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
MVA Spread Ratio
MVA Margin

Intuitive Surgical Inc., MVA calculation

US$ in thousands

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Fair value of debt	—)	—)	—)	—)	—)
Operating lease liability	146,000)	89,800)	93,800)	87,000)	79,900)
Market value of common equity	203,964,985)	133,256,688)	85,940,077)	102,171,695)	92,773,791)
Preferred stock, $0.001 par value, issuable in series; no shares issued and outstanding	—)	—)	—)	—)	—)
Noncontrolling interest in joint venture	95,900)	89,700)	70,700)	50,400)	27,600)
Less: Available-for-sale marketable securities	6,805,000)	4,593,100)	5,160,300)	7,328,600)	5,246,500)
Market (fair) value of Intuitive Surgical	197,401,885)	128,843,088)	80,944,277)	94,980,495)	87,634,791)
Less: Invested capital²	7,798,800)	7,159,800)	5,396,200)	4,517,800)	4,486,200)
MVA	189,603,085)	121,683,288)	75,548,077)	90,462,695)	83,148,591)

Based on: 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), 10-K (reporting date: 2020-12-31).

² Invested capital. See details »

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Item	Description	The company
MVA	Intuitive Surgical Inc. market (fair) value less invested capital.	Intuitive Surgical Inc. MVA increased from 2022 to 2023 and from 2023 to 2024.

Intuitive Surgical Inc., MVA spread ratio calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	189,603,085)	121,683,288)	75,548,077)	90,462,695)	83,148,591)
Invested capital²	7,798,800)	7,159,800)	5,396,200)	4,517,800)	4,486,200)
Performance Ratio
MVA spread ratio³	2,431.18%	1,699.53%	1,400.02%	2,002.36%	1,853.43%
Benchmarks
MVA Spread Ratio, Competitors⁴
Abbott Laboratories	—	257.59%	230.60%	266.78%	300.18%
Cigna Group	—	49.48%	36.39%	21.75%	20.67%
CVS Health Corp.	—	8.29%	26.73%	49.51%	20.97%
Elevance Health Inc.	—	105.04%	108.24%	115.84%	72.12%
Medtronic PLC	74.24%	88.43%	93.80%	163.10%	107.64%
UnitedHealth Group Inc.	—	192.81%	214.27%	265.59%	189.93%

Based on: 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), 10-K (reporting date: 2020-12-31).

¹ MVA. See details »

² Invested capital. See details »

³ 2024 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 189,603,085 ÷ 7,798,800 = 2,431.18%

⁴ Click competitor name to see calculations.

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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.	Intuitive Surgical Inc. MVA spread ratio improved from 2022 to 2023 and from 2023 to 2024.

Intuitive Surgical Inc., MVA margin calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	189,603,085)	121,683,288)	75,548,077)	90,462,695)	83,148,591)

Revenue	8,352,100)	7,124,100)	6,222,200)	5,710,100)	4,358,400)
Add: Increase (decrease) in deferred revenue	31,200)	53,400)	24,300)	31,700)	17,100)
Adjusted revenue	8,383,300)	7,177,500)	6,246,500)	5,741,800)	4,375,500)
Performance Ratio
MVA margin²	2,261.68%	1,695.34%	1,209.45%	1,575.51%	1,900.32%
Benchmarks
MVA Margin, Competitors³
Abbott Laboratories	—	383.09%	323.76%	384.46%	523.78%
Cigna Group	—	21.87%	17.38%	11.43%	12.17%
CVS Health Corp.	—	3.14%	10.28%	22.27%	10.70%
Elevance Health Inc.	—	43.12%	46.51%	54.14%	33.92%
Medtronic PLC	157.30%	199.61%	205.92%	391.27%	264.99%
UnitedHealth Group Inc.	—	95.85%	109.81%	130.39%	96.88%

Based on: 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), 10-K (reporting date: 2020-12-31).

¹ MVA. See details »

² 2024 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenue
= 100 × 189,603,085 ÷ 8,383,300 = 2,261.68%

³ Click competitor name to see calculations.

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Performance ratio	Description	The company
MVA margin	The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value.	Intuitive Surgical Inc. MVA margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Intuitive Surgical Inc. (NASDAQ:ISRG)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin