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
Enphase Energy Inc., MVA calculation
US$ in thousands
Based on: 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), 10-K (reporting date: 2019-12-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
- Market (fair) value of Enphase
- Between 2019 and 2023, the market (fair) value of Enphase exhibited considerable volatility. Starting at approximately 7.49 billion USD in 2019, it saw a significant increase to over 26.46 billion USD in 2020, marking a strong upward trend. However, the value declined sharply in 2021 to about 20.11 billion USD, followed by a recovery in 2022 to nearly 29.70 billion USD. In 2023, the value decreased again to approximately 16.47 billion USD. Overall, the market value shows fluctuating investor perceptions or external market conditions impacting valuation during the period.
- Invested capital
- The invested capital shows a generally upward trend from 2019 to 2023. It increased from roughly 529 million USD in 2019 to 951 million USD in 2020, then slightly decreased to about 779 million USD in 2021. After 2021, it resumed growth, reaching approximately 1.29 billion USD in 2022 and slightly increasing further to about 1.30 billion USD in 2023. This progression suggests ongoing investments or capital funding efforts to support company operations and growth initiatives.
- Market value added (MVA)
- Market value added (MVA) followed a pattern closely aligned with the market value trends. Starting at nearly 6.96 billion USD in 2019, it increased sharply to about 25.51 billion USD in 2020. MVA then declined to roughly 19.33 billion USD in 2021, rebounded to approximately 28.42 billion USD in 2022, and subsequently declined again to around 15.17 billion USD in 2023. This indicates substantial value creation over the invested capital, though subject to volatility likely linked to external market factors or investor sentiment.
MVA Spread Ratio
Enphase Energy Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| Intel Corp. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
| Texas Instruments Inc. | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
- Market Value Added (MVA)
- The market value added shows significant fluctuations over the observed period. There was a sharp increase from approximately 6.96 billion in 2019 to a peak of around 25.51 billion in 2020. This was followed by a decline to about 19.33 billion in 2021, then a rise again to roughly 28.42 billion in 2022. However, in 2023, the MVA decreased considerably to approximately 15.17 billion, signaling a reduction in market value relative to previous years.
- Invested Capital
- Invested capital experienced a generally upward trend, starting at approximately 529 million in 2019 and nearly doubling by 2020 to about 951 million. In 2021, it decreased to around 779 million but rebounded in 2022 and 2023 to approximately 1.29 billion and 1.30 billion respectively. This indicates a substantial increase in the funds invested in the company over the period, especially in the latter years.
- MVA Spread Ratio
- The MVA spread ratio shows an initial strong improvement, with a rise from 1316.38% in 2019 to a high of 2681.46% in 2020. It then declined moderately to 2481.12% in 2021 and further to 2210.66% in 2022. By 2023, the ratio fell sharply to 1164.86%, marking a significant reduction in market value relative to the invested capital. Despite this decline, the ratio remains above 1000%, suggesting that the market value added remains substantially higher than the invested capital.
- Overall Analysis
- The data portrays a period of volatility in market valuation with a marked rise and fall across the years. While invested capital shows a more consistent upward trend, reflecting ongoing investment in the company, the MVA and MVA spread ratio indicate fluctuations in market perception and value generation. The sharp decline in both MVA and the MVA spread ratio in 2023 merits attention, as it may signal changes in market conditions, company performance, or investor expectations. The positive spread ratio throughout the period, however, demonstrates that market value has been maintained substantially above capital invested.
MVA Margin
Enphase Energy Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | ||||||
| Net revenues | ||||||
| Add: Increase (decrease) in deferred revenues | ||||||
| Adjusted net revenues | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| Intel Corp. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
| Texas Instruments Inc. | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31).
1 MVA. See details »
2 2023 Calculation
MVA margin = 100 × MVA ÷ Adjusted net revenues
= 100 × ÷ =
3 Click competitor name to see calculations.
- Market Value Added (MVA)
- The MVA demonstrates considerable volatility over the observed period. Initially, it increased sharply from approximately 6.96 billion USD in 2019 to about 25.51 billion USD in 2020. However, this was followed by a decline to 19.33 billion USD in 2021. In 2022, the MVA rose again to reach approximately 28.42 billion USD, marking its highest value in the dataset. Nonetheless, this upward trend did not persist, with a significant decrease to about 15.17 billion USD in 2023.
- Adjusted Net Revenues
- The adjusted net revenues displayed a consistent upward trajectory from 2019 through 2022. The amount more than tripled from approximately 696 million USD in 2019 to about 2.45 billion USD in 2022. In 2023, a marginal decrease occurred, with revenues slightly dropping to roughly 2.41 billion USD, indicating a plateau or potential beginning of a decline after several years of substantial growth.
- MVA Margin
- The MVA margin experienced dramatic fluctuations during the period. Starting at nearly 1000% in 2019, the margin surged to an exceptionally high level of over 3300% in 2020. This was followed by a notable contraction to around 1325% in 2021 and a further decrease to approximately 1158% in 2022. By 2023, the margin shrank substantially to around 631%, indicating a marked reduction in the proportional market value added relative to revenues.
- Summary
- Overall, the financial data highlights significant variability in both market value added and its margin over five years, with peaks in 2020 and 2022, followed by declines in subsequent years. Adjusted net revenues showed strong growth until 2022, with a slight downturn in 2023. The pattern suggests that while revenue generation improved steadily for most of the period, the efficiency in translating revenues into market value added diminished markedly after 2020, possibly reflecting changing market conditions or operational challenges.