Moderna, Inc.

Health Care
Biotechnology: Biological Products (No Diagnostic Substances)
www.modernatx.com

Earnings Score
Moat Score

Market Cap $17.02B
PE -8
Debt $NaN
Cash $1.65B
EV $NaN
FCF -$3.96B

Earnings

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Sales & Net Margins

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Earnings	-$2.22B
EBIT	-$2.35B
ROE	-19%
ROA	-15%
FCF	-$3.96B
Equity	$11.93B
Growth Stability	-71%
PE	-7.65
PEG	-4.97
PB	1.43
P/FCF	-4.3
P/S	3.35
Price/Cash	0.1
Net Margins	-108%
Gross Margins	67%
Op. Margins	-46%
Earnings CAGR	0%
Sales Growth YoY	2%
Sales Growth QoQ	673%
Sales CAGR	139%
FCF CAGR	0%
Equity CAGR	63%
Earnings Stability	-0.36
Earnings Growth YoY	-100%

Earnings Growth QoQ	-101%
Earnings CAGR 5Y	2%
Sales CAGR 5Y	154%
FCF CAGR 5Y	1%
Equity CAGR 5Y	63%
Earnings CAGR 3Y	-48%
Sales CAGR 3Y	-48%
FCF CAGR 3Y	-10%
Equity CAGR 3Y	-13%
Market Cap	$17.02B
Revenue	$5.08B
Assets	$15.80B
Cash	$1.65B
Shares Outstanding	383M
Earnings Score	6%
Moat Score	2%
Working Capital	7.47B
Current Ratio	4.39
Gross Profit	$3.43B
Shares Growth 3y	-2%
Equity Growth QoQ	2%
Equity Growth YoY	-11%

Assets & ROA

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Stockholders Equity & ROE

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Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018. The firm's mRNA technology was rapidly validated with its COVID-19 vaccine, which was authorized in the United States in December 2020. Moderna had 44 mRNA development programs as of early 2022, with 25 of these in clinical trials. Programs span a wide range of therapeutic areas, including infectious disease, oncology, cardiovascular disease, and rare genetic diseases.

SEC Filings

Direct access to Moderna, Inc. (MRNA) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Moderna, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Moderna, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 0%

Stability -36%

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Moderna, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Moderna, Inc..

Years

Calculation mode

= -$40B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$4B	-$4B	-$4B	-$4B	-$4B	-$4B	-$4B	-$4B	-$4.1B	-$4.1B	-$4.1B	-$41B
DCF		-$3.6B	-$3.3B	-$3B	-$2.7B	-$2.5B	-$2.3B	-$2.1B	-$1.9B	-$1.7B	-$1.6B	-$16B
Value	-$40B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-212%	-131%	-298%	-854%	-93%	66%	43%	-69%	-108%
ROA	-	-25%	-21%	-32%	-10%	54%	37%	-21%	-15%
ROE	-	49%	-26%	-44%	-29%	86%	44%	-34%	-19%

Bad Net Margins (-107.53%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	-	-	-	-
Debt over Equity	-	-	-	-	-	-	-	-	-
Growth Stability	-	-	-	-	-	-	100%	-71%	-71%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (-71%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	90%	-34%	-55%	1K%	2K%	4%	-64%	154%
Earnings YoY growth	-	17%	49%	28%	45%	-2K%	-31%	-156%	2%
Equity YoY growth	-	65%	-378%	-23%	118%	452%	35%	-28%	63%
FCF YoY growth	-	-1K%	12%	12%	-499%	581%	-66%	-183%	1%