Moderna Inc., current enterprise value calculation

Current share price (P)	$77.53
No. shares of common stock outstanding	381,283,996
US$ in millions
Common equity (market value)¹	29,561)
Add: Preferred stock, $0.0001; no shares issued or outstanding (per books)	—)
Total equity	29,561)
Add: Financing lease liabilities, current (per books)	161)
Add: Financing lease liabilities, non-current (per books)	912)
Add: Deferred lease obligation, non-current (per books)	—)
Add: Lease financing obligation (per books)	—)
Total equity and debt	30,634)
Less: Cash and cash equivalents	3,205)
Less: Investments	6,697)
Enterprise value (EV)	20,732)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 77.53 × 381,283,996

Moderna Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$139.26	$151.33	$154.81	$26.16	$19.97
No. shares of common stock outstanding¹	386,339,594	402,872,986	399,769,582	368,642,548	329,000,469
US$ in millions
Common equity (market value)³	53,802)	60,967)	61,888)	9,644)	6,570)
Add: Preferred stock, $0.0001; no shares issued or outstanding (book value)	—)	—)	—)	—)	—)
Total equity	53,802)	60,967)	61,888)	9,644)	6,570)
Add: Financing lease liabilities, current (book value)	161)	165)	24)	—)	—)
Add: Financing lease liabilities, non-current (book value)	912)	599)	110)	39)	—)
Add: Deferred lease obligation, non-current (book value)	—)	—)	—)	—)	10)
Add: Lease financing obligation (book value)	—)	—)	—)	—)	33)
Total equity and debt	54,875)	61,731)	62,023)	9,682)	6,614)
Less: Cash and cash equivalents	3,205)	6,848)	2,624)	236)	658)
Less: Investments	6,697)	3,879)	1,984)	867)	863)
Enterprise value (EV)	44,973)	51,004)	57,415)	8,579)	5,092)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Moderna Inc. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 139.26 × 386,339,594

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Moderna Inc. EV decreased from 2020 to 2021 and from 2021 to 2022.

Moderna Inc. (NASDAQ:MRNA)

Enterprise Value (EV)