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
Intuitive Surgical 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).
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | Intuitive Surgical Inc. market (fair) value less invested capital. | Intuitive Surgical Inc. MVA decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
MVA Spread Ratio
Intuitive Surgical 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 | 121,683,288) | 75,548,077) | 90,462,695) | 83,148,591) | 59,276,675) | |
| Invested capital2 | 7,159,800) | 5,396,200) | 4,517,800) | 4,486,200) | 3,346,500) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 1,699.53% | 1,400.02% | 2,002.36% | 1,853.43% | 1,771.30% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Abbott Laboratories | 257.59% | 230.60% | 266.78% | 300.18% | 202.12% | |
| Cigna Group | 49.48% | 36.39% | 21.75% | 20.67% | 16.09% | |
| CVS Health Corp. | 8.29% | 26.73% | 49.51% | 20.97% | 20.89% | |
| Danaher Corp. | 157.62% | 156.95% | 187.44% | 172.97% | 135.15% | |
| Elevance Health Inc. | 105.04% | 108.24% | 115.84% | 72.12% | 79.88% | |
| Humana Inc. | 86.56% | 156.66% | 122.92% | 163.20% | 196.12% | |
| Medtronic PLC | 88.43% | 93.80% | 163.10% | 107.64% | 113.36% | |
| UnitedHealth Group Inc. | 192.81% | 214.27% | 265.59% | 189.93% | 187.47% | |
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 × 121,683,288 ÷ 7,159,800 = 1,699.53%
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. | Intuitive Surgical Inc. MVA spread ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
MVA Margin
Intuitive Surgical 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 | 121,683,288) | 75,548,077) | 90,462,695) | 83,148,591) | 59,276,675) | |
| Revenue | 7,124,100) | 6,222,200) | 5,710,100) | 4,358,400) | 4,478,500) | |
| Add: Increase (decrease) in deferred revenue | 53,400) | 24,300) | 31,700) | 17,100) | 37,900) | |
| Adjusted revenue | 7,177,500) | 6,246,500) | 5,741,800) | 4,375,500) | 4,516,400) | |
| Performance Ratio | ||||||
| MVA margin2 | 1,695.34% | 1,209.45% | 1,575.51% | 1,900.32% | 1,312.48% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Abbott Laboratories | 383.09% | 323.76% | 384.46% | 523.78% | 368.47% | |
| Cigna Group | 21.87% | 17.38% | 11.43% | 12.17% | 9.91% | |
| CVS Health Corp. | 3.14% | 10.28% | 22.27% | 10.70% | 11.44% | |
| Danaher Corp. | 517.54% | 389.99% | 468.46% | 507.10% | 438.18% | |
| Elevance Health Inc. | 43.12% | 46.51% | 54.14% | 33.92% | 42.99% | |
| Humana Inc. | 24.85% | 49.25% | 45.49% | 46.87% | 57.53% | |
| Medtronic PLC | 199.61% | 205.92% | 391.27% | 264.99% | 269.43% | |
| UnitedHealth Group Inc. | 95.85% | 109.81% | 130.39% | 96.88% | 91.49% | |
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 revenue
= 100 × 121,683,288 ÷ 7,177,500 = 1,695.34%
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. | Intuitive Surgical Inc. MVA margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |