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
Texas Instruments Inc., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2023-12-31), 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).
1 Fair value of debt. See details »
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | Texas Instruments Inc. market (fair) value less invested capital. | Texas Instruments Inc. MVA increased from 2021 to 2022 but then decreased significantly from 2022 to 2023. |
MVA Spread Ratio
Texas Instruments Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | 127,792) | 149,880) | 145,626) | 148,035) | 114,134) | |
| Invested capital2 | 22,590) | 17,563) | 16,409) | 12,963) | 12,056) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 565.70% | 853.39% | 887.48% | 1,141.98% | 946.70% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Advanced Micro Devices Inc. | 370.13% | 119.87% | 2,219.60% | 2,281.37% | 1,656.68% | |
| Analog Devices Inc. | 117.77% | 103.56% | 117.94% | 210.89% | 164.19% | |
| Applied Materials Inc. | 671.06% | 515.59% | 815.05% | 555.54% | 482.20% | |
| Broadcom Inc. | 780.15% | 327.92% | 373.47% | 237.74% | 168.52% | |
| Intel Corp. | 136.50% | 56.17% | 138.47% | 204.49% | 286.44% | |
| KLA Corp. | 749.44% | 664.92% | 735.85% | 430.36% | 274.54% | |
| Lam Research Corp. | 510.18% | 411.90% | 697.09% | 503.38% | 326.52% | |
| Micron Technology Inc. | 65.44% | 17.24% | 80.72% | 54.74% | 45.95% | |
| NVIDIA Corp. | 2,592.75% | 3,534.07% | 2,454.59% | 1,247.43% | 1,776.46% | |
| ON Semiconductor Corp. | 242.64% | 312.72% | 289.98% | 209.73% | 87.91% | |
| Qualcomm Inc. | 331.81% | 372.61% | 739.14% | 815.45% | 438.33% | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 MVA. See details »
2 Invested capital. See details »
3 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 127,792 ÷ 22,590 = 565.70%
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. | Texas Instruments Inc. MVA spread ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
MVA Margin
Texas Instruments Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | 127,792) | 149,880) | 145,626) | 148,035) | 114,134) | |
| Revenue | 17,519) | 20,028) | 18,344) | 14,461) | 14,383) | |
| Performance Ratio | ||||||
| MVA margin2 | 729.45% | 748.35% | 793.86% | 1,023.69% | 793.53% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Advanced Micro Devices Inc. | 944.62% | 297.25% | 836.71% | 1,019.76% | 838.80% | |
| Analog Devices Inc. | 422.86% | 388.08% | 757.72% | 685.43% | 502.84% | |
| Applied Materials Inc. | 449.88% | 297.74% | 520.10% | 422.74% | 334.35% | |
| Broadcom Inc. | 1,364.98% | 613.42% | 879.58% | 656.07% | 447.69% | |
| Intel Corp. | 231.83% | 78.99% | 155.07% | 215.26% | 320.84% | |
| KLA Corp. | 595.30% | 562.17% | 725.25% | 482.13% | 383.29% | |
| Lam Research Corp. | 444.18% | 298.83% | 497.71% | 492.91% | 285.01% | |
| Micron Technology Inc. | 225.16% | 29.56% | 135.02% | 108.00% | 76.12% | |
| NVIDIA Corp. | 2,051.27% | 2,368.93% | 1,919.01% | 1,615.83% | 725.25% | |
| ON Semiconductor Corp. | 321.21% | 351.98% | 325.29% | 274.96% | 109.25% | |
| Qualcomm Inc. | 291.70% | 248.18% | 445.16% | 615.38% | 387.14% | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 MVA. See details »
2 2023 Calculation
MVA margin = 100 × MVA ÷ Revenue
= 100 × 127,792 ÷ 17,519 = 729.45%
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. | Texas Instruments Inc. MVA margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |