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
Royal Caribbean Cruises Ltd., MVA calculation
US$ in thousands
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 | Royal Caribbean Cruises Ltd. market (fair) value less invested capital. | Royal Caribbean Cruises Ltd. MVA increased from 2019 to 2020 but then slightly decreased from 2020 to 2021. |
MVA Spread Ratio
Royal Caribbean Cruises Ltd., 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 thousands) | ||||||
| Market value added (MVA)1 | 15,914,790) | 15,990,145) | 7,542,459) | 14,754,487) | 18,042,380) | |
| Invested capital2 | 26,323,667) | 28,435,034) | 24,165,583) | 22,762,454) | 18,110,618) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 60.46% | 56.23% | 31.21% | 64.82% | 99.62% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Airbnb Inc. | 1,610.92% | 2,575.01% | — | — | — | |
| Booking Holdings Inc. | 637.90% | 662.28% | 576.91% | — | — | |
| Carnival Corp. & plc | 20.45% | 1.99% | 22.47% | 46.60% | — | |
| Chipotle Mexican Grill Inc. | 750.93% | 835.30% | 518.95% | — | — | |
| McDonald’s Corp. | 393.79% | 359.83% | 386.54% | — | — | |
| Starbucks Corp. | 552.49% | 492.67% | 499.06% | 280.03% | — | |
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 × 15,914,790 ÷ 26,323,667 = 60.46%
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. | Royal Caribbean Cruises Ltd. MVA spread ratio improved from 2019 to 2020 and from 2020 to 2021. |
MVA Margin
Royal Caribbean Cruises Ltd., 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 thousands) | ||||||
| Market value added (MVA)1 | 15,914,790) | 15,990,145) | 7,542,459) | 14,754,487) | 18,042,380) | |
| Revenues | 1,532,133) | 2,208,805) | 10,950,661) | 9,493,849) | 8,777,845) | |
| Performance Ratio | ||||||
| MVA margin2 | 1,038.73% | 723.93% | 68.88% | 155.41% | 205.54% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Airbnb Inc. | 1,449.11% | 3,942.51% | — | — | — | |
| Booking Holdings Inc. | 873.43% | 1,419.18% | 422.06% | — | — | |
| Carnival Corp. & plc | 498.53% | 17.42% | 41.35% | 86.56% | — | |
| Chipotle Mexican Grill Inc. | 544.85% | 685.47% | 390.98% | — | — | |
| McDonald’s Corp. | 808.92% | 875.15% | 781.31% | — | — | |
| Starbucks Corp. | 450.20% | 480.36% | 382.96% | 235.14% | — | |
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 × 15,914,790 ÷ 1,532,133 = 1,038.73%
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. | Royal Caribbean Cruises Ltd. MVA margin ratio improved from 2019 to 2020 and from 2020 to 2021. |