Moderna, Inc. (MRNA) 10-Year Financial Performance & Capital Metrics

MRNA •

HealthcareBiotechnologyVaccines and Infectious Disease

AboutModerna, Inc., a biotechnology company, discovers, develops, and commercializes messenger RNA therapeutics and vaccines for the treatment of infectious diseases, immuno-oncology, rare diseases, cardiovascular diseases, and auto-immune diseases in the United States, Europe, and internationally. Its respiratory vaccines include COVID-19, flu, respiratory syncytial virus, Endemic HCoV, and hMPV+PIV3 vaccines; latent vaccines comprise cytomegalovirus, epstein-barr virus, human immunodeficiency virus, herpes simplex virus, and varicella-zoster virus vaccines; and public health vaccines consists of Zika and Nipah vaccines. The company also offers systemic secreted and cell surface therapeutics; cancer vaccines, such as personalized cancer, KRAS, and checkpoint vaccines; intratumoral immuno-oncology products; localized regenerative, systemic intracellular, and inhaled pulmonary therapeutics. It has strategic alliances with AstraZeneca PLC; Merck & Co., Inc.; Vertex Pharmaceuticals Incorporated; Vertex Pharmaceuticals (Europe) Limited; Carisma Therapeutics, Inc.; Metagenomi, Inc.; the Defense Advanced Research Projects Agency; Biomedical Advanced Research and Development Authority; Institute for Life Changing Medicines; and The Bill & Melinda Gates Foundation, as well as a collaboration and license agreement with Chiesi Farmaceutici S.P.A. The company was formerly known as Moderna Therapeutics, Inc. and changed its name to Moderna, Inc. in August 2018. Moderna, Inc. was founded in 2010 and is headquartered in Cambridge, Massachusetts.Show more

Revenue $3.2B -53.3%
EBITDA -$3.76B -3.8%
Net Income -$3.56B +24.5%
EPS (Diluted) -9.27 +24.9%
Gross Margin 54.24% +72.3%
EBITDA Margin -117.41% -122.2%
Operating Margin -123.32% -99.2%
Net Margin -111.32% -61.7%
ROE -28.77% -0.6%
ROIC -27.01% -24.5%
Debt/Equity 0.07 -23.6%
Interest Coverage -164.38 -47.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 94 (top 6%)
✓Strong 5Y sales CAGR of 121.3%
✓Trading near 52-week high

✗Weaknesses

✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y121.35%

3Y-43.5%

TTM-56.07%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-40.11%

EPS CAGR

10Y-

5Y-

3Y-

TTM-38.48%

ROCE

10Y Avg-0.47%

5Y Avg21.71%

3Y Avg-0.18%

Latest-28.85%

Peer Comparison

Vaccines and Infectious Disease

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CVACCureVac N.V.	1.05B	4.66	6.47	8.96%	37.93%	33.02%	7.95%	0.06
NVAXNovavax, Inc.	1.67B	10.14	3.93	64.69%	39.19%
SCNIScinai Immunotherapeutics Ltd.	3.03B	0.89	0.15		401.83%	58.65%		0.21
TNXPTonix Pharmaceuticals Holding Corp.	142.05M	13.97	-0.08	29.94%	-9.63%	-42.93%		0.04
INOInovio Pharmaceuticals, Inc.	65.34M	1.81	-0.46	-73.83%	-592.82%	-115.42%		0.17
IVVDInvivyd, Inc.	362.35M	1.69	-1.18		-119.63%	-64.32%		0.02
SPROSpero Therapeutics, Inc.	122.2M	2.17	-1.71	-53.77%	-122.56%	-165.46%		0.09
AVIRAtea Pharmaceuticals, Inc.	365.63M	4.68	-2.34			-46.56%		0.00

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	108.4M	205.82M	135.07M	60.21M	803.39M	17.74B	18.88B	6.85B	3.2B
Revenue Growth %	-	89.88%	-34.38%	-55.42%	1234.34%	2107.63%	6.42%	-63.72%	-53.29%
Cost of Goods Sold+	15.11M	20.54M	24.86M	31.02M	39.18M	2.62B	5.42B	4.69B	1.46B
COGS % of Revenue	13.94%	9.98%	18.41%	51.52%	4.88%	14.76%	28.69%	68.53%	45.76%
Gross Profit+	93.28M	185.29M	-319.01M	29.19M	764.21M	15.12B	13.46B	2.15B	1.74B
Gross Margin %	86.06%	90.02%	-236.19%	48.48%	95.12%	85.24%	71.31%	31.47%	54.24%
Gross Profit Growth %	-	98.63%	-272.17%	109.15%	2518.24%	1878.38%	-10.98%	-83.99%	-19.49%
Operating Expenses+	317.05M	454.64M	94.25M	574.91M	1.53B	1.82B	4.04B	6.39B	5.68B
OpEx % of Revenue	292.5%	220.89%	69.78%	954.85%	190.11%	10.28%	21.4%	93.37%	177.56%
Selling, General & Admin	57.45M	64.72M	94.25M	109.62M	188.27M	567M	1.13B	1.55B	1.17B
SG&A % of Revenue	53%	31.45%	69.78%	182.07%	23.43%	3.2%	6%	22.62%	36.7%
Research & Development	274.72M	410.46M	454.08M	496.31M	1.37B	1.99B	3.29B	4.84B	4.54B
R&D % of Revenue	253.44%	199.42%	336.19%	824.31%	170.57%	11.23%	17.46%	70.75%	142.01%
Other Operating Expenses	-15.11M	-20.54M	-454.08M	-31.02M	-31.25M	-735M	-388M	0	-37M
Operating Income+	-223.77M	-269.36M	-468.87M	-545.72M	-763.14M	13.3B	9.42B	-4.24B	-3.94B
Operating Margin %	-206.44%	-130.87%	-347.13%	-906.38%	-94.99%	74.97%	49.91%	-61.9%	-123.32%
Operating Income Growth %	-	-20.37%	-74.07%	-16.39%	-39.84%	1842.27%	-29.15%	-145%	6.94%
EBITDA+	-208.66M	-248.82M	-444M	-514.7M	-731.89M	13.53B	9.77B	-3.62B	-3.76B
EBITDA Margin %	-192.5%	-120.89%	-328.73%	-854.85%	-91.1%	76.27%	51.75%	-52.83%	-117.41%
EBITDA Growth %	-	-19.25%	-78.44%	-15.92%	-42.2%	1948.36%	-27.79%	-137.04%	-3.81%
D&A (Non-Cash Add-back)	15.11M	20.54M	24.86M	31.02M	31.25M	232M	348M	621M	189M
EBIT	-223.77M	-255.86M	-436.91M	-508.1M	-734.63M	13.3B	9.42B	-3.9B	-3.58B
Net Interest Income+	11.31M	15.1M	23.93M	31.92M	14.83M	0	171M	383M	401M
Interest Income	11.31M	15.23M	27.02M	38.53M	24.71M	18M	200M	421M	425M
Interest Expense	0	132K	3.1M	6.61M	9.89M	18M	29M	38M	24M
Other Income/Expense	8.6M	13.36M	28.86M	31M	18.63M	-11M	155M	297M	338M
Pretax Income+	-215.17M	-256M	-440.01M	-514.72M	-744.51M	13.29B	9.57B	-3.94B	-3.61B
Pretax Margin %	-198.5%	-124.38%	-325.77%	-854.88%	-92.67%	74.9%	50.73%	-57.56%	-112.75%
Income Tax+	1.04M	-80K	326K	-695K	2.55M	1.08B	1.21B	772M	-46M
Effective Tax Rate %	100.48%	99.97%	87.44%	99.87%	100.34%	91.85%	87.33%	119.58%	98.72%
Net Income+	-216.21M	-255.92M	-384.73M	-514.02M	-747.06M	12.2B	8.36B	-4.71B	-3.56B
Net Margin %	-199.46%	-124.34%	-284.84%	-853.73%	-92.99%	68.8%	44.3%	-68.84%	-111.32%
Net Income Growth %	-	-18.36%	-50.34%	-33.6%	-45.34%	1733.33%	-31.47%	-156.37%	24.46%
Net Income (Continuing)	-216.21M	-255.92M	-384.73M	-514.02M	-747.06M	12.2B	8.36B	-4.71B	-3.56B
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-3.79	-0.72	-1.17	-1.55	-1.96	28.29	20.10	-12.34	-9.27
EPS Growth %	-	81%	-62.5%	-32.48%	-26.45%	1543.37%	-28.95%	-161.39%	24.88%
EPS (Basic)	-3.79	-0.72	-1.17	-1.55	-1.96	30.31	21.26	-12.34	-9.27
Diluted Shares Outstanding	64.09M	376M	328.8M	330.8M	381.33M	431M	416M	382M	384M
Basic Shares Outstanding	64.09M	376M	328.8M	330.8M	381.33M	403M	394M	382M	384M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.09B	783.22M	1.56B	1.13B	6.3B	16.07B	13.43B	10.32B	8.1B
Cash & Short-Term Investments	1.06B	756.03M	1.52B	1.1B	4.61B	10.73B	9.9B	8.6B	7.03B
Cash Only	50.08M	134.86M	658.36M	235.88M	2.62B	6.85B	3.21B	2.91B	1.93B
Short-Term Investments	1.01B	621.17M	863.06M	867.12M	1.98B	3.88B	6.7B	5.7B	5.1B
Accounts Receivable	17.95M	18.4M	30.58M	16.3M	1.41B	3.32B	1.69B	1.08B	592M
Days Sales Outstanding	60.45	32.64	82.65	98.8	639.69	68.39	32.58	57.62	67.55
Inventory	0	0	0	0	47M	1.44B	949M	202M	117M
Days Inventory Outstanding	-	-	-	-	437.81	200.98	63.96	15.71	29.17
Other Current Assets	0	951K	595K	1.03M	11M	26M	44M	88M	58M
Total Non-Current Assets+	330.01M	301.27M	399.14M	460.62M	1.04B	8.6B	12.43B	8.1B	6.04B
Property, Plant & Equipment	81.21M	139.03M	211.98M	287.91M	387M	1.38B	2.14B	2.66B	2.96B
Fixed Asset Turnover	1.33x	1.48x	0.64x	0.21x	2.08x	12.82x	8.82x	2.58x	1.08x
Goodwill	0	0	0	0	0	0	0	52M	52M
Intangible Assets	0	0	0	0	0	0	0	44M	40M
Long-Term Investments	236.57M	145.85M	172.99M	159.99M	639M	6.84B	8.36B	4.74B	2.51B
Other Non-Current Assets	12.23M	16.38M	14.18M	12.72M	13M	46M	946M	523M	407M
Total Assets+	1.42B	1.08B	1.96B	1.59B	7.34B	24.67B	25.86B	18.43B	14.14B
Asset Turnover	0.08x	0.19x	0.07x	0.04x	0.11x	0.72x	0.73x	0.37x	0.23x
Asset Growth %	-	-23.47%	80.93%	-19%	361.61%	236.23%	4.82%	-28.74%	-23.25%
Total Current Liabilities+	162.8M	191.46M	222.8M	143.12M	4.39B	9.13B	4.92B	3.02B	2.21B
Accounts Payable	28.16M	20.73M	31.21M	7.09M	18M	302M	487M	520M	405M
Days Payables Outstanding	679.99	368.34	458.2	83.42	167.67	42.12	32.82	40.44	100.97
Short-Term Debt	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	107.74M	96.74M	109.06M	63.31M	3.87B	6.25B	2.04B	568M	153M
Other Current Liabilities	13.54M	19.5M	26.87M	32.49M	99M	140M	243M	842M	863M
Current Ratio	6.68x	4.09x	7.02x	7.89x	1.43x	1.76x	2.73x	3.42x	3.67x
Quick Ratio	6.68x	4.09x	7.02x	7.89x	1.42x	1.60x	2.54x	3.36x	3.62x
Cash Conversion Cycle	-	-	-	-	909.82	227.25	63.72	32.88	-4.26
Total Non-Current Liabilities+	412.51M	267.73M	209.1M	271.5M	387M	1.4B	1.81B	1.56B	1.03B
Long-Term Debt	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	12.5M	15.69M	33.49M	132.36M	207M	705M	1B	1.22B	710M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	5.76M	9.12M	10.26M	138K	3M	76M	135M	256M	267M
Total Liabilities	575.31M	459.19M	431.91M	414.61M	4.78B	10.52B	6.74B	4.57B	3.24B
Total Debt+	12.5M	15.69M	33.49M	132.36M	237M	916M	1.2B	1.24B	747M
Net Debt	-37.58M	-119.17M	-624.88M	-103.51M	-2.39B	-5.93B	-2B	-1.66B	-1.18B
Debt / Equity	0.01x	0.03x	0.02x	0.11x	0.09x	0.06x	0.06x	0.09x	0.07x
Debt / EBITDA	-	-	-	-	-	0.07x	0.12x	-	-
Net Debt / EBITDA	-	-	-	-	-	-0.44x	-0.21x	-	-
Interest Coverage	-	-2040.58x	-151.44x	-82.53x	-77.19x	738.67x	324.83x	-111.55x	-164.38x
Total Equity+	841.85M	625.3M	1.53B	1.17B	2.56B	14.14B	19.12B	13.85B	10.9B
Equity Growth %	-	-25.72%	144.72%	-23.23%	117.99%	452.32%	35.19%	-27.55%	-21.32%
Book Value per Share	13.13	1.66	4.65	3.55	6.72	32.82	45.97	36.27	28.39
Total Shareholders' Equity	841.85M	625.3M	1.53B	1.17B	2.56B	14.14B	19.12B	13.85B	10.9B
Common Stock	6K	6K	33K	34K	0	0	0	0	0
Retained Earnings	-365.72M	-621.89M	-1.01B	-1.5B	-2.24B	9.96B	18.32B	13.61B	10.04B
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-403K	-1.16M	-1.32M	1.8M	3M	-24M	-370M	-123M	-10M
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	66.73M	-331.48M	-330.87M	-458.97M	2.03B	13.62B	4.98B	-3.12B	-3B
Operating CF Margin %	61.57%	-161.05%	-244.96%	-762.29%	252.3%	76.79%	26.39%	-45.53%	-93.9%
Operating CF Growth %	-	-596.72%	0.19%	-38.72%	541.64%	571.94%	-63.43%	-162.6%	3.66%
Net Income	-216.21M	-255.92M	-384.73M	-514.02M	-747.06M	12.2B	8.36B	-4.71B	-3.56B
Depreciation & Amortization	15.11M	20.54M	24.86M	31.02M	93M	232M	348M	621M	189M
Stock-Based Compensation	39.36M	40.05M	72.56M	81.12M	93M	142M	226M	305M	429M
Deferred Taxes	288K	0	0	0	10.42M	-318M	-559M	828M	0
Other Non-Cash Items	2.19M	1.09M	-975K	-3.43M	558K	54M	59M	-19M	17M
Working Capital Changes	225.99M	-137.25M	-42.58M	-53.66M	2.58B	1.31B	-3.46B	-139M	-78M
Change in Receivables	52.34M	106K	832K	7.22M	-1.39B	-1.78B	1.79B	493M	534M
Change in Inventory	-582K	34.8M	4.41M	7.2M	-46.53M	-1.39B	492M	747M	83M
Change in Payables	5.99M	-12.77M	15.02M	-23.96M	11.88M	204M	240M	13M	-69M
Cash from Investing+	-648.61M	416.1M	-372.47M	-14.95M	-1.67B	-8.52B	-5.18B	4.21B	1.95B
Capital Expenditures	-33.14M	-58.4M	-105.77M	-31.55M	-67.45M	-284M	-400M	-707M	-1.05B
CapEx % of Revenue	30.58%	28.37%	78.31%	52.41%	8.4%	1.6%	2.12%	10.32%	32.85%
Acquisitions	0	0	0	0	0	0	0	-85M	0
Investments	-	-	-	-	-	-	-	-	-
Other Investing	-8.9M	-1.27M	622K	0	0	-30M	-40M	0	0
Cash from Financing+	472.91M	168K	1.23B	51.12M	2.03B	-873M	-3.45B	-1.38B	56M
Debt Issued (Net)	0	1.44M	9.46M	1M	-6M	-140M	-184M	-270M	-10M
Equity Issued (Net)	1000K	212K	1000K	1000K	1000K	-1000K	-1000K	-1000K	1000K
Dividends Paid	-633K	-1.48M	0	0	0	0	0	0	0
Share Repurchases	0	0	-8.18M	2.89M	0	-857M	-3.33B	-1.15B	0
Other Financing	11K	0	0	-29K	193K	0	0	0	0
Net Change in Cash	-108.96M	84.78M	523.5M	-422.79M	2.39B	4.22B	-3.64B	-289M	-999M
Free Cash Flow+	33.59M	-389.88M	-436.63M	-490.52M	1.96B	13.34B	4.58B	-3.83B	-4.05B
FCF Margin %	30.99%	-189.43%	-323.27%	-814.7%	243.91%	75.19%	24.27%	-55.86%	-126.76%
FCF Growth %	-	-1260.72%	-11.99%	-12.34%	499.48%	580.57%	-65.65%	-183.5%	-6.01%
FCF per Share	0.52	-1.04	-1.33	-1.48	5.14	30.94	11.01	-10.01	-10.56
FCF Conversion (FCF/Net Income)	-0.31x	1.30x	0.86x	0.89x	-2.71x	1.12x	0.60x	0.66x	0.84x
Interest Paid	0	0	3M	0	9M	14M	25M	39M	24M
Taxes Paid	905K	398K	294K	0	1M	480M	2.73B	0	197M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-25.68%	-34.89%	-35.7%	-38%	-39.99%	146.08%	50.27%	-28.59%	-28.77%
Return on Invested Capital (ROIC)	-20.87%	-30.83%	-49.83%	-41.41%	-91.92%	237.8%	55.78%	-21.7%	-27.01%
Gross Margin	86.06%	90.02%	-236.19%	48.48%	95.12%	85.24%	71.31%	31.47%	54.24%
Net Margin	-199.46%	-124.34%	-284.84%	-853.73%	-92.99%	68.8%	44.3%	-68.84%	-111.32%
Debt / Equity	0.01x	0.03x	0.02x	0.11x	0.09x	0.06x	0.06x	0.09x	0.07x
Interest Coverage	-	-2040.58x	-151.44x	-82.53x	-77.19x	738.67x	324.83x	-111.55x	-164.38x
FCF Conversion	-0.31x	1.30x	0.86x	0.89x	-2.71x	1.12x	0.60x	0.66x	0.84x
Revenue Growth	-	89.88%	-34.38%	-55.42%	1234.34%	2107.63%	6.42%	-63.72%	-53.29%

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Moderna, Inc. (MRNA) 10-Year Financial Performance & Capital Metrics

MRNA •

HealthcareBiotechnologyVaccines and Infectious Disease

Revenue $3.2B -53.3%
EBITDA -$3.76B -3.8%
Net Income -$3.56B +24.5%
EPS (Diluted) -9.27 +24.9%
Gross Margin 54.24% +72.3%
EBITDA Margin -117.41% -122.2%
Operating Margin -123.32% -99.2%
Net Margin -111.32% -61.7%
ROE -28.77% -0.6%
ROIC -27.01% -24.5%
Debt/Equity 0.07 -23.6%
Interest Coverage -164.38 -47.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 94 (top 6%)
✓Strong 5Y sales CAGR of 121.3%
✓Trading near 52-week high

✗Weaknesses

✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y121.35%

3Y-43.5%

TTM-56.07%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-40.11%

EPS CAGR

10Y-

5Y-

3Y-

TTM-38.48%

ROCE

10Y Avg-0.47%

5Y Avg21.71%

3Y Avg-0.18%

Latest-28.85%

Peer Comparison

Vaccines and Infectious Disease

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CVACCureVac N.V.	1.05B	4.66	6.47	8.96%	37.93%	33.02%	7.95%	0.06
NVAXNovavax, Inc.	1.67B	10.14	3.93	64.69%	39.19%
SCNIScinai Immunotherapeutics Ltd.	3.03B	0.89	0.15		401.83%	58.65%		0.21
TNXPTonix Pharmaceuticals Holding Corp.	142.05M	13.97	-0.08	29.94%	-9.63%	-42.93%		0.04
INOInovio Pharmaceuticals, Inc.	65.34M	1.81	-0.46	-73.83%	-592.82%	-115.42%		0.17
IVVDInvivyd, Inc.	362.35M	1.69	-1.18		-119.63%	-64.32%		0.02
SPROSpero Therapeutics, Inc.	122.2M	2.17	-1.71	-53.77%	-122.56%	-165.46%		0.09
AVIRAtea Pharmaceuticals, Inc.	365.63M	4.68	-2.34			-46.56%		0.00

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	108.4M	205.82M	135.07M	60.21M	803.39M	17.74B	18.88B	6.85B	3.2B
Revenue Growth %	-	89.88%	-34.38%	-55.42%	1234.34%	2107.63%	6.42%	-63.72%	-53.29%
Cost of Goods Sold+	15.11M	20.54M	24.86M	31.02M	39.18M	2.62B	5.42B	4.69B	1.46B
COGS % of Revenue	13.94%	9.98%	18.41%	51.52%	4.88%	14.76%	28.69%	68.53%	45.76%
Gross Profit+	93.28M	185.29M	-319.01M	29.19M	764.21M	15.12B	13.46B	2.15B	1.74B
Gross Margin %	86.06%	90.02%	-236.19%	48.48%	95.12%	85.24%	71.31%	31.47%	54.24%
Gross Profit Growth %	-	98.63%	-272.17%	109.15%	2518.24%	1878.38%	-10.98%	-83.99%	-19.49%
Operating Expenses+	317.05M	454.64M	94.25M	574.91M	1.53B	1.82B	4.04B	6.39B	5.68B
OpEx % of Revenue	292.5%	220.89%	69.78%	954.85%	190.11%	10.28%	21.4%	93.37%	177.56%
Selling, General & Admin	57.45M	64.72M	94.25M	109.62M	188.27M	567M	1.13B	1.55B	1.17B
SG&A % of Revenue	53%	31.45%	69.78%	182.07%	23.43%	3.2%	6%	22.62%	36.7%
Research & Development	274.72M	410.46M	454.08M	496.31M	1.37B	1.99B	3.29B	4.84B	4.54B
R&D % of Revenue	253.44%	199.42%	336.19%	824.31%	170.57%	11.23%	17.46%	70.75%	142.01%
Other Operating Expenses	-15.11M	-20.54M	-454.08M	-31.02M	-31.25M	-735M	-388M	0	-37M
Operating Income+	-223.77M	-269.36M	-468.87M	-545.72M	-763.14M	13.3B	9.42B	-4.24B	-3.94B
Operating Margin %	-206.44%	-130.87%	-347.13%	-906.38%	-94.99%	74.97%	49.91%	-61.9%	-123.32%
Operating Income Growth %	-	-20.37%	-74.07%	-16.39%	-39.84%	1842.27%	-29.15%	-145%	6.94%
EBITDA+	-208.66M	-248.82M	-444M	-514.7M	-731.89M	13.53B	9.77B	-3.62B	-3.76B
EBITDA Margin %	-192.5%	-120.89%	-328.73%	-854.85%	-91.1%	76.27%	51.75%	-52.83%	-117.41%
EBITDA Growth %	-	-19.25%	-78.44%	-15.92%	-42.2%	1948.36%	-27.79%	-137.04%	-3.81%
D&A (Non-Cash Add-back)	15.11M	20.54M	24.86M	31.02M	31.25M	232M	348M	621M	189M
EBIT	-223.77M	-255.86M	-436.91M	-508.1M	-734.63M	13.3B	9.42B	-3.9B	-3.58B
Net Interest Income+	11.31M	15.1M	23.93M	31.92M	14.83M	0	171M	383M	401M
Interest Income	11.31M	15.23M	27.02M	38.53M	24.71M	18M	200M	421M	425M
Interest Expense	0	132K	3.1M	6.61M	9.89M	18M	29M	38M	24M
Other Income/Expense	8.6M	13.36M	28.86M	31M	18.63M	-11M	155M	297M	338M
Pretax Income+	-215.17M	-256M	-440.01M	-514.72M	-744.51M	13.29B	9.57B	-3.94B	-3.61B
Pretax Margin %	-198.5%	-124.38%	-325.77%	-854.88%	-92.67%	74.9%	50.73%	-57.56%	-112.75%
Income Tax+	1.04M	-80K	326K	-695K	2.55M	1.08B	1.21B	772M	-46M
Effective Tax Rate %	100.48%	99.97%	87.44%	99.87%	100.34%	91.85%	87.33%	119.58%	98.72%
Net Income+	-216.21M	-255.92M	-384.73M	-514.02M	-747.06M	12.2B	8.36B	-4.71B	-3.56B
Net Margin %	-199.46%	-124.34%	-284.84%	-853.73%	-92.99%	68.8%	44.3%	-68.84%	-111.32%
Net Income Growth %	-	-18.36%	-50.34%	-33.6%	-45.34%	1733.33%	-31.47%	-156.37%	24.46%
Net Income (Continuing)	-216.21M	-255.92M	-384.73M	-514.02M	-747.06M	12.2B	8.36B	-4.71B	-3.56B
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-3.79	-0.72	-1.17	-1.55	-1.96	28.29	20.10	-12.34	-9.27
EPS Growth %	-	81%	-62.5%	-32.48%	-26.45%	1543.37%	-28.95%	-161.39%	24.88%
EPS (Basic)	-3.79	-0.72	-1.17	-1.55	-1.96	30.31	21.26	-12.34	-9.27
Diluted Shares Outstanding	64.09M	376M	328.8M	330.8M	381.33M	431M	416M	382M	384M
Basic Shares Outstanding	64.09M	376M	328.8M	330.8M	381.33M	403M	394M	382M	384M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.09B	783.22M	1.56B	1.13B	6.3B	16.07B	13.43B	10.32B	8.1B
Cash & Short-Term Investments	1.06B	756.03M	1.52B	1.1B	4.61B	10.73B	9.9B	8.6B	7.03B
Cash Only	50.08M	134.86M	658.36M	235.88M	2.62B	6.85B	3.21B	2.91B	1.93B
Short-Term Investments	1.01B	621.17M	863.06M	867.12M	1.98B	3.88B	6.7B	5.7B	5.1B
Accounts Receivable	17.95M	18.4M	30.58M	16.3M	1.41B	3.32B	1.69B	1.08B	592M
Days Sales Outstanding	60.45	32.64	82.65	98.8	639.69	68.39	32.58	57.62	67.55
Inventory	0	0	0	0	47M	1.44B	949M	202M	117M
Days Inventory Outstanding	-	-	-	-	437.81	200.98	63.96	15.71	29.17
Other Current Assets	0	951K	595K	1.03M	11M	26M	44M	88M	58M
Total Non-Current Assets+	330.01M	301.27M	399.14M	460.62M	1.04B	8.6B	12.43B	8.1B	6.04B
Property, Plant & Equipment	81.21M	139.03M	211.98M	287.91M	387M	1.38B	2.14B	2.66B	2.96B
Fixed Asset Turnover	1.33x	1.48x	0.64x	0.21x	2.08x	12.82x	8.82x	2.58x	1.08x
Goodwill	0	0	0	0	0	0	0	52M	52M
Intangible Assets	0	0	0	0	0	0	0	44M	40M
Long-Term Investments	236.57M	145.85M	172.99M	159.99M	639M	6.84B	8.36B	4.74B	2.51B
Other Non-Current Assets	12.23M	16.38M	14.18M	12.72M	13M	46M	946M	523M	407M
Total Assets+	1.42B	1.08B	1.96B	1.59B	7.34B	24.67B	25.86B	18.43B	14.14B
Asset Turnover	0.08x	0.19x	0.07x	0.04x	0.11x	0.72x	0.73x	0.37x	0.23x
Asset Growth %	-	-23.47%	80.93%	-19%	361.61%	236.23%	4.82%	-28.74%	-23.25%
Total Current Liabilities+	162.8M	191.46M	222.8M	143.12M	4.39B	9.13B	4.92B	3.02B	2.21B
Accounts Payable	28.16M	20.73M	31.21M	7.09M	18M	302M	487M	520M	405M
Days Payables Outstanding	679.99	368.34	458.2	83.42	167.67	42.12	32.82	40.44	100.97
Short-Term Debt	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	107.74M	96.74M	109.06M	63.31M	3.87B	6.25B	2.04B	568M	153M
Other Current Liabilities	13.54M	19.5M	26.87M	32.49M	99M	140M	243M	842M	863M
Current Ratio	6.68x	4.09x	7.02x	7.89x	1.43x	1.76x	2.73x	3.42x	3.67x
Quick Ratio	6.68x	4.09x	7.02x	7.89x	1.42x	1.60x	2.54x	3.36x	3.62x
Cash Conversion Cycle	-	-	-	-	909.82	227.25	63.72	32.88	-4.26
Total Non-Current Liabilities+	412.51M	267.73M	209.1M	271.5M	387M	1.4B	1.81B	1.56B	1.03B
Long-Term Debt	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	12.5M	15.69M	33.49M	132.36M	207M	705M	1B	1.22B	710M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	5.76M	9.12M	10.26M	138K	3M	76M	135M	256M	267M
Total Liabilities	575.31M	459.19M	431.91M	414.61M	4.78B	10.52B	6.74B	4.57B	3.24B
Total Debt+	12.5M	15.69M	33.49M	132.36M	237M	916M	1.2B	1.24B	747M
Net Debt	-37.58M	-119.17M	-624.88M	-103.51M	-2.39B	-5.93B	-2B	-1.66B	-1.18B
Debt / Equity	0.01x	0.03x	0.02x	0.11x	0.09x	0.06x	0.06x	0.09x	0.07x
Debt / EBITDA	-	-	-	-	-	0.07x	0.12x	-	-
Net Debt / EBITDA	-	-	-	-	-	-0.44x	-0.21x	-	-
Interest Coverage	-	-2040.58x	-151.44x	-82.53x	-77.19x	738.67x	324.83x	-111.55x	-164.38x
Total Equity+	841.85M	625.3M	1.53B	1.17B	2.56B	14.14B	19.12B	13.85B	10.9B
Equity Growth %	-	-25.72%	144.72%	-23.23%	117.99%	452.32%	35.19%	-27.55%	-21.32%
Book Value per Share	13.13	1.66	4.65	3.55	6.72	32.82	45.97	36.27	28.39
Total Shareholders' Equity	841.85M	625.3M	1.53B	1.17B	2.56B	14.14B	19.12B	13.85B	10.9B
Common Stock	6K	6K	33K	34K	0	0	0	0	0
Retained Earnings	-365.72M	-621.89M	-1.01B	-1.5B	-2.24B	9.96B	18.32B	13.61B	10.04B
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-403K	-1.16M	-1.32M	1.8M	3M	-24M	-370M	-123M	-10M
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	66.73M	-331.48M	-330.87M	-458.97M	2.03B	13.62B	4.98B	-3.12B	-3B
Operating CF Margin %	61.57%	-161.05%	-244.96%	-762.29%	252.3%	76.79%	26.39%	-45.53%	-93.9%
Operating CF Growth %	-	-596.72%	0.19%	-38.72%	541.64%	571.94%	-63.43%	-162.6%	3.66%
Net Income	-216.21M	-255.92M	-384.73M	-514.02M	-747.06M	12.2B	8.36B	-4.71B	-3.56B
Depreciation & Amortization	15.11M	20.54M	24.86M	31.02M	93M	232M	348M	621M	189M
Stock-Based Compensation	39.36M	40.05M	72.56M	81.12M	93M	142M	226M	305M	429M
Deferred Taxes	288K	0	0	0	10.42M	-318M	-559M	828M	0
Other Non-Cash Items	2.19M	1.09M	-975K	-3.43M	558K	54M	59M	-19M	17M
Working Capital Changes	225.99M	-137.25M	-42.58M	-53.66M	2.58B	1.31B	-3.46B	-139M	-78M
Change in Receivables	52.34M	106K	832K	7.22M	-1.39B	-1.78B	1.79B	493M	534M
Change in Inventory	-582K	34.8M	4.41M	7.2M	-46.53M	-1.39B	492M	747M	83M
Change in Payables	5.99M	-12.77M	15.02M	-23.96M	11.88M	204M	240M	13M	-69M
Cash from Investing+	-648.61M	416.1M	-372.47M	-14.95M	-1.67B	-8.52B	-5.18B	4.21B	1.95B
Capital Expenditures	-33.14M	-58.4M	-105.77M	-31.55M	-67.45M	-284M	-400M	-707M	-1.05B
CapEx % of Revenue	30.58%	28.37%	78.31%	52.41%	8.4%	1.6%	2.12%	10.32%	32.85%
Acquisitions	0	0	0	0	0	0	0	-85M	0
Investments	-	-	-	-	-	-	-	-	-
Other Investing	-8.9M	-1.27M	622K	0	0	-30M	-40M	0	0
Cash from Financing+	472.91M	168K	1.23B	51.12M	2.03B	-873M	-3.45B	-1.38B	56M
Debt Issued (Net)	0	1.44M	9.46M	1M	-6M	-140M	-184M	-270M	-10M
Equity Issued (Net)	1000K	212K	1000K	1000K	1000K	-1000K	-1000K	-1000K	1000K
Dividends Paid	-633K	-1.48M	0	0	0	0	0	0	0
Share Repurchases	0	0	-8.18M	2.89M	0	-857M	-3.33B	-1.15B	0
Other Financing	11K	0	0	-29K	193K	0	0	0	0
Net Change in Cash	-108.96M	84.78M	523.5M	-422.79M	2.39B	4.22B	-3.64B	-289M	-999M
Free Cash Flow+	33.59M	-389.88M	-436.63M	-490.52M	1.96B	13.34B	4.58B	-3.83B	-4.05B
FCF Margin %	30.99%	-189.43%	-323.27%	-814.7%	243.91%	75.19%	24.27%	-55.86%	-126.76%
FCF Growth %	-	-1260.72%	-11.99%	-12.34%	499.48%	580.57%	-65.65%	-183.5%	-6.01%
FCF per Share	0.52	-1.04	-1.33	-1.48	5.14	30.94	11.01	-10.01	-10.56
FCF Conversion (FCF/Net Income)	-0.31x	1.30x	0.86x	0.89x	-2.71x	1.12x	0.60x	0.66x	0.84x
Interest Paid	0	0	3M	0	9M	14M	25M	39M	24M
Taxes Paid	905K	398K	294K	0	1M	480M	2.73B	0	197M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-25.68%	-34.89%	-35.7%	-38%	-39.99%	146.08%	50.27%	-28.59%	-28.77%
Return on Invested Capital (ROIC)	-20.87%	-30.83%	-49.83%	-41.41%	-91.92%	237.8%	55.78%	-21.7%	-27.01%
Gross Margin	86.06%	90.02%	-236.19%	48.48%	95.12%	85.24%	71.31%	31.47%	54.24%
Net Margin	-199.46%	-124.34%	-284.84%	-853.73%	-92.99%	68.8%	44.3%	-68.84%	-111.32%
Debt / Equity	0.01x	0.03x	0.02x	0.11x	0.09x	0.06x	0.06x	0.09x	0.07x
Interest Coverage	-	-2040.58x	-151.44x	-82.53x	-77.19x	738.67x	324.83x	-111.55x	-164.38x
FCF Conversion	-0.31x	1.30x	0.86x	0.89x	-2.71x	1.12x	0.60x	0.66x	0.84x
Revenue Growth	-	89.88%	-34.38%	-55.42%	1234.34%	2107.63%	6.42%	-63.72%	-53.29%

Moderna, Inc. (MRNA) 10-Year Financial Performance & Capital Metrics

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Moderna, Inc. (MRNA) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare MRNA vs Peers

vs BNTX

vs SMMT

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