Purpose: To incorporate a new value theory based on co-productivity into the value chain analysis. Methodology: We develop a theoretical model of co-productivity and analyze selected examples of high co-productive value chains. Our theory modifies value theories based on the classical approach (A. Smith, D. Ricardo, K. Marx), production factors of land, capital, labor, and knowledge (J.B. Clark), subjective value for the consumer (C. Menger, W.S. Jevons, and L. Walras), exchange value (A. Marshall), energy value (I. Prigogine), value added for the customer (M. Porter and P. Drucker), information value (V. Rometty), and customer attention (M. Goldhaber). Findings: We demonstrate that the co-productivity theory deeply connects all hermeneutic sources of value creation, but more importantly, it opens opportunities for adopting future-oriented sources. Originality: We present an original theory based on co-productivity, previously unused in logistics. We show how the theory helps to shape more effective value chains.