Stock Analysis on Net
Stock Analysis on Net

Moderna Inc. (NASDAQ:MRNA)

This company has been moved to the archive! The financial data has not been updated since November 7, 2024.

Analysis of Investments

Microsoft Excel

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Moderna Inc., adjustment to net income (loss)

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss) (as reported) (4,714) 8,362 12,202 (747) (514)
Add: Net increase (decrease) from available-for-sale debt securities 248 (322) (43) 1 3
Net income (loss) (adjusted) (4,466) 8,040 12,159 (746) (511)

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).

Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

Moderna Inc., adjusted profitability ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net Profit Margin
Reported net profit margin -70.66% 45.36% 69.04% -373.77% —
Adjusted net profit margin -66.95% 43.61% 68.79% -373.17% —
Return on Equity (ROE)
Reported ROE -34.03% 43.73% 86.26% -29.17% -43.75%
Adjusted ROE -32.24% 42.04% 85.96% -29.12% -43.49%
Return on Assets (ROA)
Reported ROA -25.58% 32.34% 49.46% -10.18% -32.34%
Adjusted ROA -24.24% 31.09% 49.29% -10.17% -32.14%

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).

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Moderna Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Moderna Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Moderna Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Moderna Inc., Profitability Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

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)
Net product sales 6,671 18,435 17,675 200 —
Profitability Ratio
Net profit margin1 -70.66% 45.36% 69.04% -373.77% —
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) (4,466) 8,040 12,159 (746) (511)
Net product sales 6,671 18,435 17,675 200 —
Profitability Ratio
Adjusted net profit margin2 -66.95% 43.61% 68.79% -373.17% —

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 Net profit margin = 100 × Net income (loss) ÷ Net product sales
= 100 × -4,714 ÷ 6,671 = -70.66%

2 Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Net product sales
= 100 × -4,466 ÷ 6,671 = -66.95%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Moderna Inc. adjusted net profit margin ratio deteriorated 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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) (4,466) 8,040 12,159 (746) (511)
Stockholders’ equity 13,854 19,123 14,145 2,561 1,175
Profitability Ratio
Adjusted ROE2 -32.24% 42.04% 85.96% -29.12% -43.49%

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 × Adjusted net income (loss) ÷ Stockholders’ equity
= 100 × -4,466 ÷ 13,854 = -32.24%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by 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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) (4,466) 8,040 12,159 (746) (511)
Total assets 18,426 25,858 24,669 7,337 1,589
Profitability Ratio
Adjusted ROA2 -24.24% 31.09% 49.29% -10.17% -32.14%

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 × Adjusted net income (loss) ÷ Total assets
= 100 × -4,466 ÷ 18,426 = -24.24%

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