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
Intuit Inc., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2026-07-31), 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
The analysis of market value added indicates significant volatility in shareholder perceived value over the six-year period ending July 31, 2026. The overall trend is characterized by a period of recovery and growth followed by a sharp contraction in the final observed year.
- Market Value Trends
- Market fair value experienced a contraction in 2022, descending to 125,311 million USD. This was followed by a steady upward trajectory over three years, reaching a peak of 191,443 million USD in 2025. However, a substantial decline occurred by July 31, 2026, where the value dropped to 89,873 million USD, marking a significant reduction in total market capitalization.
- Invested Capital Trajectory
- Invested capital saw a sharp increase between 2021 and 2022, rising from 12,248 million USD to 24,726 million USD. Following this initial expansion, capital levels remained relatively stable, fluctuating within a narrow range between 23,712 million USD and 26,250 million USD through 2026. This suggests a stabilization of the company's internal investment base despite the volatility in market valuation.
- Market Value Added (MVA) Performance
- MVA exhibited a pattern closely mirroring the market fair value, as the scale of invested capital remained small relative to the total market capitalization. MVA declined to 100,585 million USD in 2022, recovered to a peak of 166,922 million USD in 2025, and subsequently fell to 63,623 million USD in 2026. While the MVA remained positive throughout the period—indicating that the market valued the company above its invested capital—the precipitous drop in 2026 reflects a severe decrease in the value-creation premium attributed to the company by investors.
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MVA Spread Ratio
Intuit Inc., MVA spread ratio calculation, comparison to benchmarks
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | 63,623) | 166,922) | 155,818) | 136,013) | 100,585) | 143,928) | |
| Invested capital2 | 26,250) | 24,521) | 24,948) | 23,712) | 24,726) | 12,248) | |
| Performance Ratio | |||||||
| MVA spread ratio3 | 242.37% | 680.73% | 624.57% | 573.60% | 406.80% | 1,175.12% | |
| Benchmarks | |||||||
| MVA Spread Ratio, Competitors4 | |||||||
| Accenture PLC | — | 250.34% | 524.20% | 487.90% | 442.58% | 739.74% | |
| Adobe Inc. | — | 486.78% | 642.58% | 991.60% | 658.07% | 1,033.13% | |
| AppLovin Corp. | — | 2,428.40% | 2,384.14% | 420.90% | 60.64% | 260.37% | |
| Cadence Design Systems Inc. | — | 933.78% | 910.94% | 1,934.83% | 1,302.22% | 1,110.87% | |
| Datadog Inc. | — | 1,726.83% | 1,526.17% | 2,743.24% | 1,772.59% | 5,219.74% | |
| International Business Machines Corp. | — | 121.48% | 162.99% | 100.96% | 60.62% | 55.46% | |
| Microsoft Corp. | 417.48% | 794.99% | 803.69% | 892.49% | 956.02% | 1,383.21% | |
| Oracle Corp. | 275.26% | 499.86% | 370.24% | 324.04% | 224.95% | 260.27% | |
| Palantir Technologies Inc. | — | 12,935.07% | 11,445.95% | 3,878.69% | 488.89% | 829.78% | |
| Palo Alto Networks Inc. | 631.83% | 878.49% | 894.07% | 731.80% | 559.30% | 573.51% | |
| Salesforce Inc. | 98.66% | 233.77% | 256.86% | 127.88% | 150.31% | 270.75% | |
| ServiceNow Inc. | — | 622.99% | 1,951.86% | 1,781.96% | 1,276.86% | 1,798.18% | |
| Synopsys Inc. | — | 129.53% | 645.36% | 973.25% | 565.55% | 707.79% | |
| Workday Inc. | 218.32% | 550.99% | 677.38% | 471.48% | 655.74% | 908.31% | |
Based on: 10-K (reporting date: 2026-07-31), 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31).
1 MVA. See details »
2 Invested capital. See details »
3 2026 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 63,623 ÷ 26,250 = 242.37%
4 Click competitor name to see calculations.
The financial analysis of market value addition and capital utilization reveals a period of significant volatility followed by a substantial contraction in the final year of the observed period. The interplay between the capital invested and the resulting market value indicates fluctuating levels of value creation efficiency.
- Market Value Added (MVA)
- MVA followed a non-linear trajectory, starting at 143,928 million USD in 2021 and declining to 100,585 million USD in 2022. A consistent recovery period ensued from 2023 to 2025, with the value peaking at 166,922 million USD. This growth was sharply reversed in 2026, when MVA dropped to 63,623 million USD, signaling a significant reduction in the market's valuation of the company's invested capital.
- Invested Capital
- A substantial increase in invested capital was recorded between 2021 and 2022, with the amount rising from 12,248 million USD to 24,726 million USD. Following this initial surge, the invested capital remained relatively stable through 2026, fluctuating slightly within a range between 23,712 million USD and 26,250 million USD.
- MVA Spread Ratio
- The MVA spread ratio exhibited extreme variance over the six-year period. An initial high of 1,175.12% in 2021 fell sharply to 406.80% in 2022, a decline precipitated by both the reduction in MVA and the doubling of invested capital. A corrective upward trend was observed from 2023 through 2025, with the ratio climbing to 680.73%. However, this recovery concluded with a steep decline to 242.37% in 2026, reflecting a diminished ability to generate market value in excess of the capital employed.
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MVA Margin
Intuit Inc., MVA margin calculation, comparison to benchmarks
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | 63,623) | 166,922) | 155,818) | 136,013) | 100,585) | 143,928) | |
| Net revenue | 21,448) | 18,831) | 16,285) | 14,368) | 12,726) | 9,633) | |
| Add: Increase (decrease) in deferred revenue | 49) | 147) | (50) | 112) | 122) | 27) | |
| Adjusted net revenue | 21,497) | 18,978) | 16,235) | 14,480) | 12,848) | 9,660) | |
| Performance Ratio | |||||||
| MVA margin2 | 295.96% | 879.56% | 959.77% | 939.31% | 782.89% | 1,489.94% | |
| Benchmarks | |||||||
| MVA Margin, Competitors3 | |||||||
| Accenture PLC | — | 160.73% | 297.40% | 251.01% | 213.17% | 379.26% | |
| Adobe Inc. | — | 440.42% | 727.86% | 1,241.42% | 766.46% | 1,287.44% | |
| AppLovin Corp. | — | 2,496.08% | 2,302.25% | 576.21% | 113.54% | 521.30% | |
| Cadence Design Systems Inc. | — | 1,400.60% | 1,395.62% | 1,927.61% | 1,299.21% | 1,128.47% | |
| Datadog Inc. | — | 1,024.58% | 1,385.47% | 1,715.05% | 1,226.04% | 4,145.45% | |
| International Business Machines Corp. | — | 215.75% | 288.07% | 179.79% | 105.00% | 105.45% | |
| Microsoft Corp. | 701.12% | 1,185.40% | 1,123.50% | 1,016.40% | 916.17% | 1,148.11% | |
| Oracle Corp. | 675.21% | 1,001.90% | 704.48% | 626.94% | 412.88% | 514.72% | |
| Palantir Technologies Inc. | — | 6,700.73% | 9,929.53% | 2,081.46% | 820.15% | 1,366.76% | |
| Palo Alto Networks Inc. | 1,755.81% | 1,041.05% | 949.23% | 726.58% | 651.61% | 771.73% | |
| Salesforce Inc. | 211.24% | 504.75% | 593.57% | 323.34% | 417.33% | 620.94% | |
| ServiceNow Inc. | — | 687.15% | 1,605.68% | 1,433.58% | 1,026.11% | 1,555.49% | |
| Synopsys Inc. | — | 755.81% | 1,081.63% | 1,373.41% | 796.87% | 1,126.17% | |
| Workday Inc. | 262.54% | 585.42% | 754.19% | 578.30% | 888.92% | 1,185.07% | |
Based on: 10-K (reporting date: 2026-07-31), 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31).
1 MVA. See details »
2 2026 Calculation
MVA margin = 100 × MVA ÷ Adjusted net revenue
= 100 × 63,623 ÷ 21,497 = 295.96%
3 Click competitor name to see calculations.
Analysis of the financial metrics between 2021 and 2026 reveals a decoupling between steady operational growth and volatile market valuation. While revenue expanded consistently, the market value added (MVA) and its associated margin exhibited significant instability, culminating in a sharp decline in the final period.
- Adjusted Net Revenue Trends
- A consistent upward trajectory is observed in adjusted net revenue, which rose from 9,660 million USD in 2021 to 21,497 million USD in 2026. This indicates a sustained increase in the company's scale of operations and revenue-generating capacity over the six-year duration.
- Market Value Added (MVA) Performance
- MVA demonstrated significant volatility, characterized by an initial decline in 2022 to 100,585 million USD, followed by a recovery peak of 166,922 million USD in 2025. A substantial contraction occurred in 2026, with the MVA dropping to 63,623 million USD, marking the lowest value in the analyzed timeframe.
- MVA Margin Analysis
- The MVA margin reflects a general erosive trend, decreasing from a peak of 1,489.94% in 2021 to 295.96% in 2026. Although a partial recovery in the margin was noted between 2022 and 2024, the sharp decline in 2026 indicates that the market valuation contracted while revenue continued to rise, leading to a significantly diminished valuation premium relative to the company's top-line performance.
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