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.
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MVA
Apple Inc., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 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).
1 Fair value of debt. See details »
2 Invested capital. See details »
The financial data reveals a consistent upward trend in the market value and related metrics over the examined periods. There is a clear increase in the market (fair) value, invested capital, and market value added, indicating growth and value creation.
- Market (fair) value
- The market value shows a steady and substantial increase from approximately 1.83 trillion USD in 2020 to around 4 trillion USD in 2025. This represents more than doubling over five years, highlighting strong market performance and investor confidence.
- Invested capital
- The invested capital exhibits a fluctuating but overall upward pattern. Starting at 36.3 billion USD in 2020, it rises to over 60 billion USD by 2023, then dips slightly in 2024 before reaching a peak of 88.9 billion USD in 2025. This indicates ongoing investment in the company's operations and assets, with some variability in capital allocation or possibly divestments followed by increased investments.
- Market value added (MVA)
- The MVA, which reflects the market value exceeding the invested capital, shows a consistent and significant increase from approximately 1.79 trillion USD in 2020 to nearly 3.91 trillion USD in 2025. This pattern suggests that the company is generating substantial value above the invested capital level, reinforcing its ability to create wealth for shareholders.
Overall, the data indicates robust growth in market capitalization and effective deployment of capital, leading to escalating value added for investors. The trends suggest sound financial health and strong market valuation growth throughout the period under review.
MVA Spread Ratio
Apple Inc., MVA spread ratio calculation, comparison to benchmarks
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | |||||||
| Invested capital2 | |||||||
| Performance Ratio | |||||||
| MVA spread ratio3 | |||||||
| Benchmarks | |||||||
| MVA Spread Ratio, Competitors4 | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Dell Technologies Inc. | |||||||
| Super Micro Computer Inc. | |||||||
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 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).
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.
- Market Value Added (MVA)
- The market value added demonstrates a consistent upward trend over the analyzed periods, increasing from 1,792,688 million US dollars in 2020 to 3,911,781 million US dollars in 2025. This growth indicates substantial value creation for shareholders over time, with the most notable increments occurring between 2023 and 2025.
- Invested Capital
- Invested capital showed a fluctuating pattern, beginning at 36,252 million US dollars in 2020 and rising to 88,915 million US dollars in 2025. There was a notable peak at 60,243 million in 2023 before a decline in 2024, which was subsequently followed by a significant increase in 2025. These variations suggest periods of increased capital deployment, possibly associated with strategic investments or asset acquisitions.
- MVA Spread Ratio
- The MVA spread ratio displayed considerable volatility throughout the periods reviewed. Starting from 4,945.07% in 2020, the ratio peaked at 6,597.47% in 2024, but declined to 4,399.46% by 2025. Despite these fluctuations, the ratio remained at generally high levels, reflecting strong returns on invested capital relative to the company's cost of capital during most periods.
- Overall Assessment
- The data reflect robust value creation demonstrated by the considerable growth in market value added, supported by substantial capital investments. The variability in the MVA spread ratio implies fluctuating efficiency or market perceptions of capital usage over the years. The significant increases in both market value added and invested capital, particularly towards the later years, underscore a period of accelerated growth and possibly intensified capital expenditure.
MVA Margin
Apple Inc., MVA margin calculation, comparison to benchmarks
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | |||||||
| Net sales | |||||||
| Add: Increase (decrease) in deferred revenue | |||||||
| Adjusted net sales | |||||||
| Performance Ratio | |||||||
| MVA margin2 | |||||||
| Benchmarks | |||||||
| MVA Margin, Competitors3 | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Dell Technologies Inc. | |||||||
| Super Micro Computer Inc. | |||||||
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 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).
1 MVA. See details »
2 2025 Calculation
MVA margin = 100 × MVA ÷ Adjusted net sales
= 100 × ÷ =
3 Click competitor name to see calculations.
The financial data presents several meaningful trends concerning the company's market value added, adjusted net sales, and MVA margin over a six-year period.
- Market Value Added (MVA)
- The market value added exhibits a consistent upward trend from 2020 through 2025. Starting at approximately 1.79 trillion US dollars in 2020, the figure increases notably each year, reaching over 3.9 trillion by 2025. This growth demonstrates a significant enhancement in the company's market capitalization beyond its invested capital, indicating strong market confidence and value creation over time.
- Adjusted Net Sales
- Adjusted net sales also show a positive growth trajectory overall. The values increase from around 276.6 billion US dollars in 2020 to 417.1 billion by 2025. Although there is a slight dip in 2023 compared to the previous year, the subsequent years depict recovery and continued growth. This pattern points to robust operational performance and expansion in revenue-generating activities over the period analyzed.
- MVA Margin
- The MVA margin, expressed as a percentage, displays a clear upward trend, starting at 648.08% in 2020 and climbing to 937.94% by 2025. This indicates an increasing efficiency in generating market value added from the adjusted net sales. Although there is a minor decline in 2022, the margin quickly rebounds in subsequent years, reaching a markedly higher level by the end of the period.
In sum, the company shows sustained growth in both market value added and net sales, accompanied by improvements in the MVA margin. The minor fluctuations observed do not diminish the overall positive trend and suggest effective management of both value creation and sales growth across the six years.