Advanced Micro Devices Inc., current enterprise value calculation

Current share price (P)	$323.21
No. shares of common stock outstanding	1,630,410,843
US$ in millions
Common equity (market value)¹	526,965)
Total equity	526,965)
Add: Current portion of long-term debt, net (per books)	874)
Add: Long-term debt, net of current portion (per books)	2,348)
Total equity and debt	530,187)
Less: Cash and cash equivalents	5,539)
Less: Short-term investments	5,013)
Enterprise value (EV)	519,635)

Based on: 10-K (reporting date: 2025-12-27).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 323.21 × 1,630,410,843

Advanced Micro Devices Inc., EV calculation

	Dec 27, 2025	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021
Share price^1, 2	$200.19	$112.01	$167.69	$78.77	$120.08
No. shares of common stock outstanding¹	1,630,410,843	1,620,477,962	1,615,786,841	1,611,388,217	1,199,303,422
US$ in millions
Common equity (market value)³	326,392)	181,510)	270,951)	126,929)	144,012)
Total equity	326,392)	181,510)	270,951)	126,929)	144,012)
Add: Current portion of long-term debt, net (book value)	874)	—)	751)	—)	312)
Add: Long-term debt, net of current portion (book value)	2,348)	1,721)	1,717)	2,467)	1)
Total equity and debt	329,614)	183,231)	273,419)	129,396)	144,325)
Less: Cash and cash equivalents	5,539)	3,787)	3,933)	4,835)	2,535)
Less: Short-term investments	5,013)	1,345)	1,840)	1,020)	1,073)
Enterprise value (EV)	319,062)	178,099)	267,646)	123,541)	140,717)

Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Advanced Micro Devices Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 200.19 × 1,630,410,843

The enterprise value (EV) exhibited considerable fluctuation over the observed five-year period. Initial values decreased from 2021 to 2022, followed by a substantial increase, and then another decrease before concluding with a final increase. This pattern suggests sensitivity to underlying market conditions and potentially company-specific performance factors.

Enterprise Value Trend: The EV began at US$140,717 million in 2021, declining to US$123,541 million in 2022, representing a decrease of approximately 12.2%. A significant recovery occurred in 2023, with the EV rising to US$267,646 million, more than doubling its value from the previous year. However, this growth was not sustained, as the EV decreased to US$178,099 million in 2024. The final year observed, 2025, showed a renewed increase, reaching US$319,062 million.
Relationship between Common Equity and Enterprise Value: The values for common equity (market value) and total equity were identical across all reported years. The EV generally tracked the movement of common equity, although it consistently remained slightly below the common equity value. This suggests that net debt plays a role in determining the EV, offsetting some of the equity value.
Total Equity and Debt Impact: Total equity and debt increased from US$144,325 million in 2021 to US$329,614 million in 2025. The EV followed a similar trajectory, indicating a correlation between the company’s overall capital structure and its enterprise value. The difference between ‘Total equity and debt’ and ‘Enterprise Value’ represents net cash or net debt, which influences the EV calculation.

The volatility in the EV suggests that investor perception of the company’s future cash flows and risk profile has changed considerably over the period. The substantial increase in 2023, followed by a decrease in 2024, warrants further investigation into the specific events and financial performance during those years.

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Advanced Micro Devices Inc. (NASDAQ:AMD)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)