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MVPs of MVA

Which companies created the most wealth for shareholders last year? Enter MVA -- or market value added.

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.

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