Moderna Inc., current enterprise value calculation

Current share price (P)	$37.29
No. shares of common stock outstanding	384,817,811
US$ in millions
Common equity (market value)¹	14,350)
Add: Preferred stock, $0.0001; no shares issued or outstanding (per books)	—)
Total equity	14,350)
Add: Financing lease liabilities, current (per books)	—)
Add: Financing lease liabilities, non-current (per books)	575)
Total equity and debt	14,925)
Less: Cash and cash equivalents	2,907)
Less: Investments	5,697)
Enterprise value (EV)	6,321)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 37.29 × 384,817,811

Moderna Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$96.46	$139.26	$151.33	$154.81	$26.16
No. shares of common stock outstanding¹	382,073,208	386,339,594	402,872,986	399,769,582	368,642,548
US$ in millions
Common equity (market value)³	36,855)	53,802)	60,967)	61,888)	9,644)
Add: Preferred stock, $0.0001; no shares issued or outstanding (book value)	—)	—)	—)	—)	—)
Total equity	36,855)	53,802)	60,967)	61,888)	9,644)
Add: Financing lease liabilities, current (book value)	—)	161)	165)	24)	—)
Add: Financing lease liabilities, non-current (book value)	575)	912)	599)	110)	39)
Total equity and debt	37,430)	54,875)	61,731)	62,023)	9,682)
Less: Cash and cash equivalents	2,907)	3,205)	6,848)	2,624)	236)
Less: Investments	5,697)	6,697)	3,879)	1,984)	867)
Enterprise value (EV)	28,826)	44,973)	51,004)	57,415)	8,579)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Moderna Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 96.46 × 382,073,208

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Moderna Inc. EV decreased from 2021 to 2022 and from 2022 to 2023.

Moderna Inc. (NASDAQ:MRNA)

Enterprise Value (EV)