McDonald’s Corp., current enterprise value calculation

Current share price (P)	$276.75
No. shares of common stock outstanding	722,051,488
US$ in thousands
Common equity (market value)¹	199,827,749)
Add: Preferred stock, no par value; issued: none (per books)	—)
Total equity	199,827,749)
Add: Short-term borrowings and current maturities of long-term debt (per books)	2,192,400)
Add: Current finance lease liability (per books)	45,500)
Add: Long-term debt, excluding current maturities (per books)	37,152,900)
Add: Long-term finance lease liability (per books)	1,530,000)
Total equity and debt	240,748,549)
Less: Cash and equivalents	4,579,300)
Enterprise value (EV)	236,169,249)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 276.75 × 722,051,488

McDonald’s Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$295.92	$263.68	$245.03	$211.32	$210.10
No. shares of common stock outstanding¹	722,051,488	731,496,951	743,584,718	745,572,145	745,446,655
US$ in thousands
Common equity (market value)³	213,669,476)	192,881,116)	182,200,563)	157,554,306)	156,618,342)
Add: Preferred stock, no par value; issued: none (book value)	—)	—)	—)	—)	—)
Total equity	213,669,476)	192,881,116)	182,200,563)	157,554,306)	156,618,342)
Add: Short-term borrowings and current maturities of long-term debt (book value)	2,192,400)	—)	—)	2,243,600)	59,100)
Add: Current finance lease liability (book value)	45,500)	21,500)	—)	—)	—)
Add: Long-term debt, excluding current maturities (book value)	37,152,900)	35,903,500)	35,622,700)	35,196,800)	34,118,100)
Add: Long-term finance lease liability (book value)	1,530,000)	1,300,200)	—)	—)	—)
Total equity and debt	254,590,276)	230,106,316)	217,823,263)	194,994,706)	190,795,542)
Less: Cash and equivalents	4,579,300)	2,583,800)	4,709,200)	3,449,100)	898,500)
Enterprise value (EV)	250,010,976)	227,522,516)	213,114,063)	191,545,606)	189,897,042)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of McDonald’s Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 295.92 × 722,051,488

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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.	McDonald’s Corp. EV increased from 2021 to 2022 and from 2022 to 2023.

McDonald’s Corp. (NYSE:MCD)

Enterprise Value (EV)