Enterprise Value (EV)
Current Enterprise Value (EV)
Hess Corp., current enterprise value calculation
| Current share price (P) | $147.76 |
| No. shares of common stock outstanding | 307,151,680 |
| US$ in millions | |
| Common equity (market value)1 | 45,385) |
| Add: Preferred stock, par value $1.00 (per books) | —) |
| Add: Noncontrolling interests (per books) | 641) |
| Total equity | 46,026) |
| Add: Current portion of long-term debt (per books) | 3) |
| Add: Current portion of finance lease obligations (per books) | 21) |
| Add: Long-term debt, excluding current portion (per books) | 8,278) |
| Add: Long-term finance lease obligations (per books) | 179) |
| Total equity and debt | 54,507) |
| Less: Cash and cash equivalents | 2,486) |
| Enterprise value (EV) | 52,021) |
Based on: 10-K (reporting date: 2022-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 147.76 × 307,151,680
Historical Enterprise Value (EV)
Hess Corp., EV calculation
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Hess Corp. Annual Report.
3 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 138.95 × 306,180,424
A consistent upward trajectory is observed across all measured financial metrics from 2018 through 2022. Enterprise value expanded steadily in the early part of the period before experiencing an accelerated growth phase between 2020 and 2022, ultimately more than doubling from its 2018 position.
- Enterprise Value Progression
- Enterprise value increased from US$ 22,717 million in 2018 to US$ 49,180 million by the end of 2022. The most significant expansion occurred between 2020 and 2022, where value rose from US$ 27,881 million to US$ 49,180 million, representing an increase of approximately 76% over that two-year interval.
- Market Valuation and Book Value Correlation
- The common equity market value and total equity demonstrated a strong positive correlation throughout the five-year period. While the market value consistently remained slightly below the total equity, both metrics followed a nearly identical growth pattern. A substantial acceleration in valuation is evident starting in 2021, with common equity market value rising from US$ 20,117 million in 2020 to US$ 42,544 million in 2022.
- Capitalization and Debt Trends
- Total equity and debt grew from US$ 25,411 million in 2018 to US$ 51,666 million in 2022. The expansion of this figure aligns with the growth in enterprise value, indicating a corresponding increase in the company's total capital base. The persistent difference between total equity and debt and the enterprise value indicates the maintenance of a cash position that offsets a portion of the total debt.
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