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Moderna (Moderna) Beneish M-Score : -3.78 (As of May. 21, 2024)


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What is Moderna Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Moderna's Beneish M-Score or its related term are showing as below:

MRNA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.78   Med: 0.48   Max: 172.29
Current: -3.78

During the past 8 years, the highest Beneish M-Score of Moderna was 172.29. The lowest was -3.78. And the median was 0.48.


Moderna Beneish M-Score Historical Data

The historical data trend for Moderna's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Moderna Beneish M-Score Chart

Moderna Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial -3.21 12.20 54.44 -2.05 -2.62

Moderna Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.15 -3.10 -2.55 -2.62 -3.78

Competitive Comparison of Moderna's Beneish M-Score

For the Biotechnology subindustry, Moderna's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Moderna's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Moderna's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Moderna's Beneish M-Score falls into.



Moderna Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Moderna for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.7395+0.528 * 3.0358+0.404 * 0.6385+0.892 * 0.3441+0.115 * 0.8062
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 3.774+4.679 * -0.180883-0.327 * 1.1704
=-3.78

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was $387 Mil.
Revenue was 167 + 2813 + 1787 + 316 = $5,083 Mil.
Gross Profit was 71 + 1884 + -454 + -415 = $1,086 Mil.
Total Current Assets was $9,600 Mil.
Total Assets was $16,729 Mil.
Property, Plant and Equipment(Net PPE) was $2,760 Mil.
Depreciation, Depletion and Amortization(DDA) was $579 Mil.
Selling, General, & Admin. Expense(SGA) was $1,518 Mil.
Total Current Liabilities was $2,380 Mil.
Long-Term Debt & Capital Lease Obligation was $1,212 Mil.
Net Income was -1175 + 217 + -3630 + -1380 = $-5,968 Mil.
Non Operating Income was -13 + -33 + -41 + 27 = $-60 Mil.
Cash Flow from Operations was -989 + 622 + -1600 + -915 = $-2,882 Mil.
Total Receivables was $1,521 Mil.
Revenue was 1838 + 5149 + 3220 + 4566 = $14,773 Mil.
Gross Profit was 1046 + 3231 + 2120 + 3185 = $9,582 Mil.
Total Current Assets was $12,122 Mil.
Total Assets was $24,125 Mil.
Property, Plant and Equipment(Net PPE) was $2,135 Mil.
Depreciation, Depletion and Amortization(DDA) was $347 Mil.
Selling, General, & Admin. Expense(SGA) was $1,169 Mil.
Total Current Liabilities was $3,499 Mil.
Long-Term Debt & Capital Lease Obligation was $927 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(387 / 5083) / (1521 / 14773)
=0.076136 / 0.102958
=0.7395

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(9582 / 14773) / (1086 / 5083)
=0.648616 / 0.213653
=3.0358

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (9600 + 2760) / 16729) / (1 - (12122 + 2135) / 24125)
=0.261163 / 0.409036
=0.6385

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=5083 / 14773
=0.3441

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(347 / (347 + 2135)) / (579 / (579 + 2760))
=0.139807 / 0.173405
=0.8062

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(1518 / 5083) / (1169 / 14773)
=0.298643 / 0.079131
=3.774

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((1212 + 2380) / 16729) / ((927 + 3499) / 24125)
=0.214717 / 0.183461
=1.1704

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-5968 - -60 - -2882) / 16729
=-0.180883

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Moderna has a M-score of -3.78 suggests that the company is unlikely to be a manipulator.


Moderna Beneish M-Score Related Terms

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Moderna (Moderna) Business Description

Address
200 Technology Square, Cambridge, MA, USA, 02139
Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018. The firm's mRNA technology was rapidly validated with its COVID-19 vaccine, which was authorized in the United States in December 2020. Moderna had 39 mRNA development candidates in clinical trials as of mid-2023. Programs span a wide range of therapeutic areas, including infectious disease, oncology, cardiovascular disease, and rare genetic diseases.
Executives
Stephen Hoge officer: President C/O MODERNA, INC., 200 TECHNOLOGY SQUARE, CAMBRIDGE MA 02139
James M Mock officer: Chief Financial Officer 940 WINTER STREET, PERKINELMER, WALTHAM MA 02451
Shannon Thyme Klinger officer: Chief Legal Officer 200 TECHNOLOGY SQUARE, SUITE 300, CAMBRIDGE MA 02139
Noubar Afeyan director, 10 percent owner C/O FLAGSHIP PIONEERING, INC., 55 CAMBRIDGE PARKWAY, SUITE 800E, CAMBRIDGE MA 02142
Arpa Garay officer: Chief Commercial Officer 2000 GALLOPING HILL RD, KENILWORTH NJ 07033
Stephane Bancel director, officer: Chief Executive Officer 320 BENT STREET, CAMBRIDGE MA 02141
Juan Andres officer: See Remarks C/O MODERNA, INC., 200 TECHNOLOGY SQUARE, CAMBRIDGE MA 02139
Paul Burton officer: Chief Medical Officer 200 TECHNOLOGY SQUARE, CAMBRIDGE MA 02139
David W Meline officer: Chief Financial Officer 3M COMPANY, 3M OFFICE OF GENERAL COUNSEL, ST PAUL MN 55144-1000
Jorge M Gomez officer: See Remarks C/O DENTSPLY SIRONA INC, 13320 BALLANTYNE CORPORATE PLACE, CHARLOTTE NC 28277
Paul Sagan director AKAMAI TECHNOLOGIES INC, 8 CAMBRIDGE CENTER, CAMBRIDGE MA 02142
Tal Zvi Zaks officer: Chief Medical Officer C/O ADAPTIMMUNE THERAPEUTICS PLC, 60 JUBILEE AVE, MILTON PARK, ABINGDON, OXFORDSHIRE X0 OX14 4RX
Lori M. Henderson officer: General Counsel and Secretary MOLDFLOW CORP, 430 BOSTON POST ROAD, WAYLAND MA 01778
Le Goff Corinne officer: Chief Commercial Officer 200 TECHNOLOGY SQUARE, SUITE 300, CAMBRIDGE MA 02139
Elizabeth G Nabel director BRIGHAM AND WOMEN'S HOSPITAL, 75 FRANCIS ST, BOSTON MA 02115

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