Common Stock Valuation Ratios (Price Multiples)
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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Moderna Inc. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2018
- Price to Sales (P/S) since 2018
- Analysis of Debt
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Current Valuation Ratios
Moderna Inc., current price multiples
| Moderna Inc. | 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. | Pharmaceuticals, Biotechnology & Life Sciences | Health Care | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||
| Current share price (P) | ||||||||||||||||||
| No. shares of common stock outstanding | ||||||||||||||||||
| Earnings per share (EPS) | ||||||||||||||||||
| Operating profit per share | ||||||||||||||||||
| Sales per share | ||||||||||||||||||
| Book value per share (BVPS) | ||||||||||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||||||||||
| Price to sales (P/S) | ||||||||||||||||||
| Price to book value (P/BV) | ||||||||||||||||||
Based on: 10-K (reporting date: 2023-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Moderna Inc., historical price multiples
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
- Price to earnings (P/E) Ratio
- The P/E ratio is available starting from the year ending 2021, where it stood at 5, indicating a relatively low market valuation relative to earnings. In 2022, the P/E increased to 6.43, suggesting a slight rise in market valuation or a change in earnings. Data for other years is missing, limiting trend analysis over a longer period.
- Price to operating profit (P/OP) Ratio
- The P/OP ratio is recorded from 2021 onward. It was 4.59 in 2021 and rose to 5.71 in 2022. This increase indicates that the market price relative to operating profit has grown, implying either increasing market optimism about future operating profits or diminishing operating profit relative to price. Historical data for earlier years is not available for a full trend evaluation.
- Price to sales (P/S) Ratio
- A notable value of 309.64 appears in 2020, which is an extreme outlier compared to other years. Following 2020, the P/S ratio dropped sharply to 3.45 in 2021 and further declined to 2.92 in 2022, suggesting a substantial correction or normalization in valuation relative to sales. However, in 2023, the P/S ratio increased to 5.52, indicating a renewed rise in market valuation compared to sales. This pattern shows significant volatility and market revaluation during the period under review.
- Price to book value (P/BV) Ratio
- The P/BV ratio experienced substantial fluctuations. It was 8.21 in 2019 and then sharply increased to 24.16 in 2020, signaling a very high market valuation relative to book value, possibly reflecting heightened investor expectations or asset revaluations. After 2020, the ratio decreased consistently to 4.31 in 2021, 2.81 in 2022, and further down to 2.66 in 2023, indicating a progressive moderation of market valuation compared to book value over these years.
Price to Earnings (P/E)
Moderna Inc., historical P/E 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$) | ||||||
| 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. | ||||||
| P/E Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/E Ratio, 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.
2 2023 Calculation
EPS = Net income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Moderna Inc. Annual Report.
4 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price displayed a significant increase from $26.16 at the end of 2019 to a peak of $154.81 by the end of 2020. This price slightly declined in subsequent years, settling at $151.33 in 2021 and falling more noticeably to $139.26 in 2022, before decreasing further to $96.46 by the end of 2023. This pattern suggests an initial surge in market valuation followed by a progressive depreciation over three years.
- Earnings Per Share (EPS) Analysis
- EPS was negative in 2019 at -$1.39 and worsened in 2020 to -$1.87, indicating losses during this period. However, 2021 marked a sharp turnaround with EPS rising dramatically to a positive $30.29, reflecting significant profitability. This profit was somewhat reduced in 2022 to $21.64, but in 2023, EPS returned to a negative value of -$12.34, signaling renewed losses within that year.
- Price-to-Earnings (P/E) Ratio
- P/E ratios are available for 2021 and 2022, recorded at 5 and 6.43 respectively. The increase suggests a modest rise in the market's pricing of earnings relative to those years. However, P/E data for other years are missing, limiting comprehensive trend analysis in this regard.
- Overall Financial Picture
- The data reflect a volatile financial performance with significant fluctuations in both market valuation and profitability. The period from 2019 to 2020 was characterized by growth in share price despite losses, followed by a peak profitability year in 2021 corresponding with a high EPS and stable P/E ratio. The subsequent years showed declining share prices and fluctuating earnings, culminating in negative EPS by 2023, which may indicate challenges affecting the company's financial stability and investor confidence.
Price to Operating Profit (P/OP)
Moderna Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/OP Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/OP Ratio, 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.
2 2023 Calculation
Operating profit per share = Income (loss) from operations ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Moderna Inc. Annual Report.
4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reflects significant fluctuations in key performance metrics over the five-year period under review.
- Share Price Trend
- The share price exhibited substantial growth from US$26.16 at the end of 2019 to a peak of approximately US$154.81 in 2020. Following this peak, a gradual decline is observed, dropping slightly to US$151.33 in 2021, then further to US$139.26 in 2022, with a more pronounced decrease to US$96.46 by the end of 2023. This indicates a strong initial market confidence or event driving share appreciation in 2020, followed by a steady reduction in valuation over the subsequent years.
- Operating Profit Per Share
- Operating profit per share was negative in the earlier years, standing at -US$1.48 in 2019 and further declining to -US$1.91 in 2020, signifying operational losses. However, there was an exceptional turnaround in 2021, where operating profit per share surged significantly to US$33, and while it declined to US$24.38 in 2022, it remained robustly positive. In 2023, this figure reverted to a negative value of -US$11.09, indicating a recurrence of operating losses. This pattern suggests a period of strong operational performance in 2021 and 2022, succeeded by a notable deterioration in 2023.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio is available for 2021 and 2022, where it stood at 4.59 and increased to 5.71, respectively. The rise in this ratio despite the decline in share price from 2021 to 2022 implies that operating profits decreased at a faster rate relative to share price, indicating potentially less favorable market expectations or operational efficiency.
Overall, the data indicates a volatile financial performance with a peak in operational profitability and share price in the early part of the period, followed by a sharp reversal in the most recent year. The decline in share price in 2023, coupled with negative operating profit per share, could signal challenges that impacted both market valuation and operational outcomes in that year.
Price to Sales (P/S)
Moderna Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/S Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/S Ratio, 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.
2 2023 Calculation
Sales per share = Net product sales ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Moderna Inc. Annual Report.
4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the annual financial data reveals several notable trends in the company's performance and market valuation over the observed period.
- Share Price
- The share price experienced a significant increase from US$26.16 in 2019 to a peak of US$154.81 in 2020. This was followed by a slight decline over the subsequent years, with values recorded at US$151.33 in 2021 and US$139.26 in 2022. The most recent value in 2023 shows a more pronounced decrease to US$96.46. Overall, after a sharp rise in 2020, the share price has undergone a correction and downward adjustment from its peak.
- Sales per Share
- Sales per share were not recorded in 2019 but started at US$0.50 in 2020. There was a substantial increase in sales per share to US$43.87 in 2021, followed by a moderate increase to US$47.72 in 2022. However, in 2023, sales per share decreased sharply to US$17.46. This suggests that sales growth was robust initially but faced a decline more recently.
- Price-to-Sales (P/S) Ratio
- The price-to-sales ratio was very high at 309.64 in 2020, reflecting a substantial market premium relative to sales. This ratio then dropped dramatically to 3.45 in 2021 and further to 2.92 in 2022. In 2023, it increased again moderately to 5.52. The sharp decrease after 2020 indicates that the market valuation became more aligned with actual sales figures, but the upward movement in 2023 might reflect renewed investor optimism or changing market conditions.
In summary, the data indicates an initial phase of strong market enthusiasm reflected in the rising share price and extreme valuation multiples in 2020. Sales per share showed rapid growth through 2021 and 2022 but declined notably in 2023. Correspondingly, the share price fell from its peak, and the price-to-sales ratio decreased to more normalized levels before experiencing a moderate rebound. These trends may reflect the challenges of sustaining high sales growth after an initial surge and a market reassessment of the company's growth prospects.
Price to Book Value (P/BV)
Moderna Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/BV Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/BV Ratio, 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.
2 2023 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Moderna Inc. Annual Report.
4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price experienced significant volatility over the observed period. It increased sharply from $26.16 at the end of 2019 to a peak of $154.81 by the end of 2020. This was followed by a slight decline to $151.33 in 2021 and a further decrease to $139.26 in 2022. By the end of 2023, the share price dropped more substantially to $96.46. Overall, the share price showed high growth in the early years but a notable downward trend during the last two years.
- Book Value per Share (BVPS)
- The book value per share exhibited a consistent upward trend from 2019 through 2022, rising from $3.19 to $49.50. This represents a substantial increase in the company's net asset value per share. However, in 2023, the BVPS declined to $36.26, indicating a reduction in book value per share after several years of growth.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio showed high levels at the beginning, starting at 8.21 in 2019 and reaching a peak of 24.16 in 2020. Subsequently, the ratio declined sharply to 4.31 in 2021, then continued to decrease gradually to 2.81 in 2022 and slightly to 2.66 in 2023. This pattern reflects that the market price was significantly higher than book value during 2020, but the market valuation became more aligned with the underlying book value in later years.