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
MVA Spread Ratio
MVA Margin

Twenty-First Century Fox Inc., MVA calculation

US$ in millions

	Jun 30, 2018	Jun 30, 2017	Jun 30, 2016	Jun 30, 2015	Jun 30, 2014	Jun 30, 2013
Fair value of borrowings¹	22,591)	23,853)	23,986)	21,998)	22,692)	18,756)
Operating lease liability	1,553)	1,729)	1,506)	1,570)	3,690)	3,454)
Market value of common equity	83,959)	52,218)	48,724)	60,826)	78,316)	72,612)
Redeemable noncontrolling interests	764)	694)	552)	621)	541)	519)
Noncontrolling interests	1,234)	1,216)	1,220)	966)	3,483)	3,127)
Less: Available-for-sale securities	257)	—)	—)	18)	124)	268)
Market (fair) value of Twenty-First Century Fox	109,843)	79,711)	75,988)	85,963)	108,598)	98,200)
Less: Invested capital²	47,272)	45,055)	42,462)	44,315)	48,265)	44,434)
MVA	62,572)	34,655)	33,526)	41,648)	60,333)	53,766)

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

¹ Fair value of debt. See details »

² Invested capital. See details »

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Twenty-First Century Fox Inc., MVA spread ratio calculation, comparison to benchmarks

	Jun 30, 2018	Jun 30, 2017	Jun 30, 2016	Jun 30, 2015	Jun 30, 2014	Jun 30, 2013
Selected Financial Data (US$ in millions)
Market value added (MVA)¹	62,572)	34,655)	33,526)	41,648)	60,333)	53,766)
Invested capital²	47,272)	45,055)	42,462)	44,315)	48,265)	44,434)
Performance Ratio
MVA spread ratio³	132.37%	76.92%	78.95%	93.98%	125.01%	121.00%
Benchmarks
MVA Spread Ratio, Competitors⁴
Alphabet Inc.	—	—	—	—	—	—
Comcast Corp.	—	—	—	—	—	—
Meta Platforms Inc.	—	—	—	—	—	—
Netflix Inc.	—	—	—	—	—	—
Walt Disney Co.	—	—	—	—	—	—

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

¹ MVA. See details »

² Invested capital. See details »

³ 2018 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 62,572 ÷ 47,272 = 132.37%

⁴ Click competitor name to see calculations.

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Twenty-First Century Fox Inc., MVA margin calculation, comparison to benchmarks

	Jun 30, 2018	Jun 30, 2017	Jun 30, 2016	Jun 30, 2015	Jun 30, 2014	Jun 30, 2013
Selected Financial Data (US$ in millions)
Market value added (MVA)¹	62,572)	34,655)	33,526)	41,648)	60,333)	53,766)

Revenues	30,400)	28,500)	27,326)	28,987)	31,867)	27,675)
Add: Increase (decrease) in deferred revenue	98)	75)	57)	(242)	13)	(203)
Adjusted revenues	30,498)	28,575)	27,383)	28,745)	31,880)	27,472)
Performance Ratio
MVA margin²	205.17%	121.28%	122.43%	144.89%	189.25%	195.71%
Benchmarks
MVA Margin, Competitors³
Alphabet Inc.	—	—	—	—	—	—
Comcast Corp.	—	—	—	—	—	—
Meta Platforms Inc.	—	—	—	—	—	—
Netflix Inc.	—	—	—	—	—	—
Walt Disney Co.	—	—	—	—	—	—

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

¹ MVA. See details »

² 2018 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenues
= 100 × 62,572 ÷ 30,498 = 205.17%

³ Click competitor name to see calculations.

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Twenty-First Century Fox Inc. (NASDAQ:FOX)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin