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

Constellation Brands Inc., MVA calculation

US$ in thousands

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Fair value of total borrowings¹	10,668,300)	11,580,900)	13,174,800)	13,560,000)	10,145,200)	9,452,000)
Operating lease liability	537,700)	539,900)	560,200)	450,424)	452,267)	395,311)
Market value of common equity	47,846,762)	46,238,745)	29,508,508)	39,701,259)	43,687,019)	33,322,598)
Preferred Stock, $0.01 par value; Issued, none	—)	—)	—)	—)	—)	—)
Noncontrolling interests	315,900)	330,200)	342,500)	286,200)	16,600)	(6,400)
Market (fair) value of CBI	59,368,662)	58,689,745)	43,586,008)	53,997,883)	54,301,086)	43,163,510)
Less: Invested capital²	20,491,900)	21,239,800)	21,790,300)	24,890,124)	18,550,367)	17,413,511)
MVA	38,876,762)	37,449,945)	21,795,708)	29,107,759)	35,750,719)	25,749,998)

Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).

¹ Fair value of debt. See details »

² Invested capital. See details »

Download chart

Item	Description	The company
MVA	Constellation Brands Inc. market (fair) value less invested capital.	Constellation Brands Inc. MVA increased from 2020 to 2021 and from 2021 to 2022.

Constellation Brands Inc., MVA spread ratio calculation, comparison to benchmarks

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	38,876,762)	37,449,945)	21,795,708)	29,107,759)	35,750,719)	25,749,998)
Invested capital²	20,491,900)	21,239,800)	21,790,300)	24,890,124)	18,550,367)	17,413,511)
Performance Ratio
MVA spread ratio³	189.72%	176.32%	100.02%	116.95%	192.72%	147.87%
Benchmarks
MVA Spread Ratio, Competitors⁴
Coca-Cola Co.	267.55%	289.24%	244.21%	—	—	—
Mondelēz International Inc.	73.56%	85.16%	65.69%	—	—	—
PepsiCo Inc.	296.11%	297.67%	237.73%	—	—	—
Philip Morris International Inc.	327.03%	582.70%	437.24%	—	—	—

Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).

¹ MVA. See details »

² Invested capital. See details »

³ 2022 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 38,876,762 ÷ 20,491,900 = 189.72%

⁴ Click competitor name to see calculations.

Download chart

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.	Constellation Brands Inc. MVA spread ratio improved from 2020 to 2021 and from 2021 to 2022.

Constellation Brands Inc., MVA margin calculation, comparison to benchmarks

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	38,876,762)	37,449,945)	21,795,708)	29,107,759)	35,750,719)	25,749,998)

Net sales	8,820,700)	8,614,900)	8,343,500)	8,116,000)	7,585,000)	7,331,500)
Add: Increase (decrease) in deferred revenue	118,300)	—)	—)	—)	—)	—)
Adjusted net sales	8,939,000)	8,614,900)	8,343,500)	8,116,000)	7,585,000)	7,331,500)
Performance Ratio
MVA margin²	434.91%	434.71%	261.23%	358.65%	471.33%	351.22%
Benchmarks
MVA Margin, Competitors³
Coca-Cola Co.	497.46%	600.94%	559.78%	—	—	—
Mondelēz International Inc.	149.09%	182.53%	151.66%	—	—	—
PepsiCo Inc.	238.05%	261.55%	236.69%	—	—	—
Philip Morris International Inc.	488.72%	543.05%	486.98%	—	—	—

Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).

¹ MVA. See details »

² 2022 Calculation
MVA margin = 100 × MVA ÷ Adjusted net sales
= 100 × 38,876,762 ÷ 8,939,000 = 434.91%

³ Click competitor name to see calculations.

Download chart

Performance ratio	Description	The company
MVA margin	The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value.	Constellation Brands Inc. MVA margin ratio improved from 2020 to 2021 and from 2021 to 2022.

Constellation Brands Inc. (NYSE:STZ)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin