Moderna Inc (MRNA)

Activity ratios

Short-term

Turnover ratios

	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Inventory turnover	13.17	4.20	8.67	13.67	23.23	11.67	6.35	7.09	5.71	2.14	2.12	1.77	1.82	1.73	2.01	1.41	13.17	—	—	—
Receivables turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Payables turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Working capital turnover	0.55	0.68	0.69	0.71	0.93	1.42	1.40	1.71	2.21	2.76	3.30	3.08	2.55	3.18	2.91	0.62	0.14	0.03	0.02	0.03

Activity ratios provide insights into how efficiently a company manages its assets to generate sales and cash flows. Let's analyze the activity ratios for Moderna Inc based on the provided data:

1. Inventory Turnover: This ratio indicates how many times a company sells and replaces its inventory during a period. Moderna Inc's inventory turnover has shown fluctuations over time, starting low and then increasing significantly by December 31, 2023. This implies that the company was able to sell its inventory more frequently in recent years.

2. Receivables Turnover: Unfortunately, there is no data available for receivables turnover, which would have shown how efficiently the company collects payments from its customers. Without this information, it's challenging to evaluate Moderna Inc's effectiveness in managing its accounts receivables.

3. Payables Turnover: Similar to receivables turnover, data for payables turnover is unavailable. This ratio would have revealed how quickly the company pays its suppliers and creditors, providing insights into its liquidity management.

4. Working Capital Turnover: This ratio measures the efficiency of a company in generating revenue from its working capital. Moderna Inc's working capital turnover has shown a decreasing trend from June 30, 2021, indicating a decline in the efficiency of utilizing its working capital to generate sales.

In conclusion, while Moderna Inc has seen improvements in its inventory turnover, the lack of data for receivables turnover and payables turnover prevents a comprehensive analysis of its overall activity efficiency. The declining trend in working capital turnover raises concerns about the company's ability to generate revenue efficiently using its working capital resources.

Average number of days

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Days of inventory on hand (DOH)	days	27.71	86.87	42.12	26.70	15.71	31.28	57.47	51.47	63.96	170.36	172.19	206.00	200.98	210.54	181.24	258.72	27.72	—	—	—
Days of sales outstanding (DSO)	days	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Number of days of payables	days	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Based on the provided data for Moderna Inc, let's analyze the activity ratios:

1. Days of Inventory on Hand (DOH):
- The days of inventory on hand for Moderna fluctuated over the years but showed a decreasing trend overall.
- It decreased from 258.72 days as of March 31, 2021, to 26.70 days as of March 31, 2024.
- A lower number of days of inventory on hand indicates that Moderna is managing its inventory more efficiently by selling products quickly.

2. Days of Sales Outstanding (DSO):
- The data for days of sales outstanding is not available, indicating that the company's accounts receivable turnover rate cannot be calculated using the provided information.
- Days of sales outstanding measures how quickly a company collects payments from its customers. A lower DSO is generally more favorable as it indicates faster collection of receivables.

3. Number of Days of Payables:
- The data for the number of days of payables is not available, meaning we cannot analyze the company's payment of its suppliers from the provided information.
- A longer period of payables may indicate that the company is efficiently utilizing its cash flow by delaying payments to suppliers, improving its working capital management.

In conclusion, based on the available information, Moderna Inc has shown improvements in managing its inventory efficiently as reflected in the decreasing trend of days of inventory on hand over the years. However, without data on days of sales outstanding and number of days of payables, a comprehensive analysis of the company's overall working capital management and operational efficiency cannot be provided.

Long-term

	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Fixed asset turnover	—	—	—	—	—	3.35	4.35	—	8.79	9.70	15.41	14.89	12.82	11.48	6.90	4.37	0.71	0.15	0.18	0.13
Total asset turnover	0.23	0.32	0.32	0.31	0.37	0.47	0.48	0.61	0.73	0.79	0.86	0.79	0.72	0.53	0.38	0.16	0.04	0.01	0.02	0.02

Moderna Inc's fixed asset turnover ratio has shown a fluctuating trend over the years, with significant increases after March 31, 2021, reaching a peak of 15.41 on June 30, 2022. However, the ratio declined thereafter but remained relatively high compared to the initial values. As of December 31, 2024, the fixed asset turnover ratio was not available.

In contrast, the total asset turnover ratio exhibited a gradual increase from March 31, 2021, to December 31, 2021, indicating improved efficiency in generating sales from total assets. Subsequently, the ratio fluctuated but generally decreased, with values ranging from 0.31 to 0.72 during the period under review. This decline in the total asset turnover ratio may suggest a decrease in the company's ability to generate sales from its total assets efficiently by the end of the observation period.