Market Value Added (MVA)
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
FedEx Corp., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | FedEx Corp. market (fair) value less invested capital. | FedEx Corp. MVA decreased from 2021 to 2022 but then slightly increased from 2022 to 2023. |
MVA Spread Ratio
FedEx Corp., MVA spread ratio calculation, comparison to benchmarks
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | 30,493) | 26,377) | 53,799) | 22,845) | 24,340) | 39,500) | |
| Invested capital2 | 69,545) | 66,462) | 64,229) | 57,553) | 53,043) | 53,524) | |
| Performance Ratio | |||||||
| MVA spread ratio3 | 43.85% | 39.69% | 83.76% | 39.69% | 45.89% | 73.80% | |
| Benchmarks | |||||||
| MVA Spread Ratio, Competitors4 | |||||||
| Uber Technologies Inc. | 1,004.48% | 372.72% | 331.50% | 420.06% | 206.61% | — | |
| Union Pacific Corp. | 196.13% | 160.12% | 224.50% | 191.78% | 172.47% | — | |
| United Parcel Service Inc. | 230.94% | 287.08% | 373.64% | 415.72% | 232.28% | — | |
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
1 MVA. See details »
2 Invested capital. See details »
3 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 30,493 ÷ 69,545 = 43.85%
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. | FedEx Corp. MVA spread ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
MVA Margin
FedEx Corp., MVA margin calculation, comparison to benchmarks
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | 30,493) | 26,377) | 53,799) | 22,845) | 24,340) | 39,500) | |
| Revenue | 90,155) | 93,512) | 83,959) | 69,217) | 69,693) | 65,450) | |
| Performance Ratio | |||||||
| MVA margin2 | 33.82% | 28.21% | 64.08% | 33.00% | 34.92% | 60.35% | |
| Benchmarks | |||||||
| MVA Margin, Competitors3 | |||||||
| Uber Technologies Inc. | 422.20% | 191.05% | 305.35% | 793.36% | 298.93% | — | |
| Union Pacific Corp. | 500.31% | 384.62% | 599.66% | 572.79% | 454.49% | — | |
| United Parcel Service Inc. | 115.42% | 128.12% | 170.51% | 162.99% | 113.97% | — | |
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
1 MVA. See details »
2 2023 Calculation
MVA margin = 100 × MVA ÷ Revenue
= 100 × 30,493 ÷ 90,155 = 33.82%
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. | FedEx Corp. MVA margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |