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
Corning Inc., MVA calculation
US$ in millions
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 Fair value of debt. See details »
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | Corning Inc. market (fair) value less invested capital. | Corning Inc. MVA decreased from 2021 to 2022 and from 2022 to 2023. |
MVA Spread Ratio
Corning 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 millions) | ||||||
| Market value added (MVA)1 | 15,649) | 18,028) | 24,561) | 19,880) | 13,900) | |
| Invested capital2 | 20,411) | 19,666) | 19,716) | 21,233) | 18,872) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 76.67% | 91.67% | 124.57% | 93.63% | 73.65% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Apple Inc. | 4,423.16% | 5,157.62% | 5,626.48% | 4,945.07% | 2,012.85% | |
| Arista Networks Inc. | 1,572.10% | 1,223.83% | 1,867.28% | 1,067.73% | 782.88% | |
| Cisco Systems Inc. | 279.75% | 214.20% | 329.31% | 225.53% | 295.15% | |
| Super Micro Computer Inc. | 466.54% | 91.02% | 50.29% | 20.26% | 2.20% | |
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 × 15,649 ÷ 20,411 = 76.67%
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. | Corning Inc. MVA spread ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
MVA Margin
Corning 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 millions) | ||||||
| Market value added (MVA)1 | 15,649) | 18,028) | 24,561) | 19,880) | 13,900) | |
| Net sales | 12,588) | 14,189) | 14,082) | 11,303) | 11,503) | |
| Add: Increase (decrease) in deferred revenue | (9) | (43) | (112) | 1,024) | —) | |
| Adjusted net sales | 12,579) | 14,146) | 13,970) | 12,327) | 11,503) | |
| Performance Ratio | ||||||
| MVA margin2 | 124.40% | 127.44% | 175.81% | 161.28% | 120.84% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Apple Inc. | 695.76% | 609.53% | 653.71% | 648.08% | 392.95% | |
| Arista Networks Inc. | 1,189.21% | 844.68% | 1,096.71% | 834.74% | 575.84% | |
| Cisco Systems Inc. | 278.31% | 240.26% | 367.17% | 235.28% | 311.35% | |
| Super Micro Computer Inc. | 158.07% | 38.71% | 18.13% | 7.52% | 0.71% | |
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 net sales
= 100 × 15,649 ÷ 12,579 = 124.40%
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. | Corning Inc. MVA margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |