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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- Income Statement
- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Net Profit Margin since 2020
- Operating Profit Margin since 2020
- Current Ratio since 2020
- Price to Earnings (P/E) since 2020
- Price to Book Value (P/BV) since 2020
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MVA
DoorDash, Inc., 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 period under review demonstrates significant fluctuations in market value and associated market value added. Initial values show a substantial market presence, followed by a contraction, and then a period of considerable growth before a recent decline. Invested capital consistently increased throughout the period, though at varying rates.
- Market Value
- The market value of the company experienced a notable decrease from US$34,184 million in 2021 to US$19,831 million in 2022, representing a significant contraction. A strong recovery followed, with the market value increasing to US$45,178 million in 2023 and reaching a peak of US$88,026 million in 2024. However, a decrease was observed in 2025, with the market value settling at US$76,835 million. This suggests potential volatility in investor sentiment or external market factors influencing valuation.
- Invested Capital
- Invested capital exhibited a consistent upward trend throughout the observed period. It increased from US$3,179 million in 2021 to US$5,320 million in 2022, and continued to grow, reaching US$11,248 million in 2025. The rate of increase was not constant, with a smaller increase between 2022 and 2023, followed by more substantial growth in subsequent years. This indicates ongoing investment in the business operations.
- Market Value Added (MVA)
- Market value added mirrored the trends observed in market value. A substantial MVA of US$31,005 million was recorded in 2021, followed by a significant decline to US$14,511 million in 2022. The MVA then increased dramatically, reaching US$81,765 million in 2024, before decreasing to US$65,587 million in 2025. The correlation between MVA and market value is strong, as expected, indicating that changes in market perception directly impact the value created above invested capital.
The substantial increase in MVA from 2022 to 2024, despite the increasing invested capital, suggests efficient capital allocation and value creation during those years. The decline in both market value and MVA in 2025 warrants further investigation to determine the underlying causes and potential implications for future performance.
MVA Spread Ratio
DoorDash, Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
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 × ÷ =
4 Click competitor name to see calculations.
The period under review demonstrates significant fluctuations in market value added (MVA) and its relationship to invested capital, as reflected in the MVA spread ratio. Initial values show a substantial MVA, followed by a period of decline, then considerable growth, and a subsequent moderation.
- Market Value Added (MVA)
- The MVA began at US$31,005 million in 2021, experienced a considerable decrease to US$14,511 million in 2022, and then rose sharply to US$39,941 million in 2023. Further growth was observed in 2024, reaching US$81,765 million, before decreasing to US$65,587 million in 2025. This pattern suggests periods of strong value creation followed by retrenchment, and then renewed expansion, ultimately leveling off.
- Invested Capital
- Invested capital exhibited a consistent upward trend throughout the period. Starting at US$3,179 million in 2021, it increased to US$5,320 million in 2022, followed by a slight decrease to US$5,237 million in 2023. Continued growth was then observed, reaching US$6,261 million in 2024 and US$11,248 million in 2025. This indicates a continuous reinvestment in the business.
- MVA Spread Ratio
- The MVA spread ratio experienced dramatic shifts. It began at a very high level of 975.30% in 2021, decreased substantially to 272.76% in 2022, and then increased to 762.68% in 2023. The ratio peaked at 1,305.94% in 2024 before declining to 583.10% in 2025. The ratio’s volatility suggests a strong sensitivity of market valuation to changes in MVA relative to invested capital. The high values indicate that the market consistently assigns a significant premium to each dollar of invested capital, although this premium fluctuates considerably.
The divergence between the increasing invested capital and the fluctuating MVA suggests that the efficiency of capital deployment, as perceived by the market, is not constant. The substantial decrease in the MVA spread ratio in 2022, despite increasing invested capital, indicates a period where the market’s return expectations were not met. The subsequent recovery and peak in 2024 suggest a restoration of market confidence, followed by a moderation in 2025.
MVA Margin
DoorDash, Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Revenue | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
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 ÷ Revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited significant fluctuations over the five-year period. Initially, a substantial decrease in MVA was observed from 2021 to 2022, followed by a period of recovery and subsequent moderation. Revenue demonstrated consistent growth throughout the period, while the MVA margin mirrored the volatility of the MVA itself.
- Market Value Added (MVA)
- The MVA began at US$31,005 million in 2021, declining sharply to US$14,511 million in 2022. A considerable recovery occurred in 2023, with MVA reaching US$39,941 million. Further growth was seen in 2024, peaking at US$81,765 million, before decreasing to US$65,587 million in 2025. This suggests a period of heightened investor confidence followed by a potential reassessment of future prospects.
- Revenue
- Revenue increased steadily from US$4,888 million in 2021 to US$13,717 million in 2025. The growth rate appears relatively consistent year-over-year, indicating a stable expansion of the company’s top line. This consistent revenue growth did not directly correlate with the MVA fluctuations, suggesting factors beyond revenue are significantly influencing market valuation.
- MVA Margin
- The MVA margin experienced substantial volatility. It started at a high of 634.30% in 2021, plummeted to 220.43% in 2022, recovered to 462.55% in 2023, surged to 762.59% in 2024, and then decreased to 478.14% in 2025. The high margins in 2021 and 2024 coincide with peaks in MVA, indicating a strong relationship between value creation and the proportion of MVA generated per dollar of revenue. The decline in margin in 2025, despite continued revenue growth, may signal diminishing returns on invested capital or changing investor expectations.
In summary, while revenue consistently increased, the MVA and its associated margin demonstrated considerable variability. The fluctuations in MVA margin suggest that investor sentiment and expectations play a crucial role in the company’s valuation, potentially outweighing the impact of revenue growth alone.