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
Etsy Inc., MVA calculation
US$ in thousands
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | Etsy Inc. market (fair) value less invested capital. | Etsy Inc. MVA increased from 2019 to 2020 but then slightly decreased from 2020 to 2021. |
MVA Spread Ratio
Etsy Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | 19,621,918) | 27,032,030) | 6,401,032) | 8,096,762) | 2,640,601) | |
| Invested capital2 | 2,842,921) | 1,488,547) | 888,183) | 536,522) | 498,789) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 690.20% | 1,816.00% | 720.69% | 1,509.12% | 529.40% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Amazon.com Inc. | 728.57% | 1,053.43% | 730.44% | — | — | |
| Home Depot Inc. | 631.50% | 547.47% | 617.70% | — | — | |
| Lowe’s Cos. Inc. | 457.91% | 186.58% | 334.01% | — | — | |
| TJX Cos. Inc. | 327.36% | 261.07% | 334.48% | — | — | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2021 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 19,621,918 ÷ 2,842,921 = 690.20%
4 Click competitor name to see calculations.
| Performance ratio | Description | The company |
|---|---|---|
| MVA spread ratio | The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium. | Etsy Inc. MVA spread ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021. |
MVA Margin
Etsy Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | 19,621,918) | 27,032,030) | 6,401,032) | 8,096,762) | 2,640,601) | |
| Revenue | 2,329,114) | 1,725,625) | 818,379) | 603,693) | 441,231) | |
| Add: Increase (decrease) in deferred revenue | 1,075) | 3,647) | 139) | 1,216) | 614) | |
| Adjusted revenue | 2,330,189) | 1,729,272) | 818,518) | 604,909) | 441,845) | |
| Performance Ratio | ||||||
| MVA margin2 | 842.07% | 1,563.20% | 782.03% | 1,338.51% | 597.63% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Amazon.com Inc. | 312.93% | 408.23% | 330.23% | — | — | |
| Home Depot Inc. | 237.60% | 181.62% | 195.15% | — | — | |
| Lowe’s Cos. Inc. | 145.00% | 69.10% | 115.18% | — | — | |
| TJX Cos. Inc. | 227.93% | 116.99% | 149.26% | — | — | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 MVA. See details »
2 2021 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenue
= 100 × 19,621,918 ÷ 2,330,189 = 842.07%
3 Click competitor name to see calculations.
| Performance ratio | Description | The company |
|---|---|---|
| MVA margin | The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. | Etsy Inc. MVA margin ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level. |