eBay Inc., current enterprise value calculation

Current share price (P)	$35.62
No. shares of common stock outstanding	813,525,054
US$ in millions
Common equity (market value)¹	28,978)
Total equity	28,978)
Add: Short-term debt (per books)	1,546)
Add: Long-term debt (per books)	7,685)
Total equity and debt	38,209)
Less: Cash and cash equivalents	2,202)
Less: Short-term investments	2,713)
Enterprise value (EV)	33,294)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 35.62 × 813,525,054

eBay Inc., EV calculation

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Share price^1, 2	$34.08	$42.37	$32.03	$23.94	$54.50
No. shares of common stock outstanding¹	914,880,451	1,012,079,673	1,087,042,601	1,178,705,177	1,210,046,829
US$ in millions
Common equity (market value)³	31,179)	42,882)	34,818)	28,218)	65,948)
Total equity	31,179)	42,882)	34,818)	28,218)	65,948)
Add: Short-term debt (book value)	1,546)	781)	1,451)	—)	850)
Add: Long-term debt (book value)	7,685)	9,234)	7,509)	6,779)	6,777)
Total equity and debt	40,410)	52,897)	43,778)	34,997)	73,575)
Less: Cash and cash equivalents	2,202)	2,120)	1,816)	1,832)	6,328)
Less: Short-term investments	2,713)	3,743)	5,333)	4,299)	3,770)
Enterprise value (EV)	35,495)	47,034)	36,629)	28,866)	63,477)

¹ Data adjusted for splits and stock dividends.

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

³ 2018 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 34.08 × 914,880,451

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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.	eBay Inc. EV increased from 2016 to 2017 but then decreased significantly from 2017 to 2018.

eBay Inc. (NASDAQ:EBAY)

Enterprise Value (EV)