.40 | 0.38 | — | — | — | — | ||||||
| Bristol-Myers Squibb Co. | 0.51 | 0.49 | 0.46 | 0.47 | 0.49 | 0.48 | 0.49 | 0.48 | 0.48 | 0.47 | 0.46 | 0.42 | 0.41 | 0.40 | 0.38 | — | — | — | — | ||||||
| Danaher Corp. | 0.29 | 0.30 | 0.28 | 0.28 | 0.29 | 0.33 | 0.35 | 0.37 | 0.39 | 0.38 | 0.36 | 0.35 | 0.34 | 0.34 | 0.33 | — | — | — | — | ||||||
| Eli Lilly & Co. | 0.54 | 0.54 | 0.56 | 0.53 | 0.55 | 0.54 | 0.52 | 0.58 | 0.62 | 0.62 | 0.62 | 0.58 | 0.58 | 0.56 | 0.54 | — | — | — | — | ||||||
| Gilead Sciences Inc. | 0.52 | 0.52 | 0.48 | 0.43 | 0.44 | 0.44 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.40 | 0.41 | 0.39 | 0.37 | — | — | — | — | ||||||
| Johnson & Johnson | 0.49 | 0.48 | 0.50 | 0.51 | 0.53 | 0.47 | 0.47 | 0.51 | 0.55 | 0.54 | 0.53 | 0.52 | 0.51 | 0.51 | 0.49 | — | — | — | — | ||||||
| Merck & Co. Inc. | 0.54 | 0.55 | 0.58 | 0.56 | 0.56 | 0.56 | 0.54 | 0.54 | 0.55 | 0.53 | 0.51 | 0.46 | 0.51 | 0.52 | 0.51 | — | — | — | — | ||||||
| Pfizer Inc. | 0.28 | 0.26 | 0.25 | 0.26 | 0.32 | 0.36 | 0.48 | 0.51 | 0.51 | 0.52 | 0.50 | 0.45 | 0.39 | 0.33 | 0.29 | — | — | — | — | ||||||
| Regeneron Pharmaceuticals Inc. | 0.37 | 0.37 | 0.38 | 0.40 | 0.41 | 0.41 | 0.41 | 0.42 | 0.50 | 0.52 | 0.63 | 0.63 | 0.57 | 0.58 | 0.52 | — | — | — | — | ||||||
| Thermo Fisher Scientific Inc. | 0.42 | 0.43 | 0.44 | 0.43 | 0.45 | 0.46 | 0.46 | 0.46 | 0.49 | 0.47 | 0.44 | 0.41 | 0.53 | 0.57 | 0.54 | — | — | — | — | ||||||
| Vertex Pharmaceuticals Inc. | 0.48 | 0.51 | 0.43 | 0.43 | 0.44 | 0.47 | 0.49 | 0.49 | 0.52 | 0.54 | 0.56 | 0.56 | 0.57 | 0.55 | 0.53 | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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).
1 Q3 2024 Calculation
Total asset turnover
= (Net product salesQ3 2024
+ Net product salesQ2 2024
+ Net product salesQ1 2024
+ Net product salesQ4 2023)
÷ Total assets
= (1,820 + 184 + 167 + 2,793)
÷ 15,803 = 0.31
2 Click competitor name to see calculations.
The financial data reveals notable trends in net product sales, total assets, and total asset turnover over the observed periods.
- Net Product Sales
- Starting from a baseline of 200 million US dollars in March 2021, net product sales exhibited a rapid increase through the subsequent quarters, reaching a peak of 6,935 million US dollars by March 2022. Following this peak, a declining trend is observed, with sales gradually decreasing to 3,120 million US dollars by December 2022. Sales exhibited some volatility thereafter, with fluctuations between approximately 293 and 4,859 million US dollars through March 2023 to December 2023. In 2024, the values show lower sales figures again, with a slight uptrend towards September 2024. This pattern suggests a phase of strong market demand followed by a correction or reduction of sales volume over time, possibly influenced by external market factors or product lifecycle stages.
- Total Assets
- Total assets showed a consistent upward trajectory from March 2020 through the end of 2021, increasing from 2,068 million US dollars to a high of 24,669 million US dollars by December 2021. From 2022 onwards, total assets began to decline progressively, falling to 15,803 million US dollars by September 2024. This pattern reflects a phase of asset accumulation, potentially through investments or capitalization in the earlier years, followed by asset optimization, divestment, or depreciation in recent periods.
- Total Asset Turnover
- The total asset turnover ratio, which indicates how efficiently the company uses its assets to generate sales, was initially low at 0.03 in March 2021. It experienced a consistent increase up to 0.85 by September 2022, implying improved utilization of assets relative to sales volume. However, post-peak, the ratio declined steadily to roughly 0.31 by September 2024. This decline suggests that although assets remained relatively large, their efficiency in generating sales decreased in recent quarters, potentially due to declining sales or slower asset turnover.
Overall, the data indicates a period of rapid growth and asset expansion followed by a phase of declining sales and reduced asset efficiency. The company may be facing challenges in maintaining high sales volumes relative to its asset base in the most recent periods.
Equity Turnover
Moderna Inc., equity turnover calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net product sales | 1,820) | 184) | 167) | 2,793) | 1,757) | 293) | 1,828) | 4,859) | 3,120) | 4,531) | 5,925) | 6,935) | 4,810) | 4,197) | 1,733) | 200) | —) | —) | —) | ||||||
| Stockholders’ equity | 11,927) | 11,712) | 12,817) | 13,854) | 13,455) | 16,949) | 18,863) | 19,123) | 17,992) | 17,985) | 17,075) | 14,145) | 10,124) | 6,704) | 3,838) | 2,561) | 2,760) | 2,947) | 1,641) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 0.42 | 0.42 | 0.39 | 0.48 | 0.65 | 0.60 | 0.76 | 0.96 | 1.14 | 1.23 | 1.28 | 1.25 | 1.08 | 0.91 | 0.50 | 0.08 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 9.21 | 8.11 | 6.79 | 5.24 | 4.56 | 4.35 | 4.27 | 3.36 | 3.62 | 3.91 | 3.48 | 3.65 | 4.07 | 4.27 | 3.66 | — | — | — | — | ||||||
| Amgen Inc. | 4.14 | 4.99 | 5.61 | 4.32 | 3.35 | 3.73 | 4.66 | 6.77 | 6.71 | 10.17 | 26.68 | 3.63 | 2.96 | 2.93 | 2.56 | — | — | — | — | ||||||
| Bristol-Myers Squibb Co. | 2.77 | 2.73 | 2.76 | 1.53 | 1.55 | 1.41 | 1.44 | 1.49 | 1.43 | 1.45 | 1.49 | 1.29 | 1.22 | 1.21 | 1.14 | — | — | — | — | ||||||
| Danaher Corp. | 0.46 | 0.47 | 0.44 | 0.45 | 0.49 | 0.54 | 0.58 | 0.63 | 0.67 | 0.66 | 0.65 | 0.65 | 0.65 | 0.62 | 0.61 | — | — | — | — | ||||||
| Eli Lilly & Co. | 2.87 | 2.87 | 2.80 | 3.17 | 2.86 | 2.67 | 2.47 | 2.68 | 2.90 | 3.40 | 3.14 | 3.15 | 3.58 | 4.15 | 3.69 | — | — | — | — | ||||||
| Gilead Sciences Inc. | 1.52 | 1.51 | 1.56 | 1.18 | 1.22 | 1.28 | 1.27 | 1.27 | 1.27 | 1.34 | 1.37 | 1.28 | 1.27 | 1.34 | 1.33 | — | — | — | — | ||||||
| Johnson & Johnson | 1.25 | 1.21 | 1.22 | 1.24 | 1.23 | 1.20 | 1.30 | 1.24 | 1.29 | 1.25 | 1.27 | 1.27 | 1.30 | 1.28 | 1.28 | — | — | — | — | ||||||
| Merck & Co. Inc. | 1.42 | 1.43 | 1.52 | 1.60 | 1.44 | 1.51 | 1.24 | 1.29 | 1.33 | 1.32 | 1.32 | 1.28 | 1.33 | 1.41 | 1.73 | — | — | — | — | ||||||
| Pfizer Inc. | 0.65 | 0.64 | 0.61 | 0.67 | 0.71 | 0.79 | 0.92 | 1.05 | 1.08 | 1.16 | 1.12 | 1.05 | 0.91 | 0.79 | 0.68 | — | — | — | — | ||||||
| Regeneron Pharmaceuticals Inc. | 0.47 | 0.48 | 0.49 | 0.51 | 0.53 | 0.53 | 0.53 | 0.54 | 0.64 | 0.69 | 0.83 | 0.86 | 0.78 | 0.82 | 0.77 | — | — | — | — | ||||||
| Thermo Fisher Scientific Inc. | 0.86 | 0.89 | 0.93 | 0.92 | 0.96 | 0.99 | 1.04 | 1.02 | 1.01 | 1.01 | 1.00 | 0.96 | 1.01 | 1.04 | 1.02 | — | — | — | — | ||||||
| Vertex Pharmaceuticals Inc. | 0.68 | 0.70 | 0.55 | 0.56 | 0.58 | 0.61 | 0.64 | 0.64 | 0.67 | 0.70 | 0.73 | 0.75 | 0.75 | 0.73 | 0.71 | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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).
1 Q3 2024 Calculation
Equity turnover
= (Net product salesQ3 2024
+ Net product salesQ2 2024
+ Net product salesQ1 2024
+ Net product salesQ4 2023)
÷ Stockholders’ equity
= (1,820 + 184 + 167 + 2,793)
÷ 11,927 = 0.42
2 Click competitor name to see calculations.
The analysis of the financial data reveals significant dynamics in net product sales, stockholders’ equity, and equity turnover ratios across the reported quarters.
- Net Product Sales
-
Net product sales commenced reporting from the first quarter of 2021, showing a steep increase from 200 million US dollars to a peak of 6,935 million US dollars by the first quarter of 2022. Following this peak, sales declined markedly over subsequent quarters, reaching a low of 293 million in the second quarter of 2023. Notably, sales represented a partial recovery toward the end of the data set, with quarter-end figures rising sharply to 1,757 million and then showing volatile fluctuations thereafter.
This trend indicates strong initial demand with subsequent contraction and instability, potentially reflecting market or product lifecycle factors impacting sales volumes.
- Stockholders’ Equity
-
Stockholders’ equity demonstrated a consistent and substantial growth trend from 1,641 million US dollars in the first quarter of 2020 to 19,123 million by the fourth quarter of 2022. Post this period, the equity values began to decline steadily, reaching 11,927 million in the third quarter of 2024.
The early growth phase suggests accumulation of retained earnings or capital infusions, while the more recent declines may reflect distributions, asset impairments, or other capital adjustments impacting shareholders’ stake.
- Equity Turnover Ratio
-
The equity turnover ratio, which measures revenue generated per unit of shareholder equity, showed a progressive rise from 0.08 in March 2021 to a peak of 1.28 in June 2022. After reaching this peak, the ratio gradually declined through the latter periods, stabilizing around 0.39 to 0.42 by mid-2024.
This pattern aligns with the net product sales trend, indicating a period of enhanced revenue efficiency followed by reduced turnover, consistent with the declining sales and equity base in later quarters.
Overall, the financial profile depicts a period of rapid growth and operational leverage from early 2021 to mid-2022, followed by declining sales, contracting equity, and reduced capital efficiency. Monitoring factors influencing these trends is advisable for evaluating future financial stability and performance.