Stock Analysis on Net

Boeing Co. (NYSE:BA)

Market Value Added (MVA)

Microsoft Excel

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

Boeing Co., MVA calculation

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Fair value of debt, including finance lease obligations and commercial paper1 51,292 53,062 65,904 72,560 29,457
Operating lease liability 1,814 1,581 1,539 1,352 1,230
Market value of common equity 128,763 126,330 116,740 114,174 179,234
Noncontrolling interests 5 35 153 241 317
Less: Investments, excluding Equity method investments 3,343 2,641 8,237 17,918 606
Market (fair) value of Boeing 178,531 178,367 176,099 170,409 209,632
Less: Invested capital2 44,883 50,833 49,413 47,630 35,543
MVA 133,648 127,534 126,686 122,779 174,089

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 »

Item Description The company
MVA Boeing Co. market (fair) value less invested capital. Boeing Co. MVA increased from 2021 to 2022 and from 2022 to 2023.

MVA Spread Ratio

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

Microsoft Excel
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)1 133,648 127,534 126,686 122,779 174,089
Invested capital2 44,883 50,833 49,413 47,630 35,543
Performance Ratio
MVA spread ratio3 297.77% 250.89% 256.38% 257.78% 489.80%
Benchmarks
MVA Spread Ratio, Competitors4
Caterpillar Inc. 238.67% 194.12% 164.79% 176.94% 108.09%
Cummins Inc. 110.97% 93.30% 111.67% 139.01% 87.16%
General Electric Co. 243.60% 84.87% 110.77% 64.66% 58.28%
Honeywell International Inc. 211.09% 224.23% 209.78% 236.48% 239.06%
Lockheed Martin Corp. 352.46% 399.68% 319.28% 284.59% 441.62%
RTX Corp. 48.99% 54.30% 57.80% 31.41% 82.79%

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 × 133,648 ÷ 44,883 = 297.77%

4 Click competitor name to see calculations.

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. Boeing Co. MVA spread ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

MVA Margin

Boeing Co., MVA margin calculation, comparison to benchmarks

Microsoft Excel
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)1 133,648 127,534 126,686 122,779 174,089
Revenues 77,794 66,608 62,286 58,158 76,559
Performance Ratio
MVA margin2 171.80% 191.47% 203.39% 211.11% 227.39%
Benchmarks
MVA Margin, Competitors3
Caterpillar Inc. 214.72% 188.17% 190.18% 245.71% 116.96%
Cummins Inc. 66.99% 74.92% 80.85% 121.56% 55.86%
General Electric Co. 189.55% 76.94% 111.81% 103.34% 86.63%
Honeywell International Inc. 278.88% 295.90% 293.22% 350.74% 278.15%
Lockheed Martin Corp. 143.06% 161.14% 136.30% 122.08% 189.58%
RTX Corp. 79.64% 91.75% 102.95% 64.17% 111.10%

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 ÷ Revenues
= 100 × 133,648 ÷ 77,794 = 171.80%

3 Click competitor name to see calculations.

Performance ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. Boeing Co. MVA margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.