Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Moderna Inc., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Moderna Inc. debt to equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Moderna Inc. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Moderna Inc. debt to capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Moderna Inc. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Moderna Inc. debt to assets ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Moderna Inc. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Moderna Inc. financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Moderna Inc. interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Moderna Inc. fixed charge coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Debt to Equity
Moderna Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Financing lease liabilities, current | —) | 161) | 165) | 24) | —) | |
| Financing lease liabilities, non-current | 575) | 912) | 599) | 110) | 39) | |
| Total debt | 575) | 1,073) | 764) | 134) | 39) | |
| Stockholders’ equity | 13,854) | 19,123) | 14,145) | 2,561) | 1,175) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.04 | 0.06 | 0.05 | 0.05 | 0.03 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| AbbVie Inc. | 5.73 | 3.67 | 4.98 | 6.58 | — | |
| Amgen Inc. | 10.37 | 10.64 | 4.97 | 3.51 | — | |
| Bristol-Myers Squibb Co. | 1.35 | 1.27 | 1.24 | 1.34 | 0.91 | |
| Danaher Corp. | 0.34 | 0.39 | 0.49 | 0.53 | — | |
| Eli Lilly & Co. | 2.34 | 1.52 | 1.88 | 2.94 | — | |
| Gilead Sciences Inc. | 1.09 | 1.19 | 1.27 | 1.73 | 1.09 | |
| Johnson & Johnson | 0.43 | 0.52 | 0.46 | 0.56 | — | |
| Merck & Co. Inc. | 0.93 | 0.67 | 0.87 | 1.26 | 1.02 | |
| Pfizer Inc. | 0.81 | 0.37 | 0.50 | 0.63 | 0.83 | |
| Regeneron Pharmaceuticals Inc. | 0.10 | 0.12 | 0.14 | 0.24 | — | |
| Thermo Fisher Scientific Inc. | 0.75 | 0.78 | 0.85 | 0.63 | — | |
| Vertex Pharmaceuticals Inc. | 0.02 | 0.03 | 0.06 | 0.07 | 0.09 | |
| Debt to Equity, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.97 | 0.80 | 0.93 | 1.12 | — | |
| Debt to Equity, Industry | ||||||
| Health Care | 0.81 | 0.72 | 0.79 | 0.90 | — | |
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 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 575 ÷ 13,854 = 0.04
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Moderna Inc. debt to equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Debt to Equity (including Operating Lease Liability)
Moderna Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Financing lease liabilities, current | —) | 161) | 165) | 24) | —) | |
| Financing lease liabilities, non-current | 575) | 912) | 599) | 110) | 39) | |
| Total debt | 575) | 1,073) | 764) | 134) | 39) | |
| Operating lease liabilities, current | 25) | 35) | 46) | 6) | 4) | |
| Operating lease liabilities, non-current | 643) | 92) | 106) | 97) | 94) | |
| Total debt (including operating lease liability) | 1,243) | 1,200) | 916) | 238) | 136) | |
| Stockholders’ equity | 13,854) | 19,123) | 14,145) | 2,561) | 1,175) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.09 | 0.06 | 0.06 | 0.09 | 0.12 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| AbbVie Inc. | 5.82 | 3.72 | 5.03 | 6.66 | — | |
| Amgen Inc. | 10.50 | 10.83 | 5.07 | 3.55 | — | |
| Bristol-Myers Squibb Co. | 1.41 | 1.31 | 1.27 | 1.37 | 0.92 | |
| Danaher Corp. | 0.37 | 0.41 | 0.52 | 0.56 | — | |
| Eli Lilly & Co. | 2.44 | 1.59 | 1.96 | 3.06 | — | |
| Gilead Sciences Inc. | 1.12 | 1.22 | 1.30 | 1.76 | 1.12 | |
| Johnson & Johnson | 0.44 | 0.53 | 0.47 | 0.57 | — | |
| Merck & Co. Inc. | 0.97 | 0.70 | 0.91 | 1.32 | 1.06 | |
| Pfizer Inc. | 0.84 | 0.41 | 0.54 | 0.65 | 0.85 | |
| Regeneron Pharmaceuticals Inc. | 0.11 | 0.12 | 0.15 | 0.25 | — | |
| Thermo Fisher Scientific Inc. | 0.78 | 0.82 | 0.89 | 0.65 | — | |
| Vertex Pharmaceuticals Inc. | 0.05 | 0.06 | 0.10 | 0.11 | 0.11 | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 1.00 | 0.83 | 0.96 | 1.15 | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.86 | 0.78 | 0.84 | 0.96 | — | |
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 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 1,243 ÷ 13,854 = 0.09
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Moderna Inc. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Capital
Moderna Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Financing lease liabilities, current | —) | 161) | 165) | 24) | —) | |
| Financing lease liabilities, non-current | 575) | 912) | 599) | 110) | 39) | |
| Total debt | 575) | 1,073) | 764) | 134) | 39) | |
| Stockholders’ equity | 13,854) | 19,123) | 14,145) | 2,561) | 1,175) | |
| Total capital | 14,429) | 20,196) | 14,909) | 2,696) | 1,213) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.04 | 0.05 | 0.05 | 0.05 | 0.03 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| AbbVie Inc. | 0.85 | 0.79 | 0.83 | 0.87 | — | |
| Amgen Inc. | 0.91 | 0.91 | 0.83 | 0.78 | — | |
| Bristol-Myers Squibb Co. | 0.57 | 0.56 | 0.55 | 0.57 | 0.48 | |
| Danaher Corp. | 0.26 | 0.28 | 0.33 | 0.35 | — | |
| Eli Lilly & Co. | 0.70 | 0.60 | 0.65 | 0.75 | — | |
| Gilead Sciences Inc. | 0.52 | 0.54 | 0.56 | 0.63 | 0.52 | |
| Johnson & Johnson | 0.30 | 0.34 | 0.31 | 0.36 | — | |
| Merck & Co. Inc. | 0.48 | 0.40 | 0.46 | 0.56 | 0.50 | |
| Pfizer Inc. | 0.45 | 0.27 | 0.33 | 0.39 | 0.45 | |
| Regeneron Pharmaceuticals Inc. | 0.09 | 0.11 | 0.13 | 0.20 | — | |
| Thermo Fisher Scientific Inc. | 0.43 | 0.44 | 0.46 | 0.39 | — | |
| Vertex Pharmaceuticals Inc. | 0.02 | 0.03 | 0.05 | 0.06 | 0.09 | |
| Debt to Capital, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.49 | 0.44 | 0.48 | 0.53 | — | |
| Debt to Capital, Industry | ||||||
| Health Care | 0.45 | 0.42 | 0.44 | 0.47 | — | |
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 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 575 ÷ 14,429 = 0.04
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Moderna Inc. debt to capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Debt to Capital (including Operating Lease Liability)
Moderna Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Financing lease liabilities, current | —) | 161) | 165) | 24) | —) | |
| Financing lease liabilities, non-current | 575) | 912) | 599) | 110) | 39) | |
| Total debt | 575) | 1,073) | 764) | 134) | 39) | |
| Operating lease liabilities, current | 25) | 35) | 46) | 6) | 4) | |
| Operating lease liabilities, non-current | 643) | 92) | 106) | 97) | 94) | |
| Total debt (including operating lease liability) | 1,243) | 1,200) | 916) | 238) | 136) | |
| Stockholders’ equity | 13,854) | 19,123) | 14,145) | 2,561) | 1,175) | |
| Total capital (including operating lease liability) | 15,097) | 20,323) | 15,061) | 2,799) | 1,311) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.08 | 0.06 | 0.06 | 0.08 | 0.10 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| AbbVie Inc. | 0.85 | 0.79 | 0.83 | 0.87 | — | |
| Amgen Inc. | 0.91 | 0.92 | 0.84 | 0.78 | — | |
| Bristol-Myers Squibb Co. | 0.58 | 0.57 | 0.56 | 0.58 | 0.48 | |
| Danaher Corp. | 0.27 | 0.29 | 0.34 | 0.36 | — | |
| Eli Lilly & Co. | 0.71 | 0.61 | 0.66 | 0.75 | — | |
| Gilead Sciences Inc. | 0.53 | 0.55 | 0.56 | 0.64 | 0.53 | |
| Johnson & Johnson | 0.31 | 0.35 | 0.32 | 0.36 | — | |
| Merck & Co. Inc. | 0.49 | 0.41 | 0.48 | 0.57 | 0.51 | |
| Pfizer Inc. | 0.46 | 0.29 | 0.35 | 0.39 | 0.46 | |
| Regeneron Pharmaceuticals Inc. | 0.10 | 0.11 | 0.13 | 0.20 | — | |
| Thermo Fisher Scientific Inc. | 0.44 | 0.45 | 0.47 | 0.40 | — | |
| Vertex Pharmaceuticals Inc. | 0.04 | 0.06 | 0.09 | 0.10 | 0.10 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.50 | 0.45 | 0.49 | 0.54 | — | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.46 | 0.44 | 0.46 | 0.49 | — | |
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).
1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 1,243 ÷ 15,097 = 0.08
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Moderna Inc. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Assets
Moderna Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Financing lease liabilities, current | —) | 161) | 165) | 24) | —) | |
| Financing lease liabilities, non-current | 575) | 912) | 599) | 110) | 39) | |
| Total debt | 575) | 1,073) | 764) | 134) | 39) | |
| Total assets | 18,426) | 25,858) | 24,669) | 7,337) | 1,589) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.03 | 0.04 | 0.03 | 0.02 | 0.02 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| AbbVie Inc. | 0.44 | 0.46 | 0.52 | 0.57 | — | |
| Amgen Inc. | 0.67 | 0.60 | 0.54 | 0.52 | — | |
| Bristol-Myers Squibb Co. | 0.42 | 0.41 | 0.41 | 0.43 | 0.36 | |
| Danaher Corp. | 0.22 | 0.23 | 0.27 | 0.28 | — | |
| Eli Lilly & Co. | 0.39 | 0.33 | 0.35 | 0.36 | — | |
| Gilead Sciences Inc. | 0.40 | 0.40 | 0.39 | 0.46 | 0.40 | |
| Johnson & Johnson | 0.18 | 0.21 | 0.19 | 0.20 | — | |
| Merck & Co. Inc. | 0.33 | 0.28 | 0.31 | 0.35 | 0.31 | |
| Pfizer Inc. | 0.32 | 0.18 | 0.21 | 0.26 | 0.31 | |
| Regeneron Pharmaceuticals Inc. | 0.08 | 0.09 | 0.11 | 0.16 | — | |
| Thermo Fisher Scientific Inc. | 0.35 | 0.35 | 0.37 | 0.31 | — | |
| Vertex Pharmaceuticals Inc. | 0.02 | 0.03 | 0.04 | 0.05 | 0.07 | |
| Debt to Assets, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.34 | 0.31 | 0.32 | 0.36 | — | |
| Debt to Assets, Industry | ||||||
| Health Care | 0.29 | 0.27 | 0.28 | 0.31 | — | |
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 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 575 ÷ 18,426 = 0.03
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Moderna Inc. debt to assets ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Debt to Assets (including Operating Lease Liability)
Moderna Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Financing lease liabilities, current | —) | 161) | 165) | 24) | —) | |
| Financing lease liabilities, non-current | 575) | 912) | 599) | 110) | 39) | |
| Total debt | 575) | 1,073) | 764) | 134) | 39) | |
| Operating lease liabilities, current | 25) | 35) | 46) | 6) | 4) | |
| Operating lease liabilities, non-current | 643) | 92) | 106) | 97) | 94) | |
| Total debt (including operating lease liability) | 1,243) | 1,200) | 916) | 238) | 136) | |
| Total assets | 18,426) | 25,858) | 24,669) | 7,337) | 1,589) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.07 | 0.05 | 0.04 | 0.03 | 0.09 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| AbbVie Inc. | 0.45 | 0.46 | 0.53 | 0.58 | — | |
| Amgen Inc. | 0.67 | 0.61 | 0.56 | 0.53 | — | |
| Bristol-Myers Squibb Co. | 0.44 | 0.42 | 0.42 | 0.44 | 0.37 | |
| Danaher Corp. | 0.23 | 0.25 | 0.28 | 0.29 | — | |
| Eli Lilly & Co. | 0.41 | 0.34 | 0.36 | 0.37 | — | |
| Gilead Sciences Inc. | 0.41 | 0.41 | 0.40 | 0.47 | 0.41 | |
| Johnson & Johnson | 0.18 | 0.22 | 0.19 | 0.21 | — | |
| Merck & Co. Inc. | 0.34 | 0.29 | 0.33 | 0.37 | 0.32 | |
| Pfizer Inc. | 0.33 | 0.20 | 0.23 | 0.27 | 0.32 | |
| Regeneron Pharmaceuticals Inc. | 0.08 | 0.09 | 0.11 | 0.16 | — | |
| Thermo Fisher Scientific Inc. | 0.37 | 0.37 | 0.38 | 0.33 | — | |
| Vertex Pharmaceuticals Inc. | 0.04 | 0.05 | 0.07 | 0.08 | 0.08 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.35 | 0.32 | 0.34 | 0.37 | — | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.31 | 0.29 | 0.30 | 0.33 | — | |
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 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 1,243 ÷ 18,426 = 0.07
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Moderna Inc. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023. |
Financial Leverage
Moderna Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| 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 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| AbbVie Inc. | 13.00 | 8.04 | 9.51 | 11.51 | — | |
| Amgen Inc. | 15.59 | 17.79 | 9.13 | 6.69 | — | |
| Bristol-Myers Squibb Co. | 3.23 | 3.12 | 3.04 | 3.13 | 2.52 | |
| Danaher Corp. | 1.58 | 1.68 | 1.84 | 1.92 | — | |
| Eli Lilly & Co. | 5.94 | 4.65 | 5.44 | 8.27 | — | |
| Gilead Sciences Inc. | 2.72 | 2.97 | 3.23 | 3.76 | 2.74 | |
| Johnson & Johnson | 2.44 | 2.44 | 2.46 | 2.76 | — | |
| Merck & Co. Inc. | 2.84 | 2.37 | 2.77 | 3.62 | 3.26 | |
| Pfizer Inc. | 2.54 | 2.06 | 2.35 | 2.44 | 2.65 | |
| Regeneron Pharmaceuticals Inc. | 1.27 | 1.29 | 1.36 | 1.56 | — | |
| Thermo Fisher Scientific Inc. | 2.11 | 2.21 | 2.33 | 2.00 | — | |
| Vertex Pharmaceuticals Inc. | 1.29 | 1.30 | 1.33 | 1.35 | 1.37 | |
| Financial Leverage, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 2.85 | 2.62 | 2.86 | 3.16 | — | |
| Financial Leverage, Industry | ||||||
| Health Care | 2.79 | 2.67 | 2.77 | 2.94 | — | |
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 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 18,426 ÷ 13,854 = 1.33
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Moderna Inc. financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023. |
Interest Coverage
Moderna Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) | (4,714) | 8,362) | 12,202) | (747) | (514) | |
| Add: Income tax expense | 772) | 1,213) | 1,083) | 3) | (1) | |
| Add: Interest expense | 38) | 29) | 18) | 10) | 7) | |
| Earnings before interest and tax (EBIT) | (3,904) | 9,604) | 13,303) | (735) | (508) | |
| Solvency Ratio | ||||||
| Interest coverage1 | -102.74 | 331.17 | 739.06 | -74.31 | -76.85 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| AbbVie Inc. | 3.81 | 7.04 | 6.36 | 2.38 | — | |
| Amgen Inc. | 3.73 | 6.22 | 6.60 | 7.44 | — | |
| Bristol-Myers Squibb Co. | 8.24 | 7.26 | 7.07 | -3.84 | 8.58 | |
| Danaher Corp. | 18.64 | 40.30 | 32.92 | 17.35 | — | |
| Eli Lilly & Co. | 14.49 | 21.53 | 19.12 | 21.11 | — | |
| Gilead Sciences Inc. | 8.27 | 7.22 | 9.27 | 2.70 | 6.19 | |
| Johnson & Johnson | 20.51 | 79.71 | 125.46 | 83.07 | — | |
| Merck & Co. Inc. | 2.65 | 18.09 | 18.22 | 11.58 | 13.84 | |
| Pfizer Inc. | 1.48 | 29.05 | 19.83 | 6.17 | 12.23 | |
| Regeneron Pharmaceuticals Inc. | 58.52 | 82.80 | 163.75 | 67.97 | — | |
| Thermo Fisher Scientific Inc. | 5.54 | 11.56 | 17.49 | 14.07 | — | |
| Vertex Pharmaceuticals Inc. | 100.32 | 78.23 | 45.40 | 54.60 | 24.84 | |
| Interest Coverage, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 6.43 | 15.40 | 14.91 | 7.56 | — | |
| Interest Coverage, Industry | ||||||
| Health Care | 7.09 | 12.71 | 12.24 | 7.71 | — | |
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 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= -3,904 ÷ 38 = -102.74
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Moderna Inc. interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Fixed Charge Coverage
Moderna Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) | (4,714) | 8,362) | 12,202) | (747) | (514) | |
| Add: Income tax expense | 772) | 1,213) | 1,083) | 3) | (1) | |
| Add: Interest expense | 38) | 29) | 18) | 10) | 7) | |
| Earnings before interest and tax (EBIT) | (3,904) | 9,604) | 13,303) | (735) | (508) | |
| Add: Operating lease costs | 88) | 48) | 24) | 17) | 17) | |
| Earnings before fixed charges and tax | (3,816) | 9,652) | 13,327) | (718) | (491) | |
| Interest expense | 38) | 29) | 18) | 10) | 7) | |
| Operating lease costs | 88) | 48) | 24) | 17) | 17) | |
| Fixed charges | 126) | 77) | 42) | 27) | 24) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | -30.29 | 125.35 | 317.31 | -26.75 | -20.79 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| AbbVie Inc. | 3.59 | 6.54 | 5.90 | 2.28 | — | |
| Amgen Inc. | 3.55 | 5.52 | 5.67 | 6.48 | — | |
| Bristol-Myers Squibb Co. | 6.69 | 6.30 | 6.01 | -3.08 | 7.10 | |
| Danaher Corp. | 9.55 | 13.41 | 10.85 | 7.10 | — | |
| Eli Lilly & Co. | 10.98 | 15.17 | 13.33 | 15.06 | — | |
| Gilead Sciences Inc. | 7.18 | 6.30 | 8.15 | 2.45 | 5.46 | |
| Johnson & Johnson | 16.50 | 38.72 | 48.16 | 33.93 | — | |
| Merck & Co. Inc. | 2.27 | 13.69 | 13.08 | 8.47 | 10.31 | |
| Pfizer Inc. | 1.34 | 18.79 | 14.22 | 4.98 | 9.88 | |
| Regeneron Pharmaceuticals Inc. | 46.55 | 68.67 | 138.96 | 57.70 | — | |
| Thermo Fisher Scientific Inc. | 4.61 | 8.12 | 12.19 | 10.30 | — | |
| Vertex Pharmaceuticals Inc. | 48.66 | 47.97 | 29.62 | 39.35 | 20.79 | |
| Fixed Charge Coverage, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 5.40 | 11.85 | 11.49 | 6.11 | — | |
| Fixed Charge Coverage, Industry | ||||||
| Health Care | 5.52 | 9.02 | 8.67 | 5.70 | — | |
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 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= -3,816 ÷ 126 = -30.29
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Moderna Inc. fixed charge coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |