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:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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MVA
Chipotle Mexican Grill Inc., MVA calculation
US$ in thousands
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).
2 Invested capital. See details »
The market value of the company demonstrates a generally increasing trend over the observed period, although with significant fluctuation. Invested capital also exhibits an upward trajectory. Market value added (MVA) largely mirrors the pattern of the market value, showing substantial growth followed by a considerable decline.
- Market Value Trend
- The market value increased modestly from $46,772,913 thousand in 2021 to $47,249,382 thousand in 2022. A significant increase is then observed, reaching $74,655,336 thousand in 2023 and peaking at $81,012,648 thousand in 2024. However, a substantial decrease occurred in 2025, with the market value falling to $56,262,916 thousand. This suggests potential shifts in investor sentiment or external market factors impacting valuation.
- Invested Capital Trend
- Invested capital experienced a slight decrease between 2021 and 2022, moving from $5,496,598 thousand to $5,396,406 thousand. Subsequently, invested capital increased consistently, reaching $6,006,837 thousand in 2023, $6,827,838 thousand in 2024, and $7,294,198 thousand in 2025. This indicates a continued investment in the business operations.
- Market Value Added (MVA) Trend
- MVA showed a modest increase from $41,276,315 thousand in 2021 to $41,852,976 thousand in 2022. A substantial increase followed, with MVA reaching $68,648,499 thousand in 2023 and $74,184,810 thousand in 2024. Similar to the market value, MVA experienced a significant decline in 2025, falling to $48,968,718 thousand. The correlation between MVA and market value is strong, indicating that changes in the market’s perception of the company’s value directly impact the MVA.
The considerable drop in both market value and MVA in 2025 warrants further investigation to determine the underlying causes. While invested capital continues to rise, the decline in market-based metrics suggests that the returns on that investment, as perceived by the market, may have diminished during that period.
MVA Spread Ratio
Chipotle Mexican Grill Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks 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 a fluctuating pattern over the five-year period. Initially, MVA increased from $41,276,315 thousand in 2021 to $41,852,976 thousand in 2022, representing modest growth. A significant surge in MVA was then observed, reaching $68,648,499 thousand in 2023, followed by a further increase to $74,184,810 thousand in 2024. However, 2025 witnessed a substantial decline in MVA, falling to $48,968,718 thousand.
Invested capital demonstrated a consistent upward trend throughout the period. Starting at $5,496,598 thousand in 2021, it decreased slightly to $5,396,406 thousand in 2022, before steadily increasing to $6,006,837 thousand in 2023, $6,827,838 thousand in 2024, and finally reaching $7,294,198 thousand in 2025.
- MVA Spread Ratio
- The MVA spread ratio, which indicates the value created per dollar of invested capital, showed considerable variation. It began at 750.94% in 2021 and increased to 775.57% in 2022. A substantial rise was then recorded in 2023, with the ratio reaching 1,142.84%. While remaining high, the ratio decreased to 1,086.51% in 2024. The most significant change occurred in 2025, with the MVA spread ratio declining sharply to 671.34%.
- The increase in the MVA spread ratio from 2021 to 2023 suggests increasing efficiency in value creation relative to invested capital. However, the decline in 2025, despite continued growth in invested capital, indicates a reduced return on investment during that year. The 2025 decrease in the ratio aligns with the decrease in MVA observed for the same period.
The divergence between the trends in MVA and the MVA spread ratio in 2025 is noteworthy. While invested capital continued to grow, the substantial decrease in MVA and the corresponding drop in the MVA spread ratio suggest a potential weakening in the company’s ability to generate value from its investments during that year. Further investigation would be required to determine the underlying causes of this shift.
MVA Margin
Chipotle Mexican Grill Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in 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. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks 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 ÷ Adjusted revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited a fluctuating pattern over the five-year period. Initially, MVA increased from 2021 to 2023, followed by a decrease in the subsequent two years. Adjusted revenue demonstrated a consistent upward trend throughout the period. The MVA margin, calculated as MVA relative to adjusted revenue, mirrored the fluctuations in MVA, while also reflecting the growth in revenue.
- Market Value Added (MVA)
- MVA began at US$41,276,315 thousand in 2021 and rose to US$41,852,976 thousand in 2022, representing a modest increase. A significant increase was then observed in 2023, reaching US$68,648,499 thousand. This upward momentum continued into 2024, with MVA reaching US$74,184,810 thousand. However, 2025 saw a substantial decline, with MVA falling to US$48,968,718 thousand.
- Adjusted Revenue
- Adjusted revenue consistently increased year-over-year. Starting at US$7,575,662 thousand in 2021, it grew to US$8,661,372 thousand in 2022, US$9,898,258 thousand in 2023, US$11,342,750 thousand in 2024, and finally reached US$11,927,399 thousand in 2025. This indicates a steady expansion of the company’s top line.
- MVA Margin
- The MVA margin initially decreased from 544.85% in 2021 to 483.21% in 2022, coinciding with a smaller increase in MVA relative to the revenue growth. The margin then experienced a substantial increase to 693.54% in 2023, driven by the significant rise in MVA. It remained high in 2024 at 654.03%, before declining considerably to 410.56% in 2025, reflecting the decrease in MVA despite continued revenue growth. The MVA margin demonstrates the efficiency with which revenue translates into shareholder value.
The divergence between the increasing revenue and the fluctuating MVA suggests that factors beyond revenue generation are significantly impacting shareholder value. The substantial decline in MVA and the corresponding drop in MVA margin in 2025 warrant further investigation to understand the underlying causes, such as changes in cost of capital, investment efficiency, or market expectations.