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Market Value Added (MVA)

Difficulty: Advanced

Market value added (MVA) is the difference between a firms's 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

Bristol-Myers Squibb Co., MVA calculation

USD $ in millions

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Fair value of Debt1
PV of operating lease payments2
Market value of common equity
Preferred stock, $2 convertible series, par value $1 per share
Noncontrolling interest
Less: Marketable securities
Market (fair) value of BMS
Less: Invested capital3
MVA

Source: Based on data from Bristol-Myers Squibb Co. Annual Reports

1 Fair value of debt. See Details »

2 Present value of operating lease payments. See Details »

3 Invested capital. See Details »

Item Description The company
MVA BMS's market (fair) value less invested capital. Bristol-Myers Squibb Co.'s MVA declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.

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MVA Spread

Bristol-Myers Squibb Co., MVA spread calculation

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Market value added (MVA)1
Invested capital2
Ratio
MVA spread3 % % % % %

Source: Based on data from Bristol-Myers Squibb Co. Annual Reports

2017 Calculations

1 MVA. See Details »

2 Invested capital. See Details »

3 MVA spread = 100 × MVA ÷ Invested capital
= 100 × ÷ = %

Ratio Description The company
MVA spread 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. Bristol-Myers Squibb Co.'s MVA spread deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

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MVA Margin

Bristol-Myers Squibb Co., MVA margin calculation

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Market value added (MVA)1
Revenues
Increase (decrease) in deferred income
Ratio
MVA margin2 % % % % %

Source: Based on data from Bristol-Myers Squibb Co. Annual Reports

2017 Calculations

1 MVA. See Details »

2 MVA margin = 100 × MVA ÷ (Revenues + Change in deferred income)
= 100 × ÷ ( + ) = %

Ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. Bristol-Myers Squibb Co.'s MVA margin deteriorated from 2015 to 2016 but then improved from 2016 to 2017 not reaching 2015 level.

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