Apple Inc., current enterprise value calculation

Current share price (P)	$172.69
No. shares of common stock outstanding	15,441,881,000
US$ in millions
Common equity (market value)¹	2,666,658)
Total equity	2,666,658)
Add: Current portion of finance leases (per books)	165)
Add: Commercial paper (per books)	5,985)
Add: Current portion of term debt (per books)	9,822)
Add: Non-current portion of term debt (per books)	95,281)
Add: Non-current portion of finance leases (per books)	859)
Total equity and debt	2,778,770)
Less: Cash and cash equivalents	29,965)
Less: Current marketable securities	31,590)
Enterprise value (EV)	2,717,215)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 172.69 × 15,441,881,000

Apple Inc., EV calculation

	Sep 30, 2023	Sep 24, 2022	Sep 25, 2021	Sep 26, 2020	Sep 28, 2019	Sep 29, 2018
Share price^1, 2	$176.65	$155.74	$149.80	$108.86	$62.19	$50.40
No. shares of common stock outstanding¹	15,552,752,000	15,908,118,000	16,406,397,000	17,001,802,000	17,773,060,000	18,981,592,000
US$ in millions
Common equity (market value)³	2,747,394)	2,477,530)	2,457,678)	1,850,816)	1,105,307)	956,672)
Total equity	2,747,394)	2,477,530)	2,457,678)	1,850,816)	1,105,307)	956,672)
Add: Current portion of finance leases (book value)	165)	129)	79)	24)	—)	—)
Add: Commercial paper (book value)	5,985)	9,982)	6,000)	4,996)	5,980)	11,964)
Add: Current portion of term debt (book value)	9,822)	11,128)	9,613)	8,773)	10,260)	8,784)
Add: Non-current portion of term debt (book value)	95,281)	98,959)	109,106)	98,667)	91,807)	93,735)
Add: Non-current portion of finance leases (book value)	859)	812)	769)	637)	—)	—)
Total equity and debt	2,859,506)	2,598,540)	2,583,245)	1,963,913)	1,213,354)	1,071,155)
Less: Cash and cash equivalents	29,965)	23,646)	34,940)	38,016)	48,844)	25,913)
Less: Current marketable securities	31,590)	24,658)	27,699)	52,927)	51,713)	40,388)
Enterprise value (EV)	2,797,951)	2,550,236)	2,520,606)	1,872,970)	1,112,797)	1,004,854)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Apple Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 176.65 × 15,552,752,000

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Apple Inc. EV increased from 2021 to 2022 and from 2022 to 2023.

Apple Inc. (NASDAQ:AAPL)

Enterprise Value (EV)