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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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2016
- Return on Assets (ROA) since 2016
- Total Asset Turnover since 2016
- Price to Earnings (P/E) since 2016
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MVA
Trade Desk Inc., MVA calculation
US$ in thousands
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).
2 Invested capital. See details »
The period under review demonstrates fluctuating market value and invested capital, resulting in corresponding changes in market value added. An initial decline in market value is followed by recovery, then a significant decrease towards the end of the observed timeframe.
- Market Value
- The market value experienced a decrease from US$39.31 million in 2021 to US$32.38 million in 2022. A subsequent recovery was noted in 2023, with the market value reaching US$36.77 million. However, this was followed by a decline to US$35.51 million in 2024, and a substantial decrease to US$11.13 million in 2025.
- Invested Capital
- Invested capital increased from US$1.54 million in 2021 to US$1.87 million in 2022. It then decreased to US$1.76 million in 2023 before rising again to US$2.46 million in 2024. A slight decrease to US$2.11 million was observed in 2025.
- Market Value Added (MVA)
- MVA mirrored the trends in market value, beginning at US$37.77 million in 2021 and decreasing to US$30.52 million in 2022. It recovered to US$35.00 million in 2023, then decreased to US$33.05 million in 2024. A significant decline in MVA was observed in 2025, falling to US$9.01 million. The fluctuations in MVA suggest a dynamic relationship between market perception and capital employed.
The divergence between invested capital and market value, particularly evident in 2025, indicates a potential shift in investor expectations or a reassessment of the company’s future prospects. The substantial decrease in MVA in 2025, despite a relatively stable invested capital, warrants further investigation.
Overall, the period demonstrates considerable volatility in market valuation, with MVA closely tracking these changes. The trend suggests increasing uncertainty or changing market conditions impacting the company’s perceived value.
MVA Spread Ratio
Trade Desk Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Alphabet Inc. | ||||||
| Comcast Corp. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Walt Disney Co. | ||||||
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, while the MVA spread ratio demonstrated a consistent decline. A review of these metrics reveals a shifting relationship between value creation and capital employed.
- Market Value Added (MVA)
- The MVA began at US$37,768,178 thousand in 2021, decreased to US$30,518,811 thousand in 2022, and then recovered to US$35,003,698 thousand in 2023. A subsequent decline was observed in 2024, with MVA reaching US$33,052,503 thousand. A significant reduction occurred in 2025, falling to US$9,014,740 thousand. This indicates a substantial decrease in the wealth created for investors in the most recent year.
- Invested Capital
- Invested capital increased from US$1,539,599 thousand in 2021 to US$1,865,761 thousand in 2022. It then decreased slightly to US$1,764,443 thousand in 2023 before rising considerably to US$2,455,827 thousand in 2024. A decrease to US$2,114,481 thousand was noted in 2025. The trend suggests an initial expansion followed by a period of stabilization and then further growth, ultimately concluding with a reduction in the latest year.
- MVA Spread Ratio
- The MVA spread ratio began at 2,453.12% in 2021 and decreased to 1,635.73% in 2022. It experienced a partial recovery to 1,983.84% in 2023, but continued to decline, reaching 1,345.88% in 2024. The most substantial decrease occurred in 2025, with the ratio falling to 426.33%. This consistent downward trend suggests that the value created relative to the capital invested is diminishing over time. The significant drop in 2025 aligns with the substantial decrease in MVA observed in the same period.
The decreasing MVA spread ratio, coupled with the declining MVA in 2025, warrants further investigation. While invested capital has generally increased, the corresponding value creation has not kept pace, particularly in the final year of the observed period. This suggests a potential issue with capital allocation efficiency or a decline in the company’s ability to generate returns on its invested capital.
MVA Margin
Trade Desk Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | ||||||
| Revenue | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Alphabet Inc. | ||||||
| Comcast Corp. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Walt Disney Co. | ||||||
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 ÷ Revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited fluctuating performance over the five-year period. Initially, MVA decreased from 2021 to 2022, then increased in 2023, followed by a further decrease in 2024, and a substantial decline in 2025. Revenue consistently increased year-over-year throughout the period. Consequently, the MVA margin demonstrated a significant downward trend.
- Market Value Added (MVA)
- MVA began at US$37,768,178 thousand in 2021. It decreased to US$30,518,811 thousand in 2022, representing a decline. A recovery was observed in 2023, with MVA reaching US$35,003,698 thousand. However, this was followed by a decrease to US$33,052,503 thousand in 2024. The most substantial change occurred in 2025, with MVA falling dramatically to US$9,014,740 thousand.
- Revenue
- Revenue showed consistent growth throughout the observed period. Starting at US$1,196,467 thousand in 2021, it increased to US$1,577,795 thousand in 2022, US$1,946,120 thousand in 2023, US$2,444,831 thousand in 2024, and finally reached US$2,896,284 thousand in 2025. This indicates a positive trend in top-line performance.
- MVA Margin
- The MVA margin experienced a pronounced decline. It started at a high of 3,156.64% in 2021. The margin decreased to 1,934.27% in 2022, and continued to fall to 1,798.64% in 2023 and 1,351.93% in 2024. The most significant reduction occurred in 2025, with the MVA margin plummeting to 311.25%. This suggests that the value created for shareholders, relative to revenue, has diminished considerably over time.
The divergence between increasing revenue and decreasing MVA, coupled with the substantial decline in the MVA margin, warrants further investigation. While the company is generating more revenue, it appears to be doing so with a diminishing return in terms of market-perceived value creation.