Stock Analysis on Net

Moderna Inc. (NASDAQ:MRNA)

Analysis of Short-term (Operating) Activity Ratios 
Quarterly Data

Microsoft Excel

Short-term Activity Ratios (Summary)

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

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Turnover Ratios
Inventory turnover 7.09 5.71 2.14 2.12 1.77 1.82 1.73 1.48 0.41 0.17
Receivables turnover 12.88 13.31 7.61 8.25 6.89 5.57 3.48 3.03 0.60 0.14 0.00 0.00 0.00 0.00
Payables turnover 13.34 11.12 13.48 22.50 17.29 8.67 19.23 12.35 25.12 0.43 0.00 0.00 0.00 0.00
Working capital turnover 1.66 2.17 2.74 3.29 3.07 2.55 3.15 2.88 0.59 0.10 0.00 0.00 0.00 0.00
Average No. Days
Average inventory processing period 51 64 170 172 206 201 211 247 897 2,141
Add: Average receivable collection period 28 27 48 44 53 66 105 120 606 2,539
Operating cycle 79 91 218 216 259 267 316 367 1,503 4,680
Less: Average payables payment period 27 33 27 16 21 42 19 30 15 845
Cash conversion cycle 52 58 191 200 238 225 297 337 1,488 3,835

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

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 Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
Receivables turnover An activity ratio equal to revenue divided by receivables. Moderna Inc. receivables turnover ratio improved from Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Moderna Inc. payables turnover ratio decreased from Q3 2022 to Q4 2022 but then increased from Q4 2022 to Q1 2023 not reaching Q3 2022 level.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Moderna Inc. working capital turnover ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 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 Q3 2022 to Q4 2022 and from Q4 2022 to Q1 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 Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Moderna Inc. operating cycle improved from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 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.
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 Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Inventory Turnover

Moderna Inc., inventory turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Cost of sales 792 1,918 1,100 1,381 1,017 952 722 750 193 8
Inventory 732 949 2,077 1,921 1,942 1,441 965 643 494 47
Short-term Activity Ratio
Inventory turnover1 7.09 5.71 2.14 2.12 1.77 1.82 1.73 1.48 0.41 0.17
Benchmarks
Inventory Turnover, Competitors2
AbbVie Inc. 4.53 4.87 5.54 4.99 4.96 5.58 5.76 5.45 5.40 4.65 3.66 2.36 4.17 4.10 3.86 3.89 4.40
Amgen Inc. 1.31 1.30 1.34 1.40 1.48 1.58 1.53 1.53 1.53 1.58 1.48 1.38 1.31 1.22 1.29 1.32 1.40
Bristol-Myers Squibb Co. 3.93 4.33 4.77 4.59 4.55 4.74 4.85 5.01 5.61 5.68 5.83 4.46 3.50 1.88 6.10 5.45 5.29
Eli Lilly & Co. 1.36 1.54 1.86 1.79 1.93 1.88 1.79 1.80 1.68 1.38 1.42 1.48 1.55 1.48 1.62 1.70 1.96
Gilead Sciences Inc. 3.57 3.75 4.71 4.50 4.50 4.08 3.21 2.99 2.79 2.72 4.82 4.52 4.75 5.07 5.17 5.22 5.36
Johnson & Johnson 2.49 2.49 2.68 2.69 2.77 2.87 2.86 2.91 2.86 3.04 2.89 2.93 3.16 3.05 2.99 2.93 2.98
Merck & Co. Inc. 2.72 2.95 3.10 3.06 2.74 2.29 2.73 2.79 2.40 2.45 2.22 2.33 2.46 2.36 2.35 2.29 2.34
Pfizer Inc. 3.07 3.82 3.62 3.66 3.67 3.40 2.78 1.80 1.28 1.08 0.90 1.05 1.15 1.23 1.30 1.31 1.38
Regeneron Pharmaceuticals Inc. 0.67 0.65 0.83 0.96 1.27 1.25 0.88 0.82 0.56 0.58 0.55 0.57 0.55 0.55 0.50 0.42 0.41
Thermo Fisher Scientific Inc. 4.62 4.60 4.29 4.03 3.87 3.88 3.90 4.03 4.01 4.02 3.92 3.93 4.14 4.22 4.23 4.30 4.37

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2023 Calculation
Inventory turnover = (Cost of salesQ1 2023 + Cost of salesQ4 2022 + Cost of salesQ3 2022 + Cost of salesQ2 2022) ÷ Inventory
= (792 + 1,918 + 1,100 + 1,381) ÷ 732 = 7.09

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 Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Receivables Turnover

Moderna Inc., receivables turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Product sales 1,828 4,859 3,120 4,531 5,925 6,935 4,810 4,197 1,733 200
Accounts receivable 1,113 1,385 2,695 2,691 3,173 3,175 3,142 2,020 3,210 1,391 191 33 7 5 8 5 7
Short-term Activity Ratio
Receivables turnover1 12.88 13.31 7.61 8.25 6.89 5.57 3.48 3.03 0.60 0.14 0.00 0.00 0.00 0.00
Benchmarks
Receivables Turnover, Competitors2
AbbVie Inc. 4.95 5.16 5.38 5.10 5.29 5.63 5.94 5.42 5.24 5.19 4.83 4.34 5.35 6.13 5.94 5.95 5.75
Amgen Inc. 4.34 4.46 4.60 4.62 4.81 4.96 5.11 5.39 5.41 5.36 5.81 4.31 4.55 5.47 6.19 5.89 5.96
Eli Lilly & Co. 3.68 4.14 4.35 4.57 4.64 4.24 4.69 4.58 4.56 4.18 4.75 4.75 4.52 4.91 5.10 5.04 5.70
Gilead Sciences Inc. 6.43 5.65 6.16 6.60 7.18 6.01 5.95 6.34 6.43 4.98 5.83 6.84 5.73 6.18 6.64 6.46 6.66
Johnson & Johnson 5.89 5.88 6.04 5.92 6.08 6.14 6.13 6.00 5.64 6.08 5.55 5.50 5.56 5.67 5.52 5.55 5.78
Merck & Co. Inc. 5.56 6.27 6.22 5.93 5.49 5.28 5.56 6.00 5.65 6.11 5.62 6.23 5.88 6.91 5.45 5.57 5.66
Pfizer Inc. 7.55 9.16 6.21 6.68 6.99 7.08 5.81 5.23 4.70 5.28 4.29 4.96 4.93 5.93 5.62 5.48 5.61
Regeneron Pharmaceuticals Inc. 2.42 2.28 2.47 2.76 3.41 2.66 2.48 1.77 2.20 2.07 2.04 2.84 2.72 2.94 2.87 2.95 3.00
Thermo Fisher Scientific Inc. 5.53 5.53 5.76 5.53 5.21 4.92 7.03 6.99 6.46 5.61 5.49 5.86 5.69 5.87 5.75 6.02 5.93

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2023 Calculation
Receivables turnover = (Product salesQ1 2023 + Product salesQ4 2022 + Product salesQ3 2022 + Product salesQ2 2022) ÷ Accounts receivable
= (1,828 + 4,859 + 3,120 + 4,531) ÷ 1,113 = 12.88

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 Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023.

Payables Turnover

Moderna Inc., payables turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Cost of sales 792 1,918 1,100 1,381 1,017 952 722 750 193 8
Accounts payable 389 487 330 181 199 302 87 77 8 18 21 19 11 7 12 30 39
Short-term Activity Ratio
Payables turnover1 13.34 11.12 13.48 22.50 17.29 8.67 19.23 12.35 25.12 0.43 0.00 0.00 0.00 0.00
Benchmarks
Payables Turnover, Competitors2
Amgen Inc. 4.97 4.08 5.30 5.09 4.65 4.72 5.41 4.92 4.40 4.33 5.01 4.60 3.60 3.18 4.18 4.20 3.86
Bristol-Myers Squibb Co. 3.20 3.33 3.82 3.41 3.25 3.37 3.89 2.97 3.69 4.34 4.65 3.73 3.23 3.30 3.85 3.56 3.43
Eli Lilly & Co. 3.07 3.43 4.24 4.21 5.24 4.38 4.46 4.30 3.75 3.41 3.53 3.92 3.97 3.36 4.51 4.52 5.13
Gilead Sciences Inc. 8.99 6.25 11.22 11.89 11.43 9.36 9.18 8.70 8.71 5.42 9.22 8.93 7.94 6.56 7.22 7.48 8.33
Johnson & Johnson 3.22 2.66 3.08 3.15 3.26 2.70 3.32 3.38 3.34 2.99 3.94 4.09 3.78 3.23 3.66 3.92 3.91
Merck & Co. Inc. 4.34 4.08 5.16 4.86 4.25 2.96 4.54 3.93 3.81 3.37 3.64 4.10 4.02 3.78 4.29 4.25 4.43
Pfizer Inc. 4.78 5.04 5.49 6.17 6.66 5.53 5.11 3.72 2.68 2.02 2.02 2.32 2.45 2.42 2.71 2.69 2.68
Regeneron Pharmaceuticals Inc. 2.69 2.65 3.74 4.00 5.39 4.32 4.23 3.42 2.23 2.36 2.24 2.48 2.36 1.87 2.01 2.29 2.08
Thermo Fisher Scientific Inc. 9.35 7.67 9.93 8.84 7.96 6.83 8.31 8.88 8.12 7.45 8.82 10.35 8.93 7.40 8.44 9.92 9.33

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2023 Calculation
Payables turnover = (Cost of salesQ1 2023 + Cost of salesQ4 2022 + Cost of salesQ3 2022 + Cost of salesQ2 2022) ÷ Accounts payable
= (792 + 1,918 + 1,100 + 1,381) ÷ 389 = 13.34

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 decreased from Q3 2022 to Q4 2022 but then increased from Q4 2022 to Q1 2023 not reaching Q3 2022 level.

Working Capital Turnover

Moderna Inc., working capital turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Current assets 12,122 13,431 14,297 13,563 16,350 16,071 13,425 10,969 11,703 6,298 3,577 2,797 1,250 1,129 1,094 1,097 1,141
Less: Current liabilities 3,499 4,923 6,807 6,812 9,238 9,128 9,957 8,840 8,441 4,389 1,474 162 135 143 148 162 159
Working capital 8,623 8,508 7,490 6,751 7,112 6,943 3,468 2,129 3,262 1,909 2,104 2,635 1,115 986 947 935 982
 
Product sales 1,828 4,859 3,120 4,531 5,925 6,935 4,810 4,197 1,733 200
Short-term Activity Ratio
Working capital turnover1 1.66 2.17 2.74 3.29 3.07 2.55 3.15 2.88 0.59 0.10 0.00 0.00 0.00 0.00
Benchmarks
Working Capital Turnover, Competitors2
AbbVie Inc. 130.12 0.97 0.98 12.30 64.14
Amgen Inc. 0.82 3.82 2.52 3.67 4.34 3.37 2.55 5.35 2.84 2.55 1.87 1.87 3.27 3.96 1.10 1.11 1.00
Bristol-Myers Squibb Co. 5.55 8.30 5.75 4.92 6.24 3.95 4.43 4.24 4.25 3.72 2.77 3.09 2.38 2.28 0.78 0.82 2.71
Eli Lilly & Co. 5.77 31.84 14.71 19.45 8.19 8.33 6.73 12.14 5.21 4.93 5.45 8.85 16.68 11.54 12.35 14.53 17.59
Gilead Sciences Inc. 9.14 8.42 8.56 6.87 6.68 8.54 7.25 7.09 7.06 5.30 1.07 1.55 1.24 1.08 1.17 0.89 0.89
Johnson & Johnson 23.98 4.88 5.02 5.57 5.95 5.97 5.93 7.26 9.44 4.32 8.83 7.85 8.81 8.91 7.79 6.34
Merck & Co. Inc. 5.63 5.16 5.58 6.39 6.09 7.62 6.51 6.97 84.97 109.83 7.67 6.59 17.87 8.90 8.42 10.53 6.33
Pfizer Inc. 6.88 11.00 3.83 5.05 6.10 4.78 4.29 4.21 3.60 4.58 3.16 3.31 57.45 3.57 3.39
Regeneron Pharmaceuticals Inc. 0.90 0.96 1.09 1.14 1.46 1.59 1.35 1.29 1.35 1.20 1.22 1.92 1.21 1.41 1.43 1.47 1.28
Thermo Fisher Scientific Inc. 10.13 5.46 5.40 6.03 6.13 5.87 2.30 3.10 3.36 2.76 2.37 2.69 3.54 4.48 5.40 6.70 6.10

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2023 Calculation
Working capital turnover = (Product salesQ1 2023 + Product salesQ4 2022 + Product salesQ3 2022 + Product salesQ2 2022) ÷ Working capital
= (1,828 + 4,859 + 3,120 + 4,531) ÷ 8,623 = 1.66

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 Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Average Inventory Processing Period

Moderna Inc., average inventory processing period calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data
Inventory turnover 7.09 5.71 2.14 2.12 1.77 1.82 1.73 1.48 0.41 0.17
Short-term Activity Ratio (no. days)
Average inventory processing period1 51 64 170 172 206 201 211 247 897 2,141
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
AbbVie Inc. 81 75 66 73 74 65 63 67 68 79 100 155 88 89 94 94 83
Amgen Inc. 279 281 272 260 247 231 239 239 239 231 247 265 279 300 282 276 261
Bristol-Myers Squibb Co. 93 84 76 79 80 77 75 73 65 64 63 82 104 194 60 67 69
Eli Lilly & Co. 268 237 196 204 189 194 204 203 217 265 257 247 236 247 225 214 186
Gilead Sciences Inc. 102 97 78 81 81 89 114 122 131 134 76 81 77 72 71 70 68
Johnson & Johnson 147 147 136 136 132 127 128 125 128 120 126 124 116 119 122 125 122
Merck & Co. Inc. 134 124 118 119 133 159 134 131 152 149 164 156 148 155 156 160 156
Pfizer Inc. 119 95 101 100 99 107 131 203 284 338 405 348 316 296 281 279 264
Regeneron Pharmaceuticals Inc. 549 562 440 379 287 292 415 445 653 625 664 635 659 661 726 860 885
Thermo Fisher Scientific Inc. 79 79 85 91 94 94 94 91 91 91 93 93 88 87 86 85 84

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2023 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 7.09 = 51

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 Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Average Receivable Collection Period

Moderna Inc., average receivable collection period calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data
Receivables turnover 12.88 13.31 7.61 8.25 6.89 5.57 3.48 3.03 0.60 0.14 0.00 0.00 0.00 0.00
Short-term Activity Ratio (no. days)
Average receivable collection period1 28 27 48 44 53 66 105 120 606 2,539
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
AbbVie Inc. 74 71 68 72 69 65 61 67 70 70 76 84 68 60 61 61 64
Amgen Inc. 84 82 79 79 76 74 71 68 67 68 63 85 80 67 59 62 61
Eli Lilly & Co. 99 88 84 80 79 86 78 80 80 87 77 77 81 74 72 72 64
Gilead Sciences Inc. 57 65 59 55 51 61 61 58 57 73 63 53 64 59 55 56 55
Johnson & Johnson 62 62 60 62 60 59 60 61 65 60 66 66 66 64 66 66 63
Merck & Co. Inc. 66 58 59 62 66 69 66 61 65 60 65 59 62 53 67 66 64
Pfizer Inc. 48 40 59 55 52 52 63 70 78 69 85 74 74 62 65 67 65
Regeneron Pharmaceuticals Inc. 151 160 148 132 107 137 147 206 166 177 179 128 134 124 127 124 122
Thermo Fisher Scientific Inc. 66 66 63 66 70 74 52 52 56 65 66 62 64 62 63 61 62

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2023 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 12.88 = 28

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 Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023.

Operating Cycle

Moderna Inc., operating cycle calculation (quarterly data)

No. days

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data
Average inventory processing period 51 64 170 172 206 201 211 247 897 2,141
Average receivable collection period 28 27 48 44 53 66 105 120 606 2,539
Short-term Activity Ratio
Operating cycle1 79 91 218 216 259 267 316 367 1,503 4,680
Benchmarks
Operating Cycle, Competitors2
AbbVie Inc. 155 146 134 145 143 130 124 134 138 149 176 239 156 149 155 155 147
Amgen Inc. 363 363 351 339 323 305 310 307 306 299 310 350 359 367 341 338 322
Eli Lilly & Co. 367 325 280 284 268 280 282 283 297 352 334 324 317 321 297 286 250
Gilead Sciences Inc. 159 162 137 136 132 150 175 180 188 207 139 134 141 131 126 126 123
Johnson & Johnson 209 209 196 198 192 186 188 186 193 180 192 190 182 183 188 191 185
Merck & Co. Inc. 200 182 177 181 199 228 200 192 217 209 229 215 210 208 223 226 220
Pfizer Inc. 167 135 160 155 151 159 194 273 362 407 490 422 390 358 346 346 329
Regeneron Pharmaceuticals Inc. 700 722 588 511 394 429 562 651 819 802 843 763 793 785 853 984 1,007
Thermo Fisher Scientific Inc. 145 145 148 157 164 168 146 143 147 156 159 155 152 149 149 146 146

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2023 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 51 + 28 = 79

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 Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Average Payables Payment Period

Moderna Inc., average payables payment period calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data
Payables turnover 13.34 11.12 13.48 22.50 17.29 8.67 19.23 12.35 25.12 0.43 0.00 0.00 0.00 0.00
Short-term Activity Ratio (no. days)
Average payables payment period1 27 33 27 16 21 42 19 30 15 845
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Amgen Inc. 73 90 69 72 78 77 67 74 83 84 73 79 101 115 87 87 95
Bristol-Myers Squibb Co. 114 109 96 107 112 108 94 123 99 84 78 98 113 110 95 103 106
Eli Lilly & Co. 119 106 86 87 70 83 82 85 97 107 103 93 92 109 81 81 71
Gilead Sciences Inc. 41 58 33 31 32 39 40 42 42 67 40 41 46 56 51 49 44
Johnson & Johnson 113 137 118 116 112 135 110 108 109 122 93 89 97 113 100 93 93
Merck & Co. Inc. 84 89 71 75 86 123 80 93 96 108 100 89 91 97 85 86 82
Pfizer Inc. 76 72 66 59 55 66 71 98 136 181 180 157 149 151 135 136 136
Regeneron Pharmaceuticals Inc. 136 138 98 91 68 84 86 107 164 155 163 147 155 195 181 159 175
Thermo Fisher Scientific Inc. 39 48 37 41 46 53 44 41 45 49 41 35 41 49 43 37 39

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2023 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 13.34 = 27

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.

Cash Conversion Cycle

Moderna Inc., cash conversion cycle calculation (quarterly data)

No. days

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data
Average inventory processing period 51 64 170 172 206 201 211 247 897 2,141
Average receivable collection period 28 27 48 44 53 66 105 120 606 2,539
Average payables payment period 27 33 27 16 21 42 19 30 15 845
Short-term Activity Ratio
Cash conversion cycle1 52 58 191 200 238 225 297 337 1,488 3,835
Benchmarks
Cash Conversion Cycle, Competitors2
Amgen Inc. 290 273 282 267 245 228 243 233 223 215 237 271 258 252 254 251 227
Eli Lilly & Co. 248 219 194 197 198 197 200 198 200 245 231 231 225 212 216 205 179
Gilead Sciences Inc. 118 104 104 105 100 111 135 138 146 140 99 93 95 75 75 77 79
Johnson & Johnson 96 72 78 82 80 51 78 78 84 58 99 101 85 70 88 98 92
Merck & Co. Inc. 116 93 106 106 113 105 120 99 121 101 129 126 119 111 138 140 138
Pfizer Inc. 91 63 94 96 96 93 123 175 226 226 310 265 241 207 211 210 193
Regeneron Pharmaceuticals Inc. 564 584 490 420 326 345 476 544 655 647 680 616 638 590 672 825 832
Thermo Fisher Scientific Inc. 106 97 111 116 118 115 102 102 102 107 118 120 111 100 106 109 107

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2023 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 51 + 2827 = 52

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 Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.