• Moderna average return on tangible equity for 2023 was -4.41, a 105.3% increase from 2022.
• Moderna average return on tangible equity for 2022 was 83.25, a 9.93% decline from 2021.
• Moderna average return on tangible equity for 2021 was 92.43, a 399.81% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.