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
Axon Enterprise 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).
1 Fair value of debt. See details »
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | Axon Enterprise Inc. market (fair) value less invested capital. | Axon Enterprise Inc. MVA decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level. |
MVA Spread Ratio
Axon Enterprise 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 | 12,940,817) | 8,160,939) | 9,360,020) | 3,891,982) | 2,645,560) | |
| Invested capital2 | 1,607,800) | 1,262,920) | 722,746) | 500,291) | 631,660) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 804.88% | 646.20% | 1,295.06% | 777.94% | 418.83% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Boeing Co. | 250.89% | 256.38% | 257.78% | 489.80% | — | |
| Caterpillar Inc. | 194.12% | 164.79% | 176.94% | 108.09% | — | |
| Eaton Corp. plc | 149.39% | 132.30% | 124.83% | 66.62% | — | |
| GE Aerospace | 84.87% | 110.77% | 64.66% | 58.28% | — | |
| Honeywell International Inc. | 224.23% | 209.78% | 236.48% | 239.06% | — | |
| Lockheed Martin Corp. | 399.68% | 319.28% | 284.59% | 441.62% | — | |
| RTX Corp. | 54.30% | 57.80% | 31.41% | 82.79% | — | |
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 × 12,940,817 ÷ 1,607,800 = 804.88%
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. | Axon Enterprise Inc. MVA spread ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
MVA Margin
Axon Enterprise 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 | 12,940,817) | 8,160,939) | 9,360,020) | 3,891,982) | 2,645,560) | |
| Net sales | 1,189,935) | 863,381) | 681,003) | 530,860) | 420,068) | |
| Add: Increase (decrease) in deferred revenue | 156,728) | 176,131) | 69,381) | 24,367) | 56,151) | |
| Adjusted net sales | 1,346,663) | 1,039,512) | 750,384) | 555,227) | 476,219) | |
| Performance Ratio | ||||||
| MVA margin2 | 960.95% | 785.07% | 1,247.36% | 700.97% | 555.53% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Boeing Co. | 191.47% | 203.39% | 211.11% | 227.39% | — | |
| Caterpillar Inc. | 188.17% | 190.18% | 245.71% | 116.96% | — | |
| Eaton Corp. plc | 221.57% | 198.58% | 191.64% | 91.84% | — | |
| GE Aerospace | 76.94% | 111.81% | 103.34% | 86.63% | — | |
| Honeywell International Inc. | 295.90% | 293.22% | 350.74% | 278.15% | — | |
| Lockheed Martin Corp. | 161.14% | 136.30% | 122.08% | 189.58% | — | |
| RTX Corp. | 91.75% | 102.95% | 64.17% | 111.10% | — | |
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 sales
= 100 × 12,940,817 ÷ 1,346,663 = 960.95%
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. | Axon Enterprise Inc. MVA margin ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |