Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

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

Apple Inc., MVA calculation

US$ in millions

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
Fair value of commercial paper, term debt, and finance leases1 97,809 109,723 132,148 122,757 113,480 115,164
Operating lease liability 11,818 11,470 10,955 9,181 8,535 7,973
Market value of common equity 2,747,394 2,477,530 2,457,678 1,850,816 1,105,307 956,672
Less: Marketable securities 132,134 145,463 155,576 153,814 157,054 211,187
Market (fair) value of Apple 2,724,887 2,453,260 2,445,205 1,828,940 1,070,268 868,623
Less: Invested capital2 60,243 46,661 42,700 36,252 50,655 26,376
MVA 2,664,644 2,406,599 2,402,505 1,792,688 1,019,613 842,246

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

1 Fair value of debt. See details »

2 Invested capital. See details »

Item Description The company
MVA Apple Inc. market (fair) value less invested capital. Apple Inc. MVA increased from 2021 to 2022 and from 2022 to 2023.

MVA Spread Ratio

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

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
Selected Financial Data (US$ in millions)
Market value added (MVA)1 2,664,644 2,406,599 2,402,505 1,792,688 1,019,613 842,246
Invested capital2 60,243 46,661 42,700 36,252 50,655 26,376
Performance Ratio
MVA spread ratio3 4,423.16% 5,157.62% 5,626.48% 4,945.07% 2,012.85% 3,193.19%
Benchmarks
MVA Spread Ratio, Competitors4
Arista Networks Inc. 1,572.10% 1,223.83% 1,867.28% 1,067.73% 782.88%
Cisco Systems Inc. 279.75% 214.20% 329.31% 225.53% 295.15% 309.66%
Hewlett Packard Enterprise Co. -17.89% -18.11% -17.63% -20.44% -10.92% -18.82%
Super Micro Computer Inc. 466.54% 91.02% 50.29% 20.26% 2.20% 13.26%

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

1 MVA. See details »

2 Invested capital. See details »

3 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 2,664,644 ÷ 60,243 = 4,423.16%

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. Apple Inc. MVA spread ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

MVA Margin

Apple Inc., MVA margin calculation, comparison to benchmarks

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
Selected Financial Data (US$ in millions)
Market value added (MVA)1 2,664,644 2,406,599 2,402,505 1,792,688 1,019,613 842,246
 
Net sales 383,285 394,328 365,817 274,515 260,174 265,595
Add: Increase (decrease) in deferred revenue (300) 500 1,700 2,100 (700) (44)
Adjusted net sales 382,985 394,828 367,517 276,615 259,474 265,551
Performance Ratio
MVA margin2 695.76% 609.53% 653.71% 648.08% 392.95% 317.17%
Benchmarks
MVA Margin, Competitors3
Arista Networks Inc. 1,189.21% 844.68% 1,096.71% 834.74% 575.84%
Cisco Systems Inc. 278.31% 240.26% 367.17% 235.28% 311.35% 308.27%
Hewlett Packard Enterprise Co. -26.09% -26.37% -27.02% -31.88% -16.13% -26.83%
Super Micro Computer Inc. 158.07% 38.71% 18.13% 7.52% 0.71% 4.29%

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

1 MVA. See details »

2 2023 Calculation
MVA margin = 100 × MVA ÷ Adjusted net sales
= 100 × 2,664,644 ÷ 382,985 = 695.76%

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. Apple Inc. MVA margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.