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
MVA Spread Ratio
MVA Margin

Kimberly-Clark Corp., MVA calculation

US$ in millions

	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
Fair value of debt¹	9,850)	8,652)	7,687)	7,945)	8,056)
Operating lease liability	556)	404)	491)	548)	534)
Market value of common equity	44,694)	49,472)	39,045)	39,170)	43,797)
Preferred stock, no par value; none issued	—)	—)	—)	—)	—)
Redeemable preferred securities of subsidiaries	28)	29)	64)	61)	58)
Noncontrolling interests	243)	227)	241)	253)	219)
Market (fair) value of Kimberly-Clark	55,371)	58,784)	47,528)	47,977)	52,664)
Less: Invested capital²	12,877)	11,405)	11,239)	11,929)	11,778)
MVA	42,494)	47,379)	36,289)	36,048)	40,886)

Based on: 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), 10-K (reporting date: 2016-12-31).

¹ Fair value of debt. See details »

² Invested capital. See details »

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Kimberly-Clark Corp., MVA spread ratio calculation, comparison to benchmarks

	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
Selected Financial Data (US$ in millions)
Market value added (MVA)¹	42,494)	47,379)	36,289)	36,048)	40,886)
Invested capital²	12,877)	11,405)	11,239)	11,929)	11,778)
Performance Ratio
MVA spread ratio³	330.00%	415.42%	322.89%	302.19%	347.14%
Benchmarks
MVA Spread Ratio, Competitors⁴
Procter & Gamble Co.	—	—	—	—	—

Based on: 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), 10-K (reporting date: 2016-12-31).

¹ MVA. See details »

² Invested capital. See details »

³ 2020 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 42,494 ÷ 12,877 = 330.00%

⁴ Click competitor name to see calculations.

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Kimberly-Clark Corp., MVA margin calculation, comparison to benchmarks

	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
Selected Financial Data (US$ in millions)
Market value added (MVA)¹	42,494)	47,379)	36,289)	36,048)	40,886)
Net sales	19,140)	18,450)	18,486)	18,259)	18,202)
Performance Ratio
MVA margin²	222.02%	256.79%	196.30%	197.43%	224.62%
Benchmarks
MVA Margin, Competitors³
Procter & Gamble Co.	—	—	—	—	—

Based on: 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), 10-K (reporting date: 2016-12-31).

¹ MVA. See details »

² 2020 Calculation
MVA margin = 100 × MVA ÷ Net sales
= 100 × 42,494 ÷ 19,140 = 222.02%

³ Click competitor name to see calculations.

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Kimberly-Clark Corp. (NYSE:KMB)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin