Stock Analysis on Net

Activision Blizzard Inc. (NASDAQ:ATVI)

This company has been moved to the archive! The financial data has not been updated since July 31, 2023.

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

Activision Blizzard Inc., MVA calculation

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Fair value of long-term debt1 2,868 3,605 3,901 2,824 2,580
Operating lease liability 245 289 290 273 313
Market value of common equity 60,444 63,461 74,702 44,869 32,188
Less: U.S. treasuries, government agency securities, and equity securities 4,981 180 164 65 150
Market (fair) value of Activision Blizzard 58,576 67,175 78,729 47,901 34,931
Less: Invested capital2 19,837 22,243 20,332 17,047 16,084
MVA 38,739 44,932 58,397 30,854 18,847

Based on: 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), 10-K (reporting date: 2018-12-31).

1 Fair value of debt. See details »

2 Invested capital. See details »

Item Description The company
MVA Activision Blizzard Inc. market (fair) value less invested capital. Activision Blizzard Inc. MVA decreased from 2020 to 2021 and from 2021 to 2022.

MVA Spread Ratio

Activision Blizzard Inc., MVA spread ratio calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Market value added (MVA)1 38,739 44,932 58,397 30,854 18,847
Invested capital2 19,837 22,243 20,332 17,047 16,084
Performance Ratio
MVA spread ratio3 195.29% 202.00% 287.22% 180.99% 117.18%
Benchmarks
MVA Spread Ratio, Competitors4
Alphabet Inc. 634.23% 1,159.04% 970.03% 804.65%
Charter Communications Inc. 12.56% 58.27% 65.04% 47.41%
Comcast Corp. 23.22% 50.36% 64.16% 48.88%
Meta Platforms Inc. 380.86% 579.06% 791.20% 773.13%
Netflix Inc. 371.76% 453.21% 772.09% 596.41%
Walt Disney Co. 34.30% 103.57% 101.22% 96.61% 147.23%

Based on: 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), 10-K (reporting date: 2018-12-31).

1 MVA. See details »

2 Invested capital. See details »

3 2022 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 38,739 ÷ 19,837 = 195.29%

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. Activision Blizzard Inc. MVA spread ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

MVA Margin

Activision Blizzard Inc., MVA margin calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Market value added (MVA)1 38,739 44,932 58,397 30,854 18,847
 
Net revenues 7,528 8,803 8,086 6,489 7,500
Add: Increase (decrease) in deferred revenues 970 (571) 314 (118) (436)
Adjusted net revenues 8,498 8,232 8,400 6,371 7,064
Performance Ratio
MVA margin2 455.86% 545.82% 695.20% 484.28% 266.80%
Benchmarks
MVA Margin, Competitors3
Alphabet Inc. 390.80% 664.82% 649.56% 499.56%
Charter Communications Inc. 30.51% 147.55% 180.14% 142.49%
Comcast Corp. 41.05% 99.16% 138.43% 97.01%
Meta Platforms Inc. 332.57% 454.84% 744.17% 715.58%
Netflix Inc. 443.50% 529.22% 912.25% 708.65%
Walt Disney Co. 70.59% 263.91% 272.21% 231.16% 197.35%

Based on: 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), 10-K (reporting date: 2018-12-31).

1 MVA. See details »

2 2022 Calculation
MVA margin = 100 × MVA ÷ Adjusted net revenues
= 100 × 38,739 ÷ 8,498 = 455.86%

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. Activision Blizzard Inc. MVA margin ratio deteriorated from 2020 to 2021 and from 2021 to 2022.