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
Chipotle Mexican Grill Inc., MVA calculation
US$ in thousands
Based on: 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), 10-K (reporting date: 2019-12-31).
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | Chipotle Mexican Grill Inc. market (fair) value less invested capital. | Chipotle Mexican Grill Inc. MVA increased from 2021 to 2022 and from 2022 to 2023. |
MVA Spread Ratio
Chipotle Mexican Grill Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | 68,648,499) | 41,852,976) | 41,276,315) | 41,241,701) | 21,937,829) | |
| Invested capital2 | 6,006,837) | 5,396,406) | 5,496,598) | 4,937,915) | 4,227,370) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 1,142.84% | 775.57% | 750.94% | 835.20% | 518.95% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Airbnb Inc. | 1,574.38% | 1,127.97% | 1,610.92% | 2,575.01% | — | |
| Booking Holdings Inc. | 1,200.63% | 645.29% | 637.90% | 662.28% | 576.91% | |
| McDonald’s Corp. | 430.22% | 426.12% | 393.79% | 359.83% | 386.54% | |
| Starbucks Corp. | 540.56% | 553.87% | 552.49% | 492.67% | 499.06% | |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 68,648,499 ÷ 6,006,837 = 1,142.84%
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. | Chipotle Mexican Grill Inc. MVA spread ratio improved from 2021 to 2022 and from 2022 to 2023. |
MVA Margin
Chipotle Mexican Grill Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | 68,648,499) | 41,852,976) | 41,276,315) | 41,241,701) | 21,937,829) | |
| Revenue | 9,871,649) | 8,634,652) | 7,547,061) | 5,984,634) | 5,586,369) | |
| Add: Increase (decrease) in unearned revenue | 26,609) | 26,720) | 28,601) | 32,555) | 24,721) | |
| Adjusted revenue | 9,898,258) | 8,661,372) | 7,575,662) | 6,017,189) | 5,611,090) | |
| Performance Ratio | ||||||
| MVA margin2 | 693.54% | 483.21% | 544.85% | 685.40% | 390.97% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Airbnb Inc. | 903.08% | 890.34% | 1,449.11% | 3,942.51% | — | |
| Booking Holdings Inc. | 641.48% | 515.10% | 873.43% | 1,419.18% | 422.06% | |
| McDonald’s Corp. | 844.34% | 834.91% | 808.92% | 875.15% | 781.31% | |
| Starbucks Corp. | 334.25% | 352.88% | 450.20% | 480.36% | 382.96% | |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 MVA. See details »
2 2023 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenue
= 100 × 68,648,499 ÷ 9,898,258 = 693.54%
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. | Chipotle Mexican Grill Inc. MVA margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |