Adobe Inc., current enterprise value calculation

Current share price (P)	$472.90
No. shares of common stock outstanding	448,000,000
US$ in millions
Common equity (market value)¹	211,859)
Add: Preferred stock, $0.0001 par value; none issued (per books)	—)
Total equity	211,859)
Add: Debt, current portion (per books)	—)
Add: Debt, excluding current portion (per books)	3,634)
Total equity and debt	215,493)
Less: Cash and cash equivalents	7,141)
Less: Short-term investments	701)
Enterprise value (EV)	207,651)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 472.90 × 448,000,000

Adobe Inc., EV calculation

	Dec 1, 2023	Dec 2, 2022	Dec 3, 2021	Nov 27, 2020	Nov 29, 2019	Nov 30, 2018
Share price^1, 2	$596.10	$344.38	$499.91	$458.08	$350.00	$244.95
No. shares of common stock outstanding¹	452,000,000	457,800,000	471,700,000	478,700,000	482,130,975	487,725,915
US$ in millions
Common equity (market value)³	269,437)	157,657)	235,808)	219,283)	168,746)	119,468)
Add: Preferred stock, $0.0001 par value; none issued (book value)	—)	—)	—)	—)	—)	—)
Total equity	269,437)	157,657)	235,808)	219,283)	168,746)	119,468)
Add: Debt, current portion (book value)	—)	500)	—)	—)	3,149)	—)
Add: Debt, excluding current portion (book value)	3,634)	3,629)	4,123)	4,117)	989)	4,125)
Total equity and debt	273,071)	161,786)	239,931)	223,400)	172,884)	123,593)
Less: Cash and cash equivalents	7,141)	4,236)	3,844)	4,478)	2,650)	1,643)
Less: Short-term investments	701)	1,860)	1,954)	1,514)	1,527)	1,586)
Enterprise value (EV)	265,229)	155,690)	234,133)	217,408)	168,707)	120,364)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 596.10 × 452,000,000

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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.	Adobe Inc. EV decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Adobe Inc. (NASDAQ:ADBE)

Enterprise Value (EV)