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
Uber Technologies Inc., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
The market value added (MVA) exhibited a significant upward trend between 2021 and 2023, followed by a decline in the subsequent two years. The market value of the company demonstrated a similar pattern, peaking in 2023 before decreasing in 2024 and 2025. Invested capital remained relatively stable throughout the period, with only moderate fluctuations.
- Market Value Added (MVA) Trend
- MVA increased substantially from US$53.298 billion in 2021 to US$60.902 billion in 2022, representing a growth of approximately 14.2%. This growth accelerated significantly in 2023, with MVA reaching US$157.880 billion, a rise of over 159.3% from the prior year. However, 2024 saw a decrease to US$150.123 billion, and this downward trend continued into 2025, with MVA falling to US$128.206 billion. The decline from the 2023 peak to 2025 represents a reduction of approximately 18.8%.
- Market Value Trend
- The market value mirrored the MVA trend. It increased from US$69.376 billion in 2021 to US$77.242 billion in 2022, a growth of 11.4%. A dramatic increase was observed in 2023, reaching US$173.550 billion. Subsequently, the market value decreased to US$165.057 billion in 2024 and further to US$143.976 billion in 2025. The decrease from the 2023 peak to 2025 represents a reduction of approximately 17.0%.
- Invested Capital
- Invested capital remained relatively consistent throughout the five-year period. It fluctuated between US$14.934 billion and US$16.340 billion. A slight decrease was observed from 2022 to 2024, followed by a modest increase in 2025. The relative stability of invested capital suggests that changes in MVA and market value are primarily driven by shifts in market perception and investor expectations rather than significant alterations in the company’s capital base.
The substantial growth in MVA and market value between 2021 and 2023 was followed by a notable decline in both metrics in the subsequent two years. While invested capital remained stable, the fluctuations in MVA and market value suggest a dynamic valuation influenced by external factors or changing investor sentiment.
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MVA Spread Ratio
Uber Technologies Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | 128,206) | 150,123) | 157,880) | 60,902) | 53,298) | |
| Invested capital2 | 15,770) | 14,934) | 15,670) | 16,340) | 16,078) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 812.97% | 1,005.24% | 1,007.53% | 372.72% | 331.50% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| FedEx Corp. | 24.99% | 56.50% | 43.85% | 39.69% | 83.76% | |
| Union Pacific Corp. | 178.37% | 178.57% | 196.13% | 160.12% | 224.50% | |
| United Airlines Holdings Inc. | 20.12% | 17.06% | -6.53% | 2.17% | 9.50% | |
| United Parcel Service Inc. | 149.09% | 155.52% | 230.88% | 287.06% | 373.66% | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2025 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 128,206 ÷ 15,770 = 812.97%
4 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited a substantial increase from 2021 to 2023, followed by a decline in the subsequent two years. Invested Capital demonstrated a relatively stable pattern with a slight decreasing trend over the period. The MVA spread ratio, calculated as MVA divided by Invested Capital, reveals a significant expansion followed by a contraction.
- Market Value Added (MVA)
- MVA increased from US$53,298 million in 2021 to US$60,902 million in 2022, representing a growth of approximately 14.3%. A dramatic surge occurred in 2023, with MVA reaching US$157,880 million. However, this was followed by a decrease to US$150,123 million in 2024 and further to US$128,206 million in 2025. Despite the declines in 2024 and 2025, the MVA remained significantly higher than the levels observed in 2021 and 2022.
- Invested Capital
- Invested Capital showed minimal fluctuation between 2021 and 2023, ranging from US$15,670 million to US$16,340 million. A slight downward trend is observed in 2024, decreasing to US$14,934 million, before a modest increase to US$15,770 million in 2025. The overall change in Invested Capital over the five-year period was relatively small.
- MVA Spread Ratio
- The MVA spread ratio increased consistently from 331.50% in 2021 to 372.72% in 2022. A substantial increase was observed in 2023, reaching 1,007.53%. The ratio remained high in 2024 at 1,005.24%, before decreasing significantly to 812.97% in 2025. The high values of the MVA spread ratio indicate that the market value created significantly exceeded the capital invested, particularly in 2023 and 2024. The decline in 2025 suggests a diminishing return on invested capital relative to the market’s perception of value creation.
The substantial growth in the MVA spread ratio between 2021 and 2023, coupled with the subsequent decline, warrants further investigation. The decrease in MVA in 2024 and 2025, despite a relatively stable Invested Capital, suggests potential shifts in market expectations or operational performance impacting value creation.
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MVA Margin
Uber Technologies Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | 128,206) | 150,123) | 157,880) | 60,902) | 53,298) | |
| Revenue | 52,017) | 43,978) | 37,281) | 31,877) | 17,455) | |
| Performance Ratio | ||||||
| MVA margin2 | 246.47% | 341.36% | 423.49% | 191.05% | 305.35% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| FedEx Corp. | 20.00% | 45.27% | 33.82% | 28.21% | 64.08% | |
| Union Pacific Corp. | 463.15% | 456.88% | 500.31% | 384.62% | 599.66% | |
| United Airlines Holdings Inc. | 17.00% | 14.70% | -5.49% | 1.98% | 20.01% | |
| United Parcel Service Inc. | 85.16% | 82.22% | 115.39% | 128.11% | 170.51% | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 MVA. See details »
2 2025 Calculation
MVA margin = 100 × MVA ÷ Revenue
= 100 × 128,206 ÷ 52,017 = 246.47%
3 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited substantial fluctuations over the five-year period. Initially, MVA increased from US$53.298 billion in 2021 to US$60.902 billion in 2022, representing a growth of approximately 14.1%. A significant surge followed, with MVA reaching US$157.880 billion in 2023. However, this was followed by a decrease to US$150.123 billion in 2024 and a further decline to US$128.206 billion in 2025.
Revenue demonstrated consistent growth throughout the period, increasing from US$17.455 billion in 2021 to US$52.017 billion in 2025. This represents a cumulative increase of nearly 200% over the five years.
- MVA Margin
- The MVA margin initially stood at 305.35% in 2021, indicating a substantial premium of market value over invested capital relative to revenue. This margin decreased to 191.05% in 2022, coinciding with the slower growth in MVA. The margin then experienced a considerable increase to 423.49% in 2023, reflecting the rapid expansion of MVA alongside revenue growth. Subsequently, the MVA margin decreased to 341.36% in 2024 and further to 246.47% in 2025, mirroring the decline in MVA despite continued revenue increases. The decreasing MVA margin suggests that while revenue is growing, the rate of value creation, as perceived by the market, is diminishing.
The divergence between revenue growth and MVA trends, particularly in 2024 and 2025, warrants further investigation. While revenue continues to climb, the declining MVA and corresponding MVA margin suggest potential concerns regarding future growth expectations, profitability, or risk assessment by investors. The substantial volatility in MVA indicates sensitivity to market conditions or company-specific factors.
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