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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Chipotle Mexican Grill Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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MVA
Chipotle Mexican Grill Inc., MVA calculation
US$ in thousands
Based on: 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), 10-K (reporting date: 2020-12-31).
2 Invested capital. See details »
The financial data reflects a consistent upward trajectory across all key metrics over the five-year period under consideration. The market (fair) value of the company experienced steady growth, increasing from approximately 46.2 billion US dollars in 2020 to over 81 billion US dollars by the end of 2024. This indicates a strong appreciation in market valuation and investor confidence.
Invested capital also showed an overall rising trend, beginning at nearly 4.9 billion US dollars in 2020 and growing to around 6.8 billion US dollars in 2024. Although there was a slight decline observed in 2022 relative to 2021, the general movement points to an expanding base of capital invested in the company’s operations, suggesting ongoing reinvestment and capacity enhancement.
The market value added (MVA), which measures the difference between the market value and the invested capital, increased substantially from 41.2 billion US dollars in 2020 to approximately 74.2 billion US dollars by the conclusion of 2024. The MVA trend closely mirrors the rise in market value, confirming that the company’s market capitalization growth significantly outpaces the increase in capital invested, thereby creating substantial additional value for shareholders.
- Market (fair) value
- Demonstrated strong and consistent growth each year, with an accelerated rise observed particularly in the final two years (2023 and 2024).
- Invested capital
- Gradually increased over time, with a minor dip in 2022 indicating possible strategic adjustments or capital efficiency improvements before resuming upward growth in subsequent years.
- Market value added (MVA)
- Increased significantly alongside market value, reflecting effective value creation that capitalizes on invested resources, especially notable from 2022 onwards.
Overall, the data suggests a company achieving strong market valuation growth while steadily increasing invested capital. The widening gap between market value and invested capital highlights efficient management and robust market perception, leading to enhanced shareholder value creation over the assessed period.
MVA Spread Ratio
Chipotle Mexican Grill Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2024 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
The financial data over the five-year period demonstrates notable changes in key value and capital metrics. The Market Value Added (MVA) exhibits a gradual increase from 2020 through 2022, moving from approximately 41.24 billion US dollars to about 41.85 billion US dollars. This is followed by a substantial surge in 2023 and 2024, reaching approximately 68.65 billion and 74.18 billion US dollars respectively. This pattern indicates strengthened market valuation in the latter years.
Invested Capital shows a steady upward trend across the entire period. Beginning at roughly 4.94 billion US dollars in 2020, it rises incrementally each year, reaching nearly 6.83 billion US dollars by the end of 2024. This gradual increase suggests ongoing reinvestment or expansion efforts.
The MVA Spread Ratio, which can denote the return spread relative to invested capital, follows a decreasing trend from 2020 (835.2%) to 2021 (750.94%), then increases slightly in 2022 (775.57%), before experiencing a significant jump in 2023 (1142.84%), followed by a small decline in 2024 (1086.51%). This variable pattern indicates fluctuating efficiency or profitability of the invested capital, with notable improvement in the most recent two years despite a slight dip at the end.
- Market Value Added (MVA)
- Shows an initial steady period followed by a sharp rise in 2023 and 2024, reflecting substantial market value growth.
- Invested Capital
- Consistently increases over time, indicating sustained investment or asset growth.
- MVA Spread Ratio
- Declines in the early years, improves notably in the recent years, which may highlight enhanced capital efficiency or increasing returns relative to invested capital.
MVA Margin
Chipotle Mexican Grill Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | ||||||
| Revenue | ||||||
| Add: Increase (decrease) in unearned revenue | ||||||
| Adjusted revenue | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31).
1 MVA. See details »
2 2024 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
- Market Value Added (MVA)
- The market value added, measured in thousands of US dollars, exhibited a steady increase from 41,241,701 in 2020 to 41,276,315 in 2021, and then to 41,852,976 in 2022. A notable surge occurred in 2023, with MVA rising sharply to 68,648,499, followed by a continued increase to 74,184,810 in 2024. This indicates a significant enhancement in shareholder value over the five-year period, particularly after 2022.
- Adjusted Revenue
- Adjusted revenue demonstrated consistent growth throughout the analyzed years, starting at 6,017,189 thousand US dollars in 2020 and increasing each year to reach 7,575,662 in 2021, 8,661,372 in 2022, 9,898,258 in 2023, and ultimately 11,342,750 in 2024. The upward trend reflects successful revenue expansion efforts and positive operational performance.
- MVA Margin
- Expressed as a percentage, the MVA margin began at a high level of 685.4% in 2020 but decreased to 544.85% in 2021 and further to 483.21% in 2022. A significant recovery is observed in 2023, with the margin increasing sharply to 693.54%, followed by a slight decline to 654.03% in 2024. This pattern suggests fluctuations in the efficiency of translating added market value relative to revenue, with a period of contraction followed by marked improvement and a minor subsequent decrease.