Name: Ross Stores Inc. (NASDAQ:ROST) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Ross Stores Inc., current enterprise value calculation

Current share price (P)	$115.36
No. shares of common stock outstanding	344,371,009
US$ in thousands
Common equity (market value)¹	39,726,640)
Total equity	39,726,640)
Add: Current portion of long-term debt (per books)	—)
Add: Long-term debt, excluding current portion (per books)	2,452,325)
Total equity and debt	42,178,965)
Less: Cash and cash equivalents	4,922,365)
Less: Short-term investments	—)
Enterprise value (EV)	37,256,600)

Based on: 10-K (reporting date: 2022-01-29).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 115.36 × 344,371,009

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Ross Stores Inc., EV calculation

	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017
Share price^1, 2	$95.55	$120.38	$86.97	$93.76	$76.20	$65.77
No. shares of common stock outstanding¹	350,892,474	356,523,349	355,896,821	368,247,009	378,713,373	391,895,145
US$ in thousands
Common equity (market value)³	33,527,776)	42,918,281)	30,952,347)	34,526,840)	28,857,959)	25,774,944)
Total equity	33,527,776)	42,918,281)	30,952,347)	34,526,840)	28,857,959)	25,774,944)
Add: Current portion of long-term debt (book value)	—)	64,910)	—)	—)	84,973)	—)
Add: Long-term debt, excluding current portion (book value)	2,452,325)	2,448,175)	312,891)	312,440)	311,994)	396,493)
Total equity and debt	35,980,101)	45,431,366)	31,265,238)	34,839,280)	29,254,926)	26,171,437)
Less: Cash and cash equivalents	4,922,365)	4,819,293)	1,351,205)	1,412,912)	1,290,294)	1,111,599)
Less: Short-term investments	—)	—)	—)	—)	512)	—)
Enterprise value (EV)	31,057,736)	40,612,073)	29,914,033)	33,426,368)	27,964,120)	25,059,838)

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

¹ Data adjusted for splits and stock dividends.

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

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 95.55 × 350,892,474

The financial trajectory of the enterprise value and equity components between January 2017 and January 2022 is characterized by moderate growth, a period of significant volatility during the 2020-2021 window, and a subsequent contraction in 2022.

Market Equity Trends: Common equity market value demonstrated a general upward trend from approximately $25.77 billion in 2017 to a peak of $42.92 billion in January 2021. A temporary decline was observed in 2020, where value dropped to $30.95 billion, followed by a sharp recovery and a subsequent correction to $33.53 billion by January 2022.
Capital Structure and Debt Integration: The narrow variance between total equity and the combined total of equity and debt indicates a capital structure heavily weighted toward equity. The minimal difference between these two metrics suggests that the organization maintained low leverage throughout the five-year period, with debt representing a small fraction of the total capitalization.
Enterprise Value (EV) Dynamics: Enterprise value mirrored the fluctuations of the market equity, rising from $25.06 billion in 2017 to a maximum of $40.61 billion in 2021, before retreating to $31.06 billion in 2022. A consistent pattern is observed where the enterprise value remains lower than the market value of common equity. This discrepancy suggests a substantial net cash position, implying that the company's cash and cash equivalents exceeded its total debt obligations across all reporting periods.

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Ross Stores Inc. (NASDAQ:ROST)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)