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
Marvell Technology Inc., MVA calculation
US$ in thousands
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30).
1 Fair value of debt. See details »
2 Invested capital. See details »
The analysis of Market Value Added (MVA) reveals a period of significant volatility followed by a strong growth trajectory. MVA remained positive throughout the observed timeframe, indicating that the market consistently valued the organization above its invested capital. The overall trend demonstrates a substantial increase in shareholder wealth creation, particularly in the latter years of the period.
- Market Value Dynamics
- The market value exhibited substantial fluctuations, rising from $33.8 billion in 2021 to $60.1 billion in 2022, before experiencing a correction to $39.5 billion in 2023. A subsequent recovery trend is observed, with values climbing steadily to reach $83.9 billion by January 31, 2026. This trajectory suggests a high sensitivity to market sentiment and external economic factors.
- Invested Capital Trends
- A sharp increase in invested capital occurred between 2021 and 2022, where the figure rose from $9.1 billion to approximately $20.0 billion. Following this expansion, invested capital stabilized, fluctuating between $17.8 billion and $20.0 billion through 2026. This indicates a transition from a period of aggressive capital deployment to a phase of capital optimization.
- Market Value Added Performance
- MVA closely mirrored the movements of the fair market value. After growing to $40.1 billion in 2022, MVA declined sharply to $19.5 billion in 2023, coinciding with the dip in market valuation. However, a robust recovery followed, with MVA increasing to $43.8 billion in 2024 and accelerating to $64.8 billion by 2026. The widening gap between market value and invested capital in the final years indicates a substantial increase in the perceived future earning potential of the organization.
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MVA Spread Ratio
Marvell Technology Inc., MVA spread ratio calculation, comparison to benchmarks
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Market value added (MVA)1 | 64,815,992) | 47,010,885) | 43,762,380) | 19,498,379) | 40,068,514) | 24,699,005) | |
| Invested capital2 | 19,075,400) | 17,756,100) | 19,040,600) | 20,025,300) | 20,017,061) | 9,144,445) | |
| Performance Ratio | |||||||
| MVA spread ratio3 | 339.79% | 264.76% | 229.84% | 97.37% | 200.17% | 270.10% | |
| Benchmarks | |||||||
| MVA Spread Ratio, Competitors4 | |||||||
| Advanced Micro Devices Inc. | — | 426.92% | 213.10% | 370.13% | 119.87% | 2,219.60% | |
| Analog Devices Inc. | — | 210.40% | 165.45% | 117.77% | 103.56% | 117.94% | |
| Applied Materials Inc. | — | 929.00% | 640.75% | 671.06% | 515.59% | 815.05% | |
| Broadcom Inc. | — | 986.32% | 681.05% | 780.11% | 327.90% | 373.48% | |
| Intel Corp. | — | 119.34% | 29.14% | 136.50% | 56.17% | 138.47% | |
| KLA Corp. | 2,374.79% | 1,241.79% | 1,008.93% | 749.49% | 664.85% | 735.96% | |
| Lam Research Corp. | 2,097.95% | 714.60% | 628.85% | 511.21% | 404.85% | 617.13% | |
| Micron Technology Inc. | 1,078.90% | 269.47% | 136.73% | 66.27% | 17.46% | 81.70% | |
| NVIDIA Corp. | 4,383.73% | 6,599.24% | 5,287.84% | 2,593.21% | 3,533.65% | 2,455.53% | |
| Qualcomm Inc. | — | 547.82% | 553.50% | 331.81% | 372.61% | 739.14% | |
| Texas Instruments Inc. | — | 645.94% | 570.65% | 565.70% | 853.39% | 887.48% | |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30).
1 MVA. See details »
2 Invested capital. See details »
3 2026 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 64,815,992 ÷ 19,075,400 = 339.79%
4 Click competitor name to see calculations.
The analysis of value creation metrics reveals a period of significant volatility followed by a strong growth trajectory in market valuation. The relationship between market value added and invested capital indicates shifting patterns in capital efficiency and market sentiment over the observed period.
- Market Value Added (MVA) Trends
- MVA experienced substantial fluctuations, beginning at 24.7 billion USD in 2021 and reaching a peak of 64.8 billion USD by 2026. A sharp contraction occurred in 2023, with the value dropping to 19.5 billion USD, marking the lowest point in the series. This was followed by a consistent and aggressive recovery from 2024 through 2026.
- Invested Capital Dynamics
- Invested capital saw a dramatic increase between 2021 and 2022, more than doubling from 9.1 billion USD to 20.0 billion USD. Following this expansion, the capital base remained relatively stable, showing a slight downward trend to 17.8 billion USD by 2025, before returning to 19.1 billion USD in 2026.
- MVA Spread Ratio Performance
- The MVA spread ratio exhibited a V-shaped trend. Starting at 270.10% in 2021, the ratio declined steadily to a minimum of 97.37% in 2023. This decline suggests that during 2023, the market value added was nearly equal to the invested capital, reflecting a period of reduced value creation efficiency. However, the ratio rebounded strongly thereafter, climbing to 229.84% in 2024 and reaching a peak of 339.79% by 2026.
The observed data suggests a successful recovery from the 2023 downturn. The expansion of the MVA spread ratio in the final three years, achieved while maintaining a relatively stable invested capital base, indicates a significant increase in the company's ability to generate market value relative to the capital employed.
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MVA Margin
Marvell Technology Inc., MVA margin calculation, comparison to benchmarks
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Market value added (MVA)1 | 64,815,992) | 47,010,885) | 43,762,380) | 19,498,379) | 40,068,514) | 24,699,005) | |
| Net revenue | 8,194,600) | 5,767,300) | 5,507,700) | 5,919,600) | 4,462,383) | 2,968,900) | |
| Add: Increase (decrease) in deferred revenue | 18,000) | (21,100) | (2,000) | 6,200) | 22,816) | 10,499) | |
| Adjusted net revenue | 8,212,600) | 5,746,200) | 5,505,700) | 5,925,800) | 4,485,199) | 2,979,399) | |
| Performance Ratio | |||||||
| MVA margin2 | 789.23% | 818.12% | 794.86% | 329.04% | 893.35% | 828.99% | |
| Benchmarks | |||||||
| MVA Margin, Competitors3 | |||||||
| Advanced Micro Devices Inc. | — | 760.86% | 481.21% | 944.62% | 297.25% | 836.71% | |
| Analog Devices Inc. | — | 803.27% | 763.82% | 422.86% | 388.08% | 757.72% | |
| Applied Materials Inc. | — | 658.93% | 445.92% | 449.88% | 297.74% | 520.10% | |
| Broadcom Inc. | — | 2,316.49% | 1,861.97% | 1,364.98% | 613.40% | 879.63% | |
| Intel Corp. | — | 263.29% | 50.65% | 231.83% | 78.99% | 155.07% | |
| KLA Corp. | 1,793.43% | 949.75% | 865.83% | 595.34% | 562.11% | 725.36% | |
| Lam Research Corp. | 1,632.64% | 597.49% | 638.38% | 448.84% | 298.83% | 497.72% | |
| Micron Technology Inc. | 779.18% | 435.43% | 286.66% | 225.16% | 29.56% | 135.02% | |
| NVIDIA Corp. | 2,123.15% | 2,389.97% | 2,669.68% | 2,051.63% | 2,368.66% | 1,919.74% | |
| Qualcomm Inc. | — | 387.02% | 438.87% | 291.70% | 248.18% | 445.16% | |
| Texas Instruments Inc. | — | 1,044.46% | 954.68% | 729.45% | 748.35% | 793.86% | |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30).
1 MVA. See details »
2 2026 Calculation
MVA margin = 100 × MVA ÷ Adjusted net revenue
= 100 × 64,815,992 ÷ 8,212,600 = 789.23%
3 Click competitor name to see calculations.
The analysis of Market Value Added (MVA) and its relationship with adjusted net revenue reveals a period of significant volatility followed by a sustained recovery and expansion phase.
- Market Value Added (MVA) Performance
- The MVA experienced a fluctuating trajectory over the observed period. After an initial increase from 24.7 billion USD in January 2021 to 40.1 billion USD in January 2022, a substantial contraction occurred in January 2023, where the value dropped to 19.5 billion USD. This downturn was followed by a strong recovery, with the MVA rising to 43.8 billion USD in February 2024 and continuing an upward trend to reach 64.8 billion USD by January 2026.
- Adjusted Net Revenue Growth
- Revenue demonstrated a generally positive growth trend, increasing from 2.98 billion USD in January 2021 to 5.93 billion USD in January 2023. A marginal decline was noted in February 2024 (5.51 billion USD), followed by a slight recovery in February 2025 (5.75 billion USD) and a significant projected increase to 8.21 billion USD by January 2026.
- MVA Margin Dynamics
- The MVA margin exhibited extreme volatility, peaking at 893.35% in January 2022 before plummeting to 329.04% in January 2023. This sharp decline is particularly notable as it occurred while adjusted net revenue was actually increasing, suggesting a significant market devaluation or an increase in the cost of capital during that period. From February 2024 onward, the margin stabilized and remained consistently high, fluctuating between 789.23% and 818.12%.
The divergence observed in January 2023 highlights a period where market valuation decoupled from revenue growth. However, the subsequent alignment of increasing revenue and rising MVA from 2024 through 2026 indicates a restoration of market confidence and a consistent expansion of value creation relative to the company's operational scale.
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