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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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MVA
Intel Corp., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
1 Fair value of debt. See details »
2 Invested capital. See details »
The market value of the entity demonstrates significant fluctuation over the observed period. Initially decreasing from 2021 to 2022, it rebounded strongly in 2023 before declining again in 2024, and then experiencing substantial growth in 2025. Invested capital exhibits a more consistent, albeit slower, upward trend throughout the period. Market value added (MVA) mirrors the volatility of the market value, with corresponding decreases and increases.
- Market Value Trend
- The market value began at US$211,038 million in 2021, experienced a considerable decrease to US$138,479 million in 2022, then rose to US$217,809 million in 2023. A subsequent decline to US$119,193 million occurred in 2024, followed by a significant increase to US$255,760 million in 2025. This pattern suggests sensitivity to external factors or internal strategic shifts.
- Invested Capital Trend
- Invested capital showed a modest increase from US$88,498 million in 2021 to US$88,671 million in 2022. This upward trend continued, reaching US$92,095 million in 2023 and US$92,296 million in 2024. A more substantial increase was observed in 2025, with invested capital reaching US$116,604 million. The consistent growth indicates ongoing investment in the business.
- Market Value Added (MVA) Trend
- MVA started at US$122,540 million in 2021, falling sharply to US$49,808 million in 2022. It recovered to US$125,714 million in 2023, but then decreased significantly to US$26,897 million in 2024. Finally, MVA experienced a substantial increase to US$139,156 million in 2025. The fluctuations in MVA closely follow the changes in market value, indicating that changes in market perception are strongly influencing the value created above invested capital.
The divergence between the relatively steady increase in invested capital and the volatile MVA suggests that the entity’s ability to generate value from its investments is not consistent. The strong MVA recovery in 2025, coupled with the increased invested capital, warrants further investigation to understand the drivers of this performance.
MVA Spread Ratio
Intel Corp., MVA spread ratio calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
| Texas Instruments Inc. | ||||||
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
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 information presents a fluctuating pattern in Market Value Added (MVA) and its relationship to Invested Capital, as measured by the MVA spread ratio, over a five-year period. A significant decline in MVA is initially observed, followed by periods of recovery and subsequent decline again.
- Market Value Added (MVA)
- MVA begins at US$122,540 million in 2021, experiencing a substantial decrease to US$49,808 million in 2022. A recovery is then noted in 2023, with MVA rising to US$125,714 million. However, this is followed by a considerable drop to US$26,897 million in 2024. Finally, MVA demonstrates a strong increase in 2025, reaching US$139,156 million, exceeding the 2021 level.
- Invested Capital
- Invested Capital exhibits a relatively stable pattern from 2021 to 2023, remaining around US$88-92 billion. A more noticeable increase is observed in 2024 and 2025, rising to US$92,296 million and then to US$116,604 million respectively. This suggests a growing capital base in the later years of the observed period.
- MVA Spread Ratio
- The MVA spread ratio mirrors the fluctuations in MVA. It starts at a high of 138.47% in 2021, then declines sharply to 56.17% in 2022. A substantial recovery occurs in 2023, with the ratio reaching 136.50%. A significant decrease is then seen in 2024, falling to 29.14%. The ratio recovers again in 2025, increasing to 119.34%, though remaining below the initial 2021 value. The ratio’s volatility indicates a changing relationship between the market’s valuation of the company’s assets and the capital invested.
The observed patterns suggest a period of initial strength followed by challenges, a subsequent recovery, and then renewed challenges before a final period of improvement. The increasing invested capital in the later years, coupled with the fluctuating MVA spread ratio, warrants further investigation to understand the drivers behind these trends and their implications for future performance.
MVA Margin
Intel Corp., MVA margin calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Net revenue | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
| Texas Instruments Inc. | ||||||
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
1 MVA. See details »
2 2025 Calculation
MVA margin = 100 × MVA ÷ Net revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
The information presents a fluctuating pattern in Market Value Added (MVA) alongside declining net revenue over a five-year period. The MVA margin exhibits significant volatility, mirroring the changes in MVA itself.
- Market Value Added (MVA)
- The MVA began at US$122,540 million in 2021, experienced a substantial decrease to US$49,808 million in 2022, and then recovered to US$125,714 million in 2023. A significant decline was again observed in 2024, falling to US$26,897 million, before rising sharply to US$139,156 million in 2025. This indicates considerable investor sentiment shifts impacting the company’s perceived value creation.
- Net Revenue
- Net revenue demonstrated a consistent downward trend throughout the observed period. Starting at US$79,024 million in 2021, it decreased to US$63,054 million in 2022, US$54,228 million in 2023, and continued to decline to US$53,101 million in 2024. This trend persisted into 2025, with revenue reaching US$52,853 million. The consistent decline in revenue suggests potential challenges in sales or market share.
- MVA Margin
- The MVA margin displayed substantial variation. It started at 155.07% in 2021, decreased to 78.99% in 2022, and then increased dramatically to 231.83% in 2023. A sharp decrease occurred in 2024, with the margin falling to 50.65%, followed by a substantial increase to 263.29% in 2025. The high volatility of the MVA margin suggests that relatively small changes in MVA have a disproportionate impact when considered relative to net revenue. The margin’s peaks in 2021 and 2025 coincide with the highest MVA values, while the troughs align with lower MVA figures.
The divergence between the MVA and net revenue trends is notable. While revenue consistently declined, MVA experienced significant fluctuations, indicating that factors beyond revenue generation, such as investor expectations or broader market conditions, are heavily influencing the company’s market valuation.