Name: Paramount Global (NASDAQ:PARA) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Paramount Global, current enterprise value calculation

Current share price (P)	$16.40
No. shares of common stock outstanding	651,557,231
US$ in millions
Common equity (market value)¹	10,686)
Add: 5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share (per books)	—)
Add: Noncontrolling interests (per books)	570)
Total equity	11,256)
Add: Current debt (per books)	239)
Add: Long-term debt, net of current portion (per books)	15,607)
Total equity and debt	27,102)
Less: Cash and cash equivalents	2,885)
Enterprise value (EV)	24,217)

Based on: 10-K (reporting date: 2022-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 16.40 × 651,557,231

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Paramount Global, EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$23.50	$35.99	$65.60	$29.29	$50.64
No. shares of common stock outstanding¹	650,516,853	648,584,674	619,606,133	613,739,990	372,969,983
US$ in millions
Common equity (market value)³	15,287)	23,343)	40,646)	17,976)	18,887)
Add: 5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	570)	568)	685)	82)	—)
Total equity	15,857)	23,911)	41,331)	18,058)	18,887)
Add: Current debt (book value)	239)	11)	16)	717)	687)
Add: Long-term debt, net of current portion (book value)	15,607)	17,698)	19,717)	18,002)	9,465)
Total equity and debt	31,703)	41,620)	61,064)	36,777)	29,039)
Less: Cash and cash equivalents	2,885)	6,267)	2,984)	632)	322)
Enterprise value (EV)	28,818)	35,353)	58,080)	36,145)	28,717)

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 Paramount Global Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 23.50 × 650,516,853

The financial metrics indicate a period of high volatility between 2018 and 2022, characterized by a sharp expansion in valuation that peaked in 2020 followed by a substantial correction. By the end of 2022, the enterprise value had effectively reverted to its 2018 levels, erasing the gains achieved during the mid-period surge.

Enterprise Value (EV) Trajectory: Enterprise value experienced a significant upward trend from 28,717 million US$ in 2018 to a peak of 58,080 million US$ in 2020. This was followed by a rapid decline to 35,353 million US$ in 2021 and further contraction to 28,818 million US$ by the end of 2022, marking a nearly full cyclical reversal over the five-year period.
Equity Market Valuation Trends: Common equity market value mirrored the volatility of the enterprise value, rising from 18,887 million US$ in 2018 to 40,646 million US$ in 2020. However, a severe downward trend occurred post-2020, with values dropping to 15,287 million US$ by 2022, which represents a valuation lower than the initial 2018 level.
Capital Structure and Total Liabilities: Total equity and debt grew steadily from 29,039 million US$ in 2018 to a maximum of 61,064 million US$ in 2020. The subsequent reduction to 31,703 million US$ in 2022 suggests a significant contraction in the overall capital base following the 2020 peak.

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Paramount Global (NASDAQ:PARA)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)