Enterprise Value to EBITDA (EV/EBITDA)
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Moderna Inc., EBITDA calculation
US$ in millions
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).
- Net Income (Loss)
- Net income exhibited a significant volatile pattern over the five-year span. Initially, the company reported losses in 2019 and 2020, with figures of -514 million and -747 million US dollars respectively. In 2021, there was a substantial turnaround, yielding a net income of 12,202 million US dollars. This positive trend slightly declined in 2022 to 8,362 million US dollars, followed by a return to a loss of -4,714 million US dollars in 2023. The fluctuation suggests sensitivity to underlying business or market conditions impacting profitability considerably.
- Earnings Before Tax (EBT)
- The earnings before tax closely mirrored the net income trends, starting with losses of -515 million and -745 million US dollars in 2019 and 2020. A dramatic improvement is observed in 2021, reaching 13,285 million US dollars, then a decline to 9,575 million in 2022, and further decreasing to a negative figure of -3,942 million US dollars in 2023. This aligns with shifts in profitability before tax obligations.
- Earnings Before Interest and Tax (EBIT)
- EBIT followed patterns analogous to EBT and net income, with initial losses of -508 million and -735 million US dollars in 2019 and 2020, transitioning to a significant gain of 13,303 million in 2021. It then decreased to 9,604 million in 2022 and dropped back to a negative mark of -3,904 million US dollars in 2023. This suggests that operational profitability has experienced similar volatility as overall earnings.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA also reflected the volatility seen in other profitability measures but consistently showed values slightly higher than EBIT, reflecting the exclusion of non-cash expenses. Starting with losses of -477 million and -703 million US dollars in 2019 and 2020, EBITDA peaked at 13,535 million US dollars in 2021. Despite decreasing to 9,952 million in 2022, the figure turned negative again in 2023, with -3,283 million US dollars reported. This pattern indicates substantial fluctuations in operating cash flow before depreciation and amortization.
Enterprise Value to EBITDA Ratio, Current
Moderna Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | 11,320) |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | (3,283) |
| Valuation Ratio | |
| EV/EBITDA | — |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| AbbVie Inc. | 27.24 |
| Amgen Inc. | 15.70 |
| Bristol-Myers Squibb Co. | 43.43 |
| Danaher Corp. | 22.13 |
| Eli Lilly & Co. | 51.20 |
| Gilead Sciences Inc. | 35.89 |
| Johnson & Johnson | 15.80 |
| Merck & Co. Inc. | 9.12 |
| Pfizer Inc. | 10.52 |
| Regeneron Pharmaceuticals Inc. | 10.18 |
| Thermo Fisher Scientific Inc. | 16.38 |
| Vertex Pharmaceuticals Inc. | 240.89 |
| EV/EBITDA, Sector | |
| Pharmaceuticals, Biotechnology & Life Sciences | 21.80 |
| EV/EBITDA, Industry | |
| Health Care | 18.12 |
Based on: 10-K (reporting date: 2023-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Moderna Inc., historical EV/EBITDA calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | 28,826) | 44,973) | 51,004) | 57,415) | 8,579) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | (3,283) | 9,952) | 13,535) | (703) | (477) | |
| Valuation Ratio | ||||||
| EV/EBITDA3 | — | 4.52 | 3.77 | — | — | |
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| AbbVie Inc. | 20.79 | 13.31 | 13.44 | 21.34 | — | |
| Amgen Inc. | 14.13 | 12.97 | 13.22 | 12.24 | — | |
| Bristol-Myers Squibb Co. | 6.51 | 9.46 | 8.65 | 34.35 | — | |
| Danaher Corp. | 26.41 | 18.42 | 21.05 | 26.68 | — | |
| Eli Lilly & Co. | 85.33 | 37.74 | 29.85 | 23.67 | — | |
| Gilead Sciences Inc. | 10.41 | 13.89 | 8.57 | 24.90 | — | |
| Johnson & Johnson | 16.45 | 14.78 | 14.47 | 18.20 | — | |
| Merck & Co. Inc. | 51.30 | 13.91 | 12.18 | 16.05 | — | |
| Pfizer Inc. | 22.50 | 6.12 | 8.64 | 15.78 | — | |
| Regeneron Pharmaceuticals Inc. | 20.16 | 15.27 | 6.68 | 12.70 | — | |
| Thermo Fisher Scientific Inc. | 21.83 | 20.25 | 20.21 | 18.72 | — | |
| Vertex Pharmaceuticals Inc. | 21.57 | 14.91 | 18.92 | 14.81 | — | |
| EV/EBITDA, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 22.59 | 13.58 | 13.16 | 18.90 | — | |
| EV/EBITDA, Industry | ||||||
| Health Care | 19.28 | 13.93 | 14.07 | 17.33 | — | |
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).
3 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 28,826 ÷ -3,283 = —
4 Click competitor name to see calculations.
The financial data reveals notable fluctuations in key metrics over the five-year period ending in 2023. The enterprise value (EV) experienced significant volatility. Starting at US$8,579 million in 2019, EV increased sharply to US$57,415 million by the end of 2020. This was followed by a sequential decrease each year, dropping to US$51,004 million in 2021, US$44,973 million in 2022, and further declining to US$28,826 million in 2023. This trend indicates a peak in valuation around 2020, with a subsequent downward trajectory over the following three years.
Earnings before interest, tax, depreciation, and amortization (EBITDA) also exhibited considerable variability. Initially negative at -US$477 million in 2019 and worsening to -US$703 million in 2020, the company then experienced a substantial turnaround in 2021, achieving a positive EBITDA of US$13,535 million. However, this was followed by a decline to US$9,952 million in 2022, and a reversal back to a negative EBITDA of -US$3,283 million in 2023. This pattern suggests a volatile operational performance, including a significant recovery phase in 2021 that was not sustained in subsequent years.
The EV/EBITDA ratio is only available for 2021 and 2022, showing values of 3.77 and 4.52 respectively. The increase in this ratio from 2021 to 2022 suggests that the enterprise value became more expensive relative to its EBITDA in 2022, despite EBITDA decreasing during that period. This could imply market optimism or other valuation factors influencing the company's worth beyond earnings performance.
Overall, the data depicts a period of dramatic growth and contraction. The peak in enterprise value in 2020 likely reflects heightened market expectations or valuation multiples at that time, while the subsequent declines signal a correction or changing market perceptions. Similarly, the swings in EBITDA indicate oscillating operational profitability, affecting valuation metrics and potentially underlying business stability or market conditions throughout the period analyzed.