Enterprise Value (EV)
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Advanced Micro Devices Inc. pages available for free this week:
- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Aggregate Accruals
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Current Enterprise Value (EV)
Advanced Micro Devices Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Total equity | |
| Add: Current portion of long-term debt, net (per books) | |
| Add: Long-term debt, net of current portion (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Short-term investments | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-27).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Advanced Micro Devices Inc., EV calculation
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
= ×
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.