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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- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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MVA
Exxon Mobil Corp., MVA calculation
US$ in millions
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 Fair value of debt. See details »
2 Invested capital. See details »
The market value of the entity demonstrated considerable fluctuation between 2021 and 2025. Invested capital generally increased over the period, though a slight decrease is observed in the final year. Market value added (MVA) exhibited a similar pattern of volatility, peaking in 2022 before declining and then experiencing substantial growth in 2025.
- Market Value Trend
- The market value increased from US$387,891 million in 2021 to US$496,748 million in 2022, representing a significant gain. A subsequent decrease to US$466,143 million occurred in 2023. The market value then recovered to US$529,762 million in 2024, and concluded with a substantial increase to US$682,211 million in 2025. This indicates a period of dynamic valuation, potentially influenced by external market factors or company-specific performance changes.
- Invested Capital Trend
- Invested capital rose steadily from US$272,673 million in 2021 to US$307,196 million in 2023. A more substantial increase was noted in 2024, reaching US$378,995 million. However, invested capital decreased slightly in 2025 to US$371,757 million. This suggests a period of capital investment followed by a potential stabilization or reallocation of resources.
- Market Value Added (MVA) Trend
- MVA increased significantly from US$115,218 million in 2021 to US$199,699 million in 2022. A decline was then observed in 2023, with MVA falling to US$158,947 million, and continuing to US$150,767 million in 2024. The final year, 2025, saw a dramatic increase in MVA to US$310,454 million. This suggests that the value created for investors, beyond the capital invested, experienced considerable swings, ultimately reaching a high point in 2025. The fluctuations in MVA correlate with the changes in market value, but are also influenced by the level of invested capital.
The substantial increase in MVA in 2025, despite a slight decrease in invested capital, suggests improved efficiency in capital allocation or a particularly favorable market response to the entity’s performance during that year. The overall trend indicates a company capable of generating significant value, but subject to market volatility.
MVA Spread Ratio
Exxon Mobil Corp., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
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 significant fluctuations between 2021 and 2025. Initially, MVA increased substantially from 2021 to 2022, followed by a decline in both 2022 and 2023. A modest decrease continued into 2024, before a substantial increase occurred in 2025, reaching its highest value over the observed period.
Invested capital demonstrated a consistent upward trend throughout the period, although the rate of increase varied. The most significant increase in invested capital occurred between 2023 and 2024.
- MVA Spread Ratio Analysis
- The MVA spread ratio, representing MVA as a percentage of invested capital, mirrored the trends observed in MVA itself. The ratio increased considerably from 42.25% in 2021 to 67.23% in 2022. Subsequently, it decreased to 51.74% in 2023 and further to 39.78% in 2024. A dramatic increase was then observed in 2025, with the ratio reaching 83.51%, indicating a significantly improved return on invested capital relative to its value in prior years.
- The fluctuations in the MVA spread ratio suggest a dynamic relationship between value creation and capital employed. The peak in 2022 and again in 2025 indicate periods where the company generated substantial value relative to the capital invested, while the declines in 2023 and 2024 suggest a weakening of this relationship.
The substantial increase in MVA and the MVA spread ratio in 2025, coupled with the continued growth in invested capital, suggests a period of strong value creation. However, the volatility observed in the preceding years warrants further investigation to understand the underlying drivers of these fluctuations.
MVA Margin
Exxon Mobil Corp., 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 millions) | ||||||
| Market value added (MVA)1 | ||||||
| Sales and other operating revenue | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
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 ÷ Sales and other operating revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited considerable fluctuation between 2021 and 2025. Initial growth was followed by a decline, culminating in a substantial increase in the final year of the observed period. Correspondingly, the MVA margin demonstrated a similar pattern of change over the same timeframe.
- Market Value Added (MVA)
- The MVA began at US$115,218 million in 2021, increasing significantly to US$199,699 million in 2022. A subsequent decrease was noted in 2023, with the MVA falling to US$158,947 million. This downward trend continued into 2024, reaching US$150,767 million. However, a marked recovery occurred in 2025, with the MVA rising sharply to US$310,454 million.
- Sales and other operating revenue
- Sales revenue increased from US$276,692 million in 2021 to US$398,675 million in 2022. A decrease was observed in 2023, with revenue at US$334,697 million. Revenue experienced a slight increase in 2024 to US$339,247 million, before decreasing again in 2025 to US$323,905 million.
- MVA Margin
- The MVA margin increased from 41.64% in 2021 to 50.09% in 2022, reflecting the growth in MVA relative to sales. The margin then decreased to 47.49% in 2023 and further to 44.44% in 2024, aligning with the decline in MVA. A substantial increase in the MVA margin was observed in 2025, reaching 95.85%, indicating a significant improvement in value creation relative to sales revenue.
The substantial increase in the MVA margin in 2025 suggests a disproportionately large gain in market value compared to sales. While sales decreased in 2025, the MVA increased significantly, driving the margin to its highest point in the observed period. The fluctuations in MVA and its margin appear to be influenced by factors beyond sales revenue alone, potentially including shifts in investor expectations, market conditions, or internal operational improvements.