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

Deckers Outdoor Corp., MVA calculation

US$ in thousands

	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
Fair value of mortgage payable¹	—)	—)	—)	30,901)	31,504)	32,082)
Operating lease liability	246,488)	222,070)	223,042)	264,815)	242,193)	276,486)
Market value of common equity	12,169,037)	7,282,824)	9,329,600)	5,482,856)	4,421,716)	3,349,259)
Market (fair) value of Deckers	12,415,525)	7,504,894)	9,552,642)	5,778,572)	4,695,413)	3,657,826)
Less: Invested capital²	1,948,548)	1,736,074)	1,642,284)	1,422,595)	1,307,197)	1,227,436)
MVA	10,466,977)	5,768,820)	7,910,358)	4,355,977)	3,388,216)	2,430,391)

Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).

¹ Fair value of debt. See details »

² Invested capital. See details »

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Item	Description	The company
MVA	Deckers Outdoor Corp. market (fair) value less invested capital.	Deckers Outdoor Corp. MVA decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Deckers Outdoor Corp., MVA spread ratio calculation, comparison to benchmarks

	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	10,466,977)	5,768,820)	7,910,358)	4,355,977)	3,388,216)	2,430,391)
Invested capital²	1,948,548)	1,736,074)	1,642,284)	1,422,595)	1,307,197)	1,227,436)
Performance Ratio
MVA spread ratio³	537.17%	332.29%	481.67%	306.20%	259.20%	198.01%
Benchmarks
MVA Spread Ratio, Competitors⁴
lululemon athletica inc.	823.41%	1,048.09%	1,047.39%	793.45%	713.46%	—
Nike Inc.	745.30%	764.83%	1,149.95%	776.97%	904.20%	751.49%

Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).

¹ MVA. See details »

² Invested capital. See details »

³ 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 10,466,977 ÷ 1,948,548 = 537.17%

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.	Deckers Outdoor Corp. MVA spread ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Deckers Outdoor Corp., MVA margin calculation, comparison to benchmarks

	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	10,466,977)	5,768,820)	7,910,358)	4,355,977)	3,388,216)	2,430,391)

Net sales	3,627,286)	3,150,339)	2,545,641)	2,132,689)	2,020,437)	1,903,339)
Add: Increase (decrease) in deferred revenue	(2,356)	10,379)	—)	—)	—)	—)
Adjusted net sales	3,624,930)	3,160,718)	2,545,641)	2,132,689)	2,020,437)	1,903,339)
Performance Ratio
MVA margin²	288.75%	182.52%	310.74%	204.25%	167.70%	127.69%
Benchmarks
MVA Margin, Competitors³
lululemon athletica inc.	457.15%	649.40%	866.84%	596.68%	530.94%	—
Nike Inc.	296.77%	346.10%	542.78%	396.41%	327.83%	314.21%

Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).

¹ MVA. See details »

² 2023 Calculation
MVA margin = 100 × MVA ÷ Adjusted net sales
= 100 × 10,466,977 ÷ 3,624,930 = 288.75%

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.	Deckers Outdoor Corp. MVA margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Deckers Outdoor Corp. (NYSE:DECK)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin