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
Moderna Inc., MVA calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2018-12-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | Moderna Inc. market (fair) value less invested capital. | Moderna Inc. MVA decreased from 2020 to 2021 and from 2021 to 2022. |
MVA Spread Ratio
Moderna Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | 32,861) | 40,468) | 55,320) | 8,272) | 4,769) | |
| Invested capital2 | 7,126) | 10,693) | 4,183) | 481) | 1,020) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 461.14% | 378.45% | 1,322.35% | 1,719.94% | 467.31% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| AbbVie Inc. | 297.39% | 253.64% | 172.70% | 236.51% | — | |
| Amgen Inc. | 308.27% | 303.88% | 343.98% | 341.92% | — | |
| Bristol-Myers Squibb Co. | 160.91% | 138.81% | 109.83% | 90.05% | — | |
| Danaher Corp. | 156.95% | 187.44% | 172.97% | 135.15% | — | |
| Eli Lilly & Co. | 1,239.79% | 833.40% | 778.02% | 601.09% | — | |
| Gilead Sciences Inc. | 175.26% | 119.58% | 125.56% | 226.14% | — | |
| Johnson & Johnson | 288.03% | 366.17% | 363.07% | 335.85% | — | |
| Merck & Co. Inc. | 312.72% | 223.02% | 292.93% | 328.56% | — | |
| Pfizer Inc. | 124.43% | 210.66% | 116.68% | 95.96% | — | |
| Regeneron Pharmaceuticals Inc. | 521.52% | 461.61% | 508.24% | 460.29% | — | |
| Thermo Fisher Scientific Inc. | 195.28% | 211.22% | 232.26% | 171.11% | — | |
| Zoetis Inc. | 585.64% | 769.56% | 653.45% | 667.66% | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2022 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 32,861 ÷ 7,126 = 461.14%
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. | Moderna Inc. MVA spread ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
MVA Margin
Moderna Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | 32,861) | 40,468) | 55,320) | 8,272) | 4,769) | |
| Product sales | 18,435) | 17,675) | 200) | —) | —) | |
| Add: Increase (decrease) in deferred revenue | (4,157) | 2,824) | 3,842) | (72) | (65) | |
| Adjusted product sales | 14,278) | 20,499) | 4,042) | (72) | (65) | |
| Performance Ratio | ||||||
| MVA margin2 | 230.15% | 197.41% | 1,368.57% | — | — | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| AbbVie Inc. | 420.74% | 432.93% | 391.08% | 446.12% | — | |
| Amgen Inc. | 493.74% | 503.37% | 550.26% | 575.79% | — | |
| Bristol-Myers Squibb Co. | 250.01% | 240.26% | 232.86% | 345.41% | — | |
| Danaher Corp. | 389.99% | 468.46% | 507.10% | 438.18% | — | |
| Eli Lilly & Co. | 1,055.66% | 769.29% | 778.57% | 578.77% | — | |
| Gilead Sciences Inc. | 295.97% | 211.56% | 259.24% | 321.38% | — | |
| Johnson & Johnson | 345.62% | 383.46% | 432.99% | 396.88% | — | |
| Merck & Co. Inc. | 390.05% | 323.90% | 349.01% | 376.50% | — | |
| Pfizer Inc. | 137.35% | 227.20% | 289.28% | 224.34% | — | |
| Regeneron Pharmaceuticals Inc. | 525.04% | 312.14% | 495.20% | 382.11% | — | |
| Thermo Fisher Scientific Inc. | 360.17% | 431.35% | 441.03% | 352.63% | — | |
| Zoetis Inc. | 909.05% | 1,149.19% | 1,131.37% | 1,049.26% | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 MVA. See details »
2 2022 Calculation
MVA margin = 100 × MVA ÷ Adjusted product sales
= 100 × 32,861 ÷ 14,278 = 230.15%
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. | Moderna Inc. MVA margin ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |