Moderna Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss)	(4,714)	8,362)	12,202)	(747)	(514)
Net noncash charges	1,735)	74)	110)	197)	109)
Changes in assets and liabilities, net of acquisition of business	(139)	(3,455)	1,308)	2,577)	(54)
Net cash provided by (used in) operating activities	(3,118)	4,981)	13,620)	2,027)	(459)
Cash paid for interest, net of tax¹	31)	22)	13)	7)	6)
Purchases of property, plant and equipment	(707)	(400)	(284)	(67)	(32)
Right-of-use assets obtained in exchange for financing lease liabilities	—)	(777)	(126)	—)	—)
Free cash flow to the firm (FCFF)	(3,794)	3,826)	13,223)	1,966)	(485)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Moderna Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Moderna Inc. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

Moderna Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	21.00%	12.70%	8.10%	21.00%	0.00%
Interest Paid, Net of Tax
Cash paid for interest, before tax	39)	25)	14)	9)	6)
Less: Cash paid for interest, tax²	8)	3)	1)	2)	—)
Cash paid for interest, net of tax	31)	22)	13)	7)	6)

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 See details »

² 2023 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 39 × 21.00% = 8

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Moderna Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	11,320)
Free cash flow to the firm (FCFF)	(3,794)
Valuation Ratio
EV/FCFF	—
Benchmarks
EV/FCFF, Competitors¹
AbbVie Inc.	14.88
Amgen Inc.	20.75
Bristol-Myers Squibb Co.	10.43
Danaher Corp.	32.61
Eli Lilly & Co.	673.36
Gilead Sciences Inc.	16.32
Johnson & Johnson	17.83
Merck & Co. Inc.	29.48
Pfizer Inc.	31.32
Regeneron Pharmaceuticals Inc.	17.49
Thermo Fisher Scientific Inc.	27.26
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	26.03
EV/FCFF, Industry
Health Care	22.66

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Moderna Inc., historical EV/FCFF 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)
Enterprise value (EV)¹	28,826)	44,973)	51,004)	57,415)	8,579)
Free cash flow to the firm (FCFF)²	(3,794)	3,826)	13,223)	1,966)	(485)
Valuation Ratio
EV/FCFF³	—	11.76	3.86	29.20	—
Benchmarks
EV/FCFF, Competitors⁴
AbbVie Inc.	14.89	12.15	13.18	13.95	11.60
Amgen Inc.	22.22	16.01	15.82	14.51	16.05
Bristol-Myers Squibb Co.	9.14	13.87	10.52	11.63	23.39
Danaher Corp.	36.34	25.74	28.25	30.66	37.11
Eli Lilly & Co.	655.33	59.14	38.37	39.01	36.26
Gilead Sciences Inc.	13.41	13.58	8.42	13.60	9.78
Johnson & Johnson	19.30	23.80	21.25	20.75	19.31
Merck & Co. Inc.	37.84	19.09	23.27	34.12	20.46
Pfizer Inc.	32.24	9.15	8.40	21.74	19.44
Regeneron Pharmaceuticals Inc.	23.99	17.96	9.81	25.74	19.54
Thermo Fisher Scientific Inc.	28.85	31.61	33.14	26.14	28.88
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	27.16	17.98	16.01	19.85	19.15
EV/FCFF, Industry
Health Care	23.69	17.73	17.16	17.81	18.15

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 See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 28,826 ÷ -3,794 = —

⁴ Click competitor name to see calculations.

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Moderna Inc. (NASDAQ:MRNA)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical