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)

Based on: 10-K (reporting date: 2016-12-31).

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)

Based on: 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).

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

The financial data shows notable fluctuations and trends in the equity and enterprise values over the five-year period ending December 31, 2016.

Common Equity (Market Value): The market value of common equity increased significantly from approximately $24.2 billion in 2012 to about $44.2 billion in 2016. There was a peak in 2014 at around $41.5 billion, followed by a decline in 2015 to roughly $30.1 billion, and then a substantial recovery in 2016 to its highest value over the period.
Total Equity: Total equity closely follows the trend of common equity, exhibiting a rise from $24.2 billion in 2012 to around $44.3 billion in 2016. The interim decrease in 2015 mirrors the dip seen in common equity, indicating alignment between market perceptions and book values during this period.
Total Equity and Debt: Total equity plus debt increased from about $24.2 billion in 2012 to nearly $45.6 billion in 2016. The figures showed a peak in 2014 at approximately $42.7 billion, followed by a decrease in 2015, and a subsequent recovery in 2016. The patterns suggest the company leveraged its capital structure somewhat but maintained growth in combined equity and debt.
Enterprise Value (EV): Enterprise value experienced growth from about $20.1 billion in 2012 to a peak of approximately $36.8 billion in 2013, followed by declines through 2015 to around $25.5 billion. In 2016, EV rebounded to roughly $38.8 billion, marking the highest value in the period. The fluctuations imply changing market conditions and possibly shifts in operational performance or investor sentiment.

Overall, the data reveals a general upward trajectory in equity-related values with a notable dip around 2015, followed by recovery in 2016. The enterprise value, while more volatile, ended higher than it began, suggesting improved valuation metrics or operational improvements by the end of the period. The concurrent trends in equity and enterprise value reflect periods of both market optimism and caution.

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Yahoo! Inc. (NASDAQ:YHOO)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)