Market Value Added (MVA)
Market value added (MVA) is the difference between a firm fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
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MVA
Intuitive Surgical Inc., MVA calculation
US$ in thousands
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
2 Invested capital. See details »
The period under review demonstrates significant fluctuations in market value and invested capital, resulting in corresponding changes in market value added. Overall, the company experienced volatility, with notable growth followed by a decline in the most recent year presented.
- Market Value
- The market value exhibited a decrease from December 31, 2021, to December 31, 2022, falling from US$94,980,495 thousand to US$80,944,277 thousand. A substantial recovery and subsequent increase occurred over the following two years, reaching a peak of US$197,401,885 thousand by December 31, 2024. However, the market value then decreased to US$164,687,268 thousand as of December 31, 2025.
- Invested Capital
- Invested capital consistently increased throughout the period. Starting at US$4,517,800 thousand in 2021, it rose to US$5,396,200 thousand in 2022, US$7,159,800 thousand in 2023, US$7,798,800 thousand in 2024, and reached US$11,374,500 thousand in 2025. This represents a sustained commitment to capital deployment.
- Market Value Added (MVA)
- Mirroring the trends in market value, MVA decreased from US$90,462,695 thousand in 2021 to US$75,548,077 thousand in 2022. A significant increase followed, with MVA reaching US$121,683,288 thousand in 2023 and peaking at US$189,603,085 thousand in 2024. The most recent year, 2025, saw a decrease in MVA to US$153,312,768 thousand. The fluctuations in MVA are directly correlated with the changes in market value, as invested capital increased steadily throughout the period.
The relationship between invested capital and MVA suggests that while capital investment has been consistently increasing, the market’s assessment of the value generated from that investment has varied considerably. The decline in market value and MVA in 2025, despite continued investment, warrants further investigation to understand the underlying factors contributing to this trend.
MVA Spread Ratio
Intuitive Surgical Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Abbott Laboratories | ||||||
| Elevance Health Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2025 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited considerable fluctuation between 2021 and 2025. While Invested Capital consistently increased over the period, the MVA spread ratio demonstrated a more complex pattern. A review of the figures reveals notable shifts in the relationship between wealth creation and capital employed.
- Market Value Added (MVA)
- The MVA decreased from US$90,462,695 thousand in 2021 to US$75,548,077 thousand in 2022, representing a decline. A subsequent recovery was observed in 2023, with MVA rising to US$121,683,288 thousand. Further growth occurred in 2024, reaching a peak of US$189,603,085 thousand, before decreasing to US$153,312,768 thousand in 2025. This suggests periods of strong value creation interspersed with periods of contraction.
- Invested Capital
- Invested Capital showed a consistent upward trend throughout the analyzed period. Beginning at US$4,517,800 thousand in 2021, it increased to US$5,396,200 thousand in 2022, US$7,159,800 thousand in 2023, US$7,798,800 thousand in 2024, and ultimately reached US$11,374,500 thousand in 2025. This indicates a continuous reinvestment of capital into the business.
- MVA Spread Ratio
- The MVA spread ratio, which reflects the efficiency of capital allocation, experienced significant variation. It began at 2,002.36% in 2021, decreased to 1,400.02% in 2022, and then rose to 1,699.53% in 2023. A substantial increase was noted in 2024, reaching 2,431.18%, the highest value in the observed period. However, the ratio declined in 2025 to 1,347.86%. The fluctuations suggest a changing ability to generate value relative to the capital invested. The decrease in 2025, despite continued growth in Invested Capital, warrants further investigation.
The divergence between the increasing Invested Capital and the fluctuating MVA spread ratio suggests that the efficiency of capital deployment varied considerably over the five-year period. While the company consistently reinvested capital, the returns generated from that capital, as measured by the MVA spread ratio, were not consistently positive or increasing.
MVA Margin
Intuitive Surgical Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | ||||||
| Revenue | ||||||
| Add: Increase (decrease) in deferred revenue | ||||||
| Adjusted revenue | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Abbott Laboratories | ||||||
| Elevance Health Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 MVA. See details »
2 2025 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited considerable fluctuation between 2021 and 2025. While Adjusted Revenue demonstrated consistent growth over the same period, the MVA margin displayed a more complex pattern.
- Market Value Added (MVA)
- The MVA decreased from US$90,462,695 thousand in 2021 to US$75,548,077 thousand in 2022, representing a decline. A subsequent increase was observed in 2023, with MVA reaching US$121,683,288 thousand. This upward trend continued into 2024, peaking at US$189,603,085 thousand, before decreasing to US$153,312,768 thousand in 2025.
- Adjusted Revenue
- Adjusted Revenue increased steadily throughout the analyzed period. From US$5,741,800 thousand in 2021, it rose to US$6,246,500 thousand in 2022, US$7,177,500 thousand in 2023, US$8,383,300 thousand in 2024, and finally reached US$10,139,900 thousand in 2025. This indicates consistent revenue growth year-over-year.
- MVA Margin
- The MVA margin initially decreased from 1,575.51% in 2021 to 1,209.45% in 2022, coinciding with the decline in MVA. The margin then increased significantly to 1,695.34% in 2023 and further to 2,261.68% in 2024, reflecting the substantial growth in MVA relative to Adjusted Revenue. However, the MVA margin decreased to 1,511.98% in 2025, despite continued growth in Adjusted Revenue, suggesting that MVA growth did not keep pace with revenue expansion in that year.
The divergence between the MVA and Adjusted Revenue trends, particularly in 2025, warrants further investigation. While revenue consistently increased, the fluctuations in MVA and the corresponding MVA margin suggest that market perception of the company’s value creation is sensitive to factors beyond revenue growth.