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.
MVA
ExxonMobil Holdings 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 »
An evaluation of the financial performance from 2021 to 2025 reveals a significant overall expansion in market value added (MVA), indicating a substantial increase in the wealth created for shareholders relative to the capital invested in the business.
- Market Value Trends
- The market value exhibited a strong upward trajectory, rising from 387,891 million US$ in 2021 to 682,211 million US$ by 2025. Although a temporary contraction occurred in 2023, the subsequent growth through 2024 and 2025 represents a significant increase in overall enterprise valuation.
- Invested Capital Movements
- Invested capital grew steadily from 272,673 million US$ in 2021, reaching a peak of 378,995 million US$ in 2024 before experiencing a slight reduction to 371,757 million US$ in 2025. This suggests a period of capital expansion followed by a marginal optimization of the capital base in the final year.
- Market Value Added (MVA) Dynamics
- MVA demonstrated volatility during the analyzed period. After an initial surge to 199,699 million US$ in 2022, a downward trend was observed through 2023 and 2024, with values reaching a low of 150,767 million US$. However, a sharp recovery occurred in 2025, with MVA increasing to 310,454 million US$. This final peak indicates that the market valuation grew at a rate significantly exceeding the growth of invested capital, reflecting enhanced investor confidence and value creation.
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MVA Spread Ratio
ExxonMobil Holdings 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 | 310,454) | 150,767) | 158,947) | 199,699) | 115,218) | |
| Invested capital2 | 371,757) | 378,995) | 307,196) | 297,049) | 272,673) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 83.51% | 39.78% | 51.74% | 67.23% | 42.25% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Chevron Corp. | 53.80% | 46.44% | 47.11% | 57.71% | 54.49% | |
| ConocoPhillips | 48.02% | 38.56% | 83.41% | 93.55% | 86.17% | |
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 × 310,454 ÷ 371,757 = 83.51%
4 Click competitor name to see calculations.
The financial performance from 2021 to 2025 is characterized by significant fluctuations in value creation relative to the capital invested. While the overall trend indicates a substantial increase in market value by the conclusion of the period, the progression was marked by a period of contraction and volatility between 2022 and 2024.
- Market Value Added (MVA)
- MVA exhibited a notable increase from US$ 115,218 million in 2021 to US$ 199,699 million in 2022. This growth was followed by a two-year decline, with values falling to US$ 158,947 million in 2023 and US$ 150,767 million in 2024. A significant surge occurred in 2025, resulting in a peak MVA of US$ 310,454 million.
- Invested Capital
- Invested capital demonstrated a steady upward trajectory for the majority of the analyzed timeframe. The capital base grew from US$ 272,673 million in 2021 to a peak of US$ 378,995 million in 2024. A slight retraction to US$ 371,757 million was observed in 2025, suggesting a stabilization of the capital investment level.
- MVA Spread Ratio
- The MVA spread ratio showed high volatility, mirroring the trends seen in the absolute MVA figures. After an initial increase to 67.23% in 2022, the ratio experienced a consistent decline over the next two years, reaching a period low of 39.78% in 2024. This downward trend reversed sharply in 2025, with the ratio ascending to 83.51%, the highest level in the five-year period, indicating a substantial expansion in value creation efficiency relative to the invested capital base.
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MVA Margin
ExxonMobil Holdings 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 | 310,454) | 150,767) | 158,947) | 199,699) | 115,218) | |
| Sales and other operating revenue | 323,905) | 339,247) | 334,697) | 398,675) | 276,692) | |
| Performance Ratio | ||||||
| MVA margin2 | 95.85% | 44.44% | 47.49% | 50.09% | 41.64% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Chevron Corp. | 79.99% | 50.04% | 50.80% | 51.99% | 67.80% | |
| ConocoPhillips | 85.74% | 74.93% | 120.75% | 90.01% | 143.57% | |
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 × 310,454 ÷ 323,905 = 95.85%
3 Click competitor name to see calculations.
The financial trajectory from 2021 to 2025 reveals a period of volatility in market valuation relative to operating revenues. While revenue streams experienced a peak in 2022 followed by a period of stabilization, the Market Value Added (MVA) demonstrated a more aggressive growth pattern, particularly in the final year of the analysis.
- Market Value Added Trends
- MVA increased from 115,218 million USD in 2021 to a peak of 199,699 million USD in 2022. A subsequent contraction was observed through 2023 and 2024, with the value declining to 150,767 million USD. However, a substantial surge occurred by December 31, 2025, with MVA rising to 310,454 million USD, representing the highest valuation in the period analyzed.
- Operating Revenue Patterns
- Sales and other operating revenue peaked in 2022 at 398,675 million USD. From 2023 to 2025, revenue levels remained relatively stable, fluctuating within a range between 323,905 million USD and 339,247 million USD. This indicates that the later surge in market value was not driven by a corresponding increase in top-line revenue.
- MVA Margin Analysis
- The MVA margin exhibited moderate fluctuations between 2021 and 2024, moving from 41.64% to a peak of 50.09% in 2022 before receding to 44.44% by 2024. A sharp divergence is noted in 2025, where the margin escalated to 95.85%. This dramatic increase suggests a significant expansion in the market's valuation of the entity relative to its operating scale, as the margin more than doubled despite a slight decrease in annual revenue.
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