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.
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- Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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MVA
Las Vegas Sands Corp., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2022-12-31), 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).
1 Fair value of debt. See details »
2 Invested capital. See details »
The financial data demonstrates observable trends over the five-year period for the analyzed entity. The market (fair) value exhibits some fluctuations, showing an initial increase followed by a decline and a partial recovery. Invested capital, conversely, shows a gradual decrease before a slight increase, indicating variations in capital deployment. The market value added (MVA) also follows a similar pattern to the market value, reflecting changes in market perception and possibly operational performance.
- Market (fair) value
- The market value increased from 61,776 million USD at the end of 2018 to 65,877 million USD in 2019. This was followed by a decline to 58,485 million USD in 2020, continuing downwards to 49,248 million USD in 2021. By the end of 2022, it rebounded to 59,474 million USD. This pattern suggests an initial period of growth, a significant contraction likely due to external or internal challenges in 2020 and 2021, and subsequent partial recovery in 2022.
- Invested capital
- Invested capital decreased from 19,047 million USD in 2018 to a low of 15,828 million USD in 2021, representing a consistent reduction over several years. In 2022, the invested capital increased to 18,926 million USD, nearing the levels seen at the beginning of the period. This trend may indicate divestitures or reductions in asset base followed by renewed investments or capital allocation strategies in the latest period.
- Market value added (MVA)
- The MVA follows a general trend parallel to market value, rising from 42,729 million USD in 2018 to a peak of 47,866 million USD in 2019, then declining sharply to 42,536 million USD in 2020, and further to 33,420 million USD in 2021. It rebounds in 2022 to 40,548 million USD. This movement reflects changes in the market value exceeding the invested capital, with the sharp declines indicating significant reductions in value creation or market confidence during 2020 and 2021, partially regained in 2022.
MVA Spread Ratio
Las Vegas Sands Corp., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
Based on: 10-K (reporting date: 2022-12-31), 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).
1 MVA. See details »
2 Invested capital. See details »
3 2022 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
- Market Value Added (MVA)
- The market value added experienced a general decline from 2019 through 2021, decreasing from 47,866 million US dollars to 33,420 million US dollars. However, in 2022, there was a notable recovery, with MVA increasing to 40,548 million US dollars, though it had not yet returned to the peak observed in 2019.
- Invested Capital
- Invested capital showed a downward trend from 2018 to 2021, decreasing from 19,047 million US dollars to 15,828 million US dollars. In 2022, this trend reversed, with invested capital rising again to 18,926 million US dollars, approaching the initial levels seen in 2018.
- MVA Spread Ratio
- The MVA spread ratio demonstrated an increasing trend during the period from 2018 to 2020, reaching a peak of approximately 267%. Subsequently, the ratio declined significantly in 2021 to 211%, followed by a slight increase in 2022 to 214%. Despite fluctuations, the ratio remained well above 200% throughout the observed period.
MVA Margin
Las Vegas Sands Corp., MVA margin calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Net revenues | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
Based on: 10-K (reporting date: 2022-12-31), 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).
1 MVA. See details »
2 2022 Calculation
MVA margin = 100 × MVA ÷ Net revenues
= 100 × ÷ =
3 Click competitor name to see calculations.
The financial data reveals several notable trends over the analyzed periods. Market value added (MVA) experienced fluctuations, reaching its peak in 2019 at approximately $47.9 billion before declining sharply in 2021 to about $33.4 billion and then partially recovering to roughly $40.5 billion in 2022. This pattern suggests significant valuation volatility over the timeframe.
Net revenues displayed a downward trend from 2018 through 2022. Revenues remained relatively stable between 2018 and 2019, around $13.7 billion, but then declined substantially in 2020 to approximately $3.6 billion, with modest increases in the following two years, reaching just over $4.1 billion by 2022. This considerable reduction after 2019 indicates challenges impacting operating performance, with only limited recovery observed subsequently.
The MVA margin, expressed as a percentage, shows a dramatic increase starting in 2020. After maintaining levels of around 311% to 348% in 2018 and 2019, the margin surged to over 1177% in 2020, then declined but remained elevated at 789% in 2021 and increased again to 987% in 2022. This increase suggests that despite the significant drop in net revenues, the market valuation relative to revenues improved substantially, indicating potentially higher market expectations or efficiencies in capital utilization during the latter years.
- Market Value Added (MVA)
- Peaked in 2019, followed by a decline and partial recovery by 2022.
- Net Revenues
- Stable initially, then plummeted sharply in 2020 with modest improvements thereafter.
- MVA Margin
- Increased substantially from 2020 onwards, reflecting higher relative market valuation compared to revenues despite lower revenue figures.