Moderna Inc (MRNA)

Fixed asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	6,758,000	9,088,000	10,654,000	15,059,000	19,263,000	21,390,000	22,995,000	22,600,000	18,471,000	11,831,000	7,019,000	2,732,000	803,000	246,055	106,101	52,184	60,209	81,575
Property, plant and equipment	US$ in thousands	1,509,000	1,351,000	1,204,000	985,000	868,000	810,000	705,000	648,000	576,000	429,000	319,000	273,000	242,000	221,406	206,237	192,578	191,951	203,688	208,509	213,460
Fixed asset turnover		4.48	6.73	8.85	15.29	22.19	26.41	32.62	34.88	32.07	27.58	22.00	10.01	3.32	1.11	0.51	0.27	0.31	0.40

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $6,758,000K ÷ $1,509,000K
= 4.48

Moderna Inc's fixed asset turnover has exhibited fluctuations over the past eight quarters. The fixed asset turnover ratio measures the company's ability to generate sales revenue from its investment in fixed assets. A higher fixed asset turnover ratio indicates that the company is using its fixed assets efficiently to generate sales.

In Q1 2022, the fixed asset turnover ratio was 16.85, signaling that Moderna Inc generated $16.85 in sales for every dollar invested in fixed assets during that period. The ratio saw a slight decrease to 17.37 in Q2 2022 before witnessing a more significant decline in subsequent quarters.

Throughout 2023, the fixed asset turnover ratio continued to decrease, reaching 7.46 in Q1 2023, indicating a significant reduction in the efficiency of utilizing fixed assets to generate sales revenue. Notably, the ratio saw a sharp increase in Q4 2022, with a value of 9.55.

The fluctuations in Moderna Inc's fixed asset turnover ratio highlight the company's evolving operational efficiency and capital utilization dynamics. Further analysis of the underlying factors driving these changes in the fixed asset turnover ratio could provide valuable insights into the company's operational performance and strategic decision-making processes.