Stock Analysis on Net

Becton, Dickinson & Co. (NYSE:BDX)

$22.49

This company has been moved to the archive! The financial data has not been updated since May 5, 2022.

Market Value Added (MVA)

Microsoft Excel

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.

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MVA

Becton, Dickinson & Co., MVA calculation

US$ in millions

Microsoft Excel
Sep 30, 2021 Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016
Fair value of debt1
Operating lease liability
Market value of common equity
Preferred stock
Less: Short-term investments
Market (fair) value of BD
Less: Invested capital2
MVA

Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

1 Fair value of debt. See details »

2 Invested capital. See details »


Market (fair) value of BD
The market value showed a pronounced upward trend from September 2016 through September 2019, rising from $48,294 million to a peak of $91,399 million. However, it declined to $86,074 million in 2020 before recovering slightly to $88,932 million in 2021.
Invested capital
Invested capital exhibited consistent growth from 2016 to 2018, increasing from $22,258 million to $47,282 million. Subsequently, it decreased somewhat to $45,181 million in 2019, followed by minor fluctuations, ending at $45,278 million in 2021. This indicates a stabilization in capital investment after noticeable expansion in earlier years.
Market value added (MVA)
Market value added rose steadily between 2016 and 2019, climbing from $26,036 million to $46,218 million, signaling increasing market appreciation over invested capital. A decline occurred in 2020 to $39,762 million, paralleling the dip in market value, before recovering to $43,654 million in 2021. Overall, MVA remains significantly higher in later years compared to the initial period, suggesting sustained value creation despite recent volatility.

MVA Spread Ratio

Becton, Dickinson & Co., MVA spread ratio calculation, comparison to benchmarks

Microsoft Excel
Sep 30, 2021 Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016
Selected Financial Data (US$ in millions)
Market value added (MVA)1
Invested capital2
Performance Ratio
MVA spread ratio3
Benchmarks
MVA Spread Ratio, Competitors4
Abbott Laboratories
CVS Health Corp.
Elevance Health Inc.
Intuitive Surgical Inc.
Medtronic PLC
UnitedHealth Group Inc.

Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

1 MVA. See details »

2 Invested capital. See details »

3 2021 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =

4 Click competitor name to see calculations.


Market Value Added (MVA)
The market value added showed an overall upward trend from 2016 to 2021, increasing from approximately 26,036 million USD in 2016 to 43,654 million USD in 2021. Notably, there was a significant rise between 2016 and 2019, reaching a peak of 46,218 million USD in 2019. This was followed by a decline in 2020 to 39,762 million USD, after which MVA increased again in 2021.
Invested Capital
Invested capital experienced considerable growth during the analyzed period, starting at 22,258 million USD in 2016 and rising steadily to a peak of 47,282 million USD in 2018. From 2018 to 2021, the invested capital showed some fluctuation but remained relatively stable around the range of 45,000 to 46,000 million USD.
MVA Spread Ratio
The MVA spread ratio, representing the efficiency of value generation relative to invested capital, showed variability over time. It began very high at 116.97% in 2016, indicating strong value generation. This ratio decreased significantly in the following years, reaching its lowest point at 83.54% in 2018. Thereafter, it recovered somewhat, peaking at 102.29% in 2019 before fluctuating again and settling at 96.41% by 2021. The variations suggest fluctuating performance in maximization of market value relative to capital invested.

MVA Margin

Becton, Dickinson & Co., MVA margin calculation, comparison to benchmarks

Microsoft Excel
Sep 30, 2021 Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016
Selected Financial Data (US$ in millions)
Market value added (MVA)1
Revenues
Performance Ratio
MVA margin2
Benchmarks
MVA Margin, Competitors3
Abbott Laboratories
CVS Health Corp.
Elevance Health Inc.
Intuitive Surgical Inc.
Medtronic PLC
UnitedHealth Group Inc.

Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

1 MVA. See details »

2 2021 Calculation
MVA margin = 100 × MVA ÷ Revenues
= 100 × ÷ =

3 Click competitor name to see calculations.


Market Value Added (MVA)
The market value added exhibited a general upward trend from 2016 through 2019, increasing from $26,036 million to $46,218 million, reflecting significant growth in the company’s market valuation. However, in 2020, there was a decline to $39,762 million, indicating a temporary reduction in market value, possibly linked to external economic factors. This value partially recovered in 2021, rising to $43,654 million, suggesting a rebound in market confidence.
Revenues
Revenue figures revealed fluctuations over the analyzed period. Initially, revenues slightly decreased from $12,483 million in 2016 to $12,093 million in 2017. Subsequently, there was a notable increase to $15,983 million in 2018 and further growth to $17,290 million in 2019. Revenues slightly decreased to $17,117 million in 2020, coinciding with the MVA decline. In 2021, revenues surged to $20,248 million, reaching the highest level in the observed period and indicating strong operational performance and growth.
MVA Margin
The MVA margin, representing the ratio of market value added to revenues, showed significant variability. It peaked at 298.56% in 2017 following a revenue dip, indicating an overproportionate increase in market valuation relative to revenues. Thereafter, it declined steadily to 215.6% in 2021. Despite fluctuations, the margin remained well above 200%, suggesting sustained strong market valuation relative to revenue generation across the years.