Moderna, Inc. (MRNA) Stock Analysis and Metrics

Sector: Healthcare Industry: Biotechnology CIK: 0001682852

P/B 1.22

P/E -3.65

P/S 5.10

Market Cap 11.38 Bn

ROIC (Qtr) -36.83

Div Yield % 0.00

Rev 1y % (Qtr) -45.44

Total Debt (Qtr) 686.00 Mn

Debt/Equity (Qtr) 0.07

About

Moderna, Inc., often recognized by its stock symbol MRNA, is a biotechnology company operating within the pharmaceutical industry. Its primary business activities revolve around the development of messenger RNA (mRNA) medicines for various diseases and conditions, including infectious diseases, cancer, and rare genetic disorders. Moderna's mRNA platform aims to facilitate rapid development and manufacturing of mRNA-based medicines, catering to a wide range of medical needs. The company's revenue is mainly generated through its primary products...

Moderna, Inc., often recognized by its stock symbol MRNA, is a biotechnology company operating within the pharmaceutical industry. Its primary business activities revolve around the development of messenger RNA (mRNA) medicines for various diseases and conditions, including infectious diseases, cancer, and rare genetic disorders. Moderna's mRNA platform aims to facilitate rapid development and manufacturing of mRNA-based medicines, catering to a wide range of medical needs.

The company's revenue is mainly generated through its primary products and services, which include mRNA-based vaccines and therapies. These are designed for infectious diseases such as COVID-19, influenza, and respiratory syncytial virus (RSV), as well as mRNA-based therapies for cancer, rare genetic disorders, and autoimmune diseases. Specific products include the COVID-19 vaccine, known as Spikevax, and mRNA-based influenza and RSV vaccines.

Moderna holds a strong position within the industry, boasting a unique mRNA platform that allows for swift development and manufacturing of mRNA-based medicines. This platform also enables the production of complex proteins with native post-translational modifications, and the encoding of intracellular and organelle-specific proteins, which can be challenging using traditional recombinant protein-based approaches. Key competitors include BioNTech, Pfizer, and AstraZeneca; however, Moderna's distinct platform and diverse pipeline of mRNA-based medicines set it apart.

Moderna's customer base comprises pharmaceutical companies, research institutions, and government agencies. The company has established partnerships with major pharmaceutical companies, including Merck, Pfizer, and AstraZeneca, to develop and commercialize mRNA-based medicines.

Moderna's mRNA platform consists of three primary components: mRNA science, delivery science, and manufacturing process science. These elements work together to enable rapid development and manufacturing of mRNA-based medicines, providing competitive advantages such as speed, flexibility, scalability, and cost-effectiveness.

The company's pipeline includes several mRNA-based medicines for various diseases and conditions. These include the COVID-19 vaccine, Spikevax, mRNA-based influenza and RSV vaccines, Lyme disease vaccines, EBV vaccines, HSV vaccines, and various other mRNA-based therapies for infectious diseases, cancer, and rare genetic disorders.

Stock Price Chart

Analysis

Pros

Strong tangible asset base of 12.13B provides 17.69x coverage of total debt 686M, indicating robust asset backing and low credit risk.
Tangible assets of 12.13B provide exceptional 37.92x coverage of deferred revenue 320M, showing strong service capability backing.
Short-term investments of 3.37B provide solid 2.38x coverage of other current liabilities 1.41B, indicating strong liquidity.
Retained earnings of 8.05B provide full 11.73x coverage of long-term debt 686M, indicating strong internal capital position.
Long-term investments of 2.14B provide solid 3.12x coverage of long-term debt 686M, indicating strategic financial planning.

Cons

Operating cash flow of (1.98B) barely covers its investment activities of 1.46B, with a coverage ratio of -1.36, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
Investment activities of 1.46B provide weak support for R&D spending of 3.48B, which is 0.42x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
Operating cash flow of (1.98B) provides insufficient coverage of deferred revenue obligations of 320M, which is -6.18x, raising concerns about future service delivery capabilities.
The company's operating cash flow of (1.98B) shows concerning coverage of stock compensation expenses of 474M, with a -4.17 ratio indicating potential earnings quality issues.
High receivables of 1.05B relative to inventory of 332M (3.15 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.

Peer Comparison

Companies in the Biotechnology

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	SMMT	Summit Therapeutics Inc.	1,349.40 Bn	-1,464.17	0.00	0.01 Bn
2	ONC	BeOne Medicines Ltd.	437.43 Bn	6,381.20	87.97	1.90 Bn
3	VRTX	Vertex Pharmaceuticals Inc / Ma	116.09 Bn	31.59	9.90	1.83 Bn
4	REGN	Regeneron Pharmaceuticals, Inc.	78.10 Bn	17.06	5.48	2.71 Bn
5	ALNY	Alnylam Pharmaceuticals, Inc.	55.87 Bn	1,282.42	17.40	3.21 Bn
6	ARGX	Argenx Se	52.85 Bn	35.08	27,559.65	-
7	BNTC	Benitec Biopharma Inc.	41.75 Bn	-998.33	0.00	0.00 Bn
8	INSM	INSMED Inc	37.80 Bn	-31.93	84.56	0.74 Bn

Industry Comparisons

Current Valuation

Metric	Value	Industry
EV to Assets	0.89	12.31
EV to Cash from Ops.	-5.46	23.25
EV to Debt	15.73	738.44
EV to EBIT	-3.42	-9.16
EV to EBITDA	-3.32	6.95
EV to Free Cash Flow [EV/FCF]	-4.05	21.90
EV to Market Cap	0.95	65.67
EV to Revenue	4.84	227.32
Price to Book Value [P/B]	1.22	22.34
Price to Earnings [P/E]	-3.65	-11.77

Dividend Metrics

Metric	Value	Industry	Percentile
Dividend Coverage Ratio	0.00	-11.94
Dividend Payout Ratio %	0.00	0.16
Dividend per Basic Share	0.00	0.01
FCF Dividend Payout Ratio %	0.00	-0.14
Interest Coverage	0.00	841.00

Growth Metrics

Metric	Value	Industry
Capex Growth (1y) %	8.54	-27.13
Cash and Equivalents Growth (1y) %	-31.14	734.65
Dividend Growth (1y) %	0.00	0.01
EBIAT Growth (1y) %	-40.11	-46.93
EBITDA Growth (1y) %	-37.81	-1.68
EBIT Growth (1y) %	-34.00	-56.45
EBT Growth (1y) %	-34.00	-12.70
EPS Growth (1y) %	-38.90	-28.31
FCF Growth (1y) %	32.68	-31.90
Gross Profit Growth (1y) %	-68.57	226.84

Liquidity Ratios

Metric	Value	Industry
Asset Utilization Ratio	0.18	0.14
Cash Payout Ratio	0.00	0.00
Cash Ratio	0.67	3.85
Current Ratio	3.93	7.27
Debt to Equity Ratio	0.07	0.40
Interest Cover Ratio	0.00	841.00
Times Interest Earned	0.00	841.00

Profitability

Metric	Value	Industry
EBITDA Margin %	-131.90	-18,234.31
EBIT Margin %	-141.26	-18,580.80
EBT Margin %	-141.26	-19,488.74
Gross Margin %	48.30	-7.59
Net Profit Margin %	-139.60	-19,439.22

Moderna, Inc. (NASDAQ: MRNA)