Price to FCFE (P/FCFE)
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Free Cash Flow to Equity (FCFE)
Moderna Inc., FCFE 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 Cash Provided by (Used in) Operating Activities
- There is a significant positive shift in net cash provided by operating activities from 2019 to 2021. The net cash starts at a negative value of -459 million USD in 2019, turning to a positive 2027 million USD in 2020, and then surging to 13,620 million USD in 2021. This indicates a strong operational cash inflow during this period. However, this upward trend reverses sharply in the subsequent years, with net cash declining to 4,981 million USD in 2022 and turning negative again to -3,118 million USD in 2023. This pattern suggests increased operational challenges or outflows in the later years.
- Free Cash Flow to Equity (FCFE)
- The FCFE follows a trend similar to operating cash flow. It begins at a negative -490 million USD in 2019, then rises sharply to 1,953 million USD in 2020, peaking at 13,196 million USD in 2021. After this peak, FCFE declines to 4,397 million USD in 2022 and further drops to a negative -4,095 million USD in 2023. This mirrors the cash flow dynamics and indicates that equity holders experienced enhanced cash returns primarily in 2020 and 2021 but faced a downturn in the following years.
- Overall Trend and Insights
- The data reveals a period of strong operational performance and cash flow generation in 2020 and 2021, followed by a marked decline in 2022 and a return to negative cash flows in 2023. This pattern may reflect significant changes in business conditions or large cash outflows affecting the company's liquidity and free cash available to equity shareholders in the latter years. The sharp increase followed by a steep fall suggests volatility in operational efficiency or external factors impacting cash generation capacity.
Price to FCFE Ratio, Current
Moderna Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| AbbVie Inc. | |
| Amgen Inc. | |
| Bristol-Myers Squibb Co. | |
| Danaher Corp. | |
| Eli Lilly & Co. | |
| Gilead Sciences Inc. | |
| Johnson & Johnson | |
| Merck & Co. Inc. | |
| Pfizer Inc. | |
| Regeneron Pharmaceuticals Inc. | |
| Thermo Fisher Scientific Inc. | |
| Vertex Pharmaceuticals Inc. | |
| P/FCFE, Sector | |
| Pharmaceuticals, Biotechnology & Life Sciences | |
| P/FCFE, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2023-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Moderna Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/FCFE, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/FCFE, Industry | ||||||
| Health Care | ||||||
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.
3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Moderna Inc. Annual Report.
5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The financial data reveals several significant trends and fluctuations over the analyzed periods.
- Share Price
- The share price experienced a substantial rise from US$26.16 at the end of 2019 to a peak of US$154.81 in 2020, maintaining relatively high levels of US$151.33 in 2021 and US$139.26 in 2022 before declining sharply to US$96.46 by the end of 2023. This indicates strong market valuation growth initially, followed by a notable decrease in the most recent year.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share showed a marked positive trend from a negative US$-1.33 in 2019 to a strong positive value of US$4.89 in 2020, followed by a significant jump to US$32.75 in 2021. However, this was followed by a decline to US$11.38 in 2022 and then a reversal to a negative value of US$-10.72 in 2023. This pattern suggests a period of improving cash flow health that peaked in 2021, with subsequent deterioration in the following years.
- Price to FCFE (P/FCFE) Ratio
- This valuation ratio was not available for 2019. It reached a high of 31.68 in 2020, then dropped sharply to 4.62 in 2021, and afterward increased again to 12.24 in 2022. Data for 2023 is not available. The fluctuations reflect changes in the market's valuation relative to the company’s cash flow per share, with the lowest ratio in 2021 corresponding to peak FCFE per share and lower share price multiples.
In summary, the data reflects a volatile performance in both market valuation and free cash flow metrics. After strong growth in share price and FCFE per share through 2020 and 2021, there is an observable decline in both indicators in the subsequent years, culminating in negative free cash flow and a declining share price in 2023. The P/FCFE ratio's variation indicates shifting investor expectations and valuation perspectives aligned with changes in underlying cash flow generation.