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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
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MVA
Walmart Inc., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
- Market (fair) value of Walmart
- The market value of Walmart demonstrates an overall upward trend from January 31, 2020, through January 31, 2025. Starting at approximately 410.8 billion US dollars in 2020, the value initially increased steadily to around 470.9 billion in 2022. This was followed by a decline to about 441.4 billion in 2023, indicating a short-term reduction in market valuation. Subsequently, the market value experienced significant growth in the last two years, reaching approximately 748.8 billion by January 31, 2025. This suggests renewed investor confidence or improved market conditions in the later periods.
- Invested capital
- Invested capital shows a moderate decreasing trend overall. Beginning at 167.3 billion US dollars in early 2020, there is a gradual decline up to 149.6 billion in 2023, indicating a potential reduction in the capital base or operational scaling down. However, in the final two periods, a slight recovery is visible, with invested capital increasing to about 161.3 billion by 2025. Despite this uptick, the invested capital remains lower than the initial 2020 level, which could reflect efficiency improvements, divestitures, or asset optimization efforts.
- Market value added (MVA)
- MVA follows a positive trajectory, evidencing value creation over the period under review. Starting at 243.5 billion in 2020, it increased steadily to 314.7 billion by 2022. There was a slight reduction to approximately 291.8 billion in 2023, paralleling the dip in market value. Nonetheless, a strong rebound occurred in the subsequent periods, with MVA reaching around 587.5 billion by 2025. The significant increase of MVA in the later years compared to the initial years implies enhanced market valuation relative to invested capital, reinforcing indications of value growth and improved market perceptions.
- Summary of trends
- Overall, the market value and MVA demonstrate substantial growth over the five-year period, despite interim contractions in 2023. The invested capital's slight decrease followed by stabilization may suggest operational or strategic changes that have not hindered market valuation growth. The divergence between rising market value and relatively stable invested capital points to increasing market efficiency or profitability. The temporary declines in 2023 might warrant further investigation to understand causal factors, but the subsequent recovery indicates resilience and growth potential.
MVA Spread Ratio
Walmart Inc., MVA spread ratio calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 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 | |||||||
| Costco Wholesale Corp. | |||||||
| Target Corp. | |||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
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.
- Market Value Added (MVA)
- The Market Value Added exhibits an overall upward trend from January 31, 2020, to January 31, 2025. Starting at 243,475 million US dollars in 2020, it increased to 286,465 million in 2021 and continued rising to 314,669 million in 2022. There was a slight decline in 2023 to 291,793 million, but the figure rebounded sharply to 400,456 million in 2024 and further to 587,543 million in 2025. This pattern indicates strong market value growth with a brief dip in 2023.
- Invested Capital
- Invested capital demonstrates a downward trend initially, decreasing from 167,329 million US dollars in 2020 to 149,558 million in 2023. Despite this decline, there is a modest recovery afterward, with invested capital rising to 155,389 million in 2024 and 161,279 million in 2025. This suggests a cautious increase in capital investment in the most recent years following a period of reduction.
- MVA Spread Ratio
- The MVA spread ratio, representing the efficiency of capital in generating market value, shows significant improvement over the period. Beginning at 145.51% in 2020, this ratio steadily increased each year with a minor slowdown in growth rate in 2023 at 195.1%. However, it surged notably afterward, reaching 257.71% in 2024 and an impressive 364.3% in 2025. This trend reflects an increasingly effective use of invested capital to create market value over time.
- Summary Insights
- Overall, the data reveals a strong enhancement in market value creation relative to invested capital, particularly pronounced in the last two years. The decline in invested capital through 2023 followed by gradual increase implies shifting investment strategies or reallocation of resources. The marked increase in the MVA spread ratio highlights improved capital efficiency. The sharp growth in MVA after 2023 despite only modest rises in invested capital demonstrates improved market perception or operational performance leading to higher shareholder value.
MVA Margin
Walmart Inc., MVA margin calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Market value added (MVA)1 | |||||||
| Net sales | |||||||
| Performance Ratio | |||||||
| MVA margin2 | |||||||
| Benchmarks | |||||||
| MVA Margin, Competitors3 | |||||||
| Costco Wholesale Corp. | |||||||
| Target Corp. | |||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 MVA. See details »
2 2025 Calculation
MVA margin = 100 × MVA ÷ Net sales
= 100 × ÷ =
3 Click competitor name to see calculations.
- Market Value Added (MVA)
- The Market Value Added showed a general upward trend over the analyzed period. Starting at $243,475 million in 2020, it increased steadily, reaching $314,669 million in 2022. A slight decline occurred in 2023 with a value of $291,793 million, followed by a substantial rise in 2024 and 2025, reaching $400,456 million and $587,543 million respectively. This indicates overall growing market appreciation despite a temporary dip.
- Net Sales
- Net sales demonstrated consistent growth across all years. Beginning at $519,926 million in 2020, it increased each year to reach $674,538 million in 2025. The growth rate appears steady without any declines or significant fluctuations, suggesting a strong and persistent increase in revenue generation.
- MVA Margin
- The MVA margin, expressed as a percentage, illustrated fluctuations with initial growth from 46.83% in 2020 to 55.42% in 2022. A notable decline occurred in 2023 to 48.16%, but this was followed by a significant increase to 62.31% in 2024 and a sharp rise to 87.1% in 2025. These changes indicate variability in market valuation relative to net sales, with especially strong performance in the most recent years.