Although agile teams aim to maximize value, few studies have examined how teams collectively develop an understanding of value beyond the Product Owner’s perspective. While Product Owners often define value priorities, team members’ understanding of how daily work connects to business goals and broader organizational context often remains limited. To address this gap, this study introduces and evaluates a value retrospective process, a structured reflection on cost and value. Informed by Design Science Research principles, the process was jointly designed by the first author, acting as Agile Lead, and the company’s finance function. The process was implemented across 61 cross-functional teams in a large Finnish conglomerate, and iteratively refined over two years. This study examines process design, organizational implementation, and participant experiences using semi-structured interviews. The findings show that participants initially perceived retrospectives as potentially judgmental or audit-like, but over time, these perceptions shifted toward psychologically safe, constructive dialogue. Value retrospectives supported increased awareness of costs and value, strengthened team-sponsor alignment, and prompted concrete improvement actions. This study contributes an empirically grounded process model and insights into how structured value reflection can support learning and alignment in agile teams.