Illinois Tool Works Inc., current enterprise value calculation

Current share price (P)	$217.72
No. shares of common stock outstanding	312,926,939
US$ in millions
Common equity (market value)¹	68,130)
Add: Noncontrolling interest (per books)	1)
Total equity	68,131)
Add: Short-term debt (per books)	778)
Add: Long-term debt (per books)	6,909)
Total equity and debt	75,818)
Less: Cash and equivalents	1,527)
Enterprise value (EV)	74,291)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 217.72 × 312,926,939

Illinois Tool Works Inc., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$217.72	$200.98	$187.86	$144.21	$163.36
No. shares of common stock outstanding¹	312,926,939	316,662,263	318,864,237	328,108,383	341,545,719
US$ in millions
Common equity (market value)³	68,130)	63,643)	59,902)	47,317)	55,795)
Add: Noncontrolling interest (book value)	1)	1)	4)	4)	4)
Total equity	68,131)	63,644)	59,906)	47,321)	55,799)
Add: Short-term debt (book value)	778)	350)	4)	1,351)	850)
Add: Long-term debt (book value)	6,909)	7,772)	7,754)	6,029)	7,478)
Total equity and debt	75,818)	71,766)	67,664)	54,701)	64,127)
Less: Cash and equivalents	1,527)	2,564)	1,981)	1,504)	3,094)
Enterprise value (EV)	74,291)	69,202)	65,683)	53,197)	61,033)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Illinois Tool Works Inc. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 217.72 × 312,926,939

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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.	Illinois Tool Works Inc. EV increased from 2019 to 2020 and from 2020 to 2021.

Illinois Tool Works Inc. (NYSE:ITW)

Enterprise Value (EV)