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Caterpillar Inc. (CAT)
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
Caterpillar Inc., MVA calculation
USD $ in millions
Based on: 10-K (filing date: 2019-02-14), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-15), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17).
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 | Caterpillar Inc.’s market (fair) value less invested capital. | Caterpillar Inc.’s MVA increased from 2016 to 2017 but then slightly declined from 2017 to 2018 not reaching 2016 level. |
MVA Spread
Caterpillar Inc., MVA spread calculation
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
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| Selected Financial Data (USD $ in millions) | ||||||
| Market value added (MVA)1 | |
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| Invested capital2 | |
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| MVA spread3 | |
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Based on: 10-K (filing date: 2019-02-14), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-15), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17).
2018 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. | Caterpillar Inc.’s MVA spread improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018 not reaching 2016 level. |
MVA Margin
Caterpillar Inc., MVA margin calculation
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
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| Selected Financial Data (USD $ in millions) | ||||||
| Market value added (MVA)1 | |
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| Sales of Machinery, Energy & Transportation | |
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| MVA margin2 | |
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Based on: 10-K (filing date: 2019-02-14), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-15), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17).
2018 Calculations
1 MVA. See Details »
2 MVA margin = 100 × MVA ÷ Sales of Machinery, Energy & Transportation
= 100 × ÷ =
| 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 improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018. |