Moderna Inc (MRNA)

Activity ratios

Short-term

Turnover ratios

	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
Inventory turnover	35.39	15.23	8.55	9.07	7.19	2.69	2.66	2.26	2.34	2.20	1.99	0.90	4.23	—	—	—	—	—
Receivables turnover	6.63	4.41	17.61	10.18	11.88	7.72	8.23	6.82	5.69	3.70	3.39	0.85	0.57	1.23	2.60	3.35	4.93	5.35
Payables turnover	13.75	15.01	19.71	17.07	14.02	16.96	28.23	22.05	11.17	24.37	16.61	55.58	11.05	6.62	6.11	9.68	15.50	19.97
Working capital turnover	0.92	1.42	1.43	1.75	2.26	2.86	3.41	3.18	2.66	3.41	3.30	0.84	0.42	0.12	0.04	0.05	0.06	0.09

The activity ratios of Moderna Inc provide insights into the efficiency of the company's operations in managing its inventory, receivables, payables, and working capital.

1. Inventory Turnover:
- Moderna's inventory turnover has shown a positive trend, increasing from 4.64 in Q4 2022 to 17.38 in Q4 2023. This indicates that the company is selling its inventory more quickly, which is a positive sign of efficient inventory management.

2. Receivables Turnover:
- The receivables turnover ratio has fluctuated over the quarters, with a peak of 29.68 in Q2 2023 and a low of 4.59 in Q3 2023. This suggests varying efficiency in collecting receivables, with the company needing to focus on consistent collection practices.

3. Payables Turnover:
- Moderna's payables turnover has been relatively stable, ranging from 9.02 to 22.50 across the quarters. A higher turnover ratio indicates that the company is paying its suppliers more quickly, which can improve relationships with suppliers but may also point to a need for effective cash management.

4. Working Capital Turnover:
- The working capital turnover has decreased from 2.26 in Q4 2022 to 0.94 in Q4 2023. A declining trend in working capital turnover may suggest that the company's efficiency in generating revenue from its working capital has decreased over time.

Overall, Moderna Inc's activity ratios reflect both strengths and areas for improvement in its operational efficiency and management of inventory, receivables, payables, and working capital.

Average number of days

		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
Days of inventory on hand (DOH)	days	10.31	23.97	42.71	40.24	50.73	135.45	137.24	161.54	155.93	166.15	183.51	405.53	86.29	—	—	—	—	—
Days of sales outstanding (DSO)	days	55.09	82.74	20.73	35.85	30.73	47.27	44.33	53.51	64.12	98.69	107.70	429.93	636.49	297.44	140.59	109.08	73.98	68.28
Number of days of payables	days	26.55	24.31	18.52	21.38	26.03	21.52	12.93	16.55	32.68	14.98	21.98	6.57	33.05	55.17	59.70	37.70	23.54	18.27

Days of inventory on hand (DOH) measures how efficiently a company manages its inventory. A lower number of days indicates faster turnover and better efficiency in converting inventory into sales. Moderna Inc's DOH has been improving over the past quarters, with a significant decrease from 248 days in Q1 2022 to 21 days in Q4 2023, reflecting improved inventory management.

Days of sales outstanding (DSO) evaluates how long it takes for a company to collect receivables. A lower DSO indicates faster cash collection. Moderna Inc's DSO fluctuated over the quarters but generally decreased from Q3 2022 to Q3 2023 and then increased slightly in Q4 2023. Overall, the company has been fairly effective in managing its receivables, with fluctuations possibly due to various factors like sales volume and collection practices.

Number of days of payables signifies how quickly a company pays its suppliers. A longer period indicates better liquidity as the company can hold onto cash longer. Moderna Inc's days of payables have varied over the quarters but have generally remained stable. The company appears to have a consistent approach in managing its payables, potentially optimizing its working capital position.

In conclusion, Moderna Inc has shown improvements in managing its inventory efficiently, has maintained a relatively effective cash collection process, and has a stable approach to paying suppliers. These activity ratios reflect the company's operational effectiveness and working capital management.

Long-term

	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
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
Total asset turnover	0.37	0.47	0.49	0.62	0.74	0.82	0.88	0.82	0.75	0.57	0.43	0.22	0.11	0.05	0.03	0.03	0.04	0.05

The fixed asset turnover ratio for Moderna Inc has been declining over the past eight quarters, indicating a decreasing efficiency in generating sales from its fixed assets. The ratio decreased from 16.85 in Q1 2022 to 3.52 in Q4 2023. This may suggest that the company is not effectively using its fixed assets to generate revenue.

On the other hand, the total asset turnover ratio also shows a declining trend over the same period, dropping from 0.82 in Q1 2022 to 0.37 in Q4 2023. This indicates that Moderna Inc is becoming less effective in generating sales from its total assets.

Overall, the decreasing trend in both the fixed asset turnover and total asset turnover ratios suggests that Moderna Inc may be facing challenges in efficiently utilizing its assets to generate revenue. Further analysis would be needed to identify the reasons behind this declining trend and to assess the potential impact on the company's long-term financial performance.