Apple Inc., current enterprise value calculation

Current share price (P)	$209.11
No. shares of common stock outstanding	14,935,826,000
US$ in millions
Common equity (market value)¹	3,123,231)
Total equity	3,123,231)
Add: Current portion of finance leases (per books)	144)
Add: Commercial paper (per books)	9,967)
Add: Current portion of term debt (per books)	10,912)
Add: Non-current portion of term debt (per books)	85,750)
Add: Non-current portion of finance leases (per books)	752)
Total equity and debt	3,230,756)
Less: Cash and cash equivalents	29,943)
Less: Current marketable securities	35,228)
Enterprise value (EV)	3,165,585)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 209.11 × 14,935,826,000

Apple Inc., EV calculation

	Sep 28, 2024	Sep 30, 2023	Sep 24, 2022	Sep 25, 2021	Sep 26, 2020	Sep 28, 2019
Share price^1, 2	$222.91	$176.65	$155.74	$149.80	$108.86	$62.19
No. shares of common stock outstanding¹	15,115,823,000	15,552,752,000	15,908,118,000	16,406,397,000	17,001,802,000	17,773,060,000
US$ in millions
Common equity (market value)³	3,369,468)	2,747,394)	2,477,530)	2,457,678)	1,850,816)	1,105,307)
Total equity	3,369,468)	2,747,394)	2,477,530)	2,457,678)	1,850,816)	1,105,307)
Add: Current portion of finance leases (book value)	144)	165)	129)	79)	24)	—)
Add: Commercial paper (book value)	9,967)	5,985)	9,982)	6,000)	4,996)	5,980)
Add: Current portion of term debt (book value)	10,912)	9,822)	11,128)	9,613)	8,773)	10,260)
Add: Non-current portion of term debt (book value)	85,750)	95,281)	98,959)	109,106)	98,667)	91,807)
Add: Non-current portion of finance leases (book value)	752)	859)	812)	769)	637)	—)
Total equity and debt	3,476,993)	2,859,506)	2,598,540)	2,583,245)	1,963,913)	1,213,354)
Less: Cash and cash equivalents	29,943)	29,965)	23,646)	34,940)	38,016)	48,844)
Less: Current marketable securities	35,228)	31,590)	24,658)	27,699)	52,927)	51,713)
Enterprise value (EV)	3,411,822)	2,797,951)	2,550,236)	2,520,606)	1,872,970)	1,112,797)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 222.91 × 15,115,823,000

Equity Trends: Over the analyzed period, common equity (market value) and total equity exhibit a consistent upward trend. Starting at approximately 1.1 trillion USD in September 2019, both measures more than tripled to about 3.37 trillion USD by September 2024. This indicates strong growth in shareholder value and capitalization over the five-year span.
Total Equity and Debt: The total of equity and debt similarly increased steadily from roughly 1.21 trillion USD in 2019 to nearly 3.48 trillion USD in 2024. The increase reflects balanced growth in the company’s financing structure, with expansion in equity accompanied by an increase in liabilities.
Enterprise Value (EV): Enterprise value also rose consistently, starting from about 1.11 trillion USD in 2019 and reaching approximately 3.41 trillion USD in 2024. The trend closely parallels that of total equity and debt, suggesting that market assessments of the company’s value grow broadly in line with its capital structure changes.
Overall Insights: The parallel growth in equity, combined equity and debt, and enterprise value over the five-year period signals a stable expansion with enhanced market capitalization and increased leverage. The company’s capital base has strengthened significantly, underlying its increasing market presence and valuation. The sustained upward trajectory with no notable decline or volatility evidences strong financial health and investor confidence.

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Apple Inc. (NASDAQ:AAPL)

Enterprise Value (EV)