Stock Analysis on Net

Moderna Inc. (NASDAQ:MRNA)

Analysis of Short-term (Operating) Activity Ratios 

Microsoft Excel

Short-term Activity Ratios (Summary)

Moderna Inc., short-term (operating) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Turnover Ratios
Inventory turnover 23.23 5.71 1.82 0.17
Receivables turnover 7.48 13.31 5.57 0.14 0.00
Payables turnover 9.03 11.12 8.67 0.43 0.00
Working capital turnover 0.91 2.17 2.55 0.10 0.00
Average No. Days
Average inventory processing period 16 64 201 2,141
Add: Average receivable collection period 49 27 66 2,539
Operating cycle 65 91 267 4,680
Less: Average payables payment period 40 33 42 845
Cash conversion cycle 25 58 225 3,835

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).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Moderna Inc. inventory turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Receivables turnover An activity ratio equal to revenue divided by receivables. Moderna Inc. receivables turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Moderna Inc. payables turnover ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Moderna Inc. working capital turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Moderna Inc. number of days of inventory outstanding improved from 2021 to 2022 and from 2022 to 2023.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Moderna Inc. number of days of receivables outstanding improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Moderna Inc. operating cycle improved from 2021 to 2022 and from 2022 to 2023.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Moderna Inc. number of days of payables outstanding decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Moderna Inc. cash conversion cycle improved from 2021 to 2022 and from 2022 to 2023.

Inventory Turnover

Moderna Inc., inventory turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Cost of sales 4,693 5,416 2,617 8
Inventory 202 949 1,441 47
Short-term Activity Ratio
Inventory turnover1 23.23 5.71 1.82 0.17
Benchmarks
Inventory Turnover, Competitors2
AbbVie Inc. 4.98 4.87 5.58 4.65 4.10
Amgen Inc. 0.89 1.30 1.58 1.58 1.22
Bristol-Myers Squibb Co. 4.02 4.33 4.74 5.68 1.88
Danaher Corp. 3.80 4.03 4.16 4.28 4.87
Eli Lilly & Co. 1.23 1.54 1.88 1.38 1.48
Gilead Sciences Inc. 3.64 3.75 4.08 2.72 5.07
Johnson & Johnson 2.37 2.49 2.87 3.04 3.05
Merck & Co. Inc. 2.54 2.95 2.29 2.45 2.36
Pfizer Inc. 2.45 3.82 3.40 1.08 1.23
Regeneron Pharmaceuticals Inc. 0.70 0.65 1.25 0.58 0.55
Thermo Fisher Scientific Inc. 5.06 4.60 3.88 4.02 4.22
Inventory Turnover, Sector
Pharmaceuticals, Biotechnology & Life Sciences 2.63 3.11 3.08 2.62 2.39
Inventory Turnover, Industry
Health Care 10.99 10.93 10.91 9.96 10.08

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
Inventory turnover = Cost of sales ÷ Inventory
= 4,693 ÷ 202 = 23.23

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Moderna Inc. inventory turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Receivables Turnover

Moderna Inc., receivables turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net product sales 6,671 18,435 17,675 200
Accounts receivable, net 892 1,385 3,175 1,391 5
Short-term Activity Ratio
Receivables turnover1 7.48 13.31 5.57 0.14 0.00
Benchmarks
Receivables Turnover, Competitors2
AbbVie Inc. 4.87 5.16 5.63 5.19 6.13
Amgen Inc. 3.70 4.46 4.96 5.36 5.47
Bristol-Myers Squibb Co. 4.93 5.48 5.65 5.72 3.89
Danaher Corp. 6.09 6.40 6.36 5.51 5.61
Eli Lilly & Co. 3.75 4.14 4.24 4.18 4.91
Gilead Sciences Inc. 5.78 5.65 6.01 4.98 6.18
Johnson & Johnson 5.73 5.88 6.14 6.08 5.67
Merck & Co. Inc. 5.81 6.27 5.28 6.11 6.91
Pfizer Inc. 5.23 9.16 7.08 5.28 5.93
Regeneron Pharmaceuticals Inc. 2.31 2.28 2.66 2.07 2.94
Thermo Fisher Scientific Inc. 5.21 5.53 4.92 5.61 5.87
Receivables Turnover, Sector
Pharmaceuticals, Biotechnology & Life Sciences 4.95 5.86 5.52 5.21 5.55
Receivables Turnover, Industry
Health Care 9.03 9.77 9.45 9.50 9.90

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
Receivables turnover = Net product sales ÷ Accounts receivable, net
= 6,671 ÷ 892 = 7.48

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Moderna Inc. receivables turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Payables Turnover

Moderna Inc., payables turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Cost of sales 4,693 5,416 2,617 8
Accounts payable 520 487 302 18 7
Short-term Activity Ratio
Payables turnover1 9.03 11.12 8.67 0.43 0.00
Benchmarks
Payables Turnover, Competitors2
AbbVie Inc. 5.54 5.94 6.05 6.76 5.12
Amgen Inc. 5.32 4.08 4.72 4.33 3.18
Bristol-Myers Squibb Co. 3.28 3.33 3.37 4.34 3.30
Danaher Corp. 5.58 5.45 4.48 4.79 5.23
Eli Lilly & Co. 2.73 3.43 4.38 3.41 3.36
Gilead Sciences Inc. 11.81 6.25 9.36 5.42 6.56
Johnson & Johnson 2.76 2.66 2.70 2.99 3.23
Merck & Co. Inc. 4.11 4.08 2.96 3.37 3.78
Pfizer Inc. 3.72 5.04 5.53 2.02 2.42
Regeneron Pharmaceuticals Inc. 2.99 2.65 4.32 2.36 1.87
Thermo Fisher Scientific Inc. 8.97 7.67 6.83 7.45 7.40
Payables Turnover, Sector
Pharmaceuticals, Biotechnology & Life Sciences 4.32 4.37 4.26 3.85 3.75
Payables Turnover, Industry
Health Care 7.85 7.55 7.68 7.52 8.05

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
Payables turnover = Cost of sales ÷ Accounts payable
= 4,693 ÷ 520 = 9.03

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Moderna Inc. payables turnover ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Working Capital Turnover

Moderna Inc., working capital turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Current assets 10,325 13,431 16,071 6,298 1,129
Less: Current liabilities 3,015 4,923 9,128 4,389 143
Working capital 7,310 8,508 6,943 1,909 986
 
Net product sales 6,671 18,435 17,675 200
Short-term Activity Ratio
Working capital turnover1 0.91 2.17 2.55 0.10 0.00
Benchmarks
Working Capital Turnover, Competitors2
AbbVie Inc. 0.98
Amgen Inc. 2.25 3.82 3.37 2.55 3.96
Bristol-Myers Squibb Co. 4.60 8.30 3.95 3.72 2.28
Danaher Corp. 4.22 4.20 8.40 3.48 0.87
Eli Lilly & Co. 31.84 8.33 4.93 11.54
Gilead Sciences Inc. 5.61 8.42 8.54 5.30 1.08
Johnson & Johnson 11.81 5.95 9.44 8.81
Merck & Co. Inc. 9.29 5.16 7.62 109.83 8.90
Pfizer Inc. 11.00 4.78 4.58
Regeneron Pharmaceuticals Inc. 0.82 0.96 1.59 1.20 1.41
Thermo Fisher Scientific Inc. 4.05 5.46 5.87 2.76 4.48
Working Capital Turnover, Sector
Pharmaceuticals, Biotechnology & Life Sciences 6.94 7.57 6.02 5.57 3.08
Working Capital Turnover, Industry
Health Care 20.20 18.71 13.72 14.03 9.09

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
Working capital turnover = Net product sales ÷ Working capital
= 6,671 ÷ 7,310 = 0.91

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Moderna Inc. working capital turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Average Inventory Processing Period

Moderna Inc., average inventory processing period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Inventory turnover 23.23 5.71 1.82 0.17
Short-term Activity Ratio (no. days)
Average inventory processing period1 16 64 201 2,141
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
AbbVie Inc. 73 75 65 79 89
Amgen Inc. 411 281 231 231 300
Bristol-Myers Squibb Co. 91 84 77 64 194
Danaher Corp. 96 91 88 85 75
Eli Lilly & Co. 298 237 194 265 247
Gilead Sciences Inc. 100 97 89 134 72
Johnson & Johnson 154 147 127 120 119
Merck & Co. Inc. 144 124 159 149 155
Pfizer Inc. 149 95 107 338 296
Regeneron Pharmaceuticals Inc. 519 562 292 625 661
Thermo Fisher Scientific Inc. 72 79 94 91 87
Average Inventory Processing Period, Sector
Pharmaceuticals, Biotechnology & Life Sciences 139 117 119 139 153
Average Inventory Processing Period, Industry
Health Care 33 33 33 37 36

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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 23.23 = 16

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Moderna Inc. number of days of inventory outstanding improved from 2021 to 2022 and from 2022 to 2023.

Average Receivable Collection Period

Moderna Inc., average receivable collection period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Receivables turnover 7.48 13.31 5.57 0.14 0.00
Short-term Activity Ratio (no. days)
Average receivable collection period1 49 27 66 2,539
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
AbbVie Inc. 75 71 65 70 60
Amgen Inc. 99 82 74 68 67
Bristol-Myers Squibb Co. 74 67 65 64 94
Danaher Corp. 60 57 57 66 65
Eli Lilly & Co. 97 88 86 87 74
Gilead Sciences Inc. 63 65 61 73 59
Johnson & Johnson 64 62 59 60 64
Merck & Co. Inc. 63 58 69 60 53
Pfizer Inc. 70 40 52 69 62
Regeneron Pharmaceuticals Inc. 158 160 137 177 124
Thermo Fisher Scientific Inc. 70 66 74 65 62
Average Receivable Collection Period, Sector
Pharmaceuticals, Biotechnology & Life Sciences 74 62 66 70 66
Average Receivable Collection Period, Industry
Health Care 40 37 39 38 37

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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 7.48 = 49

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Moderna Inc. number of days of receivables outstanding improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Operating Cycle

Moderna Inc., operating cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Average inventory processing period 16 64 201 2,141
Average receivable collection period 49 27 66 2,539
Short-term Activity Ratio
Operating cycle1 65 91 267 4,680
Benchmarks
Operating Cycle, Competitors2
AbbVie Inc. 148 146 130 149 149
Amgen Inc. 510 363 305 299 367
Bristol-Myers Squibb Co. 165 151 142 128 288
Danaher Corp. 156 148 145 151 140
Eli Lilly & Co. 395 325 280 352 321
Gilead Sciences Inc. 163 162 150 207 131
Johnson & Johnson 218 209 186 180 183
Merck & Co. Inc. 207 182 228 209 208
Pfizer Inc. 219 135 159 407 358
Regeneron Pharmaceuticals Inc. 677 722 429 802 785
Thermo Fisher Scientific Inc. 142 145 168 156 149
Operating Cycle, Sector
Pharmaceuticals, Biotechnology & Life Sciences 213 179 185 209 219
Operating Cycle, Industry
Health Care 73 70 72 75 73

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
Operating cycle = Average inventory processing period + Average receivable collection period
= 16 + 49 = 65

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Moderna Inc. operating cycle improved from 2021 to 2022 and from 2022 to 2023.

Average Payables Payment Period

Moderna Inc., average payables payment period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Payables turnover 9.03 11.12 8.67 0.43 0.00
Short-term Activity Ratio (no. days)
Average payables payment period1 40 33 42 845
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
AbbVie Inc. 66 61 60 54 71
Amgen Inc. 69 90 77 84 115
Bristol-Myers Squibb Co. 111 109 108 84 110
Danaher Corp. 65 67 82 76 70
Eli Lilly & Co. 134 106 83 107 109
Gilead Sciences Inc. 31 58 39 67 56
Johnson & Johnson 132 137 135 122 113
Merck & Co. Inc. 89 89 123 108 97
Pfizer Inc. 98 72 66 181 151
Regeneron Pharmaceuticals Inc. 122 138 84 155 195
Thermo Fisher Scientific Inc. 41 48 53 49 49
Average Payables Payment Period, Sector
Pharmaceuticals, Biotechnology & Life Sciences 85 83 86 95 97
Average Payables Payment Period, Industry
Health Care 46 48 48 49 45

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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 9.03 = 40

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Moderna Inc. number of days of payables outstanding decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Cash Conversion Cycle

Moderna Inc., cash conversion cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Average inventory processing period 16 64 201 2,141
Average receivable collection period 49 27 66 2,539
Average payables payment period 40 33 42 845
Short-term Activity Ratio
Cash conversion cycle1 25 58 225 3,835
Benchmarks
Cash Conversion Cycle, Competitors2
AbbVie Inc. 82 85 70 95 78
Amgen Inc. 441 273 228 215 252
Bristol-Myers Squibb Co. 54 42 34 44 178
Danaher Corp. 91 81 63 75 70
Eli Lilly & Co. 261 219 197 245 212
Gilead Sciences Inc. 132 104 111 140 75
Johnson & Johnson 86 72 51 58 70
Merck & Co. Inc. 118 93 105 101 111
Pfizer Inc. 121 63 93 226 207
Regeneron Pharmaceuticals Inc. 555 584 345 647 590
Thermo Fisher Scientific Inc. 101 97 115 107 100
Cash Conversion Cycle, Sector
Pharmaceuticals, Biotechnology & Life Sciences 128 96 99 114 122
Cash Conversion Cycle, Industry
Health Care 27 22 24 26 28

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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 16 + 4940 = 25

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Moderna Inc. cash conversion cycle improved from 2021 to 2022 and from 2022 to 2023.