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
MVA Spread Ratio
MVA Margin

Apple Inc., MVA calculation

US$ in millions

	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 »

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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.

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

	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%
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.

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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.

Apple Inc., MVA margin calculation, comparison to benchmarks

	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%
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.

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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.

Apple Inc. (NASDAQ:AAPL)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin