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
Warner Bros. Discovery Inc., MVA calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2017-12-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | Warner Bros. Discovery Inc. market (fair) value less invested capital. | Warner Bros. Discovery Inc. MVA increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level. |
MVA Spread Ratio
Warner Bros. Discovery Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | 3,075) | 17,708) | 1,944) | 3,567) | 4,041) | |
| Invested capital2 | 30,724) | 30,674) | 30,994) | 31,259) | 21,151) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 10.01% | 57.73% | 6.27% | 11.41% | 19.11% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Alphabet Inc. | 1,159.04% | 970.03% | 804.65% | — | — | |
| Comcast Corp. | 50.36% | 64.16% | 48.88% | — | — | |
| Meta Platforms Inc. | 579.06% | 791.20% | 773.13% | — | — | |
| Netflix Inc. | 453.21% | 772.09% | 596.41% | — | — | |
| Walt Disney Co. | 103.57% | 101.22% | 96.61% | 147.23% | — | |
Based on: 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), 10-K (reporting date: 2017-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2021 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 3,075 ÷ 30,724 = 10.01%
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. | Warner Bros. Discovery Inc. MVA spread ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level. |
MVA Margin
Warner Bros. Discovery Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | 3,075) | 17,708) | 1,944) | 3,567) | 4,041) | |
| Revenues | 12,191) | 10,671) | 11,144) | 10,553) | 6,873) | |
| Add: Increase (decrease) in deferred revenues | (76) | 52) | 228) | 5) | 79) | |
| Adjusted revenues | 12,115) | 10,723) | 11,372) | 10,558) | 6,952) | |
| Performance Ratio | ||||||
| MVA margin2 | 25.38% | 165.14% | 17.10% | 33.79% | 58.13% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Alphabet Inc. | 664.82% | 649.56% | 499.56% | — | — | |
| Comcast Corp. | 99.16% | 138.43% | 97.01% | — | — | |
| Meta Platforms Inc. | 454.84% | 744.17% | 715.58% | — | — | |
| Netflix Inc. | 529.22% | 912.25% | 708.65% | — | — | |
| Walt Disney Co. | 263.91% | 272.21% | 231.16% | 197.35% | — | |
Based on: 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), 10-K (reporting date: 2017-12-31).
1 MVA. See details »
2 2021 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenues
= 100 × 3,075 ÷ 12,115 = 25.38%
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. | Warner Bros. Discovery Inc. MVA margin ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level. |