Fiserv Inc., current enterprise value calculation

Current share price (P)	$104.74
No. shares of common stock outstanding	646,394,065
US$ in millions
Common equity (market value)¹	67,703)
Add: Preferred stock, no par value; none issued (per books)	—)
Add: Noncontrolling interests (per books)	720)
Total equity	68,423)
Add: Short-term and current maturities of long-term debt (per books)	508)
Add: Long-term debt, excluding current maturities (per books)	20,729)
Total equity and debt	89,660)
Less: Cash and cash equivalents	835)
Enterprise value (EV)	88,825)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 104.74 × 646,394,065

Fiserv Inc., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$95.56	$115.37	$108.54	$84.75	$71.06
No. shares of common stock outstanding¹	652,196,905	669,459,877	679,098,783	391,586,971	413,215,728
US$ in millions
Common equity (market value)³	62,324)	77,236)	73,709)	33,187)	29,363)
Add: Preferred stock, no par value; none issued (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	720)	740)	1,616)	—)	—)
Total equity	63,044)	77,976)	75,325)	33,187)	29,363)
Add: Short-term and current maturities of long-term debt (book value)	508)	384)	287)	4)	3)
Add: Long-term debt, excluding current maturities (book value)	20,729)	20,300)	21,612)	5,955)	4,897)
Total equity and debt	84,281)	98,660)	97,224)	39,146)	34,263)
Less: Cash and cash equivalents	835)	906)	893)	415)	325)
Enterprise value (EV)	83,446)	97,754)	96,331)	38,731)	33,938)

¹ Data adjusted for splits and stock dividends.

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

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 95.56 × 652,196,905

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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.	Fiserv Inc. EV increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Fiserv Inc. (NASDAQ:FISV)

Enterprise Value (EV)