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 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015
Fair value of commercial paper and term debt1 122,096  113,480  115,164  118,077  89,805  63,399 
Operating lease liability 9,181  8,535  7,973  8,069  6,540  5,572 
Market value of common equity 1,850,816  1,105,307  956,672  885,772  616,415  665,025 
Less: Marketable securities 153,814  157,054  211,187  248,606  217,101  184,546 
Market (fair) value of Apple 1,828,279  1,070,268  868,623  763,312  495,660  549,450 
Less: Invested capital2 38,945  54,225  30,068  51,146  40,704  38,792 
MVA 1,789,334  1,016,043  838,554  712,166  454,955  510,658 

Based on: 10-K (filing date: 2020-10-30), 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).

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 2018 to 2019 and from 2019 to 2020.

MVA Spread Ratio

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

Microsoft Excel LibreOffice Calc
Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015
Selected Financial Data (US$ in millions)
Market value added (MVA)1 1,789,334  1,016,043  838,554  712,166  454,955  510,658 
Invested capital2 38,945  54,225  30,068  51,146  40,704  38,792 
Performance Ratio
MVA spread ratio3 4,594.52% 1,873.75% 2,788.83% 1,392.41% 1,117.70% 1,316.40%
Benchmarks
MVA Spread Ratio, Competitors4
Advanced Micro Devices Inc. 1,655.65% 884.88% 559.44% 597.46% 54.57%
Analog Devices Inc. 210.89% 164.19% 113.22% 105.24% 430.21% 342.75%
Applied Materials Inc. 555.54% 482.20% 222.80% 365.39% 274.51% 120.00%
Broadcom Inc. 237.74% 168.52% 161.97% 151.73% 95.52% 408.84%
Cisco Systems Inc. 225.53% 295.15% 309.66% 135.02% 170.52% 141.33%
Intel Corp. 286.44% 218.93% 237.54% 183.20% 134.62%
Lam Research Corp. 503.38% 326.52% 224.36% 287.44% 100.42% 124.75%
Micron Technology Inc. 54.74% 45.95% 56.63% 112.98% 36.75% 47.26%
NVIDIA Corp. 1,247.35% 1,776.58% 2,159.95% 1,500.16% 565.53% 318.07%
Qualcomm Inc. 815.45% 438.33% 401.62% 100.84% 375.35% 285.25%
Texas Instruments Inc. 946.70% 730.79% 773.40% 552.87% 344.31%

Based on: 10-K (filing date: 2020-10-30), 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).

1 MVA. See details »

2 Invested capital. See details »

3 2020 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 1,789,334 ÷ 38,945 = 4,594.52%

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 deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

MVA Margin

Apple Inc., MVA margin calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015
Selected Financial Data (US$ in millions)
Market value added (MVA)1 1,789,334  1,016,043  838,554  712,166  454,955  510,658 
 
Net sales 274,515  260,174  265,595  229,234  215,639  233,715 
Add: Increase (decrease) in deferred revenue 2,100  (700) (44) (626) (1,554) 1,042 
Adjusted net sales 276,615  259,474  265,551  228,608  214,085  234,757 
Performance Ratio
MVA margin2 646.87% 391.58% 315.78% 311.52% 212.51% 217.53%
Benchmarks
MVA Margin, Competitors3
Advanced Micro Devices Inc. 839.90% 363.54% 233.95% 314.05% 29.94%
Analog Devices Inc. 685.43% 502.84% 340.05% 409.77% 503.52% 397.20%
Applied Materials Inc. 422.74% 334.35% 146.45% 305.59% 251.98% 144.81%
Broadcom Inc. 656.07% 447.69% 346.64% 439.20% 330.71% 505.47%
Cisco Systems Inc. 235.28% 311.35% 308.27% 155.02% 164.22% 125.11%
Intel Corp. 320.84% 232.60% 253.48% 198.19% 148.56%
Lam Research Corp. 492.91% 285.01% 195.14% 249.00% 156.84% 130.86%
Micron Technology Inc. 108.00% 76.12% 65.98% 158.59% 65.25% 48.86%
NVIDIA Corp. 1,615.72% 725.30% 1,436.52% 877.10% 271.29% 168.09%
Qualcomm Inc. 615.38% 387.14% 332.30% 224.96% 288.28% 234.84%
Texas Instruments Inc. 793.53% 579.37% 612.75% 496.61% 326.02%

Based on: 10-K (filing date: 2020-10-30), 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).

1 MVA. See details »

2 2020 Calculation
MVA margin = 100 × MVA ÷ Adjusted net sales
= 100 × 1,789,334 ÷ 276,615 = 646.87%

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 2018 to 2019 and from 2019 to 2020.