Enterprise Value (EV)
Current Enterprise Value (EV)
Shockwave Medical Inc., current enterprise value calculation
| Current share price (P) | $330.00 |
| No. shares of common stock outstanding | 37,543,542 |
| US$ in thousands | |
| Common equity (market value)1 | 12,389,369) |
| Add: Preferred stock, $0.001 par value per share; no shares issued and outstanding (per books) | —) |
| Total equity | 12,389,369) |
| Add: Debt, current portion (per books) | —) |
| Add: Convertible debt, noncurrent portion (per books) | 731,863) |
| Add: Debt, noncurrent portion (per books) | —) |
| Total equity and debt | 13,121,232) |
| Less: Cash and cash equivalents | 328,422) |
| Less: Short-term investments | 662,132) |
| Enterprise value (EV) | 12,130,678) |
Based on: 10-K (reporting date: 2023-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 330.00 × 37,543,542
Historical Enterprise Value (EV)
Shockwave Medical Inc., EV calculation
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Shockwave Medical Inc. Annual Report.
3 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 259.89 × 37,396,816
A comprehensive analysis of the valuation metrics from 2019 to 2023 reveals a period of aggressive growth in both market capitalization and enterprise value. The trajectory is characterized by an initial surge in value followed by sustained annual appreciation, reflecting a significant expansion in the perceived market value of the entity.
- Market Equity Growth
- The market value of common equity experienced a substantial increase, rising from 921,204 thousand US$ in 2019 to 9,719,059 thousand US$ by the end of 2023. The most pronounced growth occurred between 2019 and 2020, where value increased more than fourfold. This upward momentum continued steadily through 2023, indicating strong investor confidence and valuation expansion.
- Enterprise Value (EV) Trends
- Enterprise value followed a similar growth pattern to market equity, starting at 739,674 thousand US$ in 2019 and reaching 9,460,368 thousand US$ in 2023. The consistent rise in EV mirrors the growth in market capitalization, confirming that the overall value of the business operations has scaled significantly over the five-year period.
- Capital Structure and Net Cash Position
- A comparison between the market value of common equity and the enterprise value reveals that EV remained consistently lower than the market capitalization across all reported years. In 2023, for instance, the market value of equity stood at 9,719,059 thousand US$, while the EV was 9,460,368 thousand US$. This discrepancy indicates a net cash position, where the company's cash and cash equivalents exceed its total debt, thereby reducing the total cost to acquire the business relative to its equity value.
- Debt Integration
- The difference between total equity and total equity and debt remains marginal throughout the period. The relatively small gap between these two figures suggests a capital structure heavily weighted toward equity with minimal reliance on external debt financing to support its operations and growth.
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