Enterprise Value (EV)
Current Enterprise Value (EV)
Cytokinetics Inc., current enterprise value calculation
| Current share price (P) | $36.32 |
| No. shares of common stock outstanding | 387,824,443 |
| US$ in thousands | |
| Common equity (market value)1 | 14,085,784) |
| Add: Preferred stock, $0.001 par value; issued and outstanding: none (per books) | —) |
| Total equity | 14,085,784) |
| Add: Current portion of term loan (per books) | —) |
| Add: Short-term finance lease liabilities (per books) | 1,000) |
| Add: Term loan, net, excluding current portion (per books) | 63,810) |
| Add: Convertible notes, net (per books) | 545,808) |
| Add: Long-term finance lease liabilities (per books) | 1,001) |
| Total equity and debt | 14,697,403) |
| Less: Cash and cash equivalents | 65,582) |
| Less: Short-term investments | 716,995) |
| Enterprise value (EV) | 13,914,826) |
Based on: 10-K (reporting date: 2022-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 36.32 × 387,824,443
Historical Enterprise Value (EV)
Cytokinetics Inc., EV calculation
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Cytokinetics Inc. Annual Report.
3 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 43.11 × 95,161,391
The financial trajectory from 2018 to 2022 is characterized by a significant and consistent expansion in both market valuation and enterprise value. There is a clear pattern of aggressive growth across all measured capital metrics, with the company transitioning from a small-cap valuation to a multi-billion dollar valuation over the five-year period.
- Market Equity Expansion
- Common equity market value exhibited a steep upward trend, increasing from US$ 329,879 thousand in 2018 to US$ 4,102,408 thousand by December 31, 2022. This represents a growth factor of approximately 12.4 times. The most substantial acceleration occurred between 2020 and 2021, where market value more than doubled.
- Enterprise Value (EV) Trends
- Enterprise value followed a growth trajectory mirroring that of the market equity, rising from US$ 173,561 thousand in 2018 to US$ 3,931,450 thousand in 2022. A notable surge is observed between 2018 and 2019, where the EV increased by more than 350%, signaling a rapid shift in the company's valuation profile.
- Capital Structure and Liquidity Insights
- A consistent divergence is observed between total equity and debt and the resulting enterprise value. For every year in the period, the enterprise value remains lower than the combined total of equity and debt. Specifically, by 2022, while total equity and debt stood at US$ 4,714,027 thousand, the EV was US$ 3,931,450 thousand. This indicates a substantial cash position that offsets total debt, resulting in a negative net debt component within the enterprise value calculation.
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