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

Procter & Gamble Co., MVA calculation

US$ in millions

	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Fair value of short-term and long-term debt¹	31,053)	33,178)	30,698)	34,069)	37,675)	31,687)
Operating lease liability	909)	817)	800)	850)	891)	1,143)
Market value of common equity	395,622)	366,043)	345,816)	343,262)	329,929)	285,958)
Convertible Class A preferred stock, stated value $1 per share	798)	819)	843)	870)	897)	928)
Noncontrolling interest	272)	288)	265)	276)	357)	385)
Less: Investment securities	—)	—)	—)	—)	—)	6,217)
Market (fair) value of P&G	428,654)	401,145)	378,422)	379,327)	369,749)	313,884)
Less: Invested capital²	97,641)	96,550)	93,924)	95,095)	101,100)	89,875)
MVA	331,013)	304,595)	284,498)	284,232)	268,649)	224,009)

Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).

¹ Fair value of debt. See details »

² Invested capital. See details »

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Item	Description	The company
MVA	Procter & Gamble Co. market (fair) value less invested capital.	Procter & Gamble Co. MVA increased from 2022 to 2023 and from 2023 to 2024.

Procter & Gamble Co., MVA spread ratio calculation

	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Selected Financial Data (US$ in millions)
Market value added (MVA)¹	331,013)	304,595)	284,498)	284,232)	268,649)	224,009)
Invested capital²	97,641)	96,550)	93,924)	95,095)	101,100)	89,875)
Performance Ratio
MVA spread ratio³	339.01%	315.48%	302.90%	298.89%	265.73%	249.24%

Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).

¹ MVA. See details »

² Invested capital. See details »

³ 2024 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 331,013 ÷ 97,641 = 339.01%

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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.	Procter & Gamble Co. MVA spread ratio improved from 2022 to 2023 and from 2023 to 2024.

Procter & Gamble Co., MVA margin calculation

	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Selected Financial Data (US$ in millions)
Market value added (MVA)¹	331,013)	304,595)	284,498)	284,232)	268,649)	224,009)
Net sales	84,039)	82,006)	80,187)	76,118)	70,950)	67,684)
Performance Ratio
MVA margin²	393.88%	371.43%	354.79%	373.41%	378.64%	330.96%

Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).

¹ MVA. See details »

² 2024 Calculation
MVA margin = 100 × MVA ÷ Net sales
= 100 × 331,013 ÷ 84,039 = 393.88%

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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.	Procter & Gamble Co. MVA margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Procter & Gamble Co. (NYSE:PG)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin