As authors of a previous study questioning the strength of the relationship between EVA and shareholder value, and in light of the arguments posed by Keefe and Roush, we revisit the relationship between EVA and shareholder return and reexamine the evidence and issues surrounding the use of EVA as a tool for valuing investments. Using the Stern Stewart Fortune 1000 data, we examine two potential relationships for 33 food companies listed in the database. The first is between the absolute level of EVA in 2000 and 3-, 5-, and 10-year shareholder returns. The second is between 3-, 5-, and 10-year mean percentage changes EVA and 3-, 5-, and 10-year shareholder returns. The correlations found were extremely weak in all instances tested. [EconLit citations: 9120, 9320, M410, Q130]. © 2003 Wiley Periodicals, Inc. Agribusiness 19: 255–267, 2003.