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

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

Equity Trends: The common equity (market value) and total equity exhibited a strong upward trajectory from 2018 to 2020, rising from approximately $32.2 billion to $74.7 billion. This indicates a significant increase in shareholders' value during that period. However, after reaching the peak in 2020, equity declined in 2021 to about $63.5 billion and further decreased slightly to $60.4 billion in 2022, suggesting a reversal in growth or market valuation after 2020.
Total Equity and Debt Trends: Total equity and debt followed a similar pattern to total equity, increasing from $34.9 billion in 2018 to $78.3 billion in 2020, reflecting an expansion in the company's capital structure and possibly borrowing. This was followed by a decline in 2021 and 2022, dropping to $67.1 billion and $64.1 billion respectively, signaling a reduction in combined financing or overall capitalization after 2020.
Enterprise Value (EV) Trends: Enterprise value increased from $30.6 billion in 2018 to $69.7 billion in 2020, consistent with the growth in equity and total capital. From 2020 onwards, EV decreased more sharply than other metrics, falling to $56.6 billion in 2021 and further down to $52.1 billion in 2022. This decline may reflect lower market valuations, changes in debt structure, or operational performance considerations impacting the enterprise value more significantly.
Overall Observations: The data shows a period of strong growth in all key capital metrics between 2018 and 2020, followed by a notable downward correction from 2021 through 2022. The equity-related measures and enterprise value increased substantially before the peak in 2020 and then contracted, suggesting changes in market conditions or company fundamentals. The sharper decline in enterprise value compared to total equity and debt may point to changes in investor perception, risk assessment, or earnings prospects during the latter years.

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Activision Blizzard Inc. (NASDAQ:ATVI)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)