Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2018
- Price to Book Value (P/BV) since 2018
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Historical Valuation Ratios (Summary)
Moderna Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Price to earnings (P/E) ratio
- The P/E ratio data begins from March 31, 2021. It initially shows very high valuation levels at 107.74, followed by a significant decline over the next few quarters, dropping to a low of 4.21 by March 31, 2022. After this trough, the ratio experiences modest fluctuations, rising again to 10.7 by March 31, 2023 and then sharply increasing to 34.67 by June 30, 2023. The trend suggests a period of rapid valuation growth, followed by normalization, then renewed valuation expansion.
- Price to operating profit (P/OP) ratio
- Similar to the P/E ratio, the P/OP ratio data starts in March 2021 and follows a comparable trajectory. Valuations begin extraordinarily high at 101.69, then decrease to around 3.79 by March 31, 2022. Subsequently, the ratio oscillates moderately before a sharp increase to 81.57 by June 30, 2023. This pattern indicates significant variability in how the market values operating profit relative to share price over the period, reflecting underlying profit performance and investor sentiment changes.
- Price to sales (P/S) ratio
- The P/S ratio begins with an exceptionally high value of 309.64 in March 2021, which plummets dramatically to 3.45 by March 31, 2022. From that low point, the ratio shows minor variations, generally staying between approximately 2.76 and 5.52. The ratio escalates slightly around mid-2024 but remains well below the initial peak. This indicates that sales valuation was initially highly elevated but normalized substantially during the observed timeframe.
- Price to book value (P/BV) ratio
- The P/BV ratio data is available for the full timeline starting from March 31, 2019. It fluctuates from 5.29 down to a low around 3.25 in mid-2019, then rises sharply reaching 24.16 by December 31, 2020. After peaking, the ratio declines persistently over the subsequent quarters, bottoming near 1.62 by September 30, 2024. The long-term downtrend after 2020 suggests increasing book value relative to price or a correction in market valuation multiples, potentially emphasizing stabilization or adjustment in investor expectations.
- Overall observations
- All valuation multiples exhibit extremely high levels in the early 2021 period, followed by marked decreases into 2022, reflecting a significant re-rating of the company’s stock. This could be linked to changes in financial performance or external market conditions. The P/E and P/OP ratios show greater volatility compared to P/S and P/BV ratios, implying shifting investor focus on profitability metrics. The P/BV ratio's extended downward trend from 2021 onwards suggests balance sheet strength or price adjustments. In the most recent periods, some ratios rebound, indicating renewed investor interest or improved financial outlook.
Price to Earnings (P/E)
Moderna Inc., historical P/E calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net Income (loss) (in millions) | ||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
EPS
= (Net Income (loss)Q3 2024
+ Net Income (loss)Q2 2024
+ Net Income (loss)Q1 2024
+ Net Income (loss)Q4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Moderna Inc. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data presents several distinct trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over a series of quarterly periods. The analysis below summarizes these observations.
- Share Price
- The share price exhibits significant volatility and overall growth, particularly between early 2019 and mid-2021. Starting at $23.26 in March 2019, the price experiences fluctuations but generally trends upward, reaching a peak of $416.26 in June 2021. After this peak, the price declines steadily, dropping to $50.28 by September 2024. This pattern suggests rapid gains followed by a prolonged correction or decrease.
- Earnings Per Share (EPS)
- EPS data begin at the end of 2019 with negative values, indicating consecutive quarterly losses up through December 2020, with EPS figures ranging approximately from -1.87 to -1.24 USD. From March 2021, EPS turns positive and climbs sharply, achieving a maximum of 36.80 USD in March 2022. Subsequently, a declining trend emerges, with EPS falling progressively, becoming negative again by December 2023 and continuing to decline to -5.78 USD by September 2024. This trajectory indicates a period of initial losses, followed by rapid profitability, and then a return to losses.
- Price-to-Earnings (P/E) Ratio
- P/E ratio data are only available from June 2021 through March 2023. Initially, the ratio is very high at 107.74 in June 2021, reflecting a high share price relative to earnings or earnings starting to emerge from past losses. It decreases over the following quarters as earnings improve, reaching a low point of 4.21 in December 2022, corresponding with peak EPS figures. After this, the P/E ratio increases again, reaching 34.67 in March 2023 coinciding with decreasing EPS and share price volatility. This pattern suggests market valuation adjustments linked to earnings changes and investor sentiment fluctuations.
In summary, the company experienced a significant rise in share price and earnings in 2020 and early 2021, followed by a peak in share valuation and profitability in early 2022. Since then, both earnings and share price have declined, with recent quarters showing renewed losses and diminished market valuation. The P/E ratio movements corroborate this cycle, reflecting shifts in profitability and market expectations.
Price to Operating Profit (P/OP)
Moderna Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Income (loss) from operations (in millions) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Operating profit per share
= (Income (loss) from operationsQ3 2024
+ Income (loss) from operationsQ2 2024
+ Income (loss) from operationsQ1 2024
+ Income (loss) from operationsQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Moderna Inc. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited significant volatility over the observed period. Initially, the price was relatively low, fluctuating between approximately $13 and $26 from early 2019 until the end of that year. Starting in the first quarter of 2020, a marked upward trend occurred, with the share price peaking at $416.26 in the second quarter of 2021. Following this peak, a downward trajectory was observed, with the price declining steadily through successive quarters to around $50.28 by the third quarter of 2024.
The operating profit per share showed a notable transition during the timeline. From 2019 through the first half of 2020, the metric was negative, indicating losses ranging from approximately -$1.91 to -$1.30. Beginning in the third quarter of 2020, a positive shift occurred, culminating in a peak operating profit per share of $40.87 in the first quarter of 2022. After this peak, the profits gradually decreased, turning negative again by the first quarter of 2024 to a value of -$7.00, reflecting increased losses.
The price-to-operating-profit (P/OP) ratio data is partial and is available mainly during the period of positive operating profits. The ratio fell significantly from an extremely high 101.69 in the second quarter of 2021 to a low of 3.79 in the second quarter of 2022, suggesting that the share price relative to operating profit became more favorable. Subsequently, the P/OP ratio increased again, reaching 81.57 by the third quarter of 2022, indicating rising share prices relative to operating profits. No P/OP ratio data is reported for the periods after this point, coinciding with the negative operating profit figures in the later quarters.
- Share Price Trends
- Initial low and stable period in 2019, rapid increase through 2020 and peak in mid-2021, followed by a consistent decline through 2024.
- Operating Profit per Share
- Losses throughout 2019 and early 2020, strong profitability growth beginning late 2020, peak in early 2022, then decline back to losses by 2024.
- Price-to-Operating-Profit Ratio
- Extremely high during early 2021, indicating high valuation compared to profits; ratio decreased as profits peaked, followed by an increase reflecting share price volatility, data ceasing as profitability turned negative.
Overall, the financial indicators reflect a phase of growth and optimism between mid-2020 and early 2022, characterized by rising share prices and increasing profitability. Afterwards, there is a reversal marked by decreasing profitability and falling share prices. The interplay between these metrics highlights a cyclical pattern that informs valuation and performance assessments during the timeframe.
Price to Sales (P/S)
Moderna Inc., historical P/S calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net product sales (in millions) | ||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Sales per share
= (Net product salesQ3 2024
+ Net product salesQ2 2024
+ Net product salesQ1 2024
+ Net product salesQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Moderna Inc. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrated a generally upward trend starting from March 2019 through June 2021, increasing from $23.26 to a peak of $416.26. This was followed by significant volatility and a notable decline, with the price falling to $50.28 by September 2024.
Sales per share data begins in March 2021 and shows rapid growth initially, rising steeply from $0.50 to a peak of $56.75 by June 2022. After this peak, sales per share demonstrate a gradual but consistent decline, falling to $12.90 by September 2024.
The price-to-sales (P/S) ratio, available from March 2021, shows a sharp decrease from a very high level of 309.64 down to single-digit values by December 2021, indicating the market price became more aligned with the company’s sales. Following this adjustment, the P/S ratio fluctuated moderately between approximately 2.76 and 5.52 until March 2024, after which it increased again, reaching 9.61 in June 2024 before decreasing to 3.90 by September 2024.
- Share Price Trend
- The initial increase in share price through mid-2021 suggests strong market confidence and growth expectations. The subsequent volatility and decline reflect challenges that may have impacted investor confidence or market conditions.
- Sales per Share Growth and Decline
- The rapid sales growth from 2021 to mid-2022 indicates a period of strong revenue generation. The decline thereafter points to tapering sales performance or potential market saturation.
- P/S Ratio Dynamics
- The extreme initial P/S ratio suggests the share price was initially priced for very high future growth relative to sales. The sharp decline to more reasonable multiples mirrors market recalibration of growth potential based on actual sales. The later fluctuations reflect ongoing adjustments to expectations of sales growth versus price.
Overall, the data illustrates a period of significant growth and optimism followed by a phase of revenue deceleration and market reassessment, underscoring increased volatility in the company's valuation relative to its underlying sales performance in recent quarters.
Price to Book Value (P/BV)
Moderna Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | ||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Moderna Inc. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the reported quarterly data reveals distinct trends in share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over time.
- Share Price
- The share price exhibited substantial volatility and a general upward trend until late 2021, peaking at 416.26 USD in June 2021. Following this peak, the share price experienced a marked decline, falling to 50.28 USD by September 2024. This decline indicates significant market revaluation or changing investor sentiment after the mid-2021 peak.
- Book Value Per Share (BVPS)
- BVPS showed a consistent upward trajectory from March 2019 through December 2022, increasing from 4.4 USD to 49.5 USD, reflecting steady growth in the company's net asset value per share. From early 2023 onwards, BVPS demonstrates a modest decline or stabilization, falling to approximately 30.99 USD by September 2024. This pattern suggests an initial phase of asset accumulation or retained earnings growth followed by stabilization or slight contraction.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio started relatively high at 5.29 in March 2019, dipping below 4 by mid-2019, then sharply increasing to a peak of 25.06 in June 2021, coinciding with the peak share price period. Thereafter, the P/BV ratio steadily declined, reaching a low of 1.62 in September 2024. This trend reflects the share price movements relative to the book value, indicating that the stock was significantly overvalued at its peak and experienced a normalization or correction in valuation levels toward the later periods.
Overall, the data indicate a period of rapid price appreciation and strong market enthusiasm culminating in mid-2021, followed by a pronounced correction in market valuation through 2024. The growth in book value suggests that the company's fundamental net assets strengthened for much of the period, but the market price adjustments ultimately brought the valuation to a more conservative stance relative to book value.