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.
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- Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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MVA
Boeing Co., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
The market value of the company exhibited a generally increasing trend over the five-year period, although with some volatility. Invested capital also demonstrated fluctuation, while market value added (MVA) largely mirrored the pattern of the market value, indicating a strong correlation between overall market perception and value creation.
- Market Value
- The market value began at US$176,151 million in 2021 and increased modestly to US$178,400 million in 2022. A further slight increase was noted in 2023, reaching US$178,553 million. However, a decrease occurred in 2024, with the market value falling to US$172,827 million, before a substantial recovery and increase to US$222,058 million in 2025. This suggests periods of investor confidence followed by correction, culminating in a significant positive shift in the final year.
- Invested Capital
- Invested capital increased from US$49,465 million in 2021 to US$50,866 million in 2022. A notable decrease was observed in 2023, with invested capital falling to US$44,905 million. This was followed by a rebound to US$50,271 million in 2024 and a further increase to US$53,662 million in 2025. The fluctuations in invested capital may reflect changes in capital expenditure, asset sales, or financing activities.
- Market Value Added (MVA)
- MVA showed an initial increase from US$126,686 million in 2021 to US$127,534 million in 2022, mirroring the trend in market value. It continued to rise in 2023, reaching US$133,648 million. A decline was then observed in 2024, with MVA decreasing to US$122,556 million, consistent with the decrease in market value. Finally, MVA experienced a substantial increase in 2025, reaching US$168,396 million, driven by the significant rise in market value. The strong correlation between MVA and market value indicates that changes in investor perception of the company’s future prospects are a primary driver of value creation.
Overall, the period demonstrates a dynamic relationship between invested capital and market valuation. The substantial increase in both market value and MVA in 2025 suggests a positive reassessment of the company’s prospects by investors.
MVA Spread Ratio
Boeing Co., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2025 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited fluctuating growth over the five-year period. Initial values demonstrated an increase from 2021 to 2023, followed by a decline in 2024, and a substantial recovery in 2025. Invested capital also showed variability, decreasing in 2023 before rising again in subsequent years. The MVA spread ratio, calculated from these figures, mirrored this pattern of fluctuation, generally remaining at a high level.
- Market Value Added (MVA)
- The MVA began at US$126,686 million in 2021 and increased to US$133,648 million by 2023, representing a cumulative growth of approximately 5.5%. A decrease to US$122,556 million was observed in 2024, before a significant rebound to US$168,396 million in 2025. This final value represents a 37.4% increase from the 2024 level and a 33.1% increase from the initial 2021 value.
- Invested Capital
- Invested capital showed a modest increase from US$49,465 million in 2021 to US$50,866 million in 2022. A notable decrease occurred in 2023, falling to US$44,905 million. This was followed by increases in both 2024 and 2025, reaching US$50,271 million and US$53,662 million respectively. The overall trend indicates a recovery in invested capital following the 2023 dip.
- MVA Spread Ratio
- The MVA spread ratio remained consistently high throughout the period, indicating a substantial difference between the market value created and the capital invested. The ratio started at 256.11% in 2021, decreased slightly to 250.73% in 2022, then rose significantly to 297.62% in 2023. A decline to 243.79% was seen in 2024, followed by a strong increase to 313.81% in 2025. The fluctuations in the ratio closely followed the changes in MVA, suggesting a strong correlation between the two metrics. The consistently high values suggest efficient capital allocation and strong value creation.
The observed patterns suggest a dynamic relationship between MVA, invested capital, and the resulting spread ratio. While invested capital experienced some volatility, the MVA demonstrated resilience, particularly with the substantial increase in 2025. The MVA spread ratio consistently remained elevated, indicating a strong capacity to generate value relative to invested capital.
MVA Margin
Boeing Co., MVA margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Revenues | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 MVA. See details »
2 2025 Calculation
MVA margin = 100 × MVA ÷ Revenues
= 100 × ÷ =
3 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited fluctuating growth over the five-year period. Initial values increased from 2021 to 2023, followed by a decrease in 2024, and a substantial increase in 2025. Revenues demonstrated a generally positive trend, with significant growth between 2022 and 2023, a decline in 2024, and further growth in 2025. The MVA margin, representing MVA as a percentage of revenues, showed a decreasing trend initially, followed by stabilization and a slight increase towards the end of the period.
- Market Value Added (MVA)
- The MVA began at US$126,686 million in 2021 and increased to US$133,648 million by 2023, representing a cumulative growth of approximately 5.5%. A subsequent decline to US$122,556 million occurred in 2024, before a significant rebound to US$168,396 million in 2025. This final increase suggests a positive shift in investor perception or underlying business performance during that year.
- Revenues
- Revenues increased from US$62,286 million in 2021 to US$77,794 million in 2023, indicating a growth rate of approximately 24.9%. Revenues then decreased to US$66,517 million in 2024, before rising substantially to US$89,463 million in 2025. The revenue pattern mirrors the MVA trend, although the magnitude of the fluctuations differs.
- MVA Margin
- The MVA margin decreased from 203.39% in 2021 to 171.80% in 2023, suggesting that MVA growth was not keeping pace with revenue growth during this period. The margin then increased to 184.25% in 2024, and further to 188.23% in 2025. This indicates that the substantial increase in MVA in 2025 was proportionally larger than the increase in revenues, leading to improved efficiency in value creation.
The correlation between MVA and Revenues is apparent, with both generally increasing, though not consistently. The MVA margin provides insight into the efficiency with which revenues are translated into shareholder value. The recent increase in the MVA margin suggests improved performance in this area.