Enterprise Value (EV)
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Moderna Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2018
- Total Asset Turnover since 2018
- Price to Earnings (P/E) since 2018
- Price to Operating Profit (P/OP) since 2018
- Price to Sales (P/S) since 2018
- Aggregate Accruals
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Current Enterprise Value (EV)
Moderna Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Preferred stock, $0.0001; no shares issued or outstanding (per books) | |
| Total equity | |
| Add: Financing lease liabilities, current (per books) | |
| Add: Financing lease liabilities, non-current (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Investments | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2023-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Moderna Inc., EV calculation
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 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Moderna Inc. Annual Report.
3 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
- Equity and Market Value Trends
- The common equity, measured at market value, experienced a significant increase from 9,644 million US dollars at the end of 2019 to a peak of 61,888 million by the end of 2020. This was followed by a slight decline to 60,967 million in 2021, and a continued reduction in the following years, reaching 36,855 million by the end of 2023. This trend suggests a substantial market capitalization expansion in 2020, likely driven by favorable conditions or company performance, followed by a gradual contraction over the subsequent three years.
- Total Equity and Debt
- Total equity closely mirrored the common equity figures throughout the period, indicating that total equity was effectively composed mainly of common equity. The total equity and debt figures also followed a similar trajectory, increasing sharply from 9,682 million in 2019 to 62,023 million in 2020, then gradually decreasing to 37,430 million by the end of 2023. This parallel movement suggests limited variance within the debt component relative to equity during these years.
- Enterprise Value Evaluation
- Enterprise value (EV), which provides a measure of the company's total value including debt and excluding cash, showed a marked increase from 8,579 million at the end of 2019 to 57,415 million in 2020. However, unlike the market value of equity, EV decreased consistently year over year afterward, falling to 28,826 million by the end of 2023. This reflects a potential decrease in overall company valuation and possibly changes in debt levels or market perceptions of company worth over the period.
- Overall Financial Position Insights
- The data indicates a peak in financial valuation and market optimism for the company around 2020, followed by a steady decline through 2023. The alignment between equity and total equity values suggests stable equity compositions without significant issuance or repurchase of different equity classes. The decline in both equity and enterprise value suggests possibly declining market confidence or operational challenges over the recent years covered.