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.
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- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Operating Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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MVA
Micron Technology Inc., MVA calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2020-09-03).
1 Fair value of debt. See details »
2 Invested capital. See details »
- Market (fair) value of Micron
- The market value exhibits notable fluctuations over the observed periods. Initially, there is an increase from 65,440 million US dollars in 2020 to 83,749 million in 2021. This is followed by a decline to 61,834 million in 2022. Subsequently, the market value rises significantly, reaching 88,456 million in 2023, then surging further to 125,309 million in 2024, and experiencing a substantial jump to 223,928 million by 2025. Overall, the trend from 2020 through 2025 is strongly upward despite an intermediate dip in 2022.
- Invested Capital
- The invested capital shows a steady and moderate increase during the timeframe. Starting at 42,291 million US dollars in 2020, it rises to 46,342 million in 2021, then continues upward to 52,741 million in 2022, 53,467 million in 2023, and slightly dips to 53,327 million in 2024 before increasing again to 61,173 million in 2025. The general movement suggests a commitment to growing the capital base with occasional minor fluctuations.
- Market Value Added (MVA)
- The market value added, which measures the difference between market value and invested capital, moves in a volatile pattern but shows strong appreciation overall. It climbs from 23,149 million in 2020 to a peak of 37,407 million in 2021, then drops dramatically to 9,093 million in 2022. The following years see recovery with 34,989 million in 2023, a sharp increase to 71,982 million in 2024, and a significant rise to 162,755 million by 2025. This indicates enhanced value creation relative to invested capital, especially in the latter years.
- Summary of Observations
- The company’s market valuation has experienced substantial growth overall, notwithstanding a notable setback in 2022. Invested capital has been gradually augmented, reflecting ongoing investment. The market value added displays high variability but ultimately points to increasing shareholder value generation in the long term. These patterns suggest improving market confidence and effective capitalization in recent years.
MVA Spread Ratio
Micron Technology Inc., MVA spread ratio calculation, comparison to benchmarks
| Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | Sep 3, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | |||||||
| Invested capital2 | |||||||
| Performance Ratio | |||||||
| MVA spread ratio3 | |||||||
| Benchmarks | |||||||
| MVA Spread Ratio, Competitors4 | |||||||
| Advanced Micro Devices Inc. | |||||||
| Analog Devices Inc. | |||||||
| Applied Materials Inc. | |||||||
| Broadcom Inc. | |||||||
| Intel Corp. | |||||||
| KLA Corp. | |||||||
| Lam Research Corp. | |||||||
| NVIDIA Corp. | |||||||
| Qualcomm Inc. | |||||||
| Texas Instruments Inc. | |||||||
Based on: 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), 10-K (reporting date: 2020-09-03).
1 MVA. See details »
2 Invested capital. See details »
3 2025 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
- Market Value Added (MVA)
- The market value added demonstrates significant fluctuations over the observed periods. It increased from 23,149 million US dollars in 2020 to a peak of 37,407 million in 2021, followed by a notable decline to 9,093 million in 2022. Subsequently, it rebounded sharply to 34,989 million in 2023 and continued a steep upward trajectory through 2024 and 2025, reaching 71,982 million and 162,755 million respectively. This suggests periods of both market value erosion and substantial value creation, with a pronounced strength in the latter years.
- Invested Capital
- The invested capital shows a steady upward trend from 42,291 million US dollars in 2020 to 61,173 million in 2025. The growth is gradual and consistent, indicating ongoing investment or capital deployment activities. Marginal growth is noted between 2023 and 2024, suggesting a possible plateau or slower investment rate during that period before increasing again in 2025.
- MVA Spread Ratio
- The MVA spread ratio, which measures the value added per unit of invested capital, exhibits considerable volatility. It begins at 54.74% in 2020, rising sharply to 80.72% in 2021. There is a notable decrease in 2022 to 17.24%, aligning with the dip in MVA observed that year. The ratio then recovers robustly to 65.44% in 2023 and experiences a dramatic increase in the last two years, reaching 134.98% in 2024 and doubling approximately to 266.06% in 2025. This trend signals enhanced efficiency in generating market value relative to the capital invested, particularly in the most recent years.
MVA Margin
Micron Technology Inc., MVA margin calculation, comparison to benchmarks
| Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | Sep 3, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | |||||||
| Revenue | |||||||
| Performance Ratio | |||||||
| MVA margin2 | |||||||
| Benchmarks | |||||||
| MVA Margin, Competitors3 | |||||||
| Advanced Micro Devices Inc. | |||||||
| Analog Devices Inc. | |||||||
| Applied Materials Inc. | |||||||
| Broadcom Inc. | |||||||
| Intel Corp. | |||||||
| KLA Corp. | |||||||
| Lam Research Corp. | |||||||
| NVIDIA Corp. | |||||||
| Qualcomm Inc. | |||||||
| Texas Instruments Inc. | |||||||
Based on: 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), 10-K (reporting date: 2020-09-03).
1 MVA. See details »
2 2025 Calculation
MVA margin = 100 × MVA ÷ Revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
- Market Value Added (MVA)
- The Market Value Added shows significant fluctuations over the observed periods. It increased sharply from 23,149 million USD in 2020 to 37,407 million USD in 2021, followed by a notable decline to 9,093 million USD in 2022. Subsequently, it rebounded strongly to 34,989 million USD in 2023 and continued to rise substantially to reach 71,982 million USD in 2024, then further more than doubled to 162,755 million USD in 2025. This pattern indicates a volatile but ultimately robust growth in market valuation over time.
- Revenue
- Revenue exhibited an overall upward trend with some inconsistency during the periods. It grew from 21,435 million USD in 2020 to a peak of 30,758 million USD in 2022. However, in 2023, revenue sharply decreased to 15,540 million USD, less than half of the previous year's figure. After this decline, revenue showed a recovery trend, increasing to 25,111 million USD in 2024 and further to 37,378 million USD in 2025, surpassing the earlier high in 2022. This suggests episodic revenue volatility followed by significant recovery and growth.
- MVA Margin
- The MVA margin, which measures market value added as a percentage of revenue, displayed considerable variation during the years analyzed. It started at 108% in 2020, indicating that market value added slightly exceeded the level of revenue. The margin increased to 135% in 2021 but then dropped precipitously to 29.56% in 2022, reflecting the concurrent reduced market valuation despite relatively high revenue. In 2023, the margin surged to 225.16%, showing a strong recovery in market value relative to revenue. Subsequently, it increased progressively to 286.66% in 2024 and then dramatically to 435.43% in 2025, highlighting an increasingly favorable market perception relative to revenue.