Stock Analysis on Net
Stock Analysis on Net

Moderna Inc. (NASDAQ:MRNA)

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Adjustments to Financial Statements: Removal of Goodwill

Moderna Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported) 18,426 25,858 24,669 7,337 1,589
Less: Goodwill 52 — — — —
Total assets (adjusted) 18,374 25,858 24,669 7,337 1,589
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported) 13,854 19,123 14,145 2,561 1,175
Less: Goodwill 52 — — — —
Stockholders’ equity (adjusted) 13,802 19,123 14,145 2,561 1,175

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).

Moderna Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Moderna Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Total Asset Turnover
Reported total asset turnover 0.36 0.71 0.72 0.03 0.00
Adjusted total asset turnover 0.36 0.71 0.72 0.03 0.00
Financial Leverage
Reported financial leverage 1.33 1.35 1.74 2.86 1.35
Adjusted financial leverage 1.33 1.35 1.74 2.86 1.35
Return on Equity (ROE)
Reported ROE -34.03% 43.73% 86.26% -29.17% -43.75%
Adjusted ROE -34.15% 43.73% 86.26% -29.17% -43.75%
Return on Assets (ROA)
Reported ROA -25.58% 32.34% 49.46% -10.18% -32.34%
Adjusted ROA -25.66% 32.34% 49.46% -10.18% -32.34%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Moderna Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Moderna Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Moderna Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Moderna Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Moderna Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net product sales 6,671 18,435 17,675 200 —
Total assets 18,426 25,858 24,669 7,337 1,589
Activity Ratio
Total asset turnover1 0.36 0.71 0.72 0.03 0.00
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net product sales 6,671 18,435 17,675 200 —
Adjusted total assets 18,374 25,858 24,669 7,337 1,589
Activity Ratio
Adjusted total asset turnover2 0.36 0.71 0.72 0.03 0.00

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).

2023 Calculations

1 Total asset turnover = Net product sales ÷ Total assets
= 6,671 ÷ 18,426 = 0.36

2 Adjusted total asset turnover = Net product sales ÷ Adjusted total assets
= 6,671 ÷ 18,374 = 0.36

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Moderna Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets 18,426 25,858 24,669 7,337 1,589
Stockholders’ equity 13,854 19,123 14,145 2,561 1,175
Solvency Ratio
Financial leverage1 1.33 1.35 1.74 2.86 1.35
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 18,374 25,858 24,669 7,337 1,589
Adjusted stockholders’ equity 13,802 19,123 14,145 2,561 1,175
Solvency Ratio
Adjusted financial leverage2 1.33 1.35 1.74 2.86 1.35

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).

2023 Calculations

1 Financial leverage = Total assets ÷ Stockholders’ equity
= 18,426 ÷ 13,854 = 1.33

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 18,374 ÷ 13,802 = 1.33

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Moderna Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) (4,714) 8,362 12,202 (747) (514)
Stockholders’ equity 13,854 19,123 14,145 2,561 1,175
Profitability Ratio
ROE1 -34.03% 43.73% 86.26% -29.17% -43.75%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) (4,714) 8,362 12,202 (747) (514)
Adjusted stockholders’ equity 13,802 19,123 14,145 2,561 1,175
Profitability Ratio
Adjusted ROE2 -34.15% 43.73% 86.26% -29.17% -43.75%

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).

2023 Calculations

1 ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × -4,714 ÷ 13,854 = -34.03%

2 Adjusted ROE = 100 × Net income (loss) ÷ Adjusted stockholders’ equity
= 100 × -4,714 ÷ 13,802 = -34.15%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Moderna Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) (4,714) 8,362 12,202 (747) (514)
Total assets 18,426 25,858 24,669 7,337 1,589
Profitability Ratio
ROA1 -25.58% 32.34% 49.46% -10.18% -32.34%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) (4,714) 8,362 12,202 (747) (514)
Adjusted total assets 18,374 25,858 24,669 7,337 1,589
Profitability Ratio
Adjusted ROA2 -25.66% 32.34% 49.46% -10.18% -32.34%

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).

2023 Calculations

1 ROA = 100 × Net income (loss) ÷ Total assets
= 100 × -4,714 ÷ 18,426 = -25.58%

2 Adjusted ROA = 100 × Net income (loss) ÷ Adjusted total assets
= 100 × -4,714 ÷ 18,374 = -25.66%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Moderna Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.