EMC Corp., current enterprise value calculation

Current share price (P)	$28.45
No. shares of common stock outstanding	1,956,842,060
US$ in millions
Common equity (market value)¹	55,672)
Add: Preferred stock, par value $0.01; none outstanding (per books)	—)
Add: Non-controlling interests (per books)	1,579)
Total equity	57,251)
Add: Notes converted and payable (per books)	—)
Add: Short-term debt (per books)	1,299)
Add: Current portion of convertible debt (per books)	—)
Add: Long-term debt (per books)	5,475)
Total equity and debt	64,025)
Less: Cash and cash equivalents	6,549)
Less: Short-term investments	2,726)
Enterprise value (EV)	54,750)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 28.45 × 1,956,842,060

EMC Corp., EV calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Share price^1, 2	$25.93	$28.94	$25.68	$23.28	$27.52
No. shares of common stock outstanding¹	1,947,047,380	1,988,086,911	2,025,633,308	2,104,430,304	2,053,084,362
US$ in millions
Common equity (market value)³	50,487)	57,535)	52,018)	48,991)	56,501)
Add: Preferred stock, par value $0.01; none outstanding (book value)	—)	—)	—)	—)	—)
Add: Non-controlling interests (book value)	1,579)	1,629)	1,485)	1,167)	968)
Total equity	52,066)	59,164)	53,503)	50,158)	57,469)
Add: Notes converted and payable (book value)	—)	—)	1,665)	—)	1,700)
Add: Short-term debt (book value)	1,299)	—)	—)	—)	—)
Add: Current portion of convertible debt (book value)	—)	—)	—)	1,652)	1,605)
Add: Long-term debt (book value)	5,475)	5,495)	5,494)	—)	—)
Total equity and debt	58,840)	64,659)	60,662)	51,810)	60,774)
Less: Cash and cash equivalents	6,549)	6,343)	7,891)	4,754)	4,531)
Less: Short-term investments	2,726)	1,978)	2,773)	1,413)	1,787)
Enterprise value (EV)	49,565)	56,338)	49,998)	45,643)	54,456)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of EMC Corp. Annual Report.

³ 2015 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 25.93 × 1,947,047,380

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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.	EMC Corp. EV increased from 2013 to 2014 but then decreased significantly from 2014 to 2015.

EMC Corp. (NYSE:EMC)

Enterprise Value (EV)