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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DoorDash, Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Price to Operating Profit (P/OP) since 2020
- Price to Book Value (P/BV) since 2020
- Price to Sales (P/S) since 2020
- Analysis of Revenues
- Analysis of Debt
- Aggregate Accruals
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MVA
DoorDash, Inc., 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 »
Upon reviewing the financial data over the five-year period, several key trends are apparent.
- Market (fair) value of DoorDash
- The market value experienced a significant decline from 48,798 million US dollars at the end of 2020 to 19,831 million US dollars by the end of 2022. However, this downturn was followed by a pronounced recovery, rising sharply to 45,178 million US dollars in 2023 and then nearly doubling to 88,026 million US dollars by the end of 2024. This indicates a substantial resurgence in market confidence or underlying business performance during the latter two years.
- Invested capital
- The invested capital showed variability without a consistent upward or downward trajectory. Starting at 4,792 million US dollars in 2020, it decreased to 3,179 million in 2021, then increased to 5,320 million in 2022. It slightly dipped again to 5,237 million in 2023 before increasing to 6,261 million in 2024. Overall, the invested capital's trend reflects moderate growth with some fluctuations, indicating periodic adjustments in investment intensity or asset base.
- Market value added (MVA)
- The market value added closely mirrors the pattern observed in the market value, which is expected given its definition. MVA decreased considerably from 44,006 million US dollars at the end of 2020 to 14,511 million US dollars in 2022. This was followed by a strong recovery to 39,941 million in 2023 and further growth to 81,765 million US dollars by 2024. The fluctuations in MVA suggest temporary setbacks in market performance or investor sentiment that were overcome in subsequent years, resulting in substantial value creation beyond the invested capital.
In summary, the data depicts an initial period of decline in market valuation and value added through 2022, coupled with fluctuating invested capital. However, from 2023 onward, there is a notable recovery and expansion in market value and MVA, supported by a moderate increase in invested capital. This pattern highlights a phase of business challenges or market conditions impacting valuation followed by strong value creation and investor confidence in the more recent period.
MVA Spread Ratio
DoorDash, Inc., 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 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
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 indicates significant fluctuations in key performance metrics over the five-year period from 2020 to 2024. There is a notable variation in market value added (MVA), invested capital, and the MVA spread ratio, each reflecting different aspects of the company's financial health and value creation.
- Market Value Added (MVA)
-
The MVA demonstrates considerable volatility throughout the observed period. Starting at a high of approximately $44.0 billion in 2020, it declined sharply to about $31.0 billion in 2021 and further dropped to roughly $14.5 billion in 2022. Following this trough, there is a marked recovery with the MVA rising back to around $39.9 billion in 2023 and more than doubling to approximately $81.8 billion in 2024. This pattern suggests a significant deterioration in market value until 2022, followed by a robust rebound and strong growth in the subsequent years.
- Invested Capital
-
Invested capital shows a different trajectory, with initial declines followed by gradual increases. From $4.8 billion in 2020, it decreased to its lowest value of $3.2 billion in 2021, then rose to $5.3 billion in 2022. A slight decline to $5.2 billion was observed in 2023, followed by an increase to $6.3 billion in 2024. Overall, invested capital has increased by about 30.7% from 2020 to 2024, indicating an expansion of resources deployed in the business despite the interim declines.
- MVA Spread Ratio
-
The MVA spread ratio exhibits substantial variation mirroring the trends in MVA but reflecting value creation efficiency. The ratio peaked at 975.3% in 2021, showing an improvement from 918.3% in 2020. However, it then declined sharply to 272.76% in 2022, signaling a significant decrease in the spread or return on invested capital relative to market value. Subsequently, the ratio rebounded to 762.68% in 2023 and reached an all-time high of 1305.94% in 2024. This indicates a strong enhancement in value generation and profitability relative to the capital invested during the last two years of the dataset.
In summary, while the invested capital experienced some fluctuations and an overall moderate increase, the market value added underwent significant volatility with a pronounced dip followed by substantial recovery. The MVA spread ratio trend aligns with this trajectory, demonstrating a peak in value creation efficiency toward the end of the period. These dynamics suggest that after a challenging phase culminating in 2022, the company improved its financial performance and value generation markedly in 2023 and 2024.
MVA Margin
DoorDash, Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Revenue | ||||||
| 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: 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 ÷ Revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
- Market Value Added (MVA)
- There is a notable fluctuation in Market Value Added over the five-year period. Starting at US$44,006 million in 2020, it declined significantly to US$31,005 million in 2021 and further to US$14,511 million in 2022. However, in 2023, the MVA rebounded sharply to US$39,941 million and continued its upward trend, reaching US$81,765 million in 2024. This pattern suggests an initial period of erosion in market value followed by a strong recovery and growth phase.
- Revenue
- Revenue has shown consistent and steady growth throughout the period. Beginning at US$2,886 million in 2020, revenue increased annually, reaching US$4,888 million in 2021, US$6,583 million in 2022, US$8,635 million in 2023, and culminating at US$10,722 million in 2024. This upward trajectory indicates robust expansion in operational performance and sales generation over time.
- MVA Margin
- The MVA margin, calculated as a percentage, exhibits significant variability. Initially very high at 1524.82% in 2020, it then decreased considerably to 634.30% in 2021 and further to 220.43% in 2022. After this decline, the margin recovered to 462.55% in 2023 and increased further to 762.59% in 2024. The pattern indicates that while the company's value creation efficiency relative to revenue diminished sharply during 2021 and 2022, it improved significantly in the subsequent years, demonstrating regained effectiveness in value generation relative to its revenue base.