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
HCA Healthcare Inc., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | HCA Healthcare Inc. market (fair) value less invested capital. | HCA Healthcare Inc. MVA increased from 2019 to 2020 and from 2020 to 2021. |
MVA Spread Ratio
HCA Healthcare Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | 80,382) | 65,907) | 57,708) | 55,519) | 45,874) | |
| Invested capital2 | 36,837) | 34,570) | 33,534) | 29,729) | 27,635) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 218.21% | 190.65% | 172.09% | 186.75% | 166.00% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Abbott Laboratories | 266.78% | 300.18% | 202.12% | — | — | |
| Cigna Group | 21.75% | 20.67% | 16.09% | — | — | |
| CVS Health Corp. | 49.51% | 20.97% | 20.89% | — | — | |
| Danaher Corp. | 187.44% | 172.97% | 135.15% | — | — | |
| Elevance Health Inc. | 115.84% | 72.12% | 79.88% | — | — | |
| Humana Inc. | 122.92% | 163.20% | 196.12% | — | — | |
| Intuitive Surgical Inc. | 2,002.36% | 1,853.43% | 1,771.30% | — | — | |
| Medtronic PLC | 163.10% | 107.64% | 113.36% | 91.81% | — | |
| UnitedHealth Group Inc. | 265.59% | 189.93% | 187.47% | — | — | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2021 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 80,382 ÷ 36,837 = 218.21%
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. | HCA Healthcare Inc. MVA spread ratio improved from 2019 to 2020 and from 2020 to 2021. |
MVA Margin
HCA Healthcare Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | 80,382) | 65,907) | 57,708) | 55,519) | 45,874) | |
| Revenues | 58,752) | 51,533) | 51,336) | 46,677) | 43,614) | |
| Performance Ratio | ||||||
| MVA margin2 | 136.82% | 127.89% | 112.41% | 118.94% | 105.18% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Abbott Laboratories | 384.46% | 523.78% | 368.47% | — | — | |
| Cigna Group | 11.43% | 12.17% | 9.91% | — | — | |
| CVS Health Corp. | 22.27% | 10.70% | 11.44% | — | — | |
| Danaher Corp. | 468.46% | 507.10% | 438.18% | — | — | |
| Elevance Health Inc. | 54.14% | 33.92% | 42.99% | — | — | |
| Humana Inc. | 45.49% | 46.87% | 57.53% | — | — | |
| Intuitive Surgical Inc. | 1,575.51% | 1,900.32% | 1,312.48% | — | — | |
| Medtronic PLC | 391.27% | 264.99% | 269.43% | 217.26% | — | |
| UnitedHealth Group Inc. | 130.39% | 96.88% | 91.49% | — | — | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 MVA. See details »
2 2021 Calculation
MVA margin = 100 × MVA ÷ Revenues
= 100 × 80,382 ÷ 58,752 = 136.82%
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. | HCA Healthcare Inc. MVA margin ratio improved from 2019 to 2020 and from 2020 to 2021. |