McDonald’s Corp., current enterprise value calculation

Current share price (P)	$304.85
No. shares of common stock outstanding	710,398,642
US$ in millions
Common equity (market value)¹	216,565)
Add: Preferred stock, no par value; issued: none (per books)	—)
Total equity	216,565)
Add: Short-term borrowings and current maturities of long-term debt (per books)	—)
Add: Current finance lease liability (per books)	23)
Add: Long-term debt, excluding current maturities (per books)	39,973)
Add: Long-term finance lease liability (per books)	2,329)
Total equity and debt	258,890)
Less: Cash and equivalents	774)
Enterprise value (EV)	258,116)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 304.85 × 710,398,642

McDonald’s Corp., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$333.05	$310.72	$295.92	$263.68	$245.03
No. shares of common stock outstanding¹	710,398,642	714,461,139	722,051,488	731,496,951	743,584,718
US$ in millions
Common equity (market value)³	236,598)	221,997)	213,669)	192,881)	182,201)
Add: Preferred stock, no par value; issued: none (book value)	—)	—)	—)	—)	—)
Total equity	236,598)	221,997)	213,669)	192,881)	182,201)
Add: Short-term borrowings and current maturities of long-term debt (book value)	—)	—)	2,192)	—)	—)
Add: Current finance lease liability (book value)	23)	11)	46)	22)	—)
Add: Long-term debt, excluding current maturities (book value)	39,973)	38,424)	37,153)	35,904)	35,623)
Add: Long-term finance lease liability (book value)	2,329)	1,770)	1,530)	1,300)	—)
Total equity and debt	278,923)	262,202)	254,590)	230,106)	217,823)
Less: Cash and equivalents	774)	1,085)	4,579)	2,584)	4,709)
Enterprise value (EV)	278,149)	261,117)	250,011)	227,523)	213,114)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of McDonald’s Corp. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 333.05 × 710,398,642

The information presents a consistent upward trend in several key financial metrics between December 31, 2021, and December 31, 2025. Specifically, common equity market value, total equity, total equity and debt, and enterprise value all demonstrate growth over the five-year period.

Common Equity (Market Value): Common equity (market value) increased from US$182.201 billion in 2021 to US$236.598 billion in 2025, representing a cumulative increase of approximately 29.8%. The growth appears relatively steady year-over-year, with increases ranging from US$10.680 billion to US$14.601 billion annually.
Total Equity: Total equity mirrors the trend in common equity (market value), increasing from US$182.201 billion in 2021 to US$236.598 billion in 2025. This indicates that the growth in market value is aligned with the growth in the company’s book value of equity.
Total Equity and Debt: Total equity and debt also exhibits a consistent upward trajectory, rising from US$217.823 billion in 2021 to US$278.923 billion in 2025, a cumulative increase of approximately 28.0%. The rate of increase appears to be slowing slightly in later years, with smaller annual increments compared to earlier periods.
Enterprise Value (EV): Enterprise value demonstrates a similar pattern of growth, increasing from US$213.114 billion in 2021 to US$278.149 billion in 2025, representing a cumulative increase of approximately 30.5%. The annual increases in EV generally correspond with the increases observed in the other equity and debt-related metrics. The EV growth rate is consistent with the growth in total equity and debt, suggesting that changes in debt levels are not disproportionately impacting the overall enterprise value.

The consistent growth across all presented metrics suggests a period of positive financial performance and increasing investor confidence. The relatively stable relationship between equity, debt, and enterprise value indicates a balanced capital structure and consistent valuation approach over the observed period.

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McDonald’s Corp. (NYSE:MCD)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)