Salesforce Inc., current enterprise value calculation

Current share price (P)	$273.66
No. shares of common stock outstanding	970,000,000
US$ in millions
Common equity (market value)¹	265,450)
Add: Preferred stock, $0.001 par value; none issued and outstanding (per books)	—)
Total equity	265,450)
Add: Finance lease liabilities, current (per books)	372)
Add: Debt, current (per books)	999)
Add: Noncurrent debt, excluding current portion (per books)	8,427)
Add: Noncurrent finance lease liabilities (per books)	602)
Add: Capital lease obligations (per books)	—)
Total equity and debt	275,850)
Less: Cash and cash equivalents	8,472)
Less: Marketable securities	5,722)
Enterprise value (EV)	261,656)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 273.66 × 970,000,000

Salesforce Inc., EV calculation

	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
Share price^1, 2	$303.77	$182.95	$197.90	$213.12	$169.60	$155.06
No. shares of common stock outstanding¹	970,000,000	1,000,000,000	990,000,000	921,000,000	895,000,000	771,000,000
US$ in millions
Common equity (market value)³	294,657)	182,950)	195,921)	196,284)	151,792)	119,551)
Add: Preferred stock, $0.001 par value; none issued and outstanding (book value)	—)	—)	—)	—)	—)	—)
Total equity	294,657)	182,950)	195,921)	196,284)	151,792)	119,551)
Add: Finance lease liabilities, current (book value)	372)	257)	114)	35)	53)	—)
Add: Debt, current (book value)	999)	1,182)	4)	4)	4)	3)
Add: Noncurrent debt, excluding current portion (book value)	8,427)	9,419)	10,592)	2,673)	2,673)	3,173)
Add: Noncurrent finance lease liabilities (book value)	602)	534)	271)	93)	332)	—)
Add: Capital lease obligations (book value)	—)	—)	—)	—)	—)	191)
Total equity and debt	305,057)	194,342)	206,902)	199,089)	154,854)	122,918)
Less: Cash and cash equivalents	8,472)	7,016)	5,464)	6,195)	4,145)	2,669)
Less: Marketable securities	5,722)	5,492)	5,073)	5,771)	3,802)	1,673)
Enterprise value (EV)	290,863)	181,834)	196,365)	187,123)	146,907)	118,576)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 303.77 × 970,000,000

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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.	Salesforce Inc. EV decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Salesforce Inc. (NYSE:CRM)

Enterprise Value (EV)