Name: Activision Blizzard Inc. (NASDAQ:ATVI) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Activision Blizzard Inc., current enterprise value calculation

Current share price (P)	$92.76
No. shares of common stock outstanding	786,798,320
US$ in millions
Common equity (market value)¹	72,983)
Total equity	72,983)
Add: Long-term debt, net (per books)	3,611)
Total equity and debt	76,594)
Less: Cash and cash equivalents	7,060)
Less: Held-to-maturity investments	4,932)
Enterprise value (EV)	64,602)

Based on: 10-K (reporting date: 2022-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 92.76 × 786,798,320

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Activision Blizzard Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$77.07	$81.44	$96.42	$58.33	$42.14
No. shares of common stock outstanding¹	784,274,126	779,234,888	774,753,965	769,221,524	763,833,873
US$ in millions
Common equity (market value)³	60,444)	63,461)	74,702)	44,869)	32,188)
Total equity	60,444)	63,461)	74,702)	44,869)	32,188)
Add: Long-term debt, net (book value)	3,611)	3,608)	3,605)	2,675)	2,671)
Total equity and debt	64,055)	67,069)	78,307)	47,544)	34,859)
Less: Cash and cash equivalents	7,060)	10,423)	8,647)	5,794)	4,225)
Less: Held-to-maturity investments	4,932)	—)	—)	—)	—)
Enterprise value (EV)	52,063)	56,646)	69,660)	41,750)	30,634)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Data adjusted for splits and stock dividends.

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

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 77.07 × 784,274,126

The financial metrics from 2018 to 2022 reveal a cyclical trajectory in valuation, characterized by a period of rapid expansion culminating in 2020, followed by a multi-year contraction in both market capitalization and enterprise value.

Enterprise Value (EV) Trends: The enterprise value demonstrated significant growth in the early part of the period, rising from US$ 30,634 million in 2018 to a peak of US$ 69,660 million in 2020. Following this peak, a downward trend is observed, with the value retreating to US$ 56,646 million in 2021 and further declining to US$ 52,063 million by the end of 2022.
Equity and Capital Structure: The market value of common equity followed a pattern nearly identical to the enterprise value, peaking at US$ 74,702 million in 2020. The narrow margin between total equity and the combined total of equity and debt indicates a low-leverage capital structure, as debt levels remained relatively stable and small in proportion to the total equity throughout the observed timeframe.
Net Cash Position Analysis: A consistent divergence is noted where the enterprise value remains lower than the market value of common equity across all five years. This relationship suggests that the company maintained a substantial net cash position, as the cash and cash equivalents held by the organization effectively offset its debt and reduced the total enterprise value below its market capitalization.

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Activision Blizzard Inc. (NASDAQ:ATVI)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)