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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- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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MVA
TJX Cos. Inc., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30).
1 Fair value of debt. See details »
2 Invested capital. See details »
The information presents a consistent upward trend in market value added (MVA) alongside increases in both market value and invested capital over the observed period. A notable recovery in market value is evident following a decline between 2021 and 2022.
- Market Value
- The market value experienced a decrease from US$95,850 million in 2021 to US$85,516 million in 2022. However, subsequent years demonstrate strong growth, reaching US$100,728 million in 2023, US$122,526 million in 2024, US$152,105 million in 2025, and culminating in US$190,107 million in 2026. This indicates a positive shift in investor perception and/or company performance after 2022.
- Invested Capital
- Invested capital exhibited a slight decrease from US$22,428 million in 2021 to US$19,742 million in 2022. From 2023 onwards, invested capital shows a steady, albeit moderate, increase, progressing to US$20,404 million, US$21,125 million, US$22,612 million, and finally US$25,048 million in 2026. This suggests a measured approach to capital allocation.
- Market Value Added (MVA)
- MVA mirrored the trend in market value, declining from US$73,421 million in 2021 to US$65,775 million in 2022. A strong recovery is then observed, with MVA increasing to US$80,324 million in 2023, US$101,401 million in 2024, US$129,493 million in 2025, and reaching US$165,059 million in 2026. The consistent growth in MVA suggests that the company is generating value for its investors beyond the cost of capital.
- Relationship between MVA, Market Value, and Invested Capital
- The increasing gap between market value and invested capital, as reflected in the rising MVA, indicates improving efficiency in capital utilization and/or enhanced profitability. The consistent positive MVA values throughout the period suggest that the company’s investments are yielding returns that exceed the required rate of return.
Overall, the information suggests a period of initial challenge in 2022 followed by substantial value creation through 2026. The consistent growth in MVA, coupled with increasing market value and a measured increase in invested capital, paints a picture of improving financial health and investor confidence.
MVA Spread Ratio
TJX Cos. Inc., MVA spread ratio calculation, comparison to benchmarks
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | |||||||
| Invested capital2 | |||||||
| Performance Ratio | |||||||
| MVA spread ratio3 | |||||||
| Benchmarks | |||||||
| MVA Spread Ratio, Competitors4 | |||||||
| Amazon.com Inc. | |||||||
| Home Depot Inc. | |||||||
| Lowe’s Cos. Inc. | |||||||
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30).
1 MVA. See details »
2 Invested capital. See details »
3 2026 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
The Market Value Added (MVA) and associated MVA spread ratio demonstrate a consistent upward trajectory over the observed period. While MVA experienced a decrease between 2021 and 2022, it has since exhibited robust growth, culminating in a substantial increase by 2026. Invested capital also shows a general increasing trend, though at a considerably slower pace than MVA. This disparity is reflected in the escalating MVA spread ratio.
- Market Value Added (MVA)
- MVA decreased from US$73,421 million in 2021 to US$65,775 million in 2022. However, a strong recovery and subsequent growth phase followed, with MVA reaching US$80,324 million in 2023, US$101,401 million in 2024, US$129,493 million in 2025, and ultimately US$165,059 million in 2026. This indicates increasing shareholder wealth creation over the latter part of the period.
- Invested Capital
- Invested capital decreased from US$22,428 million in 2021 to US$19,742 million in 2022. Subsequent years show a gradual increase, reaching US$20,404 million in 2023, US$21,125 million in 2024, US$22,612 million in 2025, and US$25,048 million in 2026. The rate of increase in invested capital is significantly lower than that of MVA.
- MVA Spread Ratio
- The MVA spread ratio, calculated as MVA divided by Invested Capital, has consistently increased throughout the period. Starting at 327.36% in 2021, it rose to 333.18% in 2022. The ratio then accelerated, reaching 393.67% in 2023, 480.00% in 2024, 572.68% in 2025, and 658.97% in 2026. This substantial increase suggests that the company is generating a significantly higher return on its invested capital over time, creating substantial value for shareholders relative to the capital employed.
The widening gap between MVA growth and invested capital growth, as evidenced by the increasing MVA spread ratio, suggests improved efficiency in capital allocation and/or enhanced profitability. The company appears to be increasingly effective at generating value from each dollar of invested capital.
MVA Margin
TJX Cos. Inc., MVA margin calculation, comparison to benchmarks
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | |||||||
| Net sales | |||||||
| Add: Increase (decrease) in deferred gift card revenue | |||||||
| Adjusted net sales | |||||||
| Performance Ratio | |||||||
| MVA margin2 | |||||||
| Benchmarks | |||||||
| MVA Margin, Competitors3 | |||||||
| Amazon.com Inc. | |||||||
| Home Depot Inc. | |||||||
| Lowe’s Cos. Inc. | |||||||
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30).
1 MVA. See details »
2 2026 Calculation
MVA margin = 100 × MVA ÷ Adjusted net sales
= 100 × ÷ =
3 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited a fluctuating pattern over the observed period. Initially, a decrease in MVA was noted, followed by a period of growth culminating in substantial increases in later years. This trend is accompanied by changes in Adjusted Net Sales and the resulting MVA margin.
- Market Value Added (MVA)
- The MVA experienced a decline from US$73,421 million in January 2021 to US$65,775 million in January 2022. Subsequently, the MVA increased to US$80,324 million in January 2023, and continued its upward trajectory, reaching US$101,401 million in February 2024. Further growth was observed in February 2025, with the MVA reaching US$129,493 million, and culminating in US$165,059 million in January 2026. This represents a significant overall increase in MVA throughout the period.
- Adjusted Net Sales
- Adjusted Net Sales demonstrated a substantial increase from US$32,212 million in January 2021 to US$48,659 million in January 2022. The rate of growth slowed in the following year, with sales reaching US$49,972 million in January 2023. A moderate increase was then observed, with sales reaching US$54,269 million in February 2024, US$56,411 million in February 2025, and US$60,445 million in January 2026. While sales increased overall, the growth rate was not consistent.
- MVA Margin
- The MVA margin initially stood at 227.93% in January 2021, then decreased significantly to 135.17% in January 2022. The margin subsequently increased to 160.74% in January 2023 and 186.85% in February 2024. A notable acceleration in margin growth occurred in February 2025, reaching 229.55%, and continued to rise to 273.07% in January 2026. The MVA margin demonstrates a strong positive correlation with the increasing MVA, indicating that value creation is becoming increasingly efficient relative to sales.
The increasing MVA margin suggests that the company is generating more value for each dollar of sales. The substantial growth in both MVA and MVA margin in the later years of the period indicates improved financial performance and enhanced shareholder value creation.