Stock Analysis on Net
Stock Analysis on Net

Moderna Inc. (NASDAQ:MRNA)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Moderna Inc., decomposition of ROE

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 -34.03% = -25.58% × 1.33
Dec 31, 2022 43.73% = 32.34% × 1.35
Dec 31, 2021 86.26% = 49.46% × 1.74
Dec 31, 2020 -29.17% = -10.18% × 2.86
Dec 31, 2019 -43.75% = -32.34% × 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).

The primary reason for the decrease in return on equity ratio (ROE) over 2023 year is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Moderna Inc., decomposition of ROE

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 -34.03% = -70.66% × 0.36 × 1.33
Dec 31, 2022 43.73% = 45.36% × 0.71 × 1.35
Dec 31, 2021 86.26% = 69.04% × 0.72 × 1.74
Dec 31, 2020 -29.17% = -373.77% × 0.03 × 2.86
Dec 31, 2019 -43.75% = — × 0.00 × 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).

The primary reason for the decrease in return on equity ratio (ROE) over 2023 year is the decrease in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Moderna Inc., decomposition of ROE

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 -34.03% = — × — × -58.52% × 0.36 × 1.33
Dec 31, 2022 43.73% = 0.87 × 1.00 × 52.10% × 0.71 × 1.35
Dec 31, 2021 86.26% = 0.92 × 1.00 × 75.26% × 0.72 × 1.74
Dec 31, 2020 -29.17% = — × — × -367.55% × 0.03 × 2.86
Dec 31, 2019 -43.75% = — × — × — × 0.00 × 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).

Two-Component Disaggregation of ROA

Moderna Inc., decomposition of ROA

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 -25.58% = -70.66% × 0.36
Dec 31, 2022 32.34% = 45.36% × 0.71
Dec 31, 2021 49.46% = 69.04% × 0.72
Dec 31, 2020 -10.18% = -373.77% × 0.03
Dec 31, 2019 -32.34% = — × 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).

The primary reason for the decrease in return on assets ratio (ROA) over 2023 year is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Moderna Inc., decomposition of ROA

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2023 -25.58% = — × — × -58.52% × 0.36
Dec 31, 2022 32.34% = 0.87 × 1.00 × 52.10% × 0.71
Dec 31, 2021 49.46% = 0.92 × 1.00 × 75.26% × 0.72
Dec 31, 2020 -10.18% = — × — × -367.55% × 0.03
Dec 31, 2019 -32.34% = — × — × — × 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).

Disaggregation of Net Profit Margin

Moderna Inc., decomposition of net profit margin ratio

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2023 -70.66% = — × — × -58.52%
Dec 31, 2022 45.36% = 0.87 × 1.00 × 52.10%
Dec 31, 2021 69.04% = 0.92 × 1.00 × 75.26%
Dec 31, 2020 -373.77% = — × — × -367.55%
Dec 31, 2019 — = — × — × —

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).