Stock Analysis on Net

Elevance Health Inc. (NYSE:ELV)

Market Value Added (MVA)

Microsoft Excel

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.


MVA

Elevance Health Inc., MVA calculation

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Fair value of debt1 23,794 22,589 26,412 24,269 22,474
Operating lease liability 849 932 997 957 640
Market value of common equity 118,517 115,673 110,657 72,573 76,723
Preferred stock, without par value; shares issued and outstanding: none
Noncontrolling interests 99 87 68
Market (fair) value of Elevance Health 143,259 139,281 138,134 97,799 99,837
Less: Invested capital2 69,868 66,885 63,998 56,821 55,501
MVA 73,391 72,396 74,136 40,978 44,336

Based on: 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), 10-K (reporting date: 2019-12-31).

1 Fair value of debt. See details »

2 Invested capital. See details »

Item Description The company
MVA Elevance Health Inc. market (fair) value less invested capital. Elevance Health Inc. MVA decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

MVA Spread Ratio

Elevance Health Inc., MVA spread ratio calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Market value added (MVA)1 73,391 72,396 74,136 40,978 44,336
Invested capital2 69,868 66,885 63,998 56,821 55,501
Performance Ratio
MVA spread ratio3 105.04% 108.24% 115.84% 72.12% 79.88%
Benchmarks
MVA Spread Ratio, Competitors4
Abbott Laboratories 257.59% 230.60% 266.78% 300.18% 202.12%
Cigna Group 49.48% 36.39% 21.75% 20.67% 16.09%
CVS Health Corp. 8.29% 26.73% 49.51% 20.97% 20.89%
Danaher Corp. 157.62% 156.95% 187.44% 172.97% 135.15%
Humana Inc. 86.56% 156.66% 122.92% 163.20% 196.12%
Intuitive Surgical Inc. 1,699.53% 1,400.02% 2,002.36% 1,853.43% 1,771.30%
Medtronic PLC 88.43% 93.80% 163.10% 107.64% 113.36%
UnitedHealth Group Inc. 192.81% 214.27% 265.59% 189.93% 187.47%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 MVA. See details »

2 Invested capital. See details »

3 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 73,391 ÷ 69,868 = 105.04%

4 Click competitor name to see calculations.

Performance ratio Description The company
MVA spread ratio 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. Elevance Health Inc. MVA spread ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

MVA Margin

Elevance Health Inc., MVA margin calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Market value added (MVA)1 73,391 72,396 74,136 40,978 44,336
Operating revenue 170,209 155,660 136,943 120,808 103,141
Performance Ratio
MVA margin2 43.12% 46.51% 54.14% 33.92% 42.99%
Benchmarks
MVA Margin, Competitors3
Abbott Laboratories 383.09% 323.76% 384.46% 523.78% 368.47%
Cigna Group 21.87% 17.38% 11.43% 12.17% 9.91%
CVS Health Corp. 3.14% 10.28% 22.27% 10.70% 11.44%
Danaher Corp. 517.54% 389.99% 468.46% 507.10% 438.18%
Humana Inc. 24.85% 49.25% 45.49% 46.87% 57.53%
Intuitive Surgical Inc. 1,695.34% 1,209.45% 1,575.51% 1,900.32% 1,312.48%
Medtronic PLC 199.61% 205.92% 391.27% 264.99% 269.43%
UnitedHealth Group Inc. 95.85% 109.81% 130.39% 96.88% 91.49%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 MVA. See details »

2 2023 Calculation
MVA margin = 100 × MVA ÷ Operating revenue
= 100 × 73,391 ÷ 170,209 = 43.12%

3 Click competitor name to see calculations.

Performance ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. Elevance Health Inc. MVA margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.