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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
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MVA
Comcast Corp., MVA calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
- Market (fair) value of Comcast
- The market value showed a declining trend over the five-year period. It started at 367,968 million US dollars in 2020, decreased to 344,666 million in 2021, and further declined substantially to 263,197 million in 2022. There was a modest recovery in 2023 to 284,361 million, followed by another sharp decrease to 224,093 million in 2024. Overall, the market value contracted by approximately 39% from 2020 to 2024.
- Invested capital
- The invested capital remained relatively stable throughout the period, fluctuating within a narrow range. It started at 224,149 million US dollars in 2020 and exhibited a slight increase to 229,233 million in 2021. Thereafter, it decreased marginally to 213,605 million in 2022 and 211,709 million in 2023 before rising again to 215,148 million in 2024. The overall change in invested capital was limited, showing a minor reduction of about 4% over five years.
- Market Value Added (MVA)
- MVA displayed a significant downward trend from 2020 to 2024. The value began at 143,819 million US dollars in 2020 and decreased considerably to 115,433 million in 2021. This downward movement continued, with a steep decline to 49,592 million in 2022. There was a partial recovery in 2023 where the MVA rose to 72,652 million, but it plummeted again to merely 8,945 million in 2024. This indicates a substantial reduction in the value created over and above invested capital during the period, highlighting worsening market perceptions or profitability relative to investments.
MVA Spread Ratio
Comcast Corp., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2024 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
The financial data reveals notable trends in market value added (MVA), invested capital, and the MVA spread ratio over the five-year period from 2020 to 2024.
- Market Value Added (MVA)
- The MVA exhibits a clear downward trajectory throughout the period. Starting at a high of US$143,819 million in 2020, it experienced a significant decline to US$115,433 million in 2021, followed by a precipitous drop to US$49,592 million in 2022. Although there was a moderate recovery to US$72,652 million in 2023, the value sharply fell again to US$8,945 million in 2024. This pattern suggests diminishing market expectations of value creation relative to invested capital over time, with a brief improvement in 2023.
- Invested Capital
- The invested capital displayed relative stability with slight fluctuations over the period. It increased marginally from US$224,149 million in 2020 to a peak of US$229,233 million in 2021. Subsequently, it declined to US$213,605 million in 2022 and then remained fairly steady at around US$211,709 million in 2023, before a small uptick to US$215,148 million in 2024. Overall, the invested capital has shown limited movement, indicating consistent levels of capital deployment.
- MVA Spread Ratio
- The MVA spread ratio, reflecting the relationship between MVA and invested capital, mirrored the downward trend observed in MVA. It started relatively high at 64.16% in 2020, declined to 50.36% in 2021, and then sharply decreased to 23.22% in 2022. There was a modest improvement to 34.32% in 2023, followed by a significant drop to a low 4.16% in 2024. This indicates a decreasing ability to generate market value above the cost of capital, with the highest ratio in 2020 and near minimal value generation by 2024.
In summary, the data reflects a pronounced contraction in value creation as measured by MVA and the MVA spread ratio, accompanied by relatively stable levels of invested capital. Although there was a momentary rebound in 2023, the overall trend points to diminishing market confidence and reduced economic profit generation in recent years.
MVA Margin
Comcast Corp., MVA margin calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Revenue | ||||||
| Add: Increase (decrease) in deferred revenue | ||||||
| Adjusted revenue | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31).
1 MVA. See details »
2 2024 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
- Market Value Added (MVA)
- The market value added exhibited a declining trend over the five-year period. Starting from a high value of 143,819 million US dollars in 2020, it decreased significantly to 115,433 million in 2021, followed by a sharp drop to 49,592 million in 2022. Although there was a moderate recovery in 2023 to 72,652 million, the value plummeted again in 2024, reaching a notably low level of 8,945 million.
- Adjusted Revenue
- Adjusted revenue showed a consistent upward trajectory throughout the period. It increased steadily from 103,891 million US dollars in 2020 to 116,407 million in 2021, then continued to grow annually, reaching 120,807 million in 2022, 122,317 million in 2023, and finally 124,043 million in 2024. This steady growth contrasts with the volatility observed in the market value added.
- MVA Margin
- The MVA margin followed a pattern similar to that of MVA but with more pronounced amplification. From a high of 138.43% in 2020, it sharply declined to 99.16% in 2021 and then to 41.05% in 2022. There was a partial rebound to 59.4% in 2023, but the margin further dropped substantially to 7.21% in 2024, indicating diminishing returns relative to revenue.
- Overall Analysis
- The data reflects a stable increase in revenue coupled with a declining market valuation metric, suggesting challenges in value creation despite growing sales performance. The sharp reductions in market value added and its margin, especially after 2021, imply potential efficiency losses, increased costs, competitive pressures, or market perception issues. The divergence between increasing revenues and decreasing MVA and MVA margin warrants further investigation into profitability, cost management, and market factors impacting the company’s valuation.