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.
MVA
Comcast Corp., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
The market value of Comcast exhibited considerable fluctuation between 2021 and 2025. Initially decreasing from US$344,704 million in 2021 to US$262,891 million in 2022, it experienced a partial recovery to US$284,090 million in 2023 before declining again to US$224,083 million in 2024 and further to US$203,926 million in 2025. Invested capital demonstrated relative stability, with a slight increase over the period, moving from US$229,271 million in 2021 to US$233,085 million in 2025.
- Market Value Added (MVA) Trend
- Market value added experienced a significant decline over the analyzed period. Starting at US$115,433 million in 2021, MVA decreased substantially to US$49,592 million in 2022. A recovery was observed in 2023, with MVA reaching US$72,652 million, but this was followed by a sharp decrease to US$8,945 million in 2024. By 2025, MVA had turned negative, reaching -US$29,159 million.
The divergence between the market value and invested capital suggests changing investor perceptions regarding the company’s ability to generate returns exceeding its cost of capital. The initial decline in MVA coincided with a decrease in market value, indicating a loss of investor confidence. While the market value showed some recovery in 2023, the continued decline in MVA, culminating in a negative value in 2025, suggests that the returns generated are no longer sufficient to cover the invested capital, or that future expectations have diminished significantly.
- Relationship between Market Value and MVA
- The correlation between the market value and MVA is evident. Periods of declining market value generally correspond with decreases in MVA, and vice versa. However, the magnitude of the MVA change often exceeds that of the market value change, indicating that shifts in investor expectations regarding future profitability are playing a substantial role.
The increasing invested capital alongside decreasing MVA raises concerns about capital allocation efficiency. The company continues to deploy capital, but the resulting value creation, as perceived by the market, is diminishing. Further investigation into the drivers of these trends is warranted.
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MVA Spread Ratio
Comcast Corp., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | (29,159) | 8,945) | 72,652) | 49,592) | 115,433) | |
| Invested capital2 | 233,085) | 215,138) | 211,438) | 213,299) | 229,271) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | -12.51% | 4.16% | 34.36% | 23.25% | 50.35% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Alphabet Inc. | 1,179.37% | 914.11% | 797.59% | 533.88% | 988.84% | |
| Meta Platforms Inc. | 781.90% | 957.71% | 767.10% | 380.86% | 579.06% | |
| Netflix Inc. | 772.38% | 961.89% | 596.80% | 371.80% | 453.21% | |
| Walt Disney Co. | 44.73% | 50.39% | 33.59% | 34.30% | 103.57% | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2025 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × -29,159 ÷ 233,085 = -12.51%
4 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited significant fluctuations between 2021 and 2025. Initially strong, the MVA declined substantially, ultimately resulting in a negative value by the end of 2025. This trend is reflected in the MVA spread ratio, which demonstrates a corresponding decrease over the same period.
- Market Value Added (MVA)
- In 2021, the MVA stood at US$115,433 million. A considerable decrease was observed in 2022, falling to US$49,592 million. The MVA partially recovered in 2023, reaching US$72,652 million, but experienced a sharp decline in 2024 to US$8,945 million. By 2025, the MVA became negative, registering at US$-29,159 million. This indicates that the value created for shareholders is diminishing and ultimately becoming a destruction of value.
- Invested Capital
- Invested capital decreased from US$229,271 million in 2021 to US$213,299 million in 2022, and continued a slight downward trend to US$211,438 million in 2023. A minor increase was noted in 2024, reaching US$215,138 million, followed by a more substantial rise to US$233,085 million in 2025. The increase in invested capital in the later years does not appear to correlate with the declining MVA, suggesting potential inefficiencies in capital allocation or external factors impacting market valuation.
- MVA Spread Ratio
- The MVA spread ratio began at 50.35% in 2021, indicating a substantial return on invested capital relative to its cost. This ratio decreased to 23.25% in 2022, and then to 34.36% in 2023. A significant drop occurred in 2024, with the ratio falling to 4.16%. The ratio turned negative in 2025, reaching -12.51%. This negative value suggests that the return generated from invested capital is now less than the cost of that capital, signaling a concerning trend for value creation.
The consistent decline in the MVA spread ratio, culminating in a negative value, is a key observation. This suggests a weakening ability to generate returns exceeding the cost of capital. The divergence between the increasing invested capital and the decreasing MVA further emphasizes a potential issue with capital efficiency or external market pressures.
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MVA Margin
Comcast Corp., MVA margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | (29,159) | 8,945) | 72,652) | 49,592) | 115,433) | |
| Revenue | 123,707) | 123,731) | 121,572) | 121,427) | 116,385) | |
| Add: Increase (decrease) in deferred revenue | 546) | 312) | 745) | (620) | 22) | |
| Adjusted revenue | 124,253) | 124,043) | 122,317) | 120,807) | 116,407) | |
| Performance Ratio | ||||||
| MVA margin2 | -23.47% | 7.21% | 59.40% | 41.05% | 99.16% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Alphabet Inc. | 904.02% | 593.71% | 491.55% | 381.04% | 655.85% | |
| Meta Platforms Inc. | 839.34% | 965.69% | 802.73% | 332.57% | 454.84% | |
| Netflix Inc. | 742.48% | 1,002.09% | 667.66% | 443.55% | 529.22% | |
| Walt Disney Co. | 78.29% | 91.70% | 65.59% | 70.59% | 263.91% | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 MVA. See details »
2 2025 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenue
= 100 × -29,159 ÷ 124,253 = -23.47%
3 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited significant fluctuations between 2021 and 2025. Initially strong, the MVA experienced a substantial decline, ultimately resulting in a negative value by the end of 2025. This trend is mirrored in the MVA margin, which demonstrates a corresponding decrease over the same period.
- Market Value Added (MVA)
- In 2021, the MVA stood at US$115,433 million. A considerable decrease was observed in 2022, falling to US$49,592 million. The MVA partially recovered in 2023, reaching US$72,652 million, but this was followed by a sharp decline to US$8,945 million in 2024. By 2025, the MVA became negative, registering at US$-29,159 million. This indicates that the company’s value creation, as perceived by the market, diminished significantly over the five-year period.
- Adjusted Revenue
- Adjusted revenue demonstrated a consistent, albeit modest, upward trend throughout the period. From US$116,407 million in 2021, it increased to US$124,253 million in 2025. This suggests revenue growth did not translate into equivalent market value creation.
- MVA Margin
- The MVA margin began at a high of 99.16% in 2021, reflecting the substantial MVA relative to adjusted revenue. The margin decreased significantly to 41.05% in 2022, and continued to fluctuate, reaching 59.40% in 2023. A dramatic reduction occurred in 2024, with the margin falling to 7.21%. The trend culminated in a negative MVA margin of -23.47% in 2025, aligning with the negative MVA value. This indicates a decreasing efficiency in converting revenue into market-perceived value.
The divergence between the increasing adjusted revenue and the declining MVA and MVA margin suggests that factors beyond revenue growth, such as investor expectations, cost of capital, or competitive pressures, significantly impacted the company’s market valuation during this period.
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