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Microsoft Excel LibreOffice Calc

International Business Machines Corp. (IBM)

Market Value Added (MVA)

Difficulty: Advanced

Market value added (MVA) is the difference between a firms's 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

International Business Machines Corp., MVA calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Fair value of debt1 hidden hidden hidden hidden hidden
PV of operating lease payments2 hidden hidden hidden hidden hidden
Market value of common equity hidden hidden hidden hidden hidden
Noncontrolling interests hidden hidden hidden hidden hidden
Less: Marketable securities hidden hidden hidden hidden hidden
Market (fair) value of IBM hidden hidden hidden hidden hidden
Less: Invested capital3 hidden hidden hidden hidden hidden
MVA hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-24), 10-K (filing date: 2014-02-25).

1 Fair value of debt. See Details »

2 Present value of operating lease payments. See Details »

3 Invested capital. See Details »

Item Description The company
MVA IBM's market (fair) value less invested capital. International Business Machines Corp.'s MVA increased from 2015 to 2016 but then slightly declined from 2016 to 2017 not reaching 2015 level.

MVA Spread

International Business Machines Corp., MVA spread calculation

Microsoft Excel LibreOffice Calc
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Market value added (MVA)1 hidden hidden hidden hidden hidden
Invested capital2 hidden hidden hidden hidden hidden
Ratio
MVA spread3 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-24), 10-K (filing date: 2014-02-25).

2017 Calculations

1 MVA. See Details »

2 Invested capital. See Details »

3 MVA spread = 100 × MVA ÷ Invested capital
= 100 × hidden ÷ hidden = hidden

Ratio Description The company
MVA spread 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. International Business Machines Corp.'s MVA spread improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017 not reaching 2015 level.

MVA Margin

International Business Machines Corp., MVA margin calculation

Microsoft Excel LibreOffice Calc
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Market value added (MVA)1 hidden hidden hidden hidden hidden
Revenue hidden hidden hidden hidden hidden
Add: Increase (decrease) in deferred income hidden hidden hidden hidden hidden
Adjusted revenue hidden hidden hidden hidden hidden
Ratio
MVA margin2 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-24), 10-K (filing date: 2014-02-25).

2017 Calculations

1 MVA. See Details »

2 MVA margin = 100 × MVA ÷ Adjusted revenue
= 100 × hidden ÷ hidden = hidden

Ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. International Business Machines Corp.'s MVA margin improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017 not reaching 2015 level.