Explain this page
Arphra AIPlain-English read on Moderna, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
B+Solid
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin55.3%
Operating margin-158.1%
Net margin-145.2%
ROE-32.6%
ROA-22.9%
ROIC-39.3%
Liquidity & leverage
Current ratio3.29×
Quick ratio3.22×
Debt / equity0.22×
Net debt / EBITDA0.27×
Interest coverage—
Efficiency & per-share
Asset turnover0.16×
Inventory days64
Days sales out.35
FCF / share$-5.31
Book value / share$22.24
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $15.97B | $11.47B | — | — | — | — |
| Enterprise value | — | — | — | $14.79B | $10.79B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 4.62 | 5.55 | — | — | — | — |
| EV / FCF | — | — | — | -3.65 | -5.23 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | -22.30% | -24.60% | — | — | — | — |
| Free cash flow yield | — | — | — | -25.40% | -18.00% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +85.24% | +71.31% | +31.47% | +54.24% | +55.35% | +45.65% | +46.37% | +46.74% | +46.71% |
| Operating margin | +74.97% | +49.91% | -61.90% | -123.32% | -158.13% | -115.27% | -111.57% | -116.44% | -116.14% |
| EBITDA margin | +76.27% | +51.75% | -47.94% | -106.10% | -131.33% | -96.56% | -96.11% | -94.92% | -92.79% |
| EBIT margin | +74.97% | +49.91% | -57.01% | -112.00% | -142.39% | -105.58% | -106.46% | -102.01% | -106.70% |
| Pre-tax margin | +74.90% | +50.73% | -57.56% | -112.75% | -142.39% | -105.41% | -103.91% | -102.89% | -103.88% |
| Net margin | +68.80% | +44.30% | -68.84% | -111.32% | -145.16% | -111.20% | -105.36% | -107.20% | -108.33% |
| Cost structure | |||||||||
| Cost of revenue / sales | +14.76% | +28.69% | +68.53% | +45.76% | +44.65% | +53.65% | +53.93% | +51.97% | +52.79% |
| R&D intensity | +11.23% | +17.46% | +70.75% | +142.01% | +161.11% | +123.48% | +127.05% | +123.04% | +126.30% |
| SG&A intensity | +3.20% | +6.00% | +22.62% | +36.70% | +52.37% | +36.91% | +38.34% | +37.26% | +37.02% |
| Effective tax rate | +8.15% | +12.67% | — | — | — | — | — | — | — |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +86.26% | +43.73% | -34.03% | -32.67% | -32.62% | -33.12% | -31.71% | -32.42% | -32.55% |
| Return on assets (ROA) | +49.46% | +32.34% | -25.58% | -25.18% | -22.87% | -24.45% | -23.79% | -24.32% | -24.04% |
| Return on capital (ROC) | +88.28% | +46.35% | -28.08% | -33.87% | -29.09% | -30.05% | -29.42% | -30.77% | -30.66% |
| Return on invested capital (ROIC) | +81.02% | +41.15% | -21.06% | -25.40% | -21.82% | -22.54% | -22.07% | -23.08% | -23.00% |
| Asset turnover | +71.90% | +72.99% | +37.16% | +22.62% | +15.76% | +21.99% | +22.58% | +22.68% | +22.19% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +68.80% | +44.30% | -68.84% | -111.32% | -145.16% | -111.20% | -105.36% | -107.20% | -108.33% |
| Asset turnover (× revenue / assets) | +71.90% | +72.99% | +37.16% | +22.62% | +15.76% | +21.99% | +22.58% | +22.68% | +22.19% |
| Equity multiplier (× assets / equity) | +174.40% | +135.22% | +133.00% | +129.73% | +142.64% | +135.45% | +133.31% | +133.34% | +135.38% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.72 | 0.73 | 0.37 | 0.23 | 0.16 | 0.22 | 0.23 | 0.23 | 0.22 |
| Fixed-asset turnover | 12.82 | 8.82 | 2.58 | 1.08 | 0.68 | — | — | — | — |
| Inventory turnover | 1.82 | 5.71 | 23.23 | 12.51 | 5.67 | — | — | — | — |
| Receivables turnover | 5.34 | 11.20 | 6.33 | 5.40 | 10.57 | — | — | — | — |
| Payables turnover | 8.67 | 11.12 | 9.03 | 3.61 | 2.74 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 68.39 | 32.58 | 57.62 | 67.55 | 34.55 | — | — | — | — |
| Days inventory outstanding (DIO) | 200.98 | 63.96 | 15.71 | 29.17 | 64.34 | — | — | — | — |
| Days payables outstanding (DPO) | 42.12 | 32.82 | 40.44 | 100.97 | 133.30 | — | — | — | — |
| Cash conversion cycle | 227.25 | 63.72 | 32.88 | -4.26 | -34.42 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.12 | 0.60 | 0.66 | 0.84 | 0.66 | 0.71 | 0.74 | 0.73 | 0.74 |
| FCF / Net income | 1.09 | 0.55 | 0.81 | 1.14 | 0.73 | 0.89 | 0.92 | 0.92 | 0.90 |
| FCF margin | +75.19% | +24.27% | -55.86% | -126.76% | -106.22% | -98.45% | -96.79% | -98.38% | -97.74% |
| OCF margin | +76.79% | +26.39% | -45.53% | -93.90% | -96.35% | -79.11% | -78.33% | -78.29% | -80.51% |
| CapEx / Revenue | +1.60% | +2.12% | +10.32% | +32.85% | +9.88% | +17.35% | +17.79% | +17.17% | +18.06% |
| CapEx / D&A | 1.22 | 1.15 | 1.14 | 5.56 | 0.89 | — | — | — | — |
| Stock-based comp / Revenue | +0.80% | +1.20% | +4.45% | +13.41% | +24.85% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 28.29 | 20.10 | -12.34 | -9.27 | -7.26 | -8.59 | -4.72 | -2.91 | -0.03 |
| EPS · basic | 30.31 | 21.26 | -12.34 | -9.27 | -7.26 | -8.49 | -4.75 | -2.87 | -0.03 |
| Book value / share | 32.82 | 45.97 | 36.27 | 28.39 | 22.24 | 17.91 | 21.17 | 26.82 | 43.77 |
| Tangible BV / share | 32.82 | 45.97 | 36.02 | 28.15 | 22.24 | 17.91 | 21.17 | 26.82 | 43.77 |
| Sales / share | 41.15 | 45.37 | 17.93 | 8.33 | 5.00 | 5.33 | 6.37 | 8.11 | 13.15 |
| Operating CF / share | 31.60 | 11.97 | -8.16 | -7.82 | -4.81 | -4.22 | -4.99 | -6.35 | -10.59 |
| Free cash flow / share | 30.94 | 11.01 | -10.01 | -10.56 | -5.31 | -5.25 | -6.17 | -7.98 | -12.85 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +6.42% | -63.72% | -53.29% | -39.23% | +7.33% | +19.01% | +25.87% | +63.29% | -14.42% |
| Gross profit · YoY | — | -10.98% | -83.99% | -19.49% | -37.98% | -11.47% | +20.88% | +26.87% | +63.17% | -20.62% |
| Profit | ||||||||||
| Operating income · YoY | — | -29.15% | -145.00% | +6.94% | +22.08% | +21.76% | -15.19% | -31.36% | -62.86% | — |
| EBITDA · YoY | — | -27.79% | -133.61% | -3.38% | +24.78% | +21.09% | -18.46% | -24.31% | -59.62% | — |
| Net income · YoY | — | -31.47% | -156.37% | +24.46% | +20.75% | +17.78% | -12.76% | -28.07% | -65.02% | — |
| Operating | ||||||||||
| EBIT · YoY | — | -29.15% | -141.44% | +8.22% | +22.75% | +20.42% | -20.00% | -20.61% | -70.79% | — |
| R&D · YoY | — | +65.49% | +47.04% | -6.23% | -31.06% | -17.74% | +22.46% | +21.89% | +67.62% | +15.82% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -28.95% | -161.39% | +24.88% | +21.68% | -18.38% | +45.07% | +38.33% | +98.88% | — |
| EPS · basic · YoY | — | -29.86% | -158.04% | +24.88% | +21.68% | -16.93% | +44.04% | +39.55% | +98.86% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $916M | $1.2B | $1.24B | $747M | $1.92B | $999.61M | $1.17B | $1.49B | $2.34B |
| Net debt | -$5.93B | -$2.01B | -$1.66B | -$1.18B | -$679M | -$665.21M | -$737.53M | -$898.09M | -$1.64B |
| Net debt / EBITDA | -0.44 | -0.21 | 0.51 | 0.35 | 0.27 | 0.33 | 0.31 | 0.30 | 0.35 |
| Debt / equity | 0.06 | 0.06 | 0.09 | 0.07 | 0.22 | 0.14 | 0.14 | 0.14 | 0.14 |
| Debt / assets | +3.71% | +4.64% | +6.75% | +5.28% | +15.53% | +10.54% | +10.60% | +10.84% | +10.19% |
| Equity / assets | +57.34% | +73.95% | +75.19% | +77.08% | +70.11% | +73.83% | +75.01% | +75.00% | +73.87% |
| Coverage | |||||||||
| EBITDA / interest expense | 751.56 | 336.83 | -86.39 | -141.42 | — | -217.41 | -224.80 | -216.04 | -207.83 |
| Operating income / interest | 738.67 | 324.83 | -111.55 | -164.38 | — | -259.55 | -260.97 | -265.02 | -260.12 |
| Interest expense | $18M | $29M | $38M | $24M | $0 | $9.27M | $10.62M | $13.73M | $22.79M |
| Liquidity | |||||||||
| Current ratio | 1.76 | 2.73 | 3.42 | 3.67 | 3.29 | — | — | — | — |
| Quick ratio | 1.54 | 2.35 | 3.21 | 3.45 | 3.01 | — | — | — | — |
| Cash ratio | 0.75 | 0.65 | 0.96 | 0.87 | 1.31 | — | — | — | — |
| Working capital | $6.94B | $8.51B | $7.31B | $5.89B | $4.56B | — | — | — | — |
| Working capital / revenue | +39.15% | +45.08% | +106.75% | +184.21% | +234.41% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 5.55x | 4.62x |
| Earnings yield | -24.6% | -22.3% |
| FCF yield | -18.0% | -25.4% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | -32.6% | -32.7% |
| ROA | -22.9% | -25.2% |
| ROIC | -29.7% | -32.5% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 0.27 | 0.35 |
| Interest coverage | — | — |
| Current ratio | 3.29x | 3.67x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).