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
Accenture PLC, MVA calculation
US$ in thousands
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
The financial data indicates a period of significant volatility in market capitalization juxtaposed with a consistent, linear increase in invested capital. This divergence has led to a fluctuating and eventually declining trend in Market Value Added (MVA), suggesting a shifting perception of value creation relative to the capital employed by the organization.
- Market Value Trends
- The market value of the organization exhibited substantial instability over the analyzed period. After a decline from US$ 220.15 billion in 2021 to US$ 161.65 billion in 2022, a recovery phase occurred, peaking at US$ 230.72 billion in 2024. However, this peak was followed by a sharp contraction, with the value falling to US$ 158.74 billion in 2025 and further decreasing to US$ 150.69 billion by 2026.
- Invested Capital Trajectory
- In contrast to the volatility of the market value, invested capital demonstrated a steady and uninterrupted upward trend. Capital grew from US$ 26.22 billion in 2021 to US$ 52.37 billion in 2026. This represents a doubling of the invested capital base over the six-year period, indicating sustained investment in the company's operational capacity or asset base.
- Market Value Added (MVA) Analysis
- The MVA, which represents the difference between the market value and the invested capital, mirrors the volatility of the market value but is further pressured by the rising cost of capital. MVA peaked in 2021 and 2024 at approximately US$ 193.9 billion. A significant erosion of value is observed in the final two years, with MVA dropping to US$ 113.43 billion in 2025 and US$ 98.32 billion in 2026. This downward trend indicates that the market's valuation of the firm's future growth prospects is decreasing even as the company continues to increase its invested capital.
The overall trajectory suggests a diminishing return on invested capital from a market perspective. The convergence of falling market values and rising invested capital has resulted in a substantial contraction of MVA between 2024 and 2026, signaling a reduction in the premium the market is willing to pay over the book value of the invested capital.
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MVA Spread Ratio
Accenture PLC, MVA spread ratio calculation, comparison to benchmarks
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Market value added (MVA)1 | 98,316,407) | 113,432,570) | 193,759,438) | 161,855,283) | 131,858,968) | 193,935,740) | |
| Invested capital2 | 52,369,506) | 45,311,761) | 36,963,067) | 33,174,004) | 29,793,146) | 26,216,920) | |
| Performance Ratio | |||||||
| MVA spread ratio3 | 187.74% | 250.34% | 524.20% | 487.90% | 442.58% | 739.74% | |
| Benchmarks | |||||||
| MVA Spread Ratio, Competitors4 | |||||||
| Adobe Inc. | — | 486.78% | 642.58% | 991.60% | 658.07% | 1,033.13% | |
| AppLovin Corp. | — | 2,428.40% | 2,384.14% | 420.90% | 60.64% | 260.37% | |
| Cadence Design Systems Inc. | — | 933.78% | 910.94% | 1,934.83% | 1,302.22% | 1,110.87% | |
| Datadog Inc. | — | 1,726.83% | 1,526.17% | 2,743.24% | 1,772.59% | 5,219.74% | |
| International Business Machines Corp. | — | 121.48% | 162.99% | 100.96% | 60.62% | 55.46% | |
| Intuit Inc. | 242.37% | 680.73% | 624.57% | 573.60% | 406.80% | 1,175.12% | |
| Microsoft Corp. | 417.48% | 794.99% | 803.69% | 892.49% | 956.02% | 1,383.21% | |
| Oracle Corp. | 275.26% | 499.86% | 370.24% | 324.04% | 224.95% | 260.27% | |
| Palantir Technologies Inc. | — | 12,935.07% | 11,445.95% | 3,878.69% | 488.89% | 829.78% | |
| Palo Alto Networks Inc. | 631.83% | 878.49% | 894.07% | 731.80% | 559.30% | 573.51% | |
| Salesforce Inc. | 98.66% | 233.77% | 256.86% | 127.88% | 150.31% | 270.75% | |
| ServiceNow Inc. | — | 622.99% | 1,951.86% | 1,781.96% | 1,276.86% | 1,798.18% | |
| Synopsys Inc. | — | 129.53% | 645.36% | 973.25% | 565.55% | 707.79% | |
| Workday Inc. | 218.32% | 550.99% | 677.38% | 471.48% | 655.74% | 908.31% | |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 MVA. See details »
2 Invested capital. See details »
3 2026 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 98,316,407 ÷ 52,369,506 = 187.74%
4 Click competitor name to see calculations.
The financial trajectory from August 31, 2021, through August 31, 2026, reveals a divergence between the growth of invested capital and the generation of market value added. While the capital base expanded consistently throughout the period, the market's valuation of the value created above that capital showed significant volatility and an overall downward trend in the latter years.
- Market Value Added (MVA)
- A fluctuating pattern is observed in MVA, which began at 193,935,740 thousand US$ in 2021. Following a decline in 2022, value recovered to a secondary peak of 193,759,438 thousand US$ by August 31, 2024. However, a substantial contraction occurred in the subsequent two years, with MVA falling to 113,432,570 thousand US$ in 2025 and further decreasing to 98,316,407 thousand US$ by 2026, representing a significant reduction from the 2024 peak.
- Invested Capital
- Invested capital exhibits a steady and uninterrupted upward trend over the six-year duration. Starting at 26,216,920 thousand US$ in 2021, the capital base grew annually, reaching 36,963,067 thousand US$ by 2024 and accelerating to 52,369,506 thousand US$ by August 31, 2026. This indicates a consistent increase in the resources deployed into the business.
- MVA Spread Ratio
- The MVA spread ratio demonstrates a sharp overall decline, reflecting diminishing efficiency in market value creation relative to the capital invested. The ratio started at a high of 739.74% in 2021, dropped sharply to 442.58% in 2022, and saw a moderate recovery to 524.20% in 2024. A severe downturn followed, with the ratio plummeting to 250.34% in 2025 and ending at 187.74% in 2026. This decline suggests that the market is attributing significantly less value to each unit of invested capital as the total capital expenditure increases.
In summary, the data indicates a period of aggressive capital expansion that has not been matched by proportional increases in market value. The contraction of the MVA spread ratio alongside rising invested capital points to a reduction in the perceived value-creation efficiency of the firm's investments toward the end of the observed period.
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MVA Margin
Accenture PLC, MVA margin calculation, comparison to benchmarks
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Market value added (MVA)1 | 98,316,407) | 113,432,570) | 193,759,438) | 161,855,283) | 131,858,968) | 193,935,740) | |
| Revenues | 74,183,445) | 69,672,977) | 64,896,464) | 64,111,745) | 61,594,305) | 50,533,389) | |
| Add: Increase (decrease) in deferred revenues | 546,729) | 899,517) | 254,908) | 370,343) | 261,506) | 601,585) | |
| Adjusted revenues | 74,730,174) | 70,572,494) | 65,151,372) | 64,482,088) | 61,855,811) | 51,134,974) | |
| Performance Ratio | |||||||
| MVA margin2 | 131.56% | 160.73% | 297.40% | 251.01% | 213.17% | 379.26% | |
| Benchmarks | |||||||
| MVA Margin, Competitors3 | |||||||
| Adobe Inc. | — | 440.42% | 727.86% | 1,241.42% | 766.46% | 1,287.44% | |
| AppLovin Corp. | — | 2,496.08% | 2,302.25% | 576.21% | 113.54% | 521.30% | |
| Cadence Design Systems Inc. | — | 1,400.60% | 1,395.62% | 1,927.61% | 1,299.21% | 1,128.47% | |
| Datadog Inc. | — | 1,024.58% | 1,385.47% | 1,715.05% | 1,226.04% | 4,145.45% | |
| International Business Machines Corp. | — | 215.75% | 288.07% | 179.79% | 105.00% | 105.45% | |
| Intuit Inc. | 295.96% | 879.56% | 959.77% | 939.31% | 782.89% | 1,489.94% | |
| Microsoft Corp. | 701.12% | 1,185.40% | 1,123.50% | 1,016.40% | 916.17% | 1,148.11% | |
| Oracle Corp. | 675.21% | 1,001.90% | 704.48% | 626.94% | 412.88% | 514.72% | |
| Palantir Technologies Inc. | — | 6,700.73% | 9,929.53% | 2,081.46% | 820.15% | 1,366.76% | |
| Palo Alto Networks Inc. | 1,755.81% | 1,041.05% | 949.23% | 726.58% | 651.61% | 771.73% | |
| Salesforce Inc. | 211.24% | 504.75% | 593.57% | 323.34% | 417.33% | 620.94% | |
| ServiceNow Inc. | — | 687.15% | 1,605.68% | 1,433.58% | 1,026.11% | 1,555.49% | |
| Synopsys Inc. | — | 755.81% | 1,081.63% | 1,373.41% | 796.87% | 1,126.17% | |
| Workday Inc. | 262.54% | 585.42% | 754.19% | 578.30% | 888.92% | 1,185.07% | |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 MVA. See details »
2 2026 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenues
= 100 × 98,316,407 ÷ 74,730,174 = 131.56%
3 Click competitor name to see calculations.
The financial analysis from August 31, 2021, to August 31, 2026, reveals a divergence between operational growth and market value creation. While adjusted revenues exhibited a consistent upward trajectory, the market value added and the corresponding MVA margin experienced significant volatility followed by a marked decline in the latter period.
- Adjusted Revenues
- A sustained growth pattern is observed in adjusted revenues, which climbed from US$ 51,134,974 thousand in 2021 to US$ 74,730,174 thousand by 2026. This indicates a continuous expansion of the operational scale over the analyzed six-year period.
- Market Value Added (MVA)
- The MVA demonstrated significant fluctuations. After an initial decline from US$ 193,935,740 thousand in 2021 to US$ 131,858,968 thousand in 2022, the value recovered to US$ 193,759,438 thousand by 2024. However, a substantial contraction occurred between 2024 and 2026, with the MVA falling to US$ 98,316,407 thousand, representing the lowest point in the sequence.
- MVA Margin
- The MVA margin shows a corresponding volatile trend, starting at a peak of 379.26% in 2021. Although there was a recovery period peaking at 297.40% in 2024, the margin declined sharply to 160.73% in 2025 and further to 131.56% in 2026. This decline, occurring simultaneously with rising revenues, suggests that market value creation has decreased relative to the growth in the company's revenue base, resulting in diminished value efficiency.
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