Meta Platforms Inc., current enterprise value calculation

Current share price (P)	$706.41
No. shares of common stock outstanding	2,529,555,464
US$ in millions
Common equity (market value)¹	1,786,903)
Total equity	1,786,903)
Add: Finance lease liabilities, current (per books)	308)
Add: Long-term debt (per books)	58,744)
Add: Finance lease liabilities, non-current (per books)	876)
Total equity and debt	1,846,831)
Less: Cash and cash equivalents	35,873)
Less: Marketable securities	45,719)
Enterprise value (EV)	1,765,239)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 706.41 × 2,529,555,464

Meta Platforms Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$738.31	$687.00	$474.99	$188.77	$237.76
No. shares of common stock outstanding¹	2,529,555,464	2,533,659,265	2,549,405,106	2,592,639,548	2,721,941,960
US$ in millions
Common equity (market value)³	1,867,596)	1,740,624)	1,210,942)	489,413)	647,169)
Total equity	1,867,596)	1,740,624)	1,210,942)	489,413)	647,169)
Add: Finance lease liabilities, current (book value)	308)	76)	90)	129)	75)
Add: Long-term debt (book value)	58,744)	28,826)	18,385)	9,923)	—)
Add: Finance lease liabilities, non-current (book value)	876)	633)	600)	558)	506)
Total equity and debt	1,927,524)	1,770,159)	1,230,017)	500,023)	647,750)
Less: Cash and cash equivalents	35,873)	43,889)	41,862)	14,681)	16,601)
Less: Marketable securities	45,719)	33,926)	23,541)	26,057)	31,397)
Enterprise value (EV)	1,845,932)	1,692,344)	1,164,614)	459,285)	599,752)

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 Meta Platforms Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 738.31 × 2,529,555,464

The enterprise value demonstrates a fluctuating pattern over the five-year period. Initial observation reveals a decrease followed by substantial growth, culminating in a stabilization towards the end of the observed timeframe.

Overall Trend: The enterprise value experienced a decline from US$599,752 million in 2021 to US$459,285 million in 2022, representing a decrease of approximately 23.4%. A significant recovery and expansion followed, with the enterprise value increasing to US$1,164,614 million in 2023, US$1,692,344 million in 2024, and reaching US$1,845,932 million in 2025. The rate of increase slowed between 2024 and 2025.
Relationship to Common Equity: The enterprise value consistently tracks the trend of common equity (market value). The decrease in 2022 corresponds with the decline in common equity, and the subsequent increases in enterprise value mirror the growth in common equity from 2023 onwards. However, the enterprise value remains lower than the common equity value in each observed year.
Relationship to Total Equity and Debt: Total equity and debt generally increased over the period, mirroring the trend in enterprise value. The enterprise value is calculated by subtracting cash and cash equivalents from the sum of total equity and debt. The observed increases in total equity and debt contribute to the overall growth in enterprise value, although the relationship isn't perfectly linear, suggesting changes in cash holdings also play a role.

The substantial growth in enterprise value from 2022 to 2025 indicates a significant shift in investor perception and/or underlying financial performance. The slowing growth rate between 2024 and 2025 may suggest a maturing growth phase or increased market scrutiny.

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Meta Platforms Inc. (NASDAQ:META)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)