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.
MVA
Activision Blizzard Inc., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | Activision Blizzard Inc. market (fair) value less invested capital. | Activision Blizzard Inc. MVA decreased from 2020 to 2021 and from 2021 to 2022. |
MVA Spread Ratio
Activision Blizzard Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | 38,739) | 44,932) | 58,397) | 30,854) | 18,847) | |
| Invested capital2 | 19,837) | 22,243) | 20,332) | 17,047) | 16,084) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 195.29% | 202.00% | 287.22% | 180.99% | 117.18% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Alphabet Inc. | 634.23% | 1,159.04% | 970.03% | 804.65% | — | |
| Comcast Corp. | 23.22% | 50.36% | 64.16% | 48.88% | — | |
| Meta Platforms Inc. | 380.86% | 579.06% | 791.20% | 773.13% | — | |
| Netflix Inc. | 371.76% | 453.21% | 772.09% | — | — | |
| Walt Disney Co. | 34.30% | 103.57% | 101.22% | 96.61% | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2022 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 38,739 ÷ 19,837 = 195.29%
4 Click competitor name to see calculations.
| Performance ratio | Description | The company |
|---|---|---|
| MVA spread ratio | The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium. | Activision Blizzard Inc. MVA spread ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
MVA Margin
Activision Blizzard Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | 38,739) | 44,932) | 58,397) | 30,854) | 18,847) | |
| Net revenues | 7,528) | 8,803) | 8,086) | 6,489) | 7,500) | |
| Add: Increase (decrease) in deferred revenues | 970) | (571) | 314) | (118) | (436) | |
| Adjusted net revenues | 8,498) | 8,232) | 8,400) | 6,371) | 7,064) | |
| Performance Ratio | ||||||
| MVA margin2 | 455.86% | 545.82% | 695.20% | 484.28% | 266.80% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Alphabet Inc. | 390.80% | 664.82% | 649.56% | 499.56% | — | |
| Comcast Corp. | 41.05% | 99.16% | 138.43% | 97.01% | — | |
| Meta Platforms Inc. | 332.57% | 454.84% | 744.17% | 715.58% | — | |
| Netflix Inc. | 443.50% | 529.22% | 912.25% | — | — | |
| Walt Disney Co. | 70.59% | 263.91% | 272.21% | 231.16% | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 MVA. See details »
2 2022 Calculation
MVA margin = 100 × MVA ÷ Adjusted net revenues
= 100 × 38,739 ÷ 8,498 = 455.86%
3 Click competitor name to see calculations.
| Performance ratio | Description | The company |
|---|---|---|
| MVA margin | The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. | Activision Blizzard Inc. MVA margin ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |