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.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Moderna Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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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
Accounts payable 2.36 1.78 1.09 2.82 2.54 1.42 1.61 1.88 1.27 0.70 0.72 1.22 0.42 0.48 0.06 0.25 0.44 0.54 0.53 0.45 0.74 1.76 2.13
Accrued liabilities 8.71 8.50 8.34 9.76 11.43 6.81 6.69 8.13 7.12 6.83 5.82 5.97 5.14 5.25 5.93 6.40 4.49 2.56 2.66 4.26 3.78 2.65 2.34
Deferred revenue 2.40 4.48 3.34 3.08 7.05 4.75 5.05 7.88 15.36 15.72 20.28 25.35 38.13 45.21 59.33 52.71 26.54 1.30 2.85 3.98 4.41 4.95 4.09
Income taxes payable 0.03 0.04 0.31 0.34 0.29 0.21 0.27 0.19 0.25 1.34 5.77 3.55 2.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other current liabilities 0.44 0.27 1.14 0.36 1.23 1.08 0.88 0.96 2.12 1.57 0.87 0.91 1.20 3.79 1.17 0.46 0.21 0.24 0.47 0.32 0.37 0.26 0.25
Current liabilities 13.93% 15.07% 14.23% 16.36% 22.54% 14.27% 14.50% 19.04% 26.12% 26.16% 33.46% 37.00% 47.59% 54.73% 66.50% 59.82% 31.68% 4.64% 6.51% 9.00% 9.29% 9.61% 8.81%
Deferred revenue, non-current 0.60 0.61 0.35 0.45 0.85 3.16 2.79 2.60 0.67 1.56 1.68 2.49 2.38 1.08 1.41 2.42 4.47 5.98 6.92 8.75 9.02 8.30 8.68
Operating lease liabilities, non-current 4.30 4.26 3.81 3.49 3.58 0.48 0.40 0.36 0.30 0.33 0.34 0.43 0.50 0.65 0.76 1.33 2.13 2.86 5.27 5.89 0.00 0.00 0.00
Financing lease liabilities, non-current 3.95 3.67 3.44 3.12 2.96 3.85 3.44 3.53 3.54 2.46 2.34 2.43 1.14 2.03 1.09 1.50 2.34 1.95 1.88 2.43 0.00 0.00 0.00
Deferred lease obligation, non-current 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.87 0.66 0.58
Lease financing obligation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.12 1.99 1.85
Other non-current liabilities 1.75 1.70 1.57 1.39 0.88 0.79 0.68 0.52 0.31 0.43 0.33 0.31 0.00 0.01 0.02 0.03 0.05 0.04 0.06 0.01 0.01 0.01 0.01
Non-current liabilities 10.60% 10.24% 9.16% 8.45% 8.28% 8.28% 7.31% 7.01% 4.82% 4.78% 4.69% 5.66% 4.02% 3.77% 3.27% 5.27% 8.98% 10.83% 14.13% 17.08% 12.02% 10.96% 11.13%
Total liabilities 24.53% 25.31% 23.38% 24.81% 30.82% 22.55% 21.81% 26.05% 30.95% 30.94% 38.15% 42.66% 51.61% 58.50% 69.77% 65.09% 40.66% 15.47% 20.64% 26.09% 21.31% 20.57% 19.94%
Preferred stock, par value $0.0001; no shares issued or outstanding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, par value $0.0001 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 4.75 4.02 2.91 2.01 1.42 0.88 3.03 4.54 5.71 9.27 13.20 17.07 23.91 30.53 38.29 65.45 101.62 134.14 158.05 167.95 164.59 153.22 141.55
Accumulated other comprehensive income (loss) 0.07 -0.45 -0.60 -0.67 -1.08 -1.20 -1.11 -1.43 -1.35 -0.92 -0.67 -0.10 0.15 0.10 0.01 0.04 0.10 0.24 -0.30 0.11 0.18 0.16 0.03
Retained earnings (accumulated deficit) 70.65 71.12 74.31 73.84 68.84 77.77 76.27 70.85 64.69 60.71 49.31 40.37 24.33 10.88 -8.06 -30.58 -42.38 -49.84 -78.39 -94.15 -86.09 -73.96 -61.53
Stockholders’ equity 75.47% 74.69% 76.62% 75.19% 69.18% 77.45% 78.19% 73.95% 69.05% 69.06% 61.85% 57.34% 48.39% 41.50% 30.23% 34.91% 59.34% 84.53% 79.36% 73.91% 78.69% 79.43% 80.06%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The financial structure exhibits a dramatic transition from a capital-intensive research and development phase to a period of hyper-growth characterized by significant advance payments, eventually stabilizing into a profit-driven equity model. The most notable shift occurs between mid-2020 and early 2022, during which the composition of liabilities and equity underwent extreme volatility before returning to a state of higher equity solvency.

Liability Dynamics and Deferred Revenue
Total liabilities experienced a massive surge, peaking at 69.77% of total liabilities and stockholders’ equity in March 2021, compared to approximately 20% in 2019. This spike was almost entirely driven by a rapid increase in current liabilities, specifically deferred revenue, which climbed from 1.30% in June 2020 to a peak of 59.33% in March 2021. This pattern indicates a period of substantial advance payments for future deliverables. Following this peak, deferred revenue steadily declined, reaching 2.40% by September 2024, as these obligations were likely recognized as earned revenue.
Equity Composition and Profitability
A fundamental shift is observed in the drivers of stockholders' equity. In 2019, equity was primarily sustained by additional paid-in capital (peaking at 167.95% of the total balance sheet) while burdened by significant accumulated deficits (reaching -94.15% in December 2019). By June 2021, the company transitioned to positive retained earnings (10.88%), which continued to grow as a percentage of the total balance sheet, peaking at 77.77% in June 2023. Concurrently, the relative weight of additional paid-in capital plummeted to below 5% by 2024, signaling that organic profit generation replaced external capital injections as the primary source of equity.
Non-Current Obligations and Lease Trends
Non-current liabilities remained a relatively small component of the total capital structure, generally fluctuating between 3% and 17%. However, a gradual upward trend is noted in non-current lease obligations toward the end of the period. Operating lease liabilities, non-current, rose from 0.30% in September 2022 to 4.30% by September 2024, and financing lease liabilities increased from 0.43% in December 2021 to 3.95% by September 2024. This suggests an increase in long-term infrastructure or equipment investments.
Overall Solvency and Capital Structure
The balance sheet demonstrates a return to a highly equity-heavy structure. After a period of high leverage (driven by deferred revenue) where total liabilities reached nearly 70%, the proportion of stockholders' equity recovered from a low of 30.23% in March 2021 to 75.47% by September 2024. This trajectory reflects a movement from a precarious funding position to a robust financial base supported by accumulated earnings.

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