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
Micron Technology Inc., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2026-09-03), 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02).
1 Fair value of debt. See details »
2 Invested capital. See details »
The financial trajectory from September 2021 to September 2026 is characterized by a period of initial volatility followed by an exponential increase in shareholder value creation. While the company experienced a contraction in market valuation and value added during 2022, the subsequent years demonstrate a sharp and accelerating upward trend in market perception relative to the capital invested.
- Market Fair Value Trends
- The market value exhibited a decline from 83,190 million USD in 2021 to 61,164 million USD in 2022. This was followed by a consistent recovery and aggressive growth phase, with the valuation increasing to 124,628 million USD by August 2024 and reaching 1,133,962 million USD by September 2026. This represents a significant expansion in the market's valuation of the entity's future earnings potential.
- Invested Capital Analysis
- Invested capital grew steadily from 45,783 million USD in 2021 to 52,646 million USD in 2024, showing relative stability over this four-year period. A more pronounced increase is observed in the final two years, with capital reaching 60,398 million USD in 2025 and 96,188 million USD in 2026. This indicates a strategic ramp-up in capital deployment toward the end of the analyzed period.
- Market Value Added (MVA) Performance
- MVA experienced a sharp contraction in 2022, falling to 9,093 million USD from a previous 37,407 million USD, suggesting a temporary misalignment between invested capital and market valuation. However, a strong reversal occurred thereafter, with MVA climbing to 71,982 million USD in 2024 and 162,755 million USD in 2025. The period concludes with an extraordinary surge to 1,037,774 million USD in 2026, indicating that the market value grew at a rate far exceeding the growth of invested capital.
The divergence between the moderate growth of invested capital and the explosive growth of market fair value suggests an increase in the efficiency of value creation. By 2026, the MVA constitutes the vast majority of the total market value, reflecting high investor confidence and a significant premium attributed to the company's intangible assets or future growth prospects.
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MVA Spread Ratio
Micron Technology Inc., MVA spread ratio calculation, comparison to benchmarks
| Sep 3, 2026 | Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | 1,037,774) | 162,755) | 71,982) | 34,989) | 9,093) | 37,407) | |
| Invested capital2 | 96,188) | 60,398) | 52,646) | 52,798) | 52,071) | 45,783) | |
| Performance Ratio | |||||||
| MVA spread ratio3 | 1,078.90% | 269.47% | 136.73% | 66.27% | 17.46% | 81.70% | |
| 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% | |
| Marvell Technology Inc. | 339.79% | 264.76% | 229.84% | 97.37% | 200.17% | 270.10% | |
| 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: 2026-09-03), 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02).
1 MVA. See details »
2 Invested capital. See details »
3 2026 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 1,037,774 ÷ 96,188 = 1,078.90%
4 Click competitor name to see calculations.
The financial trajectory reveals a period of initial volatility followed by an exponential increase in market-perceived value relative to the capital deployed. While there was a significant contraction in value during the 2022 period, the subsequent years demonstrate an aggressive acceleration in shareholder wealth creation.
- Market Value Added (MVA)
- A sharp decline is observed between 2021 and 2022, where MVA fell from US$ 37,407 million to US$ 9,093 million. This was followed by a robust recovery and subsequent surge, with value increasing to US$ 71,982 million by 2024 and reaching US$ 1,037,774 million by 2026. This progression indicates a massive expansion in the gap between the company's market capitalization and its invested capital.
- Invested Capital
- Invested capital maintained a steady upward trend over the analyzed timeframe, rising from US$ 45,783 million in 2021 to US$ 96,188 million in 2026. The growth remained relatively consistent between 2022 and 2024 before accelerating in the final two years, suggesting a significant increase in the resource base utilized to generate returns.
- MVA Spread Ratio
- The MVA spread ratio exhibited extreme fluctuations, dropping from 81.70% in 2021 to a low of 17.46% in 2022. Following this trough, the ratio ascended rapidly, crossing the 100% threshold in 2024 and culminating in a peak of 1,078.90% by 2026. This exponential rise suggests that the market is pricing in future returns on invested capital that far exceed the cost of that capital, indicating exceptionally high market confidence in the company's value-creation capabilities.
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MVA Margin
Micron Technology Inc., MVA margin calculation, comparison to benchmarks
| Sep 3, 2026 | Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | 1,037,774) | 162,755) | 71,982) | 34,989) | 9,093) | 37,407) | |
| Revenue | 133,188) | 37,378) | 25,111) | 15,540) | 30,758) | 27,705) | |
| Performance Ratio | |||||||
| MVA margin2 | 779.18% | 435.43% | 286.66% | 225.16% | 29.56% | 135.02% | |
| 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% | |
| Marvell Technology Inc. | 789.23% | 818.12% | 794.86% | 329.04% | 893.35% | 828.99% | |
| 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: 2026-09-03), 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02).
1 MVA. See details »
2 2026 Calculation
MVA margin = 100 × MVA ÷ Revenue
= 100 × 1,037,774 ÷ 133,188 = 779.18%
3 Click competitor name to see calculations.
The financial trajectory exhibits a period of initial volatility followed by an aggressive upward trend in both market value added and the corresponding margin. While a significant contraction occurred in the early period, the subsequent growth indicates a substantial increase in perceived market value relative to invested capital and operational revenue.
- Market Value Added (MVA)
- The absolute MVA experienced a sharp decline from US$ 37,407 million in 2021 to US$ 9,093 million in 2022. This was followed by a consistent and accelerating recovery, culminating in a projected surge to US$ 1,037,774 million by 2026. The magnitude of the increase between 2025 and 2026 represents an exponential expansion in market valuation.
- Revenue Performance
- Revenue displayed fluctuations, characterized by a notable decline in 2023 to US$ 15,540 million. A recovery trend commenced in 2024, with projected growth reaching US$ 133,188 million by 2026. Although revenue growth is significant, it is substantially outpaced by the growth in MVA.
- MVA Margin Analysis
- The MVA margin showed significant volatility, dropping to a low of 29.56% in 2022 before ascending steadily. The margin expanded to 225.16% in 2023 and maintained an upward trajectory to reach 779.18% by 2026. This widening margin indicates that the market's valuation of the company is increasing at a rate far exceeding the growth of its annual revenue, suggesting high market expectations for future value creation and capital efficiency.
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