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
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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MVA
UnitedHealth Group 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 of the company fluctuated over the five-year period, initially increasing before experiencing a significant decline. Invested capital consistently rose through 2024, then stabilized in 2025. Market value added (MVA) demonstrated a similar pattern to the market value, peaking in 2021 and subsequently decreasing.
- Market Value Trend
- The market value increased from US$511,541 million in 2021 to US$519,637 million in 2022, representing a modest gain. Further growth was observed in 2023, reaching US$535,381 million. However, a decline occurred in 2024, with the market value falling to US$515,285 million. The most substantial decrease was recorded in 2025, with the market value dropping to US$354,296 million.
- Invested Capital Trend
- Invested capital exhibited a consistent upward trend from 2021 to 2024. It rose from US$139,922 million in 2021 to US$165,347 million in 2022, US$182,841 million in 2023, and US$198,557 million in 2024. In 2025, invested capital remained relatively stable at US$197,568 million, indicating a potential plateau in capital investment.
- Market Value Added (MVA) Trend
- MVA peaked in 2021 at US$371,619 million. It decreased to US$354,290 million in 2022 and continued to decline, reaching US$352,540 million in 2023. The rate of decline accelerated in 2024, with MVA falling to US$316,728 million. A significant reduction in MVA was observed in 2025, dropping to US$156,728 million. This suggests a diminishing ability to generate value for investors relative to the capital invested.
The decreasing trend in MVA, coupled with the stabilization of invested capital in the most recent year, warrants further investigation. The substantial decline in market value in 2025 is a key area of concern and should be analyzed in conjunction with other financial and market indicators.
MVA Spread Ratio
UnitedHealth Group Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Abbott Laboratories | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
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 × ÷ =
4 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited a declining trend over the five-year period. Initially reported at US$371,619 million in 2021, MVA decreased to US$156,728 million by 2025. Simultaneously, Invested Capital consistently increased from US$139,922 million in 2021 to US$197,568 million in 2025. This divergence between MVA and Invested Capital is reflected in the MVA spread ratio, which also demonstrated a significant downward trajectory.
- MVA Trend
- A consistent decrease in MVA is apparent. The largest single-year decline occurred between 2023 and 2024, with a reduction of US$35,812 million. The decline from 2021 to 2025 totals US$214,891 million, representing a substantial erosion of shareholder value as measured by MVA.
- Invested Capital Trend
- Invested Capital increased steadily throughout the period. While the rate of increase slowed between 2024 and 2025, the overall trend remains positive. This suggests continued investment in the business, despite the declining MVA.
- MVA Spread Ratio Trend
- The MVA spread ratio, which indicates the proportion of MVA relative to Invested Capital, experienced a pronounced decline. Starting at 265.59% in 2021, the ratio decreased to 79.33% in 2025. This indicates that the value created (MVA) relative to the capital invested is diminishing over time. The most significant decrease in the ratio occurred between 2023 and 2024, falling from 192.81% to 159.51%.
The combined trends suggest that while the company continues to invest capital, the returns generated from those investments, as reflected in MVA, are decreasing. The shrinking MVA spread ratio highlights a growing disconnect between capital employed and value creation.
MVA Margin
UnitedHealth Group Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Revenues, customers | ||||||
| Add: Increase (decrease) in unearned revenues | ||||||
| Adjusted revenues, customers | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Abbott Laboratories | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
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 ÷ Adjusted revenues, customers
= 100 × ÷ =
3 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited a fluctuating pattern over the five-year period. Initially, the MVA decreased from US$371,619 million in 2021 to US$352,540 million in 2023, before experiencing a more substantial decline to US$156,728 million by 2025. Simultaneously, Adjusted Revenues, Customers consistently increased throughout the period, rising from US$285,002 million in 2021 to US$443,743 million in 2025.
- MVA Trend
- The MVA experienced a decline across the observed period. The most significant decrease occurred between 2023 and 2025, with a reduction of US$195,812 million. The initial decline from 2021 to 2022 was comparatively smaller, at US$17,329 million.
- Revenue Trend
- Adjusted Revenues, Customers demonstrated consistent growth year-over-year. The largest absolute increase in revenue occurred between 2024 and 2025, adding US$48,705 million. This indicates a continued expansion in the customer base or increased revenue per customer.
- MVA Margin Trend
- The MVA margin showed a consistent downward trend. Starting at 130.39% in 2021, it decreased to 35.32% in 2025. This suggests that while revenues increased, the value created for shareholders, relative to revenue, diminished considerably over time. The rate of decline accelerated from 2022 onwards.
The divergence between increasing revenues and decreasing MVA, coupled with the declining MVA margin, suggests a potential disconnect between revenue growth and value creation. Further investigation would be required to determine the underlying factors contributing to this trend, such as changes in profitability, cost of capital, or investor expectations.