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.
Paying user area
Try for free
FedEx Corp. pages available for free this week:
- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to FedEx Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
MVA
FedEx Corp., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
The analysis of Market Value Added (MVA) reveals a period of significant volatility in shareholder wealth creation, characterized by a divergence between steady capital investment and erratic market valuations.
- Invested Capital Trends
- A consistent upward trajectory is observed in invested capital, which grew from 64,229 million US dollars in 2021 to 78,834 million US dollars by 2026. This steady increase indicates a continuous expansion of the resource base employed by the organization over the analyzed period.
- Market Value Fluctuations
- The market value exhibited substantial instability throughout the timeframe. Following a peak of 118,028 million US dollars in 2021, a contraction occurred in 2022, followed by a gradual recovery through 2024. A sharp decline is noted in 2025, where the value fell to 87,967 million US dollars, before recovering to 112,089 million US dollars in 2026.
- Market Value Added Performance
- MVA experienced significant fluctuations, closely mirroring the volatility of the market value. The highest level of value added was recorded in 2021 at 53,799 million US dollars. A marked decrease followed, reaching a period low of 17,588 million US dollars in 2025. Because the invested capital grew steadily while the market value oscillated, the MVA failed to maintain a consistent growth pattern, suggesting that market sentiment regarding future profitability was highly variable relative to the actual capital invested in the business.
MVA Spread Ratio
FedEx Corp., MVA spread ratio calculation, comparison to benchmarks
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 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 | |||||||
| Uber Technologies Inc. | |||||||
| Union Pacific Corp. | |||||||
| United Airlines Holdings Inc. | |||||||
| United Parcel Service Inc. | |||||||
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).
1 MVA. See details »
2 Invested capital. See details »
3 2026 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
The financial performance concerning market value creation demonstrates significant volatility over the observed period, characterized by fluctuating market valuations against a backdrop of steady growth in invested capital.
- Market Value Added (MVA)
- A highly inconsistent trend is observed in the Market Value Added. After reaching a peak of 53,799 million US$ in 2021, MVA experienced a sharp contraction to 26,377 million US$ by 2022. A recovery phase followed, with values climbing to 39,699 million US$ in 2024, before another substantial decline to 17,588 million US$ in 2025. The period concludes with a rebound to 33,255 million US$ in 2026.
- Invested Capital
- Unlike the volatility seen in market value, invested capital exhibits a consistent and gradual upward trajectory. Capital increased from 64,229 million US$ in 2021 to 78,834 million US$ by 2026. This steady expansion suggests a continuous commitment to resource allocation and infrastructure growth regardless of short-term market valuation swings.
- MVA Spread Ratio
- The MVA spread ratio, which measures the efficiency of value creation relative to invested capital, mirrors the volatility of the MVA. A maximum efficiency of 83.76% was recorded in 2021, followed by a steep decline to 39.69% in 2022. While the ratio improved to 56.50% by 2024, it plummeted to a period low of 24.99% in 2025. A recovery to 42.18% is noted in 2026, indicating a cyclical pattern in how the market values the company's invested capital.
In summary, the widening gap between the steady growth of invested capital and the erratic movement of the MVA spread ratio indicates a period of instability in market perception regarding the company's ability to generate value above its cost of capital.
MVA Margin
FedEx Corp., MVA margin calculation, comparison to benchmarks
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | |||||||
| Revenue | |||||||
| Performance Ratio | |||||||
| MVA margin2 | |||||||
| Benchmarks | |||||||
| MVA Margin, Competitors3 | |||||||
| Uber Technologies Inc. | |||||||
| Union Pacific Corp. | |||||||
| United Airlines Holdings Inc. | |||||||
| United Parcel Service Inc. | |||||||
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).
1 MVA. See details »
2 2026 Calculation
MVA margin = 100 × MVA ÷ Revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
The financial performance between May 2021 and May 2026 is characterized by significant volatility in market value creation, contrasting with a relatively stable revenue base. While revenue showed moderate fluctuations, the market value added and the corresponding MVA margin experienced sharp declines and subsequent recoveries.
- Market Value Added (MVA) Trends
- A peak MVA of US$ 53,799 million was recorded in 2021, followed by a substantial contraction to US$ 26,377 million in 2022. A steady recovery trend was observed through 2024, with the value rising to US$ 39,699 million. This recovery was interrupted by a sharp decline in 2025, where MVA reached a period low of US$ 17,588 million, before rebounding to US$ 33,255 million in 2026.
- Revenue Performance
- Revenue grew from US$ 83,959 million in 2021 to a peak of US$ 93,512 million in 2022. Between 2023 and 2025, revenue entered a period of slight contraction and stabilization, fluctuating between US$ 87,693 million and US$ 90,155 million. A return to growth occurred in 2026, with revenue reaching US$ 94,720 million.
- MVA Margin Analysis
- The MVA margin exhibited extreme variance, reflecting a volatile relationship between market valuation and operational scale. The margin decreased sharply from 64.08% in 2021 to 28.21% in 2022. After climbing back to 45.27% in 2024, the margin fell to its lowest level of 20.00% in 2025. The period concluded with a recovery to 35.11% in 2026, indicating inconsistent market perception of the company's ability to generate value above its invested capital relative to its total revenue.