Name: Moderna Inc. (NASDAQ:MRNA) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Moderna Inc., current enterprise value calculation

Current share price (P)	$50.28
No. shares of common stock outstanding	384,817,811
US$ in millions
Common equity (market value)¹	19,349)
Add: Preferred stock, $0.0001; no shares issued or outstanding (per books)	—)
Total equity	19,349)
Add: Financing lease liabilities, current (per books)	—)
Add: Financing lease liabilities, non-current (per books)	575)
Total equity and debt	19,924)
Less: Cash and cash equivalents	2,907)
Less: Investments	5,697)
Enterprise value (EV)	11,320)

Based on: 10-K (reporting date: 2023-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 50.28 × 384,817,811

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Moderna Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$96.46	$139.26	$151.33	$154.81	$26.16
No. shares of common stock outstanding¹	382,073,208	386,339,594	402,872,986	399,769,582	368,642,548
US$ in millions
Common equity (market value)³	36,855)	53,802)	60,967)	61,888)	9,644)
Add: Preferred stock, $0.0001; no shares issued or outstanding (book value)	—)	—)	—)	—)	—)
Total equity	36,855)	53,802)	60,967)	61,888)	9,644)
Add: Financing lease liabilities, current (book value)	—)	161)	165)	24)	—)
Add: Financing lease liabilities, non-current (book value)	575)	912)	599)	110)	39)
Total equity and debt	37,430)	54,875)	61,731)	62,023)	9,682)
Less: Cash and cash equivalents	2,907)	3,205)	6,848)	2,624)	236)
Less: Investments	5,697)	6,697)	3,879)	1,984)	867)
Enterprise value (EV)	28,826)	44,973)	51,004)	57,415)	8,579)

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
= 96.46 × 382,073,208

The financial trajectory between 2019 and 2023 is characterized by an abrupt valuation surge followed by a sustained period of contraction. A significant expansion in market value and enterprise value occurred in 2020, after which a consistent downward trend was established through the end of 2023.

Market Value and Total Equity: Common equity market value increased from 9,644 million US$ in 2019 to a peak of 61,888 million US$ in 2020. Following this peak, a progressive decline is observed, with the value receding to 36,855 million US$ by December 31, 2023. This represents a significant reduction in market capitalization from its 2020 high.
Enterprise Value (EV) Dynamics: Enterprise value followed a similar trajectory, rising from 8,579 million US$ in 2019 to 57,415 million US$ in 2020. A sequential decline occurred from 2021 through 2023, with the final value reaching 28,826 million US$. Notably, the enterprise value remained consistently lower than the market value of common equity, which indicates the presence of significant cash holdings that offset debt and reduced the overall enterprise valuation.
Capital Structure and Leverage: Total equity and debt remained closely correlated with total equity across all reported years. The minimal variance between total equity and the combined total of equity and debt suggests a capital structure dominated by equity with relatively low leverage.

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Moderna Inc. (NASDAQ:MRNA)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)