Air Products & Chemicals Inc., current enterprise value calculation

Current share price (P)	$275.75
No. shares of common stock outstanding	221,364,660
US$ in thousands
Common equity (market value)¹	61,041,305)
Add: Noncontrolling interests (per books)	363,300)
Total equity	61,404,605)
Add: Short-term borrowings (per books)	7,700)
Add: Current portion of long-term debt (per books)	470,000)
Add: Long-term debt, excluding current portion (per books)	7,132,900)
Add: Long-term debt, related party (per books)	297,200)
Total equity and debt	69,312,405)
Less: Cash and cash items	5,253,000)
Less: Short-term investments	1,104,900)
Enterprise value (EV)	62,954,505)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 275.75 × 221,364,660

Air Products & Chemicals Inc., EV calculation

	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016	Sep 30, 2015
Share price^1, 2	$270.36	$234.40	$157.56	$161.18	$139.74	$139.47
No. shares of common stock outstanding¹	221,026,592	220,433,925	219,533,532	218,618,346	217,375,097	215,426,569
US$ in thousands
Common equity (market value)³	59,756,749)	51,669,712)	34,589,703)	35,236,905)	30,375,996)	30,045,544)
Add: Noncontrolling interests (book value)	363,300)	334,700)	318,800)	99,300)	133,800)	132,100)
Total equity	60,120,049)	52,004,412)	34,908,503)	35,336,205)	30,509,796)	30,177,644)
Add: Short-term borrowings (book value)	7,700)	58,200)	54,300)	144,000)	935,800)	1,494,300)
Add: Current portion of long-term debt (book value)	470,000)	40,400)	406,600)	416,400)	371,300)	435,600)
Add: Long-term debt, excluding current portion (book value)	7,132,900)	2,907,300)	2,967,400)	3,402,400)	4,918,100)	3,949,100)
Add: Long-term debt, related party (book value)	297,200)	320,100)	384,300)	—)	—)	—)
Total equity and debt	68,027,849)	55,330,412)	38,721,103)	39,299,005)	36,734,996)	36,056,644)
Less: Cash and cash items	5,253,000)	2,248,700)	2,791,300)	3,273,600)	1,501,300)	206,400)
Less: Short-term investments	1,104,900)	166,000)	184,700)	404,000)	—)	—)
Enterprise value (EV)	61,669,949)	52,915,712)	35,745,103)	35,621,405)	35,233,696)	35,850,244)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Air Products & Chemicals Inc. Annual Report.

³ 2020 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 270.36 × 221,026,592

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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.	Air Products & Chemicals Inc. EV increased from 2018 to 2019 and from 2019 to 2020.

Air Products & Chemicals Inc. (NYSE:APD)

Enterprise Value (EV)