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

Walt Disney Co., MVA calculation

US$ in millions

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
Fair value of borrowings and finance lease liabilities¹	43,899)	41,699)	44,275)	60,611)	65,126)	50,109)
Operating lease liability	3,512)	3,998)	3,634)	3,620)	3,387)	3,704)
Market value of common equity	197,610)	172,873)	172,676)	275,084)	269,925)	264,826)
Preferred stock	—)	—)	—)	—)	—)	—)
Redeemable noncontrolling interests	—)	9,055)	9,499)	9,213)	9,249)	8,963)
Noncontrolling interests	4,826)	4,680)	3,871)	4,458)	4,680)	5,012)
Less: Investments recorded at fair value	94)	174)	308)	950)	1,057)	—)
Market (fair) value of Disney	249,753)	232,131)	233,647)	352,036)	351,310)	332,614)
Less: Invested capital²	166,066)	173,764)	173,977)	172,934)	174,594)	169,178)
MVA	83,687)	58,367)	59,670)	179,102)	176,716)	163,436)

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

¹ Fair value of debt. See details »

² Invested capital. See details »

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Item	Description	The company
MVA	Walt Disney Co. market (fair) value less invested capital.	Walt Disney Co. MVA decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Walt Disney Co., MVA spread ratio calculation, comparison to benchmarks

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
Selected Financial Data (US$ in millions)
Market value added (MVA)¹	83,687)	58,367)	59,670)	179,102)	176,716)	163,436)
Invested capital²	166,066)	173,764)	173,977)	172,934)	174,594)	169,178)
Performance Ratio
MVA spread ratio³	50.39%	33.59%	34.30%	103.57%	101.22%	96.61%
Benchmarks
MVA Spread Ratio, Competitors⁴
Alphabet Inc.	—	797.66%	634.23%	1,159.04%	970.03%	804.65%
Comcast Corp.	—	34.32%	23.22%	50.36%	64.16%	48.88%
Meta Platforms Inc.	—	767.10%	380.86%	579.06%	791.20%	773.13%
Netflix Inc.	—	596.82%	371.76%	453.21%	772.09%	596.41%

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

¹ MVA. See details »

² Invested capital. See details »

³ 2024 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 83,687 ÷ 166,066 = 50.39%

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.	Walt Disney Co. MVA spread ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Walt Disney Co., MVA margin calculation, comparison to benchmarks

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
Selected Financial Data (US$ in millions)
Market value added (MVA)¹	83,687)	58,367)	59,670)	179,102)	176,716)	163,436)

Revenues	91,361)	88,898)	82,722)	67,418)	65,388)	69,570)
Add: Increase (decrease) in deferred revenues	(100)	87)	1,810)	447)	(468)	1,134)
Adjusted revenues	91,261)	88,985)	84,532)	67,865)	64,920)	70,704)
Performance Ratio
MVA margin²	91.70%	65.59%	70.59%	263.91%	272.21%	231.16%
Benchmarks
MVA Margin, Competitors³
Alphabet Inc.	—	491.55%	390.80%	664.82%	649.56%	499.56%
Comcast Corp.	—	59.40%	41.05%	99.16%	138.43%	97.01%
Meta Platforms Inc.	—	802.73%	332.57%	454.84%	744.17%	715.58%
Netflix Inc.	—	667.68%	443.50%	529.22%	912.25%	708.65%

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

¹ MVA. See details »

² 2024 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenues
= 100 × 83,687 ÷ 91,261 = 91.70%

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.	Walt Disney Co. MVA margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Walt Disney Co. (NYSE:DIS)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin