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

Mosaic Co., MVA calculation

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Fair value of total debt¹	5,562,600)	5,812,200)	5,703,100)	5,138,900)	5,824,100)
Operating lease liability	124,000)	173,600)	194,100)	284,431)	265,706)
Market value of common equity	16,647,579)	11,259,072)	6,995,779)	11,082,277)	10,578,312)
Preferred stock, $0.01 par value, none issued and outstanding	—)	—)	—)	—)	—)
Non-controlling interests	144,400)	173,800)	182,100)	207,400)	21,600)
Less: Marketable securities held in trust	731,500)	734,300)	691,700)	632,300)	628,000)
Market (fair) value of Mosaic	21,747,079)	16,684,372)	12,383,379)	16,080,708)	16,061,718)
Less: Invested capital²	15,843,300)	14,653,500)	15,092,200)	15,589,131)	15,024,306)
MVA	5,903,779)	2,030,872)	(2,708,821)	491,577)	1,037,412)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Fair value of debt. See details »

² Invested capital. See details »

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Item	Description	The company
MVA	Mosaic Co. market (fair) value less invested capital.	Mosaic Co. MVA increased from 2019 to 2020 and from 2020 to 2021.

Mosaic Co., MVA spread ratio calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	5,903,779)	2,030,872)	(2,708,821)	491,577)	1,037,412)
Invested capital²	15,843,300)	14,653,500)	15,092,200)	15,589,131)	15,024,306)
Performance Ratio
MVA spread ratio³	37.26%	13.86%	-17.95%	3.15%	6.90%
Benchmarks
MVA Spread Ratio, Competitors⁴
Linde plc	128.35%	92.56%	56.94%	—	—
Sherwin-Williams Co.	418.72%	389.31%	288.82%	—	—

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ MVA. See details »

² Invested capital. See details »

³ 2021 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 5,903,779 ÷ 15,843,300 = 37.26%

⁴ Click competitor name to see calculations.

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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.	Mosaic Co. MVA spread ratio improved from 2019 to 2020 and from 2020 to 2021.

Mosaic Co., MVA margin calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	5,903,779)	2,030,872)	(2,708,821)	491,577)	1,037,412)
Net sales	12,357,400)	8,681,700)	8,906,300)	9,587,300)	7,409,400)
Performance Ratio
MVA margin²	47.78%	23.39%	-30.41%	5.13%	14.00%
Benchmarks
MVA Margin, Competitors³
Linde plc	302.43%	267.64%	158.41%	—	—
Sherwin-Williams Co.	331.88%	328.41%	264.87%	—	—

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ MVA. See details »

² 2021 Calculation
MVA margin = 100 × MVA ÷ Net sales
= 100 × 5,903,779 ÷ 12,357,400 = 47.78%

³ Click competitor name to see calculations.

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Performance ratio	Description	The company
MVA margin	The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value.	Mosaic Co. MVA margin ratio improved from 2019 to 2020 and from 2020 to 2021.

Mosaic Co. (NYSE:MOS)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin