Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

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

Chevron Corp., 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 debt1 19,355 21,376 32,134 46,210 27,640
Operating lease liability 5,234 4,031 3,503 3,906 3,885
Market value of common equity 286,855 308,748 262,628 197,165 204,865
Preferred stock, $1.00 par value; none issued
Redeemable noncontrolling interest 166 142 135 120
Noncontrolling interests 806 818 738 918 995
Less: Marketable securities 45 223 35 31 63
Market (fair) value of Chevron 312,371 334,892 299,103 248,288 237,322
Less: Invested capital2 212,337 212,342 193,606 197,314 195,769
MVA 100,034 122,550 105,497 50,974 41,553

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 Chevron Corp. market (fair) value less invested capital. Chevron Corp. MVA increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

MVA Spread Ratio

Chevron Corp., 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)1 100,034 122,550 105,497 50,974 41,553
Invested capital2 212,337 212,342 193,606 197,314 195,769
Performance Ratio
MVA spread ratio3 47.11% 57.71% 54.49% 25.83% 21.23%
Benchmarks
MVA Spread Ratio, Competitors4
ConocoPhillips 83.41% 93.55% 86.17% 63.43% 38.09%
Exxon Mobil Corp. 51.71% 67.23% 42.25% 18.54% -5.98%
Marathon Petroleum Corp. 40.55% 23.50% 16.35% 14.91% -10.38%
Occidental Petroleum Corp. 37.27% 44.52% 34.32% 9.79% -5.81%
Valero Energy Corp. 19.68% 27.46% 19.85% 21.44% 4.90%

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 × 100,034 ÷ 212,337 = 47.11%

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. Chevron Corp. MVA spread ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

MVA Margin

Chevron Corp., 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)1 100,034 122,550 105,497 50,974 41,553
Sales and other operating revenues 196,913 235,717 155,606 94,471 139,865
Performance Ratio
MVA margin2 50.80% 51.99% 67.80% 53.96% 29.71%
Benchmarks
MVA Margin, Competitors3
ConocoPhillips 120.75% 90.01% 143.57% 171.77% 67.50%
Exxon Mobil Corp. 47.47% 50.09% 41.64% 28.44% -7.10%
Marathon Petroleum Corp. 17.46% 9.21% 8.67% 15.00% -6.87%
Occidental Petroleum Corp. 75.01% 68.42% 76.78% 34.78% -23.98%
Valero Energy Corp. 6.95% 7.75% 7.75% 13.53% 1.84%

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 ÷ Sales and other operating revenues
= 100 × 100,034 ÷ 196,913 = 50.80%

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. Chevron Corp. MVA margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.