Stock Analysis on Net

Adobe Inc. (NASDAQ:ADBE)

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

Adobe Inc., MVA calculation

US$ in millions

Microsoft Excel
Dec 1, 2023 Dec 2, 2022 Dec 3, 2021 Nov 27, 2020 Nov 29, 2019 Nov 30, 2018
Fair value of debt, including current portion1 3,390 3,880 4,290 4,480 4,210 4,138
Operating lease liability 446 504 550 591 597 569
Market value of common equity 269,437 157,657 235,808 219,283 168,746 119,468
Preferred stock, $0.0001 par value; none issued
Less: Short-term investments 701 1,860 1,954 1,514 1,527 1,586
Market (fair) value of Adobe 272,572 160,181 238,694 222,840 172,026 122,590
Less: Invested capital2 24,970 21,130 21,065 18,837 17,466 15,711
MVA 247,602 139,051 217,629 204,003 154,561 106,880

Based on: 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30).

1 Fair value of debt. See details »

2 Invested capital. See details »

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

MVA Spread Ratio

Adobe Inc., MVA spread ratio calculation, comparison to benchmarks

Microsoft Excel
Dec 1, 2023 Dec 2, 2022 Dec 3, 2021 Nov 27, 2020 Nov 29, 2019 Nov 30, 2018
Selected Financial Data (US$ in millions)
Market value added (MVA)1 247,602 139,051 217,629 204,003 154,561 106,880
Invested capital2 24,970 21,130 21,065 18,837 17,466 15,711
Performance Ratio
MVA spread ratio3 991.60% 658.07% 1,033.13% 1,082.99% 884.94% 680.30%
Benchmarks
MVA Spread Ratio, Competitors4
Accenture PLC 487.90% 442.58% 739.74% 550.21% 505.40% 481.52%
International Business Machines Corp. 100.64% 60.20% 54.96% 39.12% 47.78%
Intuit Inc. 573.60% 406.80% 1,175.12% 976.09% 1,553.30% 1,330.67%
Microsoft Corp. 892.49% 956.02% 1,383.21% 1,315.93% 962.41% 863.13%
Oracle Corp. 324.04% 224.95% 260.27% 180.84% 220.64% 167.48%
Palo Alto Networks Inc. 731.80% 559.27% 573.47% 267.90% 424.76% 461.39%
Salesforce Inc. 126.24% 150.31% 270.75% 226.93% 326.41%
ServiceNow Inc. 1,781.94% 1,276.80% 1,798.18% 2,575.52% 2,192.76%
Synopsys Inc. 973.25% 565.55% 707.79% 468.10% 272.11% 150.54%

Based on: 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30).

1 MVA. See details »

2 Invested capital. See details »

3 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 247,602 ÷ 24,970 = 991.60%

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. Adobe Inc. MVA spread ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

MVA Margin

Adobe Inc., MVA margin calculation, comparison to benchmarks

Microsoft Excel
Dec 1, 2023 Dec 2, 2022 Dec 3, 2021 Nov 27, 2020 Nov 29, 2019 Nov 30, 2018
Selected Financial Data (US$ in millions)
Market value added (MVA)1 247,602 139,051 217,629 204,003 154,561 106,880
 
Revenue 19,409 17,606 15,785 12,868 11,171 9,030
Add: Increase (decrease) in deferred revenue 536 536 1,119 258 447 559
Adjusted revenue 19,945 18,142 16,904 13,126 11,618 9,589
Performance Ratio
MVA margin2 1,241.42% 766.46% 1,287.44% 1,554.19% 1,330.31% 1,114.60%
Benchmarks
MVA Margin, Competitors3
Accenture PLC 251.01% 213.17% 379.26% 279.96% 233.58% 202.17%
International Business Machines Corp. 179.50% 104.54% 104.85% 68.01% 81.54%
Intuit Inc. 939.31% 782.89% 1,489.94% 1,098.60% 1,034.92% 884.25%
Microsoft Corp. 1,016.40% 916.17% 1,148.11% 976.86% 711.95% 612.04%
Oracle Corp. 626.94% 412.88% 514.72% 411.93% 401.82% 302.52%
Palo Alto Networks Inc. 726.58% 651.57% 771.68% 434.92% 469.62% 683.93%
Salesforce Inc. 321.51% 417.33% 620.94% 558.53% 642.57%
ServiceNow Inc. 1,433.56% 1,026.06% 1,555.49% 2,101.04% 1,606.91%
Synopsys Inc. 1,373.41% 796.87% 1,126.17% 803.94% 470.26% 256.95%

Based on: 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30).

1 MVA. See details »

2 2023 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenue
= 100 × 247,602 ÷ 19,945 = 1,241.42%

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. Adobe Inc. MVA margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.