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

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 analysis of the financial data over the six-year period reveals notable fluctuations and trends in the equity, debt, and enterprise value metrics.

Common Equity (Market Value) and Total Equity: Both metrics show identical values across all periods, indicating a consistent measurement approach. Starting from approximately $25.8 billion in early 2017, these values increased steadily to peak at about $42.9 billion in early 2021, followed by a decline to around $33.5 billion by early 2022. This trend suggests a general growth in the company's equity base up to 2021, with a subsequent contraction in the following year.
Total Equity and Debt: This figure consistently exceeds total equity alone, reflecting the inclusion of debt. The amount rose from approximately $26.2 billion in early 2017 to a high of around $45.4 billion in early 2021, then decreased to about $36.0 billion in early 2022. This pattern indicates an overall increase in the company's capital structure size, with heightened leverage or debt levels peaking around 2021 before retracting somewhat thereafter.
Enterprise Value (EV): The enterprise value started at roughly $25.1 billion in early 2017 and showed growth through early 2021 when it reached a maximum near $40.6 billion. However, it subsequently contracted to about $31.1 billion by early 2022. This pattern parallels the behavior of both equity and total capital, reflecting market capitalization, debt levels, and possibly shifts in investor valuation or market conditions.

Overall, the financial data demonstrates a growth phase culminating in early 2021 across equity and capital structure metrics, followed by a notable decline in all categories in the subsequent year. This may reflect changing market dynamics, adjustments in capital strategy, or impacts from external factors influencing the company’s valuation and financing.

Download chart

Ross Stores Inc. (NASDAQ:ROST)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)