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
Align Technology Inc., MVA calculation
US$ in thousands
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).
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | Align Technology Inc. market (fair) value less invested capital. | Align Technology Inc. MVA decreased from 2020 to 2021 and from 2021 to 2022. |
MVA Spread Ratio
Align Technology 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 thousands) | ||||||
| Market value added (MVA)1 | 20,021,487) | 37,324,891) | 42,503,935) | 15,412,338) | 19,197,695) | |
| Invested capital2 | 3,344,477) | 2,990,610) | 2,459,204) | 1,524,413) | 1,516,250) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 598.64% | 1,248.07% | 1,728.36% | 1,011.03% | 1,266.13% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Abbott Laboratories | 230.60% | 266.78% | 300.18% | — | — | |
| Cigna Group | 36.39% | 21.75% | 20.67% | — | — | |
| CVS Health Corp. | 26.73% | 49.51% | 20.97% | — | — | |
| Elevance Health Inc. | 108.49% | 116.25% | 72.69% | — | — | |
| Intuitive Surgical Inc. | 1,400.02% | 2,002.36% | 1,853.43% | — | — | |
| Medtronic PLC | 93.80% | 163.10% | 107.64% | 113.36% | — | |
| UnitedHealth Group Inc. | 214.27% | 265.59% | 189.93% | — | — | |
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 × 20,021,487 ÷ 3,344,477 = 598.64%
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. | Align Technology Inc. MVA spread ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
MVA Margin
Align Technology 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 thousands) | ||||||
| Market value added (MVA)1 | 20,021,487) | 37,324,891) | 42,503,935) | 15,412,338) | 19,197,695) | |
| Net revenues | 3,734,635) | 3,952,584) | 2,471,941) | 2,406,796) | 1,966,492) | |
| Add: Increase (decrease) in deferred revenues | 214,751) | 449,116) | 241,173) | 189,076) | 137,888) | |
| Adjusted net revenues | 3,949,386) | 4,401,700) | 2,713,114) | 2,595,872) | 2,104,380) | |
| Performance Ratio | ||||||
| MVA margin2 | 506.95% | 847.97% | 1,566.61% | 593.72% | 912.27% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Abbott Laboratories | 323.76% | 384.46% | 523.78% | — | — | |
| Cigna Group | 17.38% | 11.43% | 12.17% | — | — | |
| CVS Health Corp. | 10.28% | 22.27% | 10.70% | — | — | |
| Elevance Health Inc. | 46.56% | 54.23% | 34.07% | — | — | |
| Intuitive Surgical Inc. | 1,209.45% | 1,575.51% | 1,900.32% | — | — | |
| Medtronic PLC | 205.92% | 391.27% | 264.99% | 269.43% | — | |
| UnitedHealth Group Inc. | 109.81% | 130.39% | 96.88% | — | — | |
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 × 20,021,487 ÷ 3,949,386 = 506.95%
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. | Align Technology Inc. MVA margin ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |