Like the wicked queen in the tale of Snow White, analysts are forever trying to identify the fairest of them all — the strongest, most innovative, and fastest-growing companies. Finance executives, in turn, are constantly seeking a metric that communicates a company’s financial condition in a way that enables employees to make rational decisions about operations. There is no shortage of metrics, but as the past two years have witnessed, many of them, in particular EBITDA and pro forma, have been vulnerable to distortion.
Enter MVA, or market value added, which measures the amount of wealth a company has created since its inception. MVA is an extension of EVA (economic value added), a metric that became popular in the 1990s, when companies used it to measure profitability not just at the corporate level, but also at the level of business units and individual projects.
EVA is described by Bennett Stewart, senior partner at consulting firm Stern Stewart & Co., which has trademarked the acronym, as an estimate of the amount by which earnings exceed or fall short of the rate of return shareholders and lenders could get by investing in other securities of comparable risk. “EVA is a practical method of estimating the economic profit that is earned, as opposed to the accounting profit,” he says. “It’s really a finance tool for nonfinance executives. Finance execs don’t need EVA.”
“It simplifies everything,” insists Sal Fazzolari, senior vice president, CFO, and treasurer of Harsco Corp., a Camp Hill, Pennsylvania-based industrial-services firm, which began implementing MVA and EVA as financial-measurement tools in 2001. “It’s one measurement for everyone in the company to concentrate on. It takes into consideration all of a company’s financials.”
At the heart of MVA and EVA are the beliefs that (1) the primary objective of management should be to maximize return to shareholders and (2) a company should earn more than its cost of investment.
In a nutshell, EVA is equal to a company’s net operating profits after taxes (NOPAT) minus a capital charge — the amount of capital invested in the business times the cost of capital. EVA converts the balance sheet and income statement into one measurement of profit, Stewart explains.
“It’s as if the company ended up with no assets and leased everything, factored all receivables,” and so on, he says, adding, “it’s the profit that would be reported if all assets were externally financed.” Stewart argues that looking at financials in this way enables a company to truly understand whether it is profitable because it manages assets well or simply because it is an owner of assets.
Fazzolari says that for many years, different business units at Harsco focused on a variety of metrics, such as return on capital, return on sales, net income, and sales. “These metrics can send you in different directions,” he says. “EVA makes you focus on all of the financial statements.”
EVA has enabled Harsco to improve its capital-allocation process by standardizing the way each manager and employee analyzes a project. For example, if a customer requests an extra 30 days to pay its bill, Harsco’s employees can immediately calculate the potential financial impact on the company. Each month, Harsco calculates EVA by business unit. “It is automatically generated,” says Fazzolari. Each employee can then access the tools needed to calculate EVA.
At consulting firm Accenture, EVA performance is linked with compensation for the firm’s partners. “A big portion of our partners’ and units’ compensation is based on EVA generation,” explains CFO Harry You. You likens EVA to a more precise version of return on invested capital. He also uses EVA in doing business with clients. “We look at the way we can create EVA for them,” he says. “We’re selling our business based on how we sell EVA to our clients. A vast majority of our clients may not use it, but they understand it.”
Defining MVA
“EVA is the most important empirical link to MVA,” says Stewart. The change in EVA explains 35 percent of the change in MVA, or seven times more than sales growth, while the change in earnings per share explains only about 3 percent of the change in MVA.
MVA itself is the stock market’s assessment of the net present value (NPV) of EVA. In other words, MVA is the difference between the market value of a company (which includes both equity and debt) and the capital that lenders and shareholders have entrusted to the company over the years. Thus, MVA is a measure of the difference between “cash in” (what investors have contributed) and “cash out” (what they could get by selling at today’s prices), Stewart explains.
If MVA is positive, it means that the company has increased the value of the capital entrusted to it and thus created shareholder wealth. If MVA is negative, the company has destroyed wealth.
Like all other metrics, says Accenture’s You, MVA has its limitations. For one thing, like a company’s price-to-earnings ratio, it is in part captive to the vagaries of the stock market. “Over longer periods, MVA correlates with EVA, but over a shorter time, it may not,” he insists.
On the other hand, MVA is a better measure of a company’s shareholder-wealth creation than simple market capitalization. Take, for example, Verizon Communications. The telecom giant’s market value is $200 billion, nearly the size of Microsoft’s. Although one would think the two companies therefore rewarded their shareholders equally, Microsoft’s MVA is 13 times greater than Verizon’s. This is because Verizon issued $65 billion of stock to buy GTE in 2000, skewing its market value growth.
And this transaction followed by just three years the all-stock merger of Bell Atlantic and Nynex that first created Verizon. In the past 10 years, Verizon’s total return to shareholders has been only 7.84 percent, according to Stewart.
All High Performers Are Not Alike
The top three performers, according to the MVA ranking of Tier-1 companies, are General Electric, Microsoft, and Wal-Mart Stores. (Note: The rankings delineate Tier 1, Tier 2, and Tier 3 companies by size.) Although representing diverse industry sectors and business strategies, all three companies have created nearly the same amount of wealth for their shareholders — GE, $223 billion; Microsoft, $212 billion; and Wal-Mart, $207 billion.
Wal-Mart had $246 billion in sales in the most recent year, while Microsoft had “only” $31 billion. GE has $156 billion in long-term debt, while Microsoft has none. Microsoft’s return on average capital is nearly twice that of the other two companies.
Of the top three companies, GE has the highest MVA and highest EVA. Wal-Mart’s EVA is higher than Microsoft’s, which means that the market is projecting different rates of growth for these companies. The fact that Microsoft has about the same MVA but a much lower EVA than GE means the market believes Microsoft has a greater opportunity to grow. This is partly underscored by its 22 percent return on average capital, which is nearly double that of its two MVA peers.
What does it mean that GE has the highest MVA and EVA? “If the MVA for GE is the same as for the other two companies, that means GE has less prospect for growth compared with the other two,” Stewart explains. In fact, although its EVA has grown somewhat over the past three years, its MVA has eroded by more than 17 times that of Wal-Mart over the three-year period. “[Its MVA score suggests] that GE doesn’t have the same intrinsic growth opportunity.
Wal-Mart has stupendous growth prospects but the lowest return on capital, so it has significant growth at lower margins. Microsoft, on the other hand, is a higher-growth, higher-return company. GE has a low-return, low-growth base, and a modest chance to grow its EVA,” he adds.
Perhaps the most impressive large companies in the Tier-1 ranking are Procter & Gamble and Johnson & Johnson, which show the best three-year improvements in MVA. (Changes in rankings between 1999 and 2002 are shown on the charts beginning on page 62, while three-year averages for EVA and MVA are available at www.cfo.com.) Procter & Gamble leaped from number 32 in 1999 to number 6 in 2002 in terms of MVA. Biopharmaceuticals company Gilead Sciences showed the highest three-year MVA gain among the 25 largest market-cap companies with less than $700 million in revenues, rising to second place from number 174 three years ago.
Technology companies rank high in terms of MVA despite the short life span of many new technology and Internet companies. Six of the 14 top large companies are tech companies; Ebay and Qualcomm fall among the top four midsize (Tier 2) companies, and Linear Technology is the highest company with sales below $700 million (Tier 3). From 1999 to 2002, Ebay, in fact, moved from number 25 to number 2 among companies with sales between $700 million and $7 billion, and now boasts twice the MVA of Amazon.com.
It’s not quite the magic number that will enable a company to understand precisely what it needs to do to maximize shareholder value and increase profitability. But MVA at least offers one of the least deceptive of mirrors for companies seeking to know whether they are the fairest of their peers.
What The Acronyms Mean |
MVA | Market Value Added | The difference between total market value (value of equity and debt) and invested capital (money/cash investors contributed to the business). It measures the difference between what investors “put” into the company and what it is currently worth. MVA is also equal to the present value of all future EVAs. |
EVA | Economic Value Added | Real measure of economic profit. This is calculated by reducing the full cost of capital from NOPAT — net operating profit after taxes. The full cost of capital captures the opportunity cost of all invested capital at the blended cost of equity and debt as applied by the specific business. |
P Score | | A measure of performance based on one-year sales growth; EVA/sales; EVA/capital; and one-year change in EVA over capital. |
R Score | | A measure of riskiness. It looks at stock-return volatility, leverage, cash flow, and size. |
2003 MVA Rankings |
Tier 1: 45 largest market-cap companies with sales of more than $7 billion |
2002 | 1999 | Company name | MVA | MV | Capital | EVA | Sale | Growth1 | Performance2 | Risk3 |
1 | 2 | General Electric Co | 222,767 | 322,190 | 99,423 | 5,983 | 73,420 | 32% | 79% | 4% |
2 | 4 | Microsoft Corp | 212,340 | 237,547 | 25,207 | 2,201 | 30,785 | 41% | 78% | 7% |
3 | 6 | Wal-Mart Stores | 207,346 | 280,970 | 73,624 | 2,928 | 244,524 | 48% | 79% | 8% |
4 | 22 | Johnson & Johnson | 124,237 | 171,829 | 47,592 | 2,839 | 36,298 | 32% | 90% | 4% |
5 | 12 | Merck & Co | 107,076 | 144,624 | 37,548 | 3,872 | 51,790 | 58% | 87% | 2% |
6 | 32 | Procter & Gamble Co | 92,231 | 133,248 | 41,017 | 2,315 | 42,606 | 7% | 79% | 3% |
7 | 8 | Intl Business Machines Corp | 90,422 | 193,955 | 103,533 | (8,032) | 81,186 | -7% | 9% | 23% |
8 | 13 | Exxon Mobil Corp | 85,108 | 273,634 | 188,526 | (2,175) | 178,909 | 11% | 30% | 1% |
9 | 21 | Coca-Cola Co | 82,413 | 107,007 | 24,594 | 2,496 | 19,983 | 2% | 85% | 2% |
10 | 3 | Intel Corp | 77,395 | 114,574 | 37,179 | (3,736) | 26,764 | -9% | 5% | 18% |
11 | 14 | Dell Computer Corp | 69,425 | 76,637 | 7,212 | 360 | 33,730 | 43% | 59% | 17% |
12 | 16 | Citigroup Inc | 68,078 | 176,795 | 108,716 | 2,964 | 92,029 | 12% | 65% | 7% |
13 | 1 | Cisco Systems Inc | 59,702 | 109,249 | 49,547 | (4,623) | 19,209 | 28% | 15% | 36% |
14 | 5 | Oracle Corp | 59,502 | 60,453 | 951 | 1,401 | 9,417 | -3% | 77% | 27% |
15 | 24 | Lilly (Eli) & Co | 57,366 | 74,761 | 17,395 | 1,096 | 11,078 | 12% | 68% | 7% |
16 | 29 | United Parcel Service Inc | 57,036 | 77,347 | 20,312 | 875 | 31,272 | 16% | 65% | 2% |
17 | 38 | Fannie Mae | 54,181 | 64,496 | 10,315 | 2,457 | 52,901 | 43% | 92% | 0% |
18 | 11 | Pfizer Inc | 52,683 | 194,393 | 141,711 | (2,779) | 32,373 | 100% | 35% | 24% |
19 | 40 | Pepsico Inc | 49,718 | 81,184 | 31,466 | 1,258 | 25,541 | 31% | 87% | 14% |
20 | 36 | Abbott Laboratories | 49,181 | 71,352 | 22,171 | 1,562 | 17,685 | 34% | 88% | 11% |
21 | 18 | Home Depot Inc | 43,955 | 69,635 | 25,680 | 1,346 | 58,247 | 52% | 85% | 11% |
22 | 57 | 3M Co | 41,012 | 55,768 | 14,756 | 817 | 16,332 | 4% | 75% | 2% |
23 | 19 | American International Group | 40,845 | 129,056 | 88,211 | (1,249) | 67,482 | 66% | 47% | 5% |
24 | 37 | Medtronic Inc | 40,778 | 60,416 | 19,639 | (26) | 7,309 | 55% | 53% | 11% |
25 | 33 | Pharmacia Corp | 40,679 | 62,897 | 22,218 | (1,078) | 13,993 | 53% | 36% | 5% |
26 | 31 | Wyeth | 38,443 | 66,206 | 27,763 | 696 | 14,584 | 8% | 72% | 10% |
27 | 52 | Comcast Corp | 38,008 | 112,530 | 74,522 | (3,555) | 12,460 | 101% | 19% | 62% |
28 | 56 | Anheuser-Busch Cos Inc | 37,916 | 50,536 | 12,620 | 1,314 | 13,566 | 16% | 91% | 2% |
29 | 46 | Du Pont (E I) De Nemours | 35,445 | 59,862 | 24,417 | (96) | 24,134 | -11% | 29% | 2% |
30 | 23 | Bristol Myers Squibb | 33,872 | 58,015 | 24,142 | 777 | 18,119 | 7% | 58% | 3% |
31 | 64 | Federal Home Loan Mortg Corp | 28,984 | 36,500 | 7,516 | 4,134 | 36,173 | 100% | NA | NA |
32 | 70 | Altria Group Inc | 28,230 | 102,082 | 73,852 | 6,696 | 62,182 | 1% | 82% | 9% |
33 | 30 | American Express | 27,539 | 43,671 | 16,132 | 707 | 24,649 | 10% | 61% | 2% |
34 | 54 | Colgate-Palmolive Co | 26,687 | 35,686 | 8,999 | 734 | 9,294 | 2% | 83% | 7% |
35 | 86 | Lowes Cos | 25,152 | 39,665 | 14,513 | 226 | 26,491 | 67% | 75% | 33% |
36 | 112 | Unitedhealth Group Inc | 25,004 | 31,302 | 6,298 | 856 | 25,020 | 28% | 91% | 6% |
37 | 62 | Walgreen Co | 24,417 | 40,488 | 16,071 | 572 | 30,564 | 56% | 83% | 26% |
38 | 60 | Wells Fargo & Co | 24,065 | 75,537 | 51,473 | 744 | 28,473 | 31% | 67% | 1% |
39 | 25 | Bellsouth Corp | 21,787 | 70,580 | 48,793 | (1,286) | 22,711 | -10% | 17% | 11% |
40 | . | Kraft Foods Inc | 21,770 | 73,524 | 51,754 | 732 | 29,723 | 11% | 63% | NA |
41 | 92 | Bank Of America Corp | 20,427 | 100,418 | 79,992 | 341 | 46,362 | -10% | 38% | 0% |
42 | 63 | Target Corp | 19,698 | 42,846 | 23,148 | 432 | 43,917 | 30% | 68% | 43% |
43 | 91 | First Data Corp | 19,323 | 29,346 | 10,023 | 503 | 7,636 | 38% | 88% | 13% |
44 | 61 | Gillette Co | 17,738 | 36,771 | 19,033 | (432) | 8,453 | -15% | 24% | 6% |
46 | 26 | Verizon Communications | 16,138 | 200,132 | 183,994 | (5,612) | 67,625 | 104% | 35% | 48% |
48 | 34 | Schering-Plough | 15,930 | 27,211 | 11,281 | 80 | 10,180 | 11% | 63% | 5% |
50 | 72 | United Technologies Corp | 15,740 | 42,816 | 27,076 | 721 | 28,541 | 14% | 62% | 16% |
51 | 39 | Morgan Stanley | 15,234 | 41,790 | 26,556 | 86 | 32,242 | -5% | 40% | 6% |
52 | 188 | Lockheed Martin Corp | 13,943 | 35,593 | 21,650 | (549) | 26,578 | 4% | 40% | 22% |
53 | 53 | Automatic Data Processing | 13,740 | 32,339 | 18,599 | (332) | 10,084 | 48% | 32% | 23% |
54 | 78 | Emerson Electric Co | 13,734 | 26,543 | 12,809 | (88) | 13,770 | -4% | 31% | 4% |
55 | 17 | Texas Instruments Inc | 13,346 | 32,593 | 19,247 | (3,151) | 8,383 | -11% | 4% | 47% |
57 | 93 | General Mills Inc | 12,073 | 27,358 | 15,285 | 72 | 10,284 | 56% | 71% | 49% |
58 | 115 | Southern Co | 11,817 | 34,358 | 22,541 | 502 | 10,549 | -9% | 64% | 11% |
59 | 66 | Goldman Sachs Group Inc | 11,369 | 32,130 | 20,761 | (322) | 22,854 | -10% | 32% | 16% |
60 | 45 | Nextel Communications | 11,233 | 28,559 | 17,326 | (1,521) | 8,721 | 162% | 47% | 80% |
62 | 55 | Viacom Inc -Cl B | 10,682 | 99,362 | 88,680 | (5,092) | 24,606 | 91% | 21% | 45% |
65 | 82 | Dow Chemical | 10,098 | 52,968 | 42,870 | (2,145) | 27,609 | 46% | 23% | 46% |
69 | 28 | Disney (Walt) Co | 9,282 | 56,974 | 47,692 | (2,072) | 25,779 | 8% | 21% | 25% |
74 | 140 | Fedex Corp | 8,558 | 31,041 | 22,483 | (596) | 22,073 | 24% | 37% | 29% |
75 | 44 | McDonalds Corp | 8,339 | 38,179 | 29,840 | (39) | 15,406 | 16% | 47% | 23% |
76 | 85 | Clear Channel Communications | 8,299 | 34,966 | 26,668 | (2,040) | 8,421 | 214% | 33% | 58% |
78 | 122 | Dominion Resources Inc | 7,897 | 35,117 | 27,220 | 533 | 10,218 | 85% | 80% | 44% |
79 | 98 | Fox Entertainment Group Inc | 7,721 | 29,439 | 21,719 | (941) | 10,413 | 31% | 35% | 29% |
80 | 73 | Merrill Lynch & Co | 7,697 | 32,691 | 24,994 | (208) | 28,152 | -19% | 29% | 19% |
81 | 144 | Exelon Corp | 7,532 | 36,346 | 28,814 | 719 | 14,955 | 175% | 87% | 56% |
82 | 76 | Kimberly-Clark Corp | 7,518 | 31,210 | 23,692 | (12) | 13,566 | 4% | 40% | 8% |
87 | 162 | Cardinal Health Inc | 6,960 | 27,513 | 20,553 | (386) | 53,447 | 71% | 49% | 10% |
93 | 77 | Alcoa Inc | 5,822 | 33,713 | 27,891 | (1,130) | 20,263 | 24% | 21% | 49% |
95 | 20 | Hewlett-Packard Co | 5,476 | 63,243 | 57,767 | (3,726) | 63,082 | 44% | 24% | 61% |
106 | 106 | Conocophillips | 3,963 | 63,943 | 59,980 | (849) | 50,512 | 272% | 61% | 45% |
108 | 102 | Cigna Corp | 3,826 | 85,436 | 81,611 | (3,967) | 19,343 | 3% | 23% | 5% |
113 | 48 | Ford Motor Co | 3,459 | 69,218 | 65,758 | (4,826) | 134,425 | 0% | 12% | 67% |
117 | 47 | Chevrontexaco Corp | 3,135 | 93,457 | 90,322 | (3,139) | 91,685 | 191% | 60% | 26% |
122 | 193 | Union Pacific Corp | 2,637 | 28,634 | 25,997 | (89) | 12,491 | 11% | 45% | 21% |
124 | 249 | Washington Mutual Inc | 2,599 | 33,135 | 30,536 | 1,215 | 18,755 | 38% | 87% | 6% |
127 | 184 | Firstenergy Corp | 2,515 | 30,661 | 28,146 | (77) | 12,152 | 92% | 63% | 48% |
133 | 80 | Aes Corp. (The) | 2,091 | 29,803 | 27,713 | (2,207) | 8,632 | 165% | 28% | 86% |
138 | 240 | UAL Corp | 1,842 | 35,659 | 33,816 | (4,219) | 14,286 | -21% | NA | NA |
140 | 104 | Cendant Corp | 1,801 | 36,497 | 34,696 | (537) | 14,088 | 162% | 50% | 88% |
145 | 153 | U S Bancorp | 1,407 | 36,384 | 34,977 | (28) | 15,422 | 140% | 72% | 19% |
146 | 169 | Pg&E Corp | 1,405 | 27,498 | 26,093 | (1,235) | 12,495 | -40% | 17% | 55% |
184 | 232 | Intl Paper Co | (313) | 37,973 | 38,287 | (1,317) | 24,976 | 2% | 21% | 44% |
196 | 216 | Northrop Grumman Corp | (748) | 34,216 | 34,965 | (721) | 17,206 | 91% | 41% | 66% |
200 | 186 | Delta Air Lines Inc | (1,049) | 27,445 | 28,495 | (2,161) | 13,305 | -10% | 6% | 69% |
217 | 123 | Xerox Corp | (2,240) | 28,170 | 30,411 | (1,123) | 15,849 | -18% | 18% | 58% |
223 | 244 | AMR Corp/De | (2,763) | 31,049 | 33,812 | (3,459) | 17,326 | -2% | 5% | 82% |
228 | 114 | El Paso Corp | (3,864) | 28,817 | 32,681 | (2,273) | 12,194 | 15% | 30% | 77% |
229 | 118 | Boeing Co | (3,871) | 48,642 | 52,513 | (542) | 54,069 | -7% | 31% | 34% |
237 | 247 | Bank One Corp | (6,577) | 40,164 | 46,741 | (1,597) | 22,171 | -13% | 16% | 5% |
238 | 233 | Sears Roebuck & Co | (6,859) | 44,898 | 51,758 | (314) | 41,366 | 1% | 39% | 59% |
240 | 241 | AT&T Wireless Services Inc | (7,106) | 36,249 | 43,355 | (5,102) | 15,631 | 105% | 18% | 83% |
244 | 67 | Honeywell International Inc | (9,231) | 32,846 | 42,078 | (833) | 22,274 | -6% | 18% | 42% |
245 | 251 | Wachovia Corp | (10,182) | 45,839 | 56,021 | (1,762) | 23,591 | 7% | 22% | 10% |
246 | 101 | General Motors Corp | (14,081) | 105,697 | 119,778 | (5,065) | 155,974 | 2% | 27% | 40% |
247 | 27 | Motorola Inc | (15,904) | 30,030 | 45,934 | (5,849) | 26,679 | -17% | 4% | 56% |
248 | 50 | J P Morgan Chase & Co | (25,499) | 47,466 | 72,965 | (3,646) | 43,372 | 29% | 17% | 22% |
249 | 9 | AOL Time Warner Inc | (27,148) | 103,550 | 130,697 | (27,539) | 40,961 | 757% | 17% | 81% |
251 | 42 | SBC Communications Inc | (38,372) | 118,558 | 156,930 | (8,434) | 43,138 | -13% | 9% | 14% |
252 | 65 | AT&T Corp | (72,674) | 75,733 | 148,406 | (27,116) | 49,931 | -20% | 4% | 23% |
Notes: All values — except for the performance and risk measures — are in millions. MVA rankings are based on all Tier-1 companies. Since some Tier-1 companies have low MVA rankings, numbers are not sequential. 1Three-year cumulative aggregate sales growth. 2Indicates the company’s ranking for operating performance relative to Russell 1,000 companies. The measure runs from 0 to 100. The higher the number, the stronger the company’s operating performance. 3Indicates the company’s ranking for risk relative to Russell 1,000 companies. The measure runs from 0 to 100. The lower the number, the less risky the company. |
2003 MVA Rankings |
Tier 2: 25 largest market-cap companies with sales between $700 million and $7 billion |
2002 | 1999 | Company name | MVA | MV | Capital | EVA | Sale | Growth1 | Performance2 | Risk3 |
1 | 6 | Amgen Inc | 57,361 | 80,204 | 22,844 | (103) | 5,523 | 65% | 76% | 57% |
2 | 25 | Ebay Inc | 25,489 | 29,094 | 3,606 | (156) | 1,214 | 440% | 32% | 90% |
3 | 85 | Forest Laboratories -Cl A | 17,200 | 19,006 | 1,806 | 307 | 2,022 | 156% | 99% | NA |
4 | 2 | Qualcomm Inc | 17,167 | 24,194 | 7,027 | (721) | 3,785 | -3% | 11% | 54% |
5 | 92 | Slm Corp | 15,425 | 16,820 | 1,395 | 589 | 3,436 | 5% | 99% | 8% |
6 | 35 | Cox Communications -Cl A | 15,324 | 27,993 | 12,669 | (489) | 5,039 | 117% | 51% | 16% |
7 | 14 | Echostar Commun Corp -Cl A | 15,076 | 19,107 | 4,031 | (583) | 4,821 | 201% | 28% | 91% |
8 | 36 | Fifth Third Bancorp | 14,945 | 28,846 | 13,901 | 328 | 6,317 | 75% | 85% | 15% |
9 | 45 | Gannett Co | 13,989 | 25,702 | 11,713 | 153 | 6,422 | 22% | 58% | 18% |
10 | 61 | Avon Products | 12,867 | 16,165 | 3,298 | 363 | 6,228 | 18% | 87% | 30% |
11 | 5 | Applied Materials Inc | 12,546 | 21,322 | 8,776 | (1,328) | 5,116 | -15% | 4% | 52% |
12 | 24 | Amazon.Com Inc | 11,891 | 14,079 | 2,188 | (164) | 4,169 | 117% | 50% | 89% |
13 | 89 | Stryker Corp | 11,729 | 14,432 | 2,703 | 147 | 3,012 | 43% | 89% | 22% |
14 | 15 | Liberty Media Corp -Ser A | 11,658 | 36,530 | 24,872 | NA | 2,084 | 106% | NA | NA |
15 | 107 | Boston Scientific Corp | 11,599 | 19,638 | 8,039 | (143) | 2,919 | 3% | 32% | 46% |
16 | 50 | Harley-Davidson Inc | 11,291 | 13,897 | 2,607 | 352 | 4,302 | 66% | 97% | 13% |
17 | 20 | Genentech Inc | 11,095 | 19,037 | 7,942 | (621) | 2,618 | 97% | 45% | 46% |
18 | 82 | Wrigley (Wm) Jr Co | 10,894 | 12,848 | 1,955 | 283 | 2,746 | 33% | 95% | NA |
19 | 115 | Bed Bath & Beyond Inc | 10,746 | 13,496 | 2,749 | 93 | 3,495 | 103% | 88% | NA |
22 | 88 | Tribune Co | 9,633 | 20,676 | 11,043 | (388) | 5,384 | 67% | 26% | 47% |
23 | 1 | Emc Corp/Ma | 9,358 | 19,646 | 10,289 | (1,652) | 5,438 | -19% | 3% | 47% |
26 | 70 | Southwest Airlines | 8,650 | 16,546 | 7,896 | (413) | 5,580 | 14% | 17% | 40% |
28 | 73 | Mcgraw-Hill Companies | 8,359 | 13,362 | 5,003 | 88 | 4,788 | 20% | 63% | 9% |
30 | 41 | Cablevision Sys Corp -Cl A | 7,929 | 17,344 | 9,414 | (706) | 4,003 | 2% | 32% | 77% |
31 | 22 | Bank Of New York Co Inc | 7,857 | 14,888 | 7,031 | 421 | 5,756 | -5% | 54% | 3% |
32 | 37 | Guidant Corp | 7,847 | 12,504 | 4,656 | 306 | 3,240 | 38% | 93% | 31% |
36 | 142 | Praxair Inc | 6,836 | 13,611 | 6,775 | 123 | 5,128 | 11% | 62% | 23% |
38 | 71 | Pitney Bowes Inc | 6,808 | 13,141 | 6,333 | 213 | 4,410 | -1% | 70% | 19% |
39 | 64 | Campbell Soup Co | 6,796 | 12,984 | 6,189 | 279 | 6,217 | -6% | 59% | 19% |
45 | 99 | Danaher Corp | 6,341 | 12,676 | 6,336 | 17 | 4,577 | 43% | 60% | 49% |
54 | 83 | Usa Interactive | 5,537 | 15,364 | 9,827 | 1,247 | 4,621 | 43% | 81% | 20% |
66 | 151 | Air Products & Chemicals Inc | 4,821 | 12,911 | 8,090 | 5 | 5,532 | 10% | 45% | 30% |
71 | 302 | Newmont Mining Corp | 4,531 | 14,597 | 10,066 | (185) | 2,658 | 90% | 49% | 82% |
74 | 165 | Apache Corp | 4,387 | 12,575 | 8,187 | 86 | 2,560 | 97% | 86% | 65% |
78 | 130 | Anadarko Petroleum Corp | 4,156 | 17,686 | 13,529 | 20 | 3,860 | 451% | 77% | 78% |
81 | 3 | Yahoo Inc | 3,906 | 14,463 | 10,557 | (1,931) | 953 | 62% | 20% | 74% |
88 | 242 | Ppl Corp | 3,755 | 15,180 | 11,424 | 306 | 5,429 | 18% | 74% | 58% |
110 | 163 | BB&T Corp | 2,966 | 14,775 | 11,808 | 157 | 6,127 | 58% | 72% | 10% |
118 | 386 | Sempra Energy | 2,713 | 13,146 | 10,433 | 244 | 6,020 | 12% | 63% | 37% |
133 | 131 | Unocal Corp | 2,470 | 12,689 | 10,219 | (343) | 5,224 | -11% | 18% | 28% |
185 | 516 | Dte Energy Co | 1,826 | 18,323 | 16,497 | 199 | 6,749 | 43% | 69% | 47% |
225 | 223 | Devon Energy Corp | 1,425 | 15,227 | 13,802 | (304) | 4,316 | 488% | 51% | 84% |
263 | 597 | Norfolk Southern Corp | 1,154 | 17,746 | 16,592 | (343) | 6,270 | 19% | 37% | 45% |
431 | 418 | Nisource Inc | 509 | 13,687 | 13,178 | 79 | 6,094 | 94% | 62% | 66% |
451 | 616 | Burlington Resources Inc | 448 | 13,915 | 13,468 | (329) | 2,964 | 44% | 34% | 50% |
489 | 18 | Computer Associates Intl Inc | 359 | 13,477 | 13,118 | (1,924) | 3,087 | -47% | 3% | 66% |
923 | 945 | Allied Waste Inds Inc | (1,546) | 13,176 | 14,722 | (295) | 5,517 | 65% | 41% | 66% |
935 | 53 | Williams Cos Inc | (2,137) | 21,149 | 23,286 | (876) | 5,608 | -35% | 10% | 71% |
941 | 75 | Dynegy Inc | (2,695) | 13,779 | 16,474 | (1,267) | 5,553 | -64% | NA | NA |
949 | 865 | Charter Communications Inc | (5,715) | 21,169 | 26,884 | (2,429) | 4,566 | 220% | 27% | 91% |
Notes: All values — except for the performance and risk measures — are in millions. MVA rankings are based on all Tier-1 companies. Since some Tier-1 companies have low MVA rankings, numbers are not sequential. 1Three-year cumulative aggregate sales growth. 2Indicates the company’s ranking for operating performance relative to Russell 1,000 companies. The measure runs from 0 to 100. The higher the number, the stronger the company’s operating performance. 3Indicates the company’s ranking for risk relative to Russell 1,000 companies. The measure runs from 0 to 100. The lower the number, the less risky the company. |
2003 MVA Rankings |
Tier 3: 25 largest market-cap companies with sales below $700 million |
2002 | 1999 | Company name | MVA | MV | Capital | EVA | Sale | Growth1 | Performance2 | Risk3 |
1 | 7 | Linear Technology Corp | 9,025 | 9,584 | 559 | 27 | 558 | -4% | 52% | 45% |
2 | 174 | Gilead Sciences Inc | 7,956 | 9,754 | 1,798 | (135) | 467 | 176% | 43% | 92% |
3 | 70 | Idec Pharmaceuticals Corp | 4,077 | 5,829 | 1,753 | (57) | 404 | 243% | 28% | 96% |
4 | 47 | Microchip Technology Inc | 3,133 | 4,331 | 1,198 | (89) | 649 | 42% | 20% | NA |
6 | 71 | Westwood One Inc | 2,879 | 4,129 | 1,250 | (14) | 551 | 54% | 49% | 57% |
7 | 157 | Pixar | 2,709 | 3,285 | 577 | 31 | 202 | 67% | 98% | NA |
8 | 111 | Sei Investments Co | 2,447 | 2,766 | 318 | 109 | 621 | 36% | 96% | 35% |
9 | 14 | Citrix Systems Inc | 2,391 | 3,558 | 1,167 | (197) | 527 | 31% | 6% | 94% |
10 | 25 | Mercury Interactive Corp | 2,358 | 3,016 | 658 | (125) | 400 | 113% | 13% | 97% |
11 | 23 | Qlogic Corp | 2,240 | 3,587 | 1,347 | (163) | 411 | 120% | 15% | NA |
12 | 1 | Juniper Networks Inc | 2,126 | 4,539 | 2,413 | (427) | 547 | 433% | 16% | 98% |
13 | 384 | Memc Electronic Matrials Inc | 2,107 | 2,755 | 648 | (21) | 687 | -1% | NA | NA |
14 | 1232 | Scios Inc | 2,069 | 2,422 | 353 | (112) | 111 | 83% | NA | NA |
15 | 286 | Patterson-Uti Energy Inc | 1,883 | 2,652 | 769 | (81) | 528 | 248% | 57% | NA |
16 | 608 | Chicos Fas Inc | 1,847 | 2,123 | 276 | 38 | 494 | 253% | 99% | 93% |
17 | 67 | Ensco International Inc | 1,843 | 4,363 | 2,521 | (117) | 698 | 92% | 32% | 87% |
18 | 28 | Sepracor Inc | 1,807 | 2,577 | 770 | (349) | 239 | 955% | NA | NA |
20 | 108 | Rcn Corp | 1,737 | 4,369 | 2,632 | (1,090) | 457 | 66% | NA | NA |
21 | 102 | Gentex Corp | 1,723 | 2,268 | 545 | 37 | 395 | 51% | 92% | NA |
22 | 477 | Brown & Brown Inc | 1,672 | 2,132 | 460 | 63 | 456 | 158% | 100% | 59% |
23 | . | Jetblue Airways Corp | 1,589 | 3,132 | 1,543 | (15) | 635 | NA | 49% | NA |
24 | 474 | Fair Isaac Corp | 1,562 | 2,579 | 1,018 | (55) | 454 | 63% | 25% | 89% |
25 | 185 | Entercom Communications Corp | 1,547 | 3,052 | 1,505 | (59) | 391 | 82% | 47% | 88% |
27 | 49 | Hispanic Broadcasting -Cl A | 1,520 | 2,843 | 1,323 | (94) | 257 | 30% | 20% | 74% |
31 | 141 | Cephalon Inc | 1,407 | 3,126 | 1,719 | 23 | 507 | 1028% | 55% | 100% |
32 | 173 | Intl Speedway Corp -Cl A | 1,400 | 2,380 | 979 | 20 | 556 | 70% | 74% | 40% |
34 | 498 | Education Management Corp | 1,364 | 2,117 | 753 | 30 | 582 | 105% | 93% | 94% |
36 | 287 | Sicor Inc | 1,351 | 2,200 | 849 | 49 | 456 | 99% | 97% | 90% |
37 | 43 | Nextel Partners Inc | 1,328 | 3,005 | 1,677 | (349) | 671 | 1950% | NA | NA |
42 | 216 | Valley National Bancorp | 1,233 | 2,222 | 989 | 45 | 595 | 25% | 80% | 22% |
46 | 1491 | Capitol Federal Financial | 1,201 | 2,193 | 992 | (1) | 587 | 43% | 56% | 6% |
56 | 137 | Cox Radio Inc -Cl A | 1,101 | 2,929 | 1,828 | (89) | 421 | 40% | 49% | 85% |
65 | 363 | Philadelphia Suburban Corp | 1,039 | 2,497 | 1,458 | 12 | 322 | 25% | 68% | 79% |
66 | 427 | Paxson Comm Corp -Cl A | 1,032 | 2,256 | 1,224 | (339) | 270 | 28% | NA | NA |
74 | 62 | Ameritrade Holding Corp | 955 | 2,135 | 1,181 | (64) | 443 | 41% | NA | NA |
82 | 493 | Leucadia National Corp | 922 | 2,131 | 1,208 | (111) | 242 | -66% | 3% | 43% |
84 | 117 | Rowan Cos Inc | 919 | 2,738 | 1,820 | (161) | 617 | 34% | 12% | 94% |
93 | 369 | Getty Images Inc | 830 | 2,153 | 1,323 | (107) | 463 | 87% | 35% | 93% |
99 | 167 | Newfield Exploration Co | 789 | 2,700 | 1,911 | (21) | 662 | 135% | 77% | 95% |
105 | 392 | Lee Enterprises | 764 | 2,185 | 1,421 | 20 | 589 | 45% | 81% | 75% |
113 | 84 | Checkfree Corp | 689 | 2,634 | 1,945 | (350) | 518 | 88% | 13% | 96% |
359 | . | Westport Resources Corp | 258 | 2,218 | 1,960 | (131) | 428 | 480% | NA | NA |
502 | 158 | Radio One Inc | 167 | 2,237 | 2,069 | (13) | 286 | 310% | 57% | 100% |
641 | 88 | Intersil Corp -Cl A | 112 | 2,539 | 2,427 | (262) | 650 | 22% | 7% | 90% |
795 | 1437 | Extended Stay America Inc | 70 | 2,337 | 2,267 | (65) | 548 | 31% | 27% | 90% |
929 | 186 | Emmis Communictns Cp -Cl A | 37 | 2,326 | 2,289 | (142) | 554 | 82% | 23% | 97% |
1370 | 177 | Invitrogen Corp | (134) | 2,204 | 2,338 | (203) | 649 | 849% | 18% | 99% |
1493 | 1509 | Stewart Enterprises -Cl A | (866) | 2,462 | 3,328 | (127) | 559 | -27% | NA | NA |
1495 | 30 | Millennium Pharmactcls Inc | (920) | 3,684 | 4,604 | (653) | 353 | 92% | 12% | 98% |
1506 | 8 | Ciena Corp | (2,036) | 2,268 | 4,304 | (1,537) | 269 | -50% | 0% | 99% |
Notes: All values — except for the performance and risk measures — are in millions. MVA rankings are based on all Tier-1 companies. Since some Tier-1 companies have low MVA rankings, numbers are not sequential. 1Three-year cumulative aggregate sales growth. 2Indicates the company’s ranking for operating performance relative to Russell 1,000 companies. The measure runs from 0 to 100. The higher the number, the stronger the company’s operating performance. 3Indicates the company’s ranking for risk relative to Russell 1,000 companies. The measure runs from 0 to 100. The lower the number, the less risky the company. |
MVA by Industry
Number | Ticker | Company name | 2002 |
AUTOMOBILES & COMPONENTS |
TOP 5 |
1 | HDI | Harley-Davidson Inc | 11,291 |
2 | PCAR | Paccar Inc | 3,816 |
3 | F | Ford Motor Co | 3,459 |
4 | RAY | Raytech Corp/De | 2,995 |
5 | JCI | Johnson Controls Inc | 2,778 |
BOTTOM 5 |
1 | GM | General Motors Corp | (14,081) |
2 | VC | Visteon Corp | (3,948) |
3 | GT | Goodyear Tire & Rubber Co | (3,062) |
4 | DCN | Dana Corp | (2,279) |
5 | TEN | Tenneco Automotive Inc | (1,237) |
Number | Ticker | Company name | 2002 |
BANKS |
TOP 5 |
1 | WFC | Wells Fargo & Co | 24,065 |
2 | BAC | Bank Of America Corp | 20,427 |
3 | FITB | Fifth Third Bancorp | 14,945 |
4 | BK | Bank Of New York Co Inc | 7,857 |
5 | STI | Suntrust Banks Inc | 6,566 |
BOTTOM 5 |
1 | WB | Wachovia Corp | (10,182) |
2 | FBF | Fleetboston Financial Corp | (8,408) |
3 | ONE | Bank One Corp | (6,577) |
4 | CFB | Commercial Federal | (568) |
5 | SOV | Sovereign Bancorp Inc | (513) |
Number | Ticker | Company name | 2002 |
CAPITAL GOODS |
TOP 5 |
1 | GE | General Electric Co | 222,767 |
2 | MMM | 3M Co | 41,012 |
3 | UTX | United Technologies Corp | 15,740 |
4 | LMT | Lockheed Martin Corp | 13,943 |
5 | EMR | Emerson Electric Co | 13,734 |
BOTTOM 5 |
1 | HON | Honeywell International Inc | (9,231) |
2 | BA | Boeing Co | (3,871) |
3 | GR | Goodrich Corp | (2,543) |
4 | RTN | Raytheon Co | (1,690) |
5 | WLT | Walter Industries Inc | (1,262) |
Number | Ticker | Company name | 2002 |
COMMERCIAL SVCS & SUPPLIES |
TOP 5 |
1 | FDC | First Data Corp | 19,323 |
2 | ADP | Automatic Data Processing | 13,740 |
3 | PAYX | Paychex Inc | 10,468 |
4 | APOL | Apollo Group Inc -Cl A | 8,852 |
5 | PBI | Pitney Bowes Inc | 6,808 |
BOTTOM 5 |
1 | AW | Allied Waste Inds Inc | (1,546) |
2 | POI | Protection One Inc | (1,043) |
3 | CPC | Central Parking Corp | (680) |
4 | SCS | Steelcase Inc | (551) |
5 | SFN | Spherion Corp | (440) |
Number | Ticker | Company name | 2002 |
CONSUMER DURABLES & APPAREL |
TOP 5 |
1 | NKE | Nike Inc -Cl B | 8,906 |
2 | COH | Coach Inc | 3,559 |
3 | LIZ | Liz Claiborne Inc | 2,104 |
4 | NVR | Nvr Inc | 2,123 |
5 | LEG | Leggett & Platt Inc | 1,885 |
BOTTOM 5 |
1 | EK | Eastman Kodak Co | (2,947) |
2 | AM | American Greetings -Cl A | (599) |
3 | UFI | Unifi Inc | (356) |
4 | IFSIA | Interface Inc -Cl A | (301) |
5 | WLM | Wellman Inc | (263) |
Number | Ticker | Company name | 2002 |
DIVERSIFIED FINANCIALS |
TOP 5 |
1 | C | Citigroup Inc | 68,078 |
2 | FNM | Fannie Mae | 54,181 |
3 | FRE | Federal Home Loan Mortg Corp | 28,984 |
4 | AXP | American Express | 27,539 |
5 | SLM | Slm Corp | 15,425 |
BOTTOM 5 |
1 | JPM | J P Morgan Chase & Co | (25,499) |
2 | HI | Household International Inc | (5,472) |
3 | ET | E Trade Group Inc | (1,355) |
4 | PVN | Providian Financial Corp | (1,331) |
5 | NITE | Knight Trading Group Inc | (806) |
Number | Ticker | Company name | 2002 |
ENERGY |
TOP 5 |
1 | XOM | Exxon Mobil Corp | 85,108 |
2 | APA | Apache Corp | 4,387 |
3 | BJS | Bj Services Co | 4,232 |
4 | APC | Anadarko Petroleum Corp | 4,156 |
5 | BHI | Baker-Hughes Inc | 4,126 |
BOTTOM 5 |
1 | AHC | Amerada Hess Corp | (2,315) |
2 | HAL | Halliburton Co | (555) |
3 | TSO | Tesoro Petroleum Corp | (468) |
4 | ASH | Ashland Inc | (415) |
5 | HC | Hanover Compressor Co | (370) |
Number | Ticker | Company name | 2002 |
FOOD & DRUG RETAILING |
TOP 5 |
1 | WAG | Walgreen Co | 24,417 |
2 | SYY | Sysco Corp | 16,667 |
3 | WFMI | Whole Foods Market Inc | 2,705 |
4 | SWY | Safeway Inc | 1,641 |
5 | PFGC | Performance Food Group Co | 853 |
BOTTOM 5 |
1 | ABS | Albertsons Inc | (7,207) |
2 | KR | Kroger Co | (2,103) |
3 | 3FLMIQ | Fleming Companies Inc | (2,005) |
4 | CVS | Cvs Corp | (1,667) |
5 | GAP | Great Atlantic & Pac Tea Co | (749) |
Number | Ticker | Company name | 2002 |
FOOD BEVERAGE & TOBACCO |
TOP 5 |
1 | KO | Coca-Cola Co | 82,413 |
2 | PEP | Pepsico Inc | 49,718 |
3 | BUD | Anheuser-Busch Cos Inc | 37,916 |
4 | MO | Altria Group Inc | 28,230 |
5 | KFT | Kraft Foods Inc | 21,770 |
BOTTOM 5 |
1 | RJR | Rj Reynolds Tobacco Hldgs | (5,406) |
2 | TSN | Tyson Foods Inc -Cl A | (1,292) |
3 | CQB | Chiquita Brands Intl | (444) |
4 | AOR | Aurora Foods Inc | (425) |
5 | ADM | Archer-Daniels-Midland Co | (395) |
Number | Ticker | Company name | 2002 |
HEALTH CARE EQUIPMENT & SVCS |
TOP 5 |
1 | MDT | Medtronic Inc | 40,778 |
2 | UNH | Unitedhealth Group Inc | 25,004 |
3 | SYK | Stryker Corp | 11,729 |
4 | BSX | Boston Scientific Corp | 11,599 |
5 | HCA | Hca Inc | 5,302 |
BOTTOM 5 |
1 | KIND | Kindred Healthcare Inc | (12,093) |
2 | MCK | Mckesson Corp | (7,852) |
3 | HLTH | Webmd Corp | (5,155) |
4 | THC | Tenet Healthcare Corp | (3,841) |
5 | SRV | Service Corp International | (1,925) |
Number | Ticker | Company name | 2002 |
HOTELS RESTAURANTS & LEISURE |
TOP 5 |
1 | SBUX | Starbucks Corp | 7,448 |
2 | YUM | Yum Brands Inc | 5,693 |
3 | IGT | Intl Game Technology | 5,938 |
4 | MCD | McDonalds Corp | 8,339 |
5 | MAR | Marriott Intl Inc | 4,361 |
BOTTOM 5 |
1 | PPE | Park Place Entmt Corp | (2,232) |
2 | WBR | Wyndham Intl Inc | (2,028) |
3 | PKS | Six Flags Inc | (1,168) |
4 | PDQ | Prime Hospitality Corp | (673) |
5 | BFT | Bally Total Fitness Hldg Cp | (486) |
Number | Ticker | Company name | 2002 |
HOUSEHOLD & PERSONAL PRODS |
TOP 5 |
1 | PG | Procter & Gamble Co | 92,231 |
2 | CL | Colgate-Palmolive Co | 26,687 |
3 | G | Gillette Co | 17,738 |
4 | AVP | Avon Products | 12,867 |
5 | CLX | Clorox Co/De | 5,849 |
BOTTOM 5 |
1 | PYX | Playtex Products Inc | (94) |
2 | RDEN | Elizabeth Arden Inc | 13 |
3 | NATR | Natures Sunshine Prods Inc | 26 |
4 | IPAR | Inter Parfums Inc | 53 |
5 | ROV | Rayovac Corp | 64 |
Number | Ticker | Company name | 2002 |
INSURANCE |
TOP 5 |
1 | AIG | American International Group | 40,845 |
2 | MMC | Marsh & Mclennan Cos | 16,133 |
3 | AFL | Aflac Inc | 12,844 |
4 | PGR | Progressive Corp-Ohio | 9,283 |
5 | ALL | Allstate Corp | 7,198 |
BOTTOM 5 |
1 | UNM | Unumprovident Corp | (6,888) |
2 | PRU | Prudential Financial Inc | (6,212) |
3 | LTR | Loews Corp | (2,722) |
4 | NFS | Nationwide Finl Svcs -Cl A | (2,707) |
5 | AFC | Allmerica Financial Corp | (1,633) |
Number | Ticker | Company name | 2002 |
MATERIALS |
TOP 5 |
1 | DD | Du Pont (E I) De Nemours | 35,445 |
2 | PX | Praxair Inc | 6,836 |
3 | DOW | Dow Chemical | 10,098 |
4 | ECL | Ecolab Inc | 5,393 |
5 | APD | Air Products & Chemicals Inc | 4,821 |
BOTTOM 5 |
1 | CCK | Crown Holdings Inc | (3,000) |
2 | OI | Owens-Illinois Inc | (2,832) |
3 | MON | Monsanto Co | (2,509) |
4 | IGL | Imc Global Inc | (2,228) |
5 | GP | Georgia-Pacific Corp | (2,077) |
Number | Ticker | Company name | 2002 |
MEDIA |
TOP 5 |
1 | CMCSA | Comcast Corp | 38,008 |
2 | COX | Cox Communications -Cl A | 15,324 |
3 | DISH | Echostar Commun Corp -Cl A | 15,076 |
4 | GCI | Gannett Co | 13,989 |
5 | L | Liberty Media Corp -Ser A | 11,658 |
BOTTOM 5 |
1 | AOL | AOL Time Warner Inc | (27,148) |
2 | CHTR | Charter Communications Inc | (5,715) |
3 | GMST | Gemstar-Tv Guide Intl Inc | (5,125) |
4 | IPG | Interpublic Group Of Cos | (1,520) |
5 | SPOT | Panamsat Corp | (784) |
Number | Ticker | Company name | 2002 |
PHARMACEUTICALS & BIOTECH |
TOP 5 |
1 | JNJ | Johnson & Johnson | 124,237 |
2 | MRK | Merck & Co | 107,076 |
3 | PFE | Pfizer Inc | 52,683 |
4 | AMGN | Amgen Inc | 57,361 |
5 | LLY | Lilly (Eli) & Co | 57,366 |
BOTTOM 5 |
1 | MLNM | Millennium Pharmactcls Inc | (920) |
2 | ICN | Icn Pharmaceuticals Inc | (782) |
3 | CRA | Applera Corp Celera Genomics | (633) |
4 | ALO | Alpharma Inc -Cl A | (547) |
5 | CRXA | Corixa Corp | (546) |
Number | Ticker | Company name | 2002 |
RETAILING |
TOP 5 |
1 | WMT | Wal-Mart Stores | 207,346 |
2 | HD | Home Depot Inc | 43,955 |
3 | LOW | Lowes Cos | 25,152 |
4 | EBAY | Ebay Inc | 25,489 |
5 | TGT | Target Corp | 19,698 |
BOTTOM 5 |
1 | S | Sears Roebuck & Co | (6,859) |
2 | BBI | Blockbuster Inc | (4,758) |
3 | JCP | Penney (J C) Co | (4,557) |
4 | FD | Federated Dept Stores | (2,506) |
5 | TOY | Toys R Us Inc | (2,321) |
Number | Ticker | Company name | 2002 |
SOFTWARE & SERVICES |
TOP 5 |
1 | MSFT | Microsoft Corp | 212,340 |
2 | ORCL | Oracle Corp | 59,502 |
3 | ERTS | Electronic Arts Inc | 6,783 |
4 | ADBE | Adobe Systems Inc. | 6,450 |
5 | INTU | Intuit Inc | 5,476 |
BOTTOM 5 |
1 | VRSN | Verisign Inc | (14,805) |
2 | ITWOE | I2 Technologies Inc | (7,260) |
3 | EPNY | E.Piphany Inc | (2,540) |
4 | UIS | Unisys Corp | (1,800) |
5 | AKAM | Akamai Technologies Inc | (1,786) |
Number | Ticker | Company name | 2002 |
TECHNOLOGY HARDWARE & EQUIP |
TOP 5 |
1 | IBM | Intl Business Machines Corp | 90,422 |
2 | DELL | Dell Computer Corp | 69,425 |
3 | INTC | Intel Corp | 77,395 |
4 | CSCO | Cisco Systems Inc | 59,702 |
5 | QCOM | Qualcomm Inc | 17,167 |
BOTTOM 5 |
1 | JDSU | Jds Uniphase Corp | (35,218) |
2 | LU | Lucent Technologies Inc | (34,657) |
3 | MOT | Motorola Inc | (15,904) |
4 | GLW | Corning Inc | (7,921) |
5 | COMS | 3Com Corp | (7,873) |
Number | Ticker | Company name | 2002 |
TELECOMMUNICATION SERVICES |
TOP 5 |
1 | BLS | Bellsouth Corp | 21,787 |
2 | VZ | Verizon Communications | 16,138 |
3 | NXTL | Nextel Communications | 11,233 |
4 | AT | Alltel Corp | 4,312 |
5 | PCS | Sprint Pcs Group | 2,624 |
BOTTOM 5 |
1 | T | AT&T Corp | (72,674) |
2 | SBC | SBC Communications Inc | (38,372) |
3 | AWE | AT&T Wireless Services Inc | (7,106) |
4 | FON | Sprint Fon Group | (3,418) |
5 | BRW | Broadwing Inc | (1,336) |
Number | Ticker | Company name | 2002 |
TRANSPORTATION |
TOP 5 |
1 | UPS | United Parcel Service Inc | 57,036 |
2 | LUV | Southwest Airlines | 8,650 |
3 | FDX | Fedex Corp | 8,558 |
4 | EXPD | Expeditors Intl Wash Inc | 3,435 |
5 | CHRW | C H Robinson Worldwide Inc | 2,691 |
BOTTOM 5 |
1 | AMR | Amr Corp/De | (2,763) |
2 | CSX | Csx Corp | (1,431) |
3 | DAL | Delta Air Lines Inc | (1,049) |
4 | UHAL | Amerco | (456) |
5 | DTG | Dollar Thrifty Automotive Gp | (411) |
Number | Ticker | Company name | 2002 |
UTILITIES |
TOP 5 |
1 | SO | Southern Co | 11,817 |
2 | D | Dominion Resources Inc | 7,897 |
3 | EXC | Exelon Corp | 7,532 |
4 | FPL | FPL Group Inc | 4,900 |
5 | PPL | PPL Corp | 3,755 |
BOTTOM 5 |
1 | RRI | Reliant Resources Inc | (3,970) |
2 | EP | El Paso Corp | (3,864) |
3 | MIR | Mirant Corp | (3,863) |
4 | DYN | Dynegy Inc | (2,695) |
5 | WMB | Williams Cos Inc | (2,137) |