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

Roper Technologies Inc., MVA calculation

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Fair value of long-term debt, including current portion¹	5,985,300)	8,121,300)	10,161,200)	5,538,700)	4,912,000)
Operating lease liability	210,600)	232,300)	284,300)	276,800)	251,977)
Market value of common equity	45,577,303)	46,381,821)	40,288,410)	37,318,769)	33,087,145)
Preferred stock, $0.01 par value per share; none outstanding	—)	—)	—)	—)	—)
Market (fair) value of Roper	51,773,203)	54,735,421)	50,733,910)	43,134,269)	38,251,122)
Less: Invested capital²	26,216,800)	22,504,600)	23,002,900)	17,154,600)	14,785,177)
MVA	25,556,403)	32,230,821)	27,731,010)	25,979,669)	23,465,945)

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 »

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Item	Description	The company
MVA	Roper Technologies Inc. market (fair) value less invested capital.	Roper Technologies Inc. MVA increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Roper Technologies 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	25,556,403)	32,230,821)	27,731,010)	25,979,669)	23,465,945)
Invested capital²	26,216,800)	22,504,600)	23,002,900)	17,154,600)	14,785,177)
Performance Ratio
MVA spread ratio³	97.48%	143.22%	120.55%	151.44%	158.71%
Benchmarks
MVA Spread Ratio, Competitors⁴
Apple Inc.	5,157.62%	5,626.48%	4,945.07%	2,012.85%	—
Arista Networks Inc.	1,226.33%	1,872.91%	1,070.87%	—	—
Cisco Systems Inc.	214.20%	329.31%	225.53%	295.15%	—
Dell Technologies Inc.	31.48%	53.40%	12.25%	—	—
Super Micro Computer Inc.	91.12%	50.17%	20.30%	2.42%	—

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 × 25,556,403 ÷ 26,216,800 = 97.48%

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.	Roper Technologies Inc. MVA spread ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Roper Technologies 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	25,556,403)	32,230,821)	27,731,010)	25,979,669)	23,465,945)

Net revenues	5,371,800)	5,777,800)	5,527,100)	5,366,800)	5,191,200)
Add: Increase (decrease) in deferred revenue	306,000)	172,600)	172,700)	157,300)	109,500)
Adjusted net revenues	5,677,800)	5,950,400)	5,699,800)	5,524,100)	5,300,700)
Performance Ratio
MVA margin²	450.11%	541.66%	486.53%	470.30%	442.70%
Benchmarks
MVA Margin, Competitors³
Apple Inc.	609.53%	653.71%	648.08%	392.95%	—
Arista Networks Inc.	844.93%	1,097.06%	835.18%	—	—
Cisco Systems Inc.	240.26%	367.17%	235.28%	311.35%	—
Dell Technologies Inc.	16.47%	45.88%	10.39%	—	—
Super Micro Computer Inc.	38.75%	18.09%	7.53%	0.78%	—

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 × 25,556,403 ÷ 5,677,800 = 450.11%

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.	Roper Technologies Inc. MVA margin ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Roper Technologies Inc. (NASDAQ:ROP)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin