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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2013
- Return on Assets (ROA) since 2013
- Debt to Equity since 2013
- Price to Earnings (P/E) since 2013
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MVA
T-Mobile US Inc., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Fair value of debt. See details »
2 Invested capital. See details »
The market value of the company demonstrates an overall increasing trend from 2021 to 2024, followed by a decrease in 2025. Invested capital exhibits a more gradual, consistent increase throughout the observed period. Consequently, market value added (MVA) shows a significant positive trend, peaking in 2024 before declining in 2025.
- Market Value Trend
- The market value increased from US$265.707 billion in 2021 to US$279.964 billion in 2022, representing a growth of approximately 5.3%. Further growth was observed in 2023, reaching US$296.718 billion. A substantial increase occurred between 2023 and 2024, with the market value reaching US$370.154 billion. However, the market value decreased to US$345.544 billion in 2025, indicating a potential shift in investor sentiment or market conditions.
- Invested Capital Trend
- Invested capital experienced a modest increase from US$184.079 billion in 2021 to US$186.262 billion in 2022. This upward trend continued, albeit slowly, reaching US$186.258 billion in 2023 and US$187.599 billion in 2024. The most significant increase in invested capital occurred between 2024 and 2025, rising to US$198.267 billion. This suggests increasing investment in the business operations during that period.
- Market Value Added (MVA) Trend
- MVA increased substantially from US$81.628 billion in 2021 to US$93.702 billion in 2022, reflecting positive value creation for investors. This growth continued, reaching US$110.460 billion in 2023. The most significant increase in MVA occurred between 2023 and 2024, reaching US$182.555 billion, indicating a period of exceptional value creation. However, MVA decreased to US$147.277 billion in 2025, coinciding with the decline in market value, suggesting a reduction in the value created relative to invested capital.
The divergence between the market value and MVA trends in 2025 warrants further investigation. While invested capital continued to rise, the decrease in market value resulted in a lower MVA, potentially indicating increased investor expectations or changing market perceptions of future growth prospects.
MVA Spread Ratio
T-Mobile US Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| AT&T Inc. | ||||||
| Verizon Communications Inc. | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
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 Market Value Added (MVA) exhibited a generally positive trajectory between 2021 and 2024, followed by a decline in the most recent period. Simultaneously, Invested Capital demonstrated a more moderate, consistently increasing pattern. The MVA spread ratio, reflecting the relationship between MVA and Invested Capital, reveals a significant expansion followed by a contraction.
- Market Value Added (MVA)
- MVA increased from US$81,628 million in 2021 to US$93,702 million in 2022, representing a growth of approximately 14.8%. This upward trend continued with increases to US$110,460 million in 2023 and a substantial rise to US$182,555 million in 2024. However, 2025 witnessed a decrease in MVA to US$147,277 million, indicating a potential reversal in value creation.
- Invested Capital
- Invested Capital showed a steady, albeit slower, growth pattern. It increased from US$184,079 million in 2021 to US$186,262 million in 2022, and remained relatively stable at US$186,258 million in 2023. Further increases were observed in 2024 (US$187,599 million) and 2025 (US$198,267 million), suggesting consistent reinvestment in the business.
- MVA Spread Ratio
- The MVA spread ratio, which indicates the proportion of MVA relative to Invested Capital, experienced a notable increase over the observed period. Starting at 44.34% in 2021, it rose to 50.31% in 2022 and continued its ascent to 59.31% in 2023. The most significant increase occurred between 2023 and 2024, reaching 97.31%. This indicates a substantial improvement in value creation relative to capital employed. However, the ratio decreased to 74.28% in 2025, coinciding with the decline in MVA, suggesting a diminished return on invested capital in the latest period.
The divergence between the MVA and Invested Capital trends in 2025 warrants further investigation. While Invested Capital continued to grow, the decrease in MVA and the subsequent reduction in the MVA spread ratio suggest a potential weakening in the company’s ability to generate value from its investments.
MVA Margin
T-Mobile US Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Revenues | ||||||
| Add: Increase (decrease) in deferred revenue | ||||||
| Adjusted revenues | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| AT&T Inc. | ||||||
| Verizon Communications Inc. | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 MVA. See details »
2 2025 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenues
= 100 × ÷ =
3 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited a generally positive trajectory between 2021 and 2024, followed by a decline in the most recent period. Simultaneously, Adjusted Revenues demonstrated a more moderate pattern of fluctuation. The MVA margin, calculated as MVA relative to Adjusted Revenues, reveals a significant increase in value creation efficiency before a subsequent decrease.
- Market Value Added (MVA)
- The MVA increased from US$81.628 billion in 2021 to US$93.702 billion in 2022, representing a growth of approximately 14.8%. Further growth was observed in 2023, reaching US$110.460 billion. A substantial increase occurred in 2024, with MVA reaching US$182.555 billion. However, in 2025, MVA decreased to US$147.277 billion, indicating a potential reversal of the prior upward trend.
- Adjusted Revenues
- Adjusted Revenues experienced a slight decrease from US$79.944 billion in 2021 to US$79.495 billion in 2022. A further decline was noted in 2023, with revenues falling to US$78.603 billion. Revenues began to recover in 2024, reaching US$81.797 billion, and continued to increase in 2025 to US$88.620 billion. This suggests a potential stabilization and growth phase in revenue generation towards the end of the analyzed period.
- MVA Margin
- The MVA margin increased substantially over the period. Starting at 102.11% in 2021, it rose to 117.87% in 2022 and continued to climb to 140.53% in 2023. The most significant increase occurred in 2024, reaching 223.18%. This indicates a considerable improvement in the company’s ability to generate value relative to its revenues. However, the margin decreased in 2025 to 166.19%, aligning with the decline in MVA, suggesting that while value creation remains positive, its efficiency has diminished compared to the peak in 2024.
The divergence between MVA and Adjusted Revenues in 2025 warrants further investigation. While revenues continued to grow, the decrease in MVA suggests that market perception of future value creation may have shifted, or other factors impacted the company’s valuation. The substantial increase in MVA margin in 2024, followed by a decrease in 2025, highlights the volatility in value creation efficiency and the importance of monitoring this metric closely.