Costco Wholesale Corp., current enterprise value calculation

Current share price (P)	$729.18
No. shares of common stock outstanding	443,504,036
US$ in millions
Common equity (market value)¹	323,394)
Add: Preferred stock $.005 par value; no shares issued and outstanding (per books)	—)
Add: Noncontrolling interests (per books)	—)
Total equity	323,394)
Add: Current portion of long-term debt (per books)	1,081)
Add: Current finance lease liabilities (per books)	129)
Add: Long-term debt, excluding current portion (per books)	5,377)
Add: Long-term finance lease liabilities (per books)	1,303)
Total equity and debt	331,284)
Less: Cash and cash equivalents	13,700)
Less: Short-term investments	1,534)
Enterprise value (EV)	316,050)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 729.18 × 443,504,036

Costco Wholesale Corp., EV calculation

	Sep 3, 2023	Aug 28, 2022	Aug 29, 2021	Aug 30, 2020	Sep 1, 2019	Sep 2, 2018
Share price^1, 2	$565.52	$480.32	$449.34	$363.02	$297.60	$218.19
No. shares of common stock outstanding¹	442,740,572	442,604,145	441,823,811	441,228,027	439,656,950	438,208,376
US$ in millions
Common equity (market value)³	250,379)	212,592)	198,529)	160,175)	130,842)	95,613)
Add: Preferred stock $.005 par value; no shares issued and outstanding (book value)	—)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	—)	5)	514)	421)	341)	304)
Total equity	250,379)	212,597)	199,043)	160,596)	131,183)	95,917)
Add: Current portion of long-term debt (book value)	1,081)	73)	799)	95)	1,699)	90)
Add: Current finance lease liabilities (book value)	129)	245)	72)	31)	26)	7)
Add: Long-term debt, excluding current portion (book value)	5,377)	6,484)	6,692)	7,514)	5,124)	6,487)
Add: Long-term finance lease liabilities (book value)	1,303)	1,383)	980)	657)	395)	390)
Total equity and debt	258,269)	220,782)	207,586)	168,893)	138,427)	102,891)
Less: Cash and cash equivalents	13,700)	10,203)	11,258)	12,277)	8,384)	6,055)
Less: Short-term investments	1,534)	846)	917)	1,028)	1,060)	1,204)
Enterprise value (EV)	243,035)	209,733)	195,411)	155,588)	128,983)	95,632)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Costco Wholesale Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 565.52 × 442,740,572

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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.	Costco Wholesale Corp. EV increased from 2021 to 2022 and from 2022 to 2023.

Costco Wholesale Corp. (NASDAQ:COST)

Enterprise Value (EV)