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.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2020
- Analysis of Debt
- Aggregate Accruals
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MVA
Airbnb Inc., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
The period between December 31, 2021, and December 31, 2025, demonstrates fluctuating performance in market value and market value added, contrasted with relatively stable invested capital. A general observation is that while market value added remains substantial, it exhibits a declining trend over the five-year period.
- Market Value
- The market value of the company initially decreased from US$99.848 billion in 2021 to US$84.104 billion in 2022, representing a decline of approximately 15.7%. A subsequent recovery was observed in 2023, with the market value increasing to US$97.600 billion. However, this was followed by a decrease to US$87.383 billion in 2024 and a further decline to US$68.404 billion in 2025. This indicates considerable volatility in market perception of the company’s value.
- Invested Capital
- Invested capital remained relatively consistent throughout the period. It increased from US$5.866 billion in 2021 to US$6.894 billion in 2022, then decreased slightly to US$5.911 billion in 2023. A further increase to US$6.133 billion occurred in 2024, followed by a decrease to US$5.761 billion in 2025. These fluctuations are comparatively small, suggesting a stable capital structure.
- Market Value Added (MVA)
- Market value added began at US$93.982 billion in 2021, decreased to US$77.210 billion in 2022, and then increased to US$91.689 billion in 2023. Similar to the market value, MVA then decreased to US$81.250 billion in 2024 and further to US$62.643 billion in 2025. The trend in MVA closely mirrors that of the market value, indicating that changes in MVA are largely driven by shifts in the company’s overall market valuation. The consistent positive value of MVA throughout the period suggests that the company is generating value for its investors, despite the declining trend.
In summary, the company experienced significant fluctuations in market value and, consequently, in market value added. While invested capital remained relatively stable, the decreasing trend in MVA over the five-year period warrants further investigation to understand the underlying factors contributing to this decline.
MVA Spread Ratio
Airbnb Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2025 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited fluctuations over the five-year period, while Invested Capital demonstrated a more stable pattern. The MVA spread ratio, calculated from these figures, reveals the incremental value creation relative to invested capital and shows a general declining trend, though with intermediate increases.
- Market Value Added (MVA)
- The MVA began at US$93,982 million in 2021, decreased to US$77,210 million in 2022, and then recovered to US$91,689 million in 2023. A subsequent decline to US$81,250 million was observed in 2024, followed by a further decrease to US$62,643 million in 2025. This indicates periods of value creation followed by periods of value erosion.
- Invested Capital
- Invested Capital increased from US$5,866 million in 2021 to US$6,894 million in 2022. It then experienced a slight decrease to US$5,911 million in 2023, followed by a further increase to US$6,133 million in 2024. A decrease to US$5,761 million was recorded in 2025. The changes in invested capital are relatively modest compared to the fluctuations in MVA.
- MVA Spread Ratio
- The MVA spread ratio started at a high of 1,602.12% in 2021, indicating substantial value creation per unit of invested capital. It decreased significantly to 1,119.95% in 2022, then increased to 1,551.16% in 2023. The ratio decreased again to 1,324.81% in 2024 and continued its downward trend, reaching 1,087.37% in 2025. This consistent decline suggests a diminishing rate of value creation relative to the capital employed, despite periodic recoveries.
The decreasing MVA spread ratio, despite fluctuations in MVA, suggests that while the absolute MVA experienced some recovery, the efficiency of capital utilization in generating value has generally decreased over the observed period. The relatively stable invested capital base indicates that changes in the ratio are primarily driven by the performance of the MVA.
MVA Margin
Airbnb Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Revenue | ||||||
| Add: Increase (decrease) in unearned fees | ||||||
| Adjusted revenue | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 MVA. See details »
2 2025 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited fluctuations over the five-year period, while Adjusted Revenue demonstrated consistent growth. The MVA margin, calculated as a percentage, reveals a significant declining trend despite the revenue increases.
- Market Value Added (MVA)
- The MVA began at US$93,982 million in 2021, decreased to US$77,210 million in 2022, and then recovered to US$91,689 million in 2023. A subsequent decline to US$81,250 million was observed in 2024, followed by a further decrease to US$62,643 million in 2025. This indicates volatility in the market’s assessment of the company’s value creation beyond its cost of capital.
- Adjusted Revenue
- Adjusted Revenue increased steadily throughout the period. Starting at US$6,488 million in 2021, it rose to US$8,677 million in 2022, US$10,162 million in 2023, US$11,291 million in 2024, and reached US$12,368 million in 2025. This consistent growth suggests positive performance in core business operations.
- MVA Margin
- The MVA margin experienced a substantial decrease over the five years. Beginning at 1,448.64% in 2021, it fell to 889.82% in 2022, and 902.27% in 2023. The decline continued with a margin of 719.60% in 2024, and further decreased to 506.50% in 2025. This indicates that the value created relative to revenue is diminishing, despite the growth in Adjusted Revenue. The substantial initial value and subsequent decline suggest a potential shift in investor expectations or market conditions.
The divergence between the increasing Adjusted Revenue and the decreasing MVA margin warrants further investigation. While the company is generating more revenue, the market appears to be valuing each dollar of revenue less in terms of value creation. This could be due to factors such as increased competition, rising costs, or changes in investor sentiment.