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

Albemarle Corp., MVA calculation

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Fair value of long-term debt¹	2,993,027)	2,593,590)	3,783,225)	3,173,341)	1,731,271)
Operating lease liability	134,784)	158,600)	139,062)	137,823)	132,098)
Market value of common equity	31,970,436)	22,453,475)	18,214,488)	9,096,557)	9,758,967)
Noncontrolling interests	208,220)	180,341)	200,367)	161,330)	173,787)
Less: Marketable securities	299,674)	283,704)	37,109)	33,637)	33,513)
Market (fair) value of Albemarle	35,006,793)	25,102,302)	22,300,033)	12,535,414)	11,762,609)
Less: Invested capital²	10,052,399)	6,792,146)	7,383,741)	6,900,307)	5,433,093)
MVA	24,954,394)	18,310,156)	14,916,292)	5,635,107)	6,329,517)

Based on: 10-K (reporting date: 2022-12-31), 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).

¹ Fair value of debt. See details »

² Invested capital. See details »

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Item	Description	The company
MVA	Albemarle Corp. market (fair) value less invested capital.	Albemarle Corp. MVA increased from 2020 to 2021 and from 2021 to 2022.

Albemarle Corp., MVA spread ratio calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	24,954,394)	18,310,156)	14,916,292)	5,635,107)	6,329,517)
Invested capital²	10,052,399)	6,792,146)	7,383,741)	6,900,307)	5,433,093)
Performance Ratio
MVA spread ratio³	248.24%	269.58%	202.02%	81.66%	116.50%
Benchmarks
MVA Spread Ratio, Competitors⁴
Linde plc	162.37%	128.35%	92.56%	56.94%	—

Based on: 10-K (reporting date: 2022-12-31), 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).

¹ MVA. See details »

² Invested capital. See details »

³ 2022 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 24,954,394 ÷ 10,052,399 = 248.24%

⁴ Click competitor name to see calculations.

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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.	Albemarle Corp. MVA spread ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Albemarle Corp., MVA margin calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in thousands)
Market value added (MVA)¹	24,954,394)	18,310,156)	14,916,292)	5,635,107)	6,329,517)
Net sales	7,320,104)	3,327,957)	3,128,909)	3,589,427)	3,374,950)
Performance Ratio
MVA margin²	340.90%	550.19%	476.73%	156.99%	187.54%
Benchmarks
MVA Margin, Competitors³
Linde plc	352.06%	302.43%	267.64%	158.41%	—

Based on: 10-K (reporting date: 2022-12-31), 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).

¹ MVA. See details »

² 2022 Calculation
MVA margin = 100 × MVA ÷ Net sales
= 100 × 24,954,394 ÷ 7,320,104 = 340.90%

³ Click competitor name to see calculations.

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Performance ratio	Description	The company
MVA margin	The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value.	Albemarle Corp. MVA margin ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Albemarle Corp. (NYSE:ALB)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin