Yahoo! Inc., current enterprise value calculation

Current share price (P)	$49.49
No. shares of common stock outstanding	958,198,997
US$ in thousands
Common equity (market value)¹	47,421,268)
Add: Preferred stock, $0.001 par value; none issued or outstanding (per books)	—)
Add: Noncontrolling interests (per books)	34,793)
Total equity	47,456,061)
Add: Convertible notes (per books)	1,299,945)
Add: Net lease obligations (per books)	23,000)
Total equity and debt	48,779,006)
Less: Cash and cash equivalents	1,119,469)
Less: Short-term marketable securities	5,700,925)
Enterprise value (EV)	41,958,612)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 49.49 × 958,198,997

Yahoo! Inc., EV calculation

	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012
Share price^1, 2	$46.24	$31.79	$44.28	$38.67	$21.94
No. shares of common stock outstanding¹	956,487,217	946,811,547	936,120,954	1,009,392,339	1,101,295,389
US$ in thousands
Common equity (market value)³	44,227,969)	30,099,139)	41,451,436)	39,033,202)	24,162,421)
Add: Preferred stock, $0.001 par value; none issued or outstanding (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	34,793)	35,883)	43,755)	55,688)	45,403)
Total equity	44,262,762)	30,135,022)	41,495,191)	39,088,890)	24,207,824)
Add: Convertible notes (book value)	1,299,945)	1,233,485)	1,170,423)	1,110,585)	—)
Add: Net lease obligations (book value)	23,000)	33,000)	47,000)	44,000)	37,000)
Total equity and debt	45,585,707)	31,401,507)	42,712,614)	40,243,475)	24,244,824)
Less: Cash and cash equivalents	1,119,469)	1,631,911)	2,667,916)	2,077,590)	2,667,778)
Less: Short-term marketable securities	5,700,925)	4,225,112)	5,327,412)	1,330,304)	1,516,175)
Enterprise value (EV)	38,765,313)	25,544,484)	34,717,286)	36,835,581)	20,060,871)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Yahoo! Inc. Annual Report.

³ 2016 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 46.24 × 956,487,217

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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.	Yahoo! Inc. EV decreased from 2014 to 2015 but then increased from 2015 to 2016 exceeding 2014 level.

Yahoo! Inc. (NASDAQ:YHOO)

Enterprise Value (EV)