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
First Solar Inc., MVA calculation
US$ in thousands
Based on: 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), 10-K (reporting date: 2018-12-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | First Solar Inc. market (fair) value less invested capital. | First Solar Inc. MVA decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level. |
MVA Spread Ratio
First Solar Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | 11,909,547) | 2,131,153) | 3,190,566) | 33,065) | 442,848) | |
| Invested capital2 | 5,054,301) | 5,692,249) | 5,111,222) | 4,894,577) | 4,487,371) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 235.63% | 37.44% | 62.42% | 0.68% | 9.87% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Advanced Micro Devices Inc. | 119.87% | 2,219.60% | 2,281.37% | 1,656.68% | — | |
| Analog Devices Inc. | 103.56% | 117.94% | 210.89% | 164.19% | 113.22% | |
| Applied Materials Inc. | 515.59% | 815.05% | 555.54% | 482.20% | 251.42% | |
| Broadcom Inc. | 327.92% | 373.47% | 237.74% | 168.52% | 161.97% | |
| Intel Corp. | 56.17% | 138.47% | 204.49% | 286.44% | — | |
| KLA Corp. | 664.92% | 735.85% | 430.36% | 274.54% | 618.88% | |
| Lam Research Corp. | 411.90% | 697.09% | 503.38% | 326.52% | 224.36% | |
| Micron Technology Inc. | 17.24% | 80.72% | 54.74% | 45.95% | 56.63% | |
| NVIDIA Corp. | 3,534.07% | 2,454.59% | 1,247.43% | 1,776.46% | — | |
| ON Semiconductor Corp. | 312.72% | 289.98% | 209.73% | 87.91% | — | |
| Qualcomm Inc. | 372.61% | 739.14% | 815.45% | 438.33% | 401.62% | |
| Texas Instruments Inc. | 853.39% | 887.48% | 1,141.98% | 946.70% | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2022 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 11,909,547 ÷ 5,054,301 = 235.63%
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. | First Solar Inc. MVA spread ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
MVA Margin
First Solar Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | 11,909,547) | 2,131,153) | 3,190,566) | 33,065) | 442,848) | |
| Net sales | 2,619,319) | 2,923,377) | 2,711,332) | 3,063,117) | 2,244,044) | |
| Add: Increase (decrease) in deferred revenue | 910,129) | 64,079) | (160,923) | 216,886) | 32,696) | |
| Adjusted net sales | 3,529,448) | 2,987,456) | 2,550,409) | 3,280,003) | 2,276,740) | |
| Performance Ratio | ||||||
| MVA margin2 | 337.43% | 71.34% | 125.10% | 1.01% | 19.45% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Advanced Micro Devices Inc. | 297.25% | 836.71% | 1,019.76% | 838.80% | — | |
| Analog Devices Inc. | 388.08% | 757.72% | 685.43% | 502.84% | 340.05% | |
| Applied Materials Inc. | 297.74% | 520.10% | 422.74% | 334.35% | 148.45% | |
| Broadcom Inc. | 613.42% | 879.58% | 656.07% | 447.69% | 346.64% | |
| Intel Corp. | 78.99% | 155.07% | 215.26% | 320.84% | — | |
| KLA Corp. | 562.17% | 725.25% | 482.13% | 383.29% | 401.11% | |
| Lam Research Corp. | 298.83% | 497.71% | 492.91% | 285.01% | 195.14% | |
| Micron Technology Inc. | 29.56% | 135.02% | 108.00% | 76.12% | 65.98% | |
| NVIDIA Corp. | 2,368.93% | 1,919.01% | 1,615.83% | 725.25% | — | |
| ON Semiconductor Corp. | 351.98% | 325.29% | 274.96% | 109.25% | — | |
| Qualcomm Inc. | 248.18% | 445.16% | 615.38% | 387.14% | 332.30% | |
| Texas Instruments Inc. | 748.35% | 793.86% | 1,023.69% | 793.53% | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 MVA. See details »
2 2022 Calculation
MVA margin = 100 × MVA ÷ Adjusted net sales
= 100 × 11,909,547 ÷ 3,529,448 = 337.43%
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. | First Solar Inc. MVA margin ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |