For non-profit organizations, the way that societal value is created, captured and articulated remains ambiguous. While value creation is well-established in the litera- ture, the understanding of value capture, particularly in its non-economic dimensions, is in its nascent stages. However, understanding value capture beyond its economic dimension is crucial, as it impacts the capacity to create more societal value. Drawing on Bourdieu’s theory of forms of capital (economic, social, cultural, and symbolic), this research proposes a theoretical framework to explain societal value creation and capture for the non-profit sector, illustrated by the case study of Doctors Without Borders.