Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Apple Inc. (NASDAQ:AAPL)

Market Value Added (MVA)

Advanced level


MVA

Apple Inc., MVA calculation

US$ in millions

Microsoft Excel LibreOffice Calc
Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014
Fair value of commercial paper and term debt1 113,480  115,164  118,077  89,805  63,399  34,808 
Operating lease liability 8,535  7,973  8,069  6,540  5,572  4,709 
Market value of common equity 1,105,307  956,625  885,669  616,362  664,970  616,453 
Less: Marketable securities 157,054  211,187  248,606  217,101  184,546  141,395 
Market (fair) value of Apple 1,070,268  868,575  763,209  495,607  549,395  514,575 
Less: Invested capital2 54,225  30,068  51,146  40,704  38,792  39,875 
MVA 1,016,043  838,507  712,063  454,902  510,603  474,700 

Based on: 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27).

1 Fair value of debt. See details »

2 Invested capital. See details »

Item Description The company
MVA Apple Inc.’s market (fair) value less invested capital. Apple Inc.’s MVA increased from 2017 to 2018 and from 2018 to 2019.

MVA Spread Ratio

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

Microsoft Excel LibreOffice Calc
Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014
Selected Financial Data (US$ in millions)
Market value added (MVA)1 1,016,043  838,507  712,063  454,902  510,603  474,700 
Invested capital2 54,225  30,068  51,146  40,704  38,792  39,875 
Performance Ratio
MVA spread ratio3 1,873.75% 2,788.67% 1,392.21% 1,117.57% 1,316.26% 1,190.47%
Benchmarks
MVA Spread Ratio, Competitors4
Advanced Micro Devices Inc. 1,655.65% 884.88% 559.44% 597.46% 54.57%
Applied Materials Inc. 482.20% 222.80% 365.39% 274.51% 120.00% 229.88%
Broadcom Inc. 168.52% 161.97% 151.73% 95.52% 408.84% 259.04%
Cisco Systems Inc. 295.15% 309.66% 135.02% 170.52% 141.33% 140.73%
Intel Corp. 286.44% 218.93% 237.54% 183.20% 134.62%
Lam Research Corp. 326.52% 224.36% 287.44% 100.42% 124.75%
Micron Technology Inc. 45.95% 56.63% 112.98% 36.75% 47.26% 179.63%
NVIDIA Corp. 1,776.58% 2,159.95% 1,500.16% 565.53% 318.07%
Qualcomm Inc. 436.70% 397.88% 100.79% 375.32% 285.14% 532.34%
Texas Instruments Inc. 946.70% 730.79% 773.40% 552.87% 344.31%

Based on: 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27).

1 MVA. See details »

2 Invested capital. See details »

3 2019 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 1,016,043 ÷ 54,225 = 1,873.75%

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.’s MVA spread ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019 not reaching 2017 level.

MVA Margin

Apple Inc., MVA margin calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014
Selected Financial Data (US$ in millions)
Market value added (MVA)1 1,016,043  838,507  712,063  454,902  510,603  474,700 
 
Net sales 260,174  265,595  229,234  215,639  233,715  182,795 
Add: Increase (decrease) in deferred revenue (700) (44) (626) (1,554) 1,042  1,462 
Adjusted net sales 259,474  265,551  228,608  214,085  234,757  184,257 
Performance Ratio
MVA margin2 391.58% 315.76% 311.48% 212.49% 217.50% 257.63%
Benchmarks
MVA Margin, Competitors3
Advanced Micro Devices Inc. 839.90% 363.54% 233.95% 314.05% 29.94%
Applied Materials Inc. 334.35% 146.45% 305.59% 251.98% 144.81% 238.06%
Broadcom Inc. 447.69% 346.64% 439.20% 330.71% 505.47% 531.26%
Cisco Systems Inc. 311.35% 308.27% 155.02% 164.22% 125.11% 128.23%
Intel Corp. 320.84% 232.60% 253.48% 198.19% 148.56%
Lam Research Corp. 285.01% 195.14% 249.00% 156.84% 130.86%
Micron Technology Inc. 76.12% 65.98% 158.59% 65.25% 48.86% 175.94%
NVIDIA Corp. 725.30% 1,436.52% 877.10% 271.29% 168.09%
Qualcomm Inc. 386.87% 331.68% 224.91% 288.27% 234.81% 337.55%
Texas Instruments Inc. 793.53% 579.37% 612.75% 496.61% 326.02%

Based on: 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27).

1 MVA. See details »

2 2019 Calculation
MVA margin = 100 × MVA ÷ Adjusted net sales
= 100 × 1,016,043 ÷ 259,474 = 391.58%

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.’s MVA margin ratio improved from 2017 to 2018 and from 2018 to 2019.