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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- Income Statement
- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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MVA
Deckers Outdoor Corp., MVA calculation
US$ in thousands
Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
- Market (fair) value of Deckers
- The market value exhibits a consistent upward trend over the six-year period. Starting at approximately $3.66 billion in March 2018, it increased year over year, peaking at about $9.55 billion in March 2021. There is a noticeable dip in March 2022 to around $7.5 billion, followed by a significant recovery to approximately $12.42 billion in March 2023, the highest value recorded in the dataset.
- Invested capital
- Invested capital shows a steady increase throughout the period. Beginning at roughly $1.23 billion in March 2018, it grew incrementally each year, reaching about $1.95 billion by March 2023. The growth is consistent, indicating ongoing investment in company resources or assets without any significant declines or volatility.
- Market value added (MVA)
- The market value added, representing the difference between market value and invested capital, also demonstrates a positive trend aligned with market value changes. MVA rose from approximately $2.43 billion in March 2018 to a peak of about $7.91 billion in March 2021. Similar to the market value, there is a decrease in March 2022 to around $5.77 billion, followed by a robust increase to roughly $10.47 billion in March 2023. This pattern suggests the company's ability to generate value over and above its invested capital has generally improved, despite temporary setbacks.
- Overall Insights
- The analysis reveals strong growth in market valuation and invested capital over the six years, with a notable peak in market value and MVA in 2021, a dip in 2022, and a significant recovery in 2023. The steady rise in invested capital indicates continuous resource allocation towards business growth, while fluctuations in market value and MVA may reflect broader market conditions or company-specific events impacting investor perception and value creation. The data suggests resilience and effective value generation capability in the recent fiscal year.
MVA Spread Ratio
Deckers Outdoor Corp., MVA spread ratio calculation, comparison to benchmarks
| Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Market value added (MVA)1 | |||||||
| Invested capital2 | |||||||
| Performance Ratio | |||||||
| MVA spread ratio3 | |||||||
| Benchmarks | |||||||
| MVA Spread Ratio, Competitors4 | |||||||
| lululemon athletica inc. | |||||||
| Nike Inc. | |||||||
Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).
1 MVA. See details »
2 Invested capital. See details »
3 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
- Market Value Added (MVA)
- The market value added demonstrates a generally upward trend over the six-year period. Starting at approximately 2.43 billion USD in 2018, it rose steadily each year, reaching a peak of nearly 7.91 billion USD by 2021. Despite a notable decline in 2022 to about 5.77 billion USD, the MVA sharply rebounded in 2023 to approximately 10.47 billion USD, the highest value observed in the timeframe.
- Invested Capital
- The invested capital shows a consistent year-over-year increase throughout the period. Beginning around 1.23 billion USD in 2018, invested capital rose steadily each year, reaching nearly 1.95 billion USD in 2023. The growth rate of invested capital is moderate and steady, without any significant fluctuations or declines.
- MVA Spread Ratio
- The MVA spread ratio, which measures the market value added relative to invested capital, also indicates a strong positive trend, reflecting increasing value creation over invested capital. Starting at roughly 198% in 2018, it consistently increased through 2021, where it peaked at approximately 482%. Despite a decline to 332% in 2022, the ratio surged to the highest point of about 537% in 2023, signaling enhanced efficiency or profitability in generating market value from the invested capital.
- Overall Analysis
- Overall, the company's financial data reflect strong growth in market value added and a steady increase in invested capital over the years. The fluctuations in MVA and the MVA spread ratio, particularly the dip in 2022 followed by substantial recovery in 2023, suggest that while there may have been some operational or market challenges impacting value creation in 2022, the subsequent recovery indicates a robust ability to generate considerable economic value relative to invested capital. The sustained upward trajectory in both absolute market value added and efficiency ratios points toward improving financial performance and value generation capabilities.
MVA Margin
Deckers Outdoor Corp., MVA margin calculation, comparison to benchmarks
| Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 | Mar 31, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Market value added (MVA)1 | |||||||
| Net sales | |||||||
| Add: Increase (decrease) in deferred revenue | |||||||
| Adjusted net sales | |||||||
| Performance Ratio | |||||||
| MVA margin2 | |||||||
| Benchmarks | |||||||
| MVA Margin, Competitors3 | |||||||
| lululemon athletica inc. | |||||||
| Nike Inc. | |||||||
Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).
1 MVA. See details »
2 2023 Calculation
MVA margin = 100 × MVA ÷ Adjusted net sales
= 100 × ÷ =
3 Click competitor name to see calculations.
- Market Value Added (MVA)
- The market value added of the company demonstrated a general upward trend over the examined period. Starting at approximately 2.43 billion US dollars in 2018, it increased steadily each year, reaching a peak of nearly 7.91 billion US dollars in 2021. A notable decline occurred in 2022, where the MVA dropped to approximately 5.77 billion US dollars. However, the company rebounded in 2023, with MVA climbing to over 10.47 billion US dollars, marking the highest value recorded in the period under study.
- Adjusted Net Sales
- Adjusted net sales displayed consistent growth throughout the years. Starting at just over 1.90 billion US dollars in 2018, the sales figures increased every year, reaching approximately 3.62 billion US dollars by 2023. The most significant absolute growth rates were observed after 2020, coinciding with the period of rapid increases in market value added.
- MVA Margin
- The MVA margin experienced considerable fluctuations alongside the changes in market value added and sales. Beginning at 127.69% in 2018, the margin rose steadily, peaking at 310.74% in 2021, indicating a high market value added relative to sales. This was followed by a sharp decline in 2022 to 182.52%, before increasing again to 288.75% in 2023. These movements suggest variability in how market value addition aligns with sales performance, with particularly strong contributions in 2021 and 2023.
- Overall Analysis
- Over the six-year period, the company showed robust growth in both sales and market value added, suggesting improved market positioning and financial performance. The MVA margin fluctuations indicate periods of significant market valuation enhancements relative to sales, punctuated by a notable downturn in 2022. The recovery in 2023 implies renewed market confidence or improved operational efficiency contributing to value creation beyond mere sales growth.