Enterprise Value (EV)
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Alphabet Inc. pages available for free this week:
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Current Enterprise Value (EV)
Alphabet Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Preferred stock, $0.001 par value per share; no shares issued and outstanding (per books) | |
| Total equity | |
| Add: Current finance lease liabilities (per books) | |
| Add: Short-term debt (per books) | |
| Add: Long-term debt, excluding current portion (per books) | |
| Add: Long-term finance lease liabilities (per books) | |
| Total equity and debt | |
| Less: Cash, cash equivalents, and marketable securities | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Alphabet Inc., EV calculation
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Alphabet Inc. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. A consistent pattern emerges across these metrics, demonstrating substantial growth from 2022 to 2025, following a decline between 2021 and 2022.
- Enterprise Value Trend
- Enterprise value exhibited a decrease from US$1,832,285 million in 2021 to US$1,248,790 million in 2022. However, subsequent years show a strong recovery and growth trajectory, reaching US$1,666,699 million in 2023, US$2,276,529 million in 2024, and culminating in US$3,932,299 million in 2025. This indicates a significant increase in the company’s total value, as perceived by the market, over the latter part of the observed period.
- Equity and Debt Relationship
- Total equity and debt generally mirrors the trend observed in enterprise value and equity metrics. It decreased from US$1,971,934 million in 2021 to US$1,362,552 million in 2022, then increased steadily to US$1,777,615 million in 2023, US$2,372,186 million in 2024, and US$4,059,142 million in 2025. The close alignment between total equity and debt and enterprise value suggests that changes in debt levels are contributing to the overall fluctuations in enterprise value.
- Common Equity and Total Equity
- Common equity (market value) and total equity values are identical across all reported years. This suggests that there are no significant differences between book value and market capitalization, or that the company has a relatively simple capital structure without substantial amounts of other equity components. Both metrics follow the same pattern as enterprise value, decreasing from 2021 to 2022 and then increasing substantially through 2025.
The period between 2022 and 2025 demonstrates a robust recovery and expansion in all measured financial indicators. The substantial growth in enterprise value, coupled with the increase in total equity and debt, suggests a positive shift in the company’s financial position and market perception during this timeframe.