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

Schlumberger Ltd., MVA calculation

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Fair value of debt¹	11,323)	11,032)	14,809)	18,150)	15,824)
Operating lease liability	810)	699)	814)	1,011)	1,411)
Market value of common equity	73,753)	79,886)	55,855)	30,367)	50,784)
Noncontrolling interests	1,170)	304)	282)	418)	416)
Less: Marketable securities	1,089)	1,239)	1,382)	2,162)	1,030)
Market (fair) value of SLB	85,967)	90,682)	70,378)	47,784)	67,405)
Less: Invested capital²	37,776)	33,931)	32,896)	33,428)	45,035)
MVA	48,191)	56,751)	37,482)	14,356)	22,370)

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 »

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Item	Description	The company
MVA	Schlumberger Ltd. market (fair) value less invested capital.	Schlumberger Ltd. MVA increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Schlumberger Ltd., MVA spread ratio calculation

	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	48,191)	56,751)	37,482)	14,356)	22,370)
Invested capital²	37,776)	33,931)	32,896)	33,428)	45,035)
Performance Ratio
MVA spread ratio³	127.57%	167.25%	113.94%	42.94%	49.67%

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 × 48,191 ÷ 37,776 = 127.57%

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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.	Schlumberger Ltd. MVA spread ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Schlumberger Ltd., MVA margin calculation

	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	48,191)	56,751)	37,482)	14,356)	22,370)
Revenue	33,135)	28,091)	22,929)	23,601)	32,917)
Performance Ratio
MVA margin²	145.44%	202.02%	163.47%	60.83%	67.96%

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 ÷ Revenue
= 100 × 48,191 ÷ 33,135 = 145.44%

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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.	Schlumberger Ltd. MVA margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Schlumberger Ltd. (NYSE:SLB)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin