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Market Value Added (MVA)
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
Caterpillar Inc., MVA calculation
US$ in millions
Based on: 10-K (filing date: 2021-02-17), 10-K (filing date: 2020-02-19), 10-K (filing date: 2019-02-14), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-15).
1 Fair value of debt. See details »
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | Caterpillar Inc.’s market (fair) value less invested capital. | Caterpillar Inc.’s MVA decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level. |
MVA Spread Ratio
Caterpillar Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| 3M Co. | ||||||
| Boeing Co. | ||||||
| General Electric Co. | ||||||
| Honeywell International Inc. | ||||||
| Illinois Tool Works Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| Raytheon Technologies Corp. | ||||||
Based on: 10-K (filing date: 2021-02-17), 10-K (filing date: 2020-02-19), 10-K (filing date: 2019-02-14), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-15).
1 MVA. See details »
2 Invested capital. See details »
3 2020 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
| 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. | Caterpillar Inc.’s MVA spread ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level. |
MVA Margin
Caterpillar Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Sales of Machinery, Energy & Transportation | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| 3M Co. | ||||||
| Boeing Co. | ||||||
| General Electric Co. | ||||||
| Honeywell International Inc. | ||||||
| Illinois Tool Works Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| Raytheon Technologies Corp. | ||||||
Based on: 10-K (filing date: 2021-02-17), 10-K (filing date: 2020-02-19), 10-K (filing date: 2019-02-14), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-15).
1 MVA. See details »
2 2020 Calculation
MVA margin = 100 × MVA ÷ Sales of Machinery, Energy & Transportation
= 100 × ÷ =
3 Click competitor name to see calculations.
| Performance ratio | Description | The company |
|---|---|---|
| MVA margin | The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. | Caterpillar Inc.’s MVA margin ratio improved from 2018 to 2019 and from 2019 to 2020. |