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: 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), 10-K (reporting date: 2020-08-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
- Market (fair) value of Accenture
- The market value exhibited significant fluctuations over the analyzed period. Starting at approximately 148.6 billion USD in 2020, it experienced a substantial increase to about 220.2 billion USD by 2021. A decline followed in 2022, dropping to around 161.7 billion USD. In the subsequent two years, the market value rose again, reaching a peak near 230.7 billion USD in 2024, before sharply decreasing to approximately 158.7 billion USD in 2025. Overall, the market value showed volatility with notable peaks and troughs.
- Invested capital
- Invested capital demonstrated a consistent upward trend throughout the entire timeframe. From 22.8 billion USD in 2020, it increased steadily each year, reaching approximately 45.3 billion USD by 2025. This continuous growth indicates ongoing investment and expansion in capital base regardless of fluctuations in market value.
- Market value added (MVA)
- The Market Value Added reflected patterns broadly similar to the market value but at a different scale. Starting at roughly 125.7 billion USD in 2020, MVA increased sharply to approximately 193.9 billion USD in 2021. It then declined in 2022 to about 131.9 billion USD, followed by recovery to 161.9 billion USD in 2023 and a further rise to 193.8 billion USD in 2024. However, in 2025, MVA decreased significantly to around 113.4 billion USD. This pattern indicates variations in the value created beyond invested capital, mirroring market value volatility while maintaining generally high levels of added value over the period.
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MVA Spread Ratio
Accenture PLC, MVA spread ratio calculation, comparison to benchmarks
| Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | Aug 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Market value added (MVA)1 | 113,432,570) | 193,759,438) | 161,855,283) | 131,858,968) | 193,935,740) | 125,705,202) | |
| Invested capital2 | 45,311,761) | 36,963,067) | 33,174,004) | 29,793,146) | 26,216,920) | 22,846,720) | |
| Performance Ratio | |||||||
| MVA spread ratio3 | 250.34% | 524.20% | 487.90% | 442.58% | 739.74% | 550.21% | |
| Benchmarks | |||||||
| MVA Spread Ratio, Competitors4 | |||||||
| Adobe Inc. | 486.78% | 642.58% | 991.60% | 658.07% | 1,033.13% | 1,082.99% | |
| 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% | — | |
| CrowdStrike Holdings Inc. | 915.61% | 1,264.87% | 608.44% | 1,273.85% | 1,618.34% | — | |
| 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. | 680.73% | 624.57% | 573.60% | 406.80% | 1,175.12% | 976.09% | |
| Microsoft Corp. | 794.99% | 803.69% | 892.49% | 956.02% | 1,383.21% | 1,315.93% | |
| Oracle Corp. | 499.86% | 370.24% | 324.04% | 224.95% | 260.27% | 180.84% | |
| Palantir Technologies Inc. | 12,935.07% | 11,445.95% | 3,878.69% | 488.89% | 829.78% | — | |
| Palo Alto Networks Inc. | 878.49% | 894.07% | 731.80% | 559.30% | 573.51% | 267.94% | |
| Salesforce Inc. | 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% | 468.10% | |
| Workday Inc. | 550.99% | 677.38% | 471.48% | 655.74% | 908.31% | — | |
Based on: 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), 10-K (reporting date: 2020-08-31).
1 MVA. See details »
2 Invested capital. See details »
3 2025 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 113,432,570 ÷ 45,311,761 = 250.34%
4 Click competitor name to see calculations.
- Market Value Added (MVA)
- The Market Value Added exhibited fluctuations over the observed periods. Initially, there was a significant increase from approximately 125.7 billion to 193.9 billion US dollars between 2020 and 2021. This was followed by a notable decline to about 131.9 billion in 2022. Subsequently, MVA experienced a recovery phase, rising again to nearly 161.9 billion in 2023 and reaching 193.8 billion in 2024. However, in 2025, MVA sharply decreased to roughly 113.4 billion, representing the lowest value in the last six years.
- Invested Capital
- The invested capital demonstrated a consistent upward trajectory throughout the analyzed period. Starting from 22.8 billion US dollars in 2020, it progressively increased each year, reaching 45.3 billion in 2025. This steady growth suggests continuous reinvestment and expansion of the company's capital base.
- MVA Spread Ratio
- The MVA spread ratio, which provides insight into the value created relative to the invested capital, revealed a volatile pattern. It peaked in 2021 at approximately 739.7%, indicating an exceptional value creation phase. After this peak, the ratio declined significantly to 442.6% in 2022, followed by moderate increases in 2023 and 2024 to 487.9% and 524.2%, respectively. In 2025, the ratio dropped sharply to 250.3%, reflecting diminished efficiency in value creation despite increased invested capital.
- Overall Analysis
- The financial data indicate that while invested capital consistently grew over the six-year span, market value added and the MVA spread ratio experienced considerable volatility. The disparity between the upward trend in invested capital and the fluctuations in market value added and MVA spread ratio suggests challenges in translating capital investments into proportional market value. The sharp decline in both MVA and MVA spread ratio in the latest year raises concerns regarding recent value generation efficiency and may warrant further investigation into operational performance or external market factors.
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MVA Margin
Accenture PLC, MVA margin calculation, comparison to benchmarks
| Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | Aug 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Market value added (MVA)1 | 113,432,570) | 193,759,438) | 161,855,283) | 131,858,968) | 193,935,740) | 125,705,202) | |
| Revenues | 69,672,977) | 64,896,464) | 64,111,745) | 61,594,305) | 50,533,389) | 44,327,039) | |
| Add: Increase (decrease) in deferred revenues | 899,517) | 254,908) | 370,343) | 261,506) | 601,585) | 573,613) | |
| Adjusted revenues | 70,572,494) | 65,151,372) | 64,482,088) | 61,855,811) | 51,134,974) | 44,900,652) | |
| Performance Ratio | |||||||
| MVA margin2 | 160.73% | 297.40% | 251.01% | 213.17% | 379.26% | 279.96% | |
| Benchmarks | |||||||
| MVA Margin, Competitors3 | |||||||
| Adobe Inc. | 440.42% | 727.86% | 1,241.42% | 766.46% | 1,287.44% | 1,554.19% | |
| 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% | — | |
| CrowdStrike Holdings Inc. | 1,506.35% | 1,984.37% | 816.60% | 1,995.27% | 3,362.60% | — | |
| 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. | 879.56% | 959.77% | 939.31% | 782.89% | 1,489.94% | 1,098.60% | |
| Microsoft Corp. | 1,185.40% | 1,123.50% | 1,016.40% | 916.17% | 1,148.11% | 976.86% | |
| Oracle Corp. | 1,001.90% | 704.48% | 626.94% | 412.88% | 514.72% | 411.93% | |
| Palantir Technologies Inc. | 6,700.73% | 9,929.53% | 2,081.46% | 820.15% | 1,366.76% | — | |
| Palo Alto Networks Inc. | 1,041.05% | 949.23% | 726.58% | 651.61% | 771.73% | 434.98% | |
| Salesforce Inc. | 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% | 803.94% | |
| Workday Inc. | 585.42% | 754.19% | 578.30% | 888.92% | 1,185.07% | — | |
Based on: 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), 10-K (reporting date: 2020-08-31).
1 MVA. See details »
2 2025 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenues
= 100 × 113,432,570 ÷ 70,572,494 = 160.73%
3 Click competitor name to see calculations.
- Market Value Added (MVA)
- The Market Value Added exhibited significant fluctuations over the observed periods. Initially, there was a sharp increase from approximately 125.7 billion in 2020 to roughly 193.9 billion in 2021. This was followed by a marked decline to about 131.9 billion in 2022, a rebound to 161.9 billion in 2023, and an increase again to nearly 193.8 billion in 2024. The value then sharply dropped to approximately 113.4 billion in 2025. This pattern suggests volatility in market value, with considerable swings that may reflect changing investor perceptions or external market factors.
- Adjusted Revenues
- The adjusted revenues showed a consistent upward trend throughout the entire timeframe. Revenues grew from roughly 44.9 billion in 2020 to about 51.1 billion in 2021, then continued to rise steadily each year, reaching around 70.6 billion in 2025. This steady growth in revenues indicates increasing operational performance and possibly expanding business activities over the period.
- MVA Margin
- The MVA margin percentage displayed substantial variability. Starting at approximately 280% in 2020, it sharply rose to nearly 379% in 2021, then experienced a steep decline to about 213% in 2022. Afterward, it moderately increased to 251% in 2023 and further to 297% in 2024, before dropping significantly to approximately 161% in 2025. The fluctuating margin suggests disparities between market value creation relative to adjusted revenues, indicating periods of higher market value efficiency interspersed with times of reduced relative market value generation.
- Overall Analysis
- In summary, while adjusted revenues have consistently increased, indicating steady growth in core financial performance, Market Value Added and its corresponding margin have shown pronounced volatility. This discrepancy may point to external market factors affecting valuation or investor sentiment rather than fundamental revenue-driven performance. The variability in Market Value Added margin underlines the importance of further investigation into market and operational dynamics influencing value creation beyond revenue metrics.
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