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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2019
- Return on Assets (ROA) since 2019
- Current Ratio since 2019
- Price to Earnings (P/E) since 2019
- Aggregate Accruals
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MVA
Dell Technologies Inc., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
- Market (fair) value of Dell Technologies
- The market value exhibited considerable volatility over the analyzed periods. It increased notably from 91,313 million US dollars in early 2020 to a peak of 128,134 million US dollars in early 2021. Subsequently, it experienced a sharp decline to 70,986 million US dollars in early 2022 and continued decreasing to 59,207 million US dollars by early 2023. A partial recovery is observed in early 2024 with the market value rising to 107,342 million US dollars, followed by a moderate drop to 94,559 million US dollars in early 2025.
- Invested capital
- Invested capital demonstrated a decreasing trend across the timeline. Starting at 81,348 million US dollars in early 2020, it increased slightly to 83,528 million US dollars by early 2021, then began a steady decline reaching 53,988 million US dollars in early 2022. This downward movement continued through early 2023 (57,982 million US dollars), early 2024 (53,565 million US dollars), and further dropped to 49,926 million US dollars by early 2025, indicating a gradual reduction in the capital invested in operations.
- Market value added (MVA)
- The MVA, representing the difference between market value and invested capital, showed significant fluctuations. It rose sharply from 9,965 million US dollars in early 2020 to 44,606 million US dollars in early 2021, reflecting strong value creation during that period. However, MVA then diminished markedly to 16,998 million US dollars in early 2022 and declined further to a minimal 1,225 million US dollars by early 2023, indicating weakened market perception relative to invested capital. The MVA rebounded considerably to 53,777 million US dollars in early 2024, reaching the highest point observed, then receded to 44,633 million US dollars in early 2025.
- Overall Insights
- The data reveal a dynamic value creation pattern with periods of robust growth followed by declines and recoveries. The market valuation experienced significant volatility while invested capital steadily decreased after 2021. The fluctuations in MVA emphasize shifts in market confidence and operational performance impact on shareholder value. Notably, the strong recovery in market value and MVA in early 2024 points to improved market conditions or strategic developments enhancing perceived value, despite the ongoing reduction in invested capital.
MVA Spread Ratio
Dell Technologies Inc., MVA spread ratio calculation, comparison to benchmarks
| Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | |||||||
| Invested capital2 | |||||||
| Performance Ratio | |||||||
| MVA spread ratio3 | |||||||
| Benchmarks | |||||||
| MVA Spread Ratio, Competitors4 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).
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.
- Market Value Added (MVA)
- The Market Value Added exhibits significant fluctuations over the examined periods. It started at 9,965 million US dollars in early 2020 and showed a sharp increase to 44,606 million by early 2021. Subsequently, there was a decline to 16,998 million in early 2022, followed by a substantial drop to 1,225 million in early 2023. The value rebounded markedly to 53,777 million in early 2024, before decreasing again to 44,633 million by early 2025. These variations suggest periods of volatile market valuation, possibly influenced by external economic factors or company-specific events.
- Invested Capital
- The invested capital displays a general downward trend from 81,348 million dollars in early 2020 to 49,926 million in early 2025. After a slight increase to 83,528 million in 2021, invested capital decreased significantly in the following years, reaching its lowest point in 2025. This pattern may indicate strategic divestments, asset dispositions, or efficiency improvements resulting in a reduced capital base over time.
- MVA Spread Ratio
- The MVA spread ratio experiences pronounced volatility, commencing at 12.25% in 2020 and surging to 53.4% in 2021. The ratio then declines to 31.48% in 2022 and sharply drops to 2.11% in 2023, indicating a near breakeven situation between returns and cost of capital. A robust recovery follows, with the ratio reaching an exceptionally high 100.4% in 2024, before retreating to 89.4% in 2025. This trend reflects considerable shifts in the company's ability to create value over and above its cost of capital, with extraordinary value creation during 2024.
MVA Margin
Dell Technologies Inc., MVA margin calculation, comparison to benchmarks
| Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | |||||||
| Net revenue | |||||||
| Add: Increase (decrease) in deferred revenue | |||||||
| Adjusted net revenue | |||||||
| Performance Ratio | |||||||
| MVA margin2 | |||||||
| Benchmarks | |||||||
| MVA Margin, Competitors3 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).
1 MVA. See details »
2 2025 Calculation
MVA margin = 100 × MVA ÷ Adjusted net revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
- Market Value Added (MVA)
- The Market Value Added exhibits significant volatility over the observed periods. Initially, it increased sharply from 9,965 million US dollars in early 2020 to 44,606 million in early 2021, indicating a substantial rise in market value relative to invested capital. However, in the subsequent year, it dropped markedly to 16,998 million US dollars, followed by a further steep decline to 1,225 million by early 2023. This downward trend reversed dramatically in early 2024, with MVA escalating to 53,777 million, before slightly retreating to 44,633 million in early 2025. Such fluctuations suggest notable changes in market perceptions and value creation during these periods.
- Adjusted Net Revenue
- Adjusted Net Revenue shows a generally positive trend with some variability. Starting at approximately 95,944 million US dollars in early 2020, revenue slightly increased across the next three periods, reaching a peak of 105,014 million in early 2023. Nonetheless, a significant decrease to 87,284 million occurred in early 2024, which was partially recovered to 92,387 million by early 2025. The overall trajectory indicates an underlying growth trend with an interrupted decline around 2024, possibly reflecting external pressures or operational challenges.
- MVA Margin
- The MVA Margin percentage parallels the fluctuations observed in the Market Value Added metric. From a baseline of 10.39% in early 2020, the margin increased steeply to 45.88% by early 2021, dropped to 16.47% in early 2022, and further plummeted to a low of 1.17% in early 2023. There was a remarkable surge in early 2024, reaching 61.61%, before decreasing to 48.31% in early 2025. This pattern indicates periods of strong value generation interspersed with phases of substantially weakened performance, reflecting cyclical or market-driven influences on profitability and value creation efficiency.