Moderna, Inc. (MRNA) Margin Analysis - Discounting Cash Flows

Moderna, Inc.

MRNA (NASDAQ)

(%)

Models
Moderna, Inc. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 09	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	1,943	1,944	3,199	6,848	18,875
Revenue Growth Rate	-0.051%	-39.23%	-53.29%	-63.72%	6.42%
Cost of Revenue	1,669	868	1,464	4,693	5,416
Gross Profit	274	1,076	1,735	2,155	13,459
Gross Margin	14.1%	55.35%	54.24%	31.47%	71.31%
Operating Income	-3,074	-3,074	-3,945	-4,239	9,420
Operating Margin	-158.2%	-158.1%	-123.3%	-61.9%	49.91%
Net Income	-2,822	-2,822	-3,561	-4,714	8,362
Net Margin	-145.2%	-145.2%	-111.3%	-68.84%	44.3%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 09	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	1,943	1,944	3,199	6,848	18,875
Cash from Operating Activities	-1,852	-1,873	-3,004	-3,118	4,981
Cash from Operating Activities Margin	-95.32%	-96.35%	-93.9%	-45.53%	26.39%
Free Cash Flow	-2,054	-2,065	-4,055	-3,825	4,581
Free Cash Flow Margin	-105.7%	-106.2%	-126.8%	-55.86%	24.27%
Depreciation and Amortization	96	215	189	621	348
Depreciation and Amortization Margin	4.94%	11.06%	5.91%	9.07%	1.84%
Capital Expenditure	-202	-192	-1,051	-707	-400
Capital Expenditure Margin	-10.4%	-9.88%	-32.85%	-10.32%	-2.12%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 71.31}, {"l": "2023", "x": "2023-12-31", "y": 31.47}, {"l": "2024", "x": "2024-12-31", "y": 54.24}, {"l": "2025", "x": "2025-12-31", "y": 55.35}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 49.91}, {"l": "2023", "x": "2023-12-31", "y": -61.9}, {"l": "2024", "x": "2024-12-31", "y": -123.3}, {"l": "2025", "x": "2025-12-31", "y": -158.1}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 44.3}, {"l": "2023", "x": "2023-12-31", "y": -68.84}, {"l": "2024", "x": "2024-12-31", "y": -111.3}, {"l": "2025", "x": "2025-12-31", "y": -145.2}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 24.27}, {"l": "2023", "x": "2023-12-31", "y": -55.86}, {"l": "2024", "x": "2024-12-31", "y": -126.8}, {"l": "2025", "x": "2025-12-31", "y": -106.2}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	678	1,016	142	107	956	1,855
Revenue Growth Rate	-33.27%	615.5%	32.71%	-88.81%	-48.46%
Cost of Revenue	452	1,008	119	90	739	514
Gross Profit	226	8	23	17	217	1,341
Gross Margin	33.33%	0.787%	16.2%	15.89%	22.7%	72.29%
Operating Income	-857	-260	-907	-1,050	-1,246	-70
Operating Margin	-126.4%	-25.59%	-638.7%	-981.3%	-130.3%	-3.77%
Net Income	-826	-200	-825	-971	-1,120	13
Net Margin	-121.8%	-19.69%	-581%	-907.5%	-117.2%	0.701%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	678	1,016	142	107	956	1,855
Cash from Operating Activities	951	-847	-919	-1,037	825	-1,566
Cash from Operating Activities Margin	140.3%	-83.37%	-647.2%	-969.2%	86.3%	-84.42%
Free Cash Flow	912	-880	-922	-1,164	303	-1,717
Free Cash Flow Margin	134.5%	-86.61%	-649.3%	-1,088%	31.69%	-92.56%
Depreciation and Amortization	0	0	57	39	60	52
Depreciation and Amortization Margin	0%	0%	40.14%	36.45%	6.28%	2.8%
Capital Expenditure	-39	-33	-3	-127	-522	-151
Capital Expenditure Margin	-5.75%	-3.25%	-2.11%	-118.7%	-54.6%	-8.14%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 72.29}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 22.7}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 15.89}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 16.2}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 0.787}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 33.33}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": -3.77}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": -130.3}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": -981.3}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": -638.7}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": -25.59}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": -126.4}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 0.701}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": -117.2}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": -907.5}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": -581}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": -19.69}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": -121.8}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": -92.56}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 31.69}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": -1087}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": -649.3}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": -86.61}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 134.5}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}