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

General Mills Inc., MVA calculation

US$ in thousands

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Fair value of debt¹	14,741,500)	15,719,500)	9,781,100)	8,898,800)	9,612,400)	9,300,300)
Operating lease liability	437,340)	501,482)	452,610)	356,346)	357,828)	340,535)
Market value of common equity	31,614,919)	26,262,461)	31,723,169)	42,579,531)	33,882,568)	32,493,574)
Redeemable interest	551,700)	776,200)	910,900)	845,600)	778,900)	984,100)
Noncontrolling interests	313,200)	351,300)	357,600)	376,900)	396,000)	470,600)
Less: Marketable securities	52,800)	28,900)	275,400)	174,200)	10,900)	326,000)
Market (fair) value of General Mills	47,605,859)	43,582,043)	42,949,979)	52,882,977)	45,016,795)	43,263,109)
Less: Invested capital²	27,385,340)	27,608,082)	18,984,610)	18,400,346)	19,241,428)	19,362,635)
MVA	20,220,519)	15,973,961)	23,965,369)	34,482,631)	25,775,368)	23,900,474)

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

¹ Fair value of debt. See details »

² Invested capital. See details »

Download chart

General Mills Inc., MVA spread ratio calculation, comparison to benchmarks

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	20,220,519)	15,973,961)	23,965,369)	34,482,631)	25,775,368)	23,900,474)
Invested capital²	27,385,340)	27,608,082)	18,984,610)	18,400,346)	19,241,428)	19,362,635)
Performance Ratio
MVA spread ratio³	73.84%	57.86%	126.24%	187.40%	133.96%	123.44%
Benchmarks
MVA Spread Ratio, Competitors⁴
Coca-Cola Co.	—	—	—	—	—	—
Mondelēz International Inc.	—	—	—	—	—	—
PepsiCo Inc.	—	—	—	—	—	—
Philip Morris International Inc.	—	—	—	—	—	—

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

¹ MVA. See details »

² Invested capital. See details »

³ 2019 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 20,220,519 ÷ 27,385,340 = 73.84%

⁴ Click competitor name to see calculations.

Download chart

General Mills Inc., MVA margin calculation, comparison to benchmarks

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	20,220,519)	15,973,961)	23,965,369)	34,482,631)	25,775,368)	23,900,474)
Net sales	16,865,200)	15,740,400)	15,619,800)	16,563,100)	17,630,300)	17,909,600)
Performance Ratio
MVA margin²	119.89%	101.48%	153.43%	208.19%	146.20%	133.45%
Benchmarks
MVA Margin, Competitors³
Coca-Cola Co.	—	—	—	—	—	—
Mondelēz International Inc.	—	—	—	—	—	—
PepsiCo Inc.	—	—	—	—	—	—
Philip Morris International Inc.	—	—	—	—	—	—

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

¹ MVA. See details »

² 2019 Calculation
MVA margin = 100 × MVA ÷ Net sales
= 100 × 20,220,519 ÷ 16,865,200 = 119.89%

³ Click competitor name to see calculations.

Download chart

General Mills Inc. (NYSE:GIS)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin