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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Uber Technologies Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Selected Financial Data since 2019
- Price to Earnings (P/E) since 2019
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MVA
Uber Technologies Inc., MVA calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
- Market (fair) value of Uber
- The market value experienced a significant decline from 109,410 million USD in 2020 to 69,376 million USD in 2021, representing a substantial decrease. This was followed by a slight recovery in 2022 to 77,242 million USD. However, in 2023, the market value saw a strong rebound reaching 173,550 million USD, before slightly decreasing again to 165,125 million USD in 2024. The overall trend suggests volatility with a notable recovery phase after 2021.
- Invested capital
- The invested capital showed a consistent downward trend over the five-year period. Starting at 21,038 million USD in 2020, it decreased steadily each year, reaching 14,934 million USD by 2024. This steady reduction indicates a gradual decrease in capital investment or asset base over time.
- Market value added (MVA)
- The MVA closely mirrors the trends seen in the market value. It dropped sharply from 88,372 million USD in 2020 to 53,298 million USD in 2021, then increased moderately to 60,902 million USD in 2022. A pronounced increase occurred in 2023 with MVA rising to 157,880 million USD, followed by a slight decline to 150,191 million USD in 2024. This reflects a significant value creation relative to invested capital in the latter years despite earlier declines.
MVA Spread Ratio
Uber Technologies Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| FedEx Corp. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2024 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
- Market Value Added (MVA)
- The market value added exhibited significant fluctuations over the analyzed period. Starting at $88,372 million at the end of 2020, it declined sharply to $53,298 million in 2021. In 2022, a modest recovery occurred with an increase to $60,902 million. A pronounced surge was observed in 2023, with MVA reaching $157,880 million, followed by a slight decrease to $150,191 million in 2024. Overall, the trend reflects a volatile but substantial growth from 2020 to 2024.
- Invested Capital
- Invested capital showed a downward trajectory across the five-year span. Beginning at $21,038 million in 2020, it consistently declined each year to reach $14,934 million by the end of 2024. The reductions were relatively steady, indicating a gradual decrease in capital investment or assets employed in the business.
- MVA Spread Ratio
- The MVA spread ratio experienced notable changes, closely mirroring the fluctuations in market value added relative to invested capital. Initially, it was very high at 420.06% in 2020, then decreased to 331.5% in 2021. In 2022, the ratio rose again to 372.72%. A sharp and significant increase occurred in 2023, reaching a peak of 1007.53%, which slightly decreased to 1005.7% in 2024. The elevated values in the latter years indicate a substantial premium of market value over invested capital.
MVA Margin
Uber Technologies Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Revenue | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| FedEx Corp. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31).
1 MVA. See details »
2 2024 Calculation
MVA margin = 100 × MVA ÷ Revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
The financial data over the five-year span indicates several notable trends in key performance metrics.
- Market Value Added (MVA)
- Market value added exhibited significant fluctuations between 2020 and 2024. The MVA initially decreased from 88,372 million US dollars in 2020 to 53,298 million US dollars in 2021, reflecting a decline in value creation. It then showed a moderate recovery in 2022, increasing to 60,902 million US dollars. A substantial surge occurred in 2023 when MVA more than doubled to 157,880 million US dollars, marking the highest value in the period. In 2024, there was a slight reduction to 150,191 million US dollars, but the level remained considerably elevated relative to earlier years.
- Revenue
- Revenue demonstrated a consistent and strong growth trend throughout the five years. From 11,139 million US dollars in 2020, revenue increased steadily each year, reaching 17,455 million in 2021, 31,877 million in 2022, 37,281 million in 2023, and 43,978 million in 2024. This upward trajectory reflects expanding sales or service income, with a particularly sharp increase between 2021 and 2022.
- MVA Margin (Market Value Added as a percentage of Revenue)
- The MVA margin showed significant variability, indicating changes in value creation efficiency relative to revenue. It started at an exceptionally high 793.36% in 2020, substantially dropped to 305.35% in 2021, and further declined to 191.05% in 2022. However, from 2022 to 2023, the MVA margin more than doubled to 423.49%, suggesting improved market valuation relative to generated revenue. In 2024, the margin settled at 341.51%, still higher than the 2021 and 2022 figures but below the peak levels of 2020 and 2023.
Overall, the data reflects a company undergoing substantial growth in revenue with corresponding changes in market value added. The sharp increase in MVA in 2023 indicates a significant enhancement in market perception or value creation capacity despite a slight pullback in 2024. The MVA margin analysis suggests that while revenue grew steadily, the market's valuation multiple on those revenues experienced volatility, peaking notably in 2020 and again in 2023 before stabilizing at a still elevated level.