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.
Paying user area
Try for free
Amazon.com Inc. pages available for free this week:
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Amazon.com Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
MVA
Amazon.com Inc., MVA calculation
US$ 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 under review demonstrates significant fluctuations in market value and invested capital, resulting in a corresponding volatility in market value added. Initial observations reveal a substantial decrease in market value during 2022, followed by recovery and subsequent decline.
- Market Value
- The market value experienced a considerable contraction from US$1,680,642 million in 2021 to US$1,190,591 million in 2022, representing a decrease of approximately 29.2%. A recovery was then observed in 2023, with the market value rising to US$1,920,293 million. This upward momentum continued into 2024, reaching a peak of US$2,546,445 million. However, the market value decreased in 2025 to US$2,385,024 million, indicating a potential stabilization or shift in investor sentiment.
- Invested Capital
- Invested capital consistently increased throughout the observed period. From US$202,836 million in 2021, it grew to US$269,358 million in 2022, US$326,668 million in 2023, US$375,421 million in 2024, and further to US$475,175 million in 2025. This consistent growth suggests ongoing investment in the business operations and expansion initiatives.
- Market Value Added (MVA)
- The MVA mirrored the trends in market value, exhibiting a significant decline in 2022 to US$921,233 million from US$1,477,806 million in 2021. A substantial recovery occurred in 2023, with MVA reaching US$1,593,625 million. Further growth was seen in 2024, peaking at US$2,171,024 million. However, similar to the market value, MVA decreased in 2025 to US$1,909,849 million. The fluctuations in MVA indicate the degree to which the company is creating value for its investors, and the recent decline warrants further investigation.
The consistent increase in invested capital alongside fluctuating market value and MVA suggests a complex relationship between capital deployment and investor perception. While the company continues to invest in its operations, the market’s response has been variable, impacting the overall value creation as measured by MVA. The decrease in both market value and MVA in 2025, despite continued investment, may indicate increasing investor scrutiny or changing market conditions.
MVA Spread Ratio
Amazon.com Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Home Depot Inc. | ||||||
| Lowe’s Cos. Inc. | ||||||
| TJX Cos. Inc. | ||||||
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 considerable fluctuation between 2021 and 2025. While initially high in 2021, it decreased substantially in 2022 before recovering and peaking in 2024, followed by a decline in 2025. Invested capital consistently increased throughout the period, demonstrating ongoing investment in the business. The MVA spread ratio, reflecting the relationship between MVA and invested capital, mirrored the trends in MVA, though at a scaled level.
- Market Value Added (MVA)
- In 2021, MVA stood at US$1,477,806 million. A significant decrease was observed in 2022, falling to US$921,233 million. The following year, 2023, saw a recovery, with MVA increasing to US$1,593,625 million. Further growth occurred in 2024, reaching a peak of US$2,171,024 million. However, MVA experienced a decline in 2025, settling at US$1,909,849 million. This suggests potential volatility in market perception of the company’s value creation.
- Invested Capital
- Invested capital demonstrated a consistent upward trend throughout the observed period. Starting at US$202,836 million in 2021, it rose to US$269,358 million in 2022, US$326,668 million in 2023, US$375,421 million in 2024, and finally reached US$475,175 million in 2025. This indicates a continuous commitment to capital deployment within the business.
- MVA Spread Ratio
- The MVA spread ratio experienced substantial variation. It began at a high of 728.57% in 2021, then decreased dramatically to 342.01% in 2022, coinciding with the decline in MVA. The ratio recovered to 487.84% in 2023 and continued to increase, reaching 578.29% in 2024. A subsequent decrease to 401.93% was noted in 2025, aligning with the reduction in MVA during that year. The ratio’s fluctuations suggest a changing efficiency in generating value relative to invested capital.
The divergence between the increasing invested capital and the fluctuating MVA suggests that the returns on invested capital were not consistently high throughout the period. The MVA spread ratio provides a quantifiable measure of this relationship, highlighting periods where value creation relative to investment was particularly strong or weak.
MVA Margin
Amazon.com Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Net sales | ||||||
| Add: Increase (decrease) in unearned revenue | ||||||
| Adjusted net sales | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Home Depot Inc. | ||||||
| Lowe’s Cos. Inc. | ||||||
| TJX Cos. Inc. | ||||||
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 net sales
= 100 × ÷ =
3 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited considerable fluctuation between 2021 and 2025. While Adjusted Net Sales demonstrated consistent growth over the same period, the MVA margin experienced notable variability. A detailed examination of these trends reveals key insights into the company’s value creation.
- Market Value Added (MVA)
- The MVA began at US$1,477,806 million in 2021, then decreased substantially to US$921,233 million in 2022. A recovery was observed in 2023, with the MVA rising to US$1,593,625 million. Further growth occurred in 2024, reaching US$2,171,024 million, representing the peak value within the observed timeframe. However, the MVA experienced a decline in 2025, settling at US$1,909,849 million. This suggests potential sensitivity to market conditions or internal factors influencing investor perception of future value.
- Adjusted Net Sales
- Adjusted Net Sales consistently increased throughout the period, moving from US$472,241 million in 2021 to US$717,297 million in 2025. This represents a cumulative growth of approximately 52.1% over the five-year period. The consistent upward trend in sales indicates a growing revenue base.
- MVA Margin
- The MVA margin displayed significant volatility. It started at a high of 312.93% in 2021, then decreased sharply to 178.50% in 2022, coinciding with the decline in MVA. The margin recovered to 274.96% in 2023 and reached its highest point of 338.36% in 2024, aligning with the peak MVA. A subsequent decrease to 266.26% in 2025 was observed, mirroring the reduction in MVA. The MVA margin’s fluctuations suggest that the company’s value creation, relative to its sales, is not consistently increasing and is subject to considerable change. The substantial margin in 2021 may indicate exceptional market conditions or investor sentiment at that time.
The divergence between the consistently growing Adjusted Net Sales and the fluctuating MVA suggests that factors beyond revenue generation are significantly impacting the company’s market valuation. These factors could include profitability, investor expectations, competitive pressures, or broader economic conditions. Further investigation into these areas is warranted to understand the drivers behind the observed trends.