PayPal Holdings Inc., current enterprise value calculation

Current share price (P)	$65.91
No. shares of common stock outstanding	1,115,713,968
US$ in millions
Common equity (market value)¹	73,537)
Add: Preferred stock, $0.0001 par value; unissued (per books)	—)
Add: Noncontrolling interest (per books)	—)
Total equity	73,537)
Add: Short-term debt (per books)	—)
Add: Current portion of long-term debt (per books)	418)
Add: Long-term debt, excluding current portion (per books)	10,417)
Total equity and debt	84,372)
Less: Cash and cash equivalents	7,776)
Less: Short-term investments	3,092)
Less: Funds receivable and customer accounts	36,357)
Enterprise value (EV)	37,147)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 65.91 × 1,115,713,968

PayPal Holdings Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$80.80	$124.30	$269.44	$119.89	$90.85
No. shares of common stock outstanding¹	1,131,373,298	1,165,004,913	1,171,175,760	1,172,955,485	1,173,209,367
US$ in millions
Common equity (market value)³	91,415)	144,810)	315,562)	140,626)	106,586)
Add: Preferred stock, $0.0001 par value; unissued (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest (book value)	—)	—)	44)	44)	—)
Total equity	91,415)	144,810)	315,606)	140,670)	106,586)
Add: Short-term debt (book value)	—)	—)	—)	—)	1,998)
Add: Current portion of long-term debt (book value)	418)	999)	—)	—)	—)
Add: Long-term debt, excluding current portion (book value)	10,417)	8,049)	8,939)	4,965)	—)
Total equity and debt	102,250)	153,858)	324,545)	145,635)	108,584)
Less: Cash and cash equivalents	7,776)	5,197)	4,794)	7,349)	7,575)
Less: Short-term investments	3,092)	4,303)	8,289)	3,412)	1,534)
Less: Funds receivable and customer accounts	36,357)	36,141)	33,418)	22,527)	20,062)
Enterprise value (EV)	55,025)	108,217)	278,044)	112,347)	79,413)

¹ Data adjusted for splits and stock dividends.

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

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 80.80 × 1,131,373,298

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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.	PayPal Holdings Inc. EV decreased from 2020 to 2021 and from 2021 to 2022.

PayPal Holdings Inc. (NASDAQ:PYPL)

Enterprise Value (EV)