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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Mondelēz International Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
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MVA
Mondelēz International Inc., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
The market value of the company exhibited volatility over the five-year period. Initially decreasing from 2021 to 2022, it recovered in 2023 before experiencing a substantial decline in 2024, followed by a partial recovery in 2025. Invested capital remained relatively stable throughout the period, showing only modest fluctuations. Consequently, market value added (MVA) mirrored the trends observed in the market value, demonstrating a corresponding decrease, increase, decline, and partial recovery.
- Market Value Trend
- The market value decreased from US$113,982 million in 2021 to US$110,790 million in 2022, representing a decline of approximately 2.86%. A subsequent increase to US$121,746 million was observed in 2023, indicating a recovery of approximately 10.01%. However, 2024 saw a significant decrease to US$90,954 million, a drop of roughly 25.35%. The final year, 2025, showed a partial recovery to US$96,511 million, representing an increase of approximately 6.11% from the 2024 value.
- Invested Capital Stability
- Invested capital demonstrated a high degree of stability. It increased from US$61,560 million in 2021 to US$63,833 million in 2022, a rise of 3.72%. A slight decrease to US$61,495 million occurred in 2023. Further reductions were seen in 2024 (US$60,269 million) and a minor increase in 2025 (US$61,526 million). The overall fluctuation remained within a narrow range, suggesting consistent capital allocation strategies.
- Market Value Added (MVA) Analysis
- MVA followed the pattern of the market value. It decreased from US$52,422 million in 2021 to US$46,957 million in 2022, a decrease of 10.44%. The value increased to US$60,251 million in 2023, representing a 28.37% increase. A substantial decline to US$30,685 million occurred in 2024, a decrease of approximately 46.23%. A partial recovery was observed in 2025, with MVA reaching US$34,985 million, an increase of 13.98% from the 2024 level. The MVA trend indicates the degree to which the company’s market value exceeds the capital invested in the business.
The correlation between market value and MVA is strong, as expected. The relative stability of invested capital suggests that changes in MVA are primarily driven by fluctuations in market perception and valuation rather than significant shifts in the company’s capital base.
MVA Spread Ratio
Mondelēz International Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Coca-Cola Co. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
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.
The Market Value Added (MVA) exhibited fluctuations over the five-year period. Initially, a decrease was observed from 2021 to 2022, followed by a substantial increase in 2023. Subsequent declines occurred in both 2024 and 2025, though the rate of decrease moderated in the latter year. Invested capital remained relatively stable throughout the period, with minor variations annually.
- MVA Trend
- The MVA began at US$52,422 million in 2021, decreasing to US$46,957 million in 2022, representing a decline of approximately 10.27%. A significant recovery occurred in 2023, with MVA rising to US$60,251 million. However, this was followed by a considerable decrease to US$30,685 million in 2024, and a further, albeit smaller, decrease to US$34,985 million in 2025. The 2024 decline represents the largest single-year drop in MVA over the observed period.
- Invested Capital Stability
- Invested capital demonstrated a high degree of stability. It increased from US$61,560 million in 2021 to US$63,833 million in 2022, then decreased to US$61,495 million in 2023. Values for 2024 and 2025 were US$60,269 million and US$61,526 million respectively, indicating minimal overall change throughout the five-year timeframe.
- MVA Spread Ratio Analysis
- The MVA spread ratio mirrored the trends in MVA. It decreased from 85.16% in 2021 to 73.56% in 2022, then increased sharply to 97.98% in 2023. A substantial decline was then recorded in 2024, falling to 50.91%, followed by a modest recovery to 56.86% in 2025. The ratio’s peak in 2023 suggests a strong relationship between market value creation and invested capital during that year. The low point in 2024 indicates a significant underperformance relative to invested capital.
The fluctuations in MVA and the corresponding MVA spread ratio suggest a dynamic relationship between market perception and the company’s capital deployment. While invested capital remained consistent, the market’s valuation of those investments varied considerably year to year.
MVA Margin
Mondelēz International Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Net revenues | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Coca-Cola Co. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 MVA. See details »
2 2025 Calculation
MVA margin = 100 × MVA ÷ Net revenues
= 100 × ÷ =
3 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited fluctuations over the five-year period. Initially, a decrease in MVA was observed from 2021 to 2022, followed by a recovery and subsequent decline, and a slight recovery again. Net revenues demonstrated a consistent upward trend throughout the period. The MVA margin mirrored the fluctuations in MVA, showing a corresponding decrease, increase, decline, and partial recovery.
- Market Value Added (MVA)
- The MVA began at US$52,422 million in 2021, decreasing to US$46,957 million in 2022. A substantial increase was then recorded in 2023, reaching US$60,251 million. However, the MVA experienced a significant drop in 2024 to US$30,685 million, before partially recovering to US$34,985 million in 2025. This suggests potential volatility in investor expectations or market conditions impacting the company’s value creation.
- Net Revenues
- Net revenues increased steadily from US$28,720 million in 2021 to US$38,537 million in 2025. The annual increases were consistently positive, indicating growth in sales. The growth rate appeared relatively stable, with incremental increases each year.
- MVA Margin
- The MVA margin began at a high of 182.53% in 2021, decreasing to 149.09% in 2022. It then rose to 167.29% in 2023, before falling sharply to 84.21% in 2024. A modest recovery to 90.78% was seen in 2025. The MVA margin’s volatility suggests that the value created relative to revenue has been inconsistent, potentially influenced by factors beyond revenue growth, such as cost of capital or investor sentiment. The substantial decline in 2024, despite continued revenue growth, warrants further investigation.
The divergence between the increasing net revenues and the fluctuating MVA and MVA margin indicates that revenue growth alone does not fully explain the company’s market value creation. Other factors, such as profitability, efficiency, and risk perception, likely play a significant role.