Stock Analysis on Net

McDonald’s Corp. (NYSE:MCD)

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Enterprise Value (EV)

Microsoft Excel

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Current Enterprise Value (EV)

McDonald’s Corp., current enterprise value calculation

Microsoft Excel
Current share price (P)
No. shares of common stock outstanding
US$ in millions
Common equity (market value)1
Add: Preferred stock, no par value; issued: none (per books)
Total equity
Add: Short-term borrowings and current maturities of long-term debt (per books)
Add: Current finance lease liability (per books)
Add: Long-term debt, excluding current maturities (per books)
Add: Long-term finance lease liability (per books)
Total equity and debt
Less: Cash and equivalents
Enterprise value (EV)

Based on: 10-K (reporting date: 2024-12-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×


Historical Enterprise Value (EV)

McDonald’s Corp., EV calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Share price1, 2
No. shares of common stock outstanding1
US$ in millions
Common equity (market value)3
Add: Preferred stock, no par value; issued: none (book value)
Total equity
Add: Short-term borrowings and current maturities of long-term debt (book value)
Add: Current finance lease liability (book value)
Add: Long-term debt, excluding current maturities (book value)
Add: Long-term finance lease liability (book value)
Total equity and debt
Less: Cash and equivalents
Enterprise value (EV)

Based on: 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), 10-K (reporting date: 2020-12-31).

1 Data adjusted for splits and stock dividends.

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

3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×


The financial data reveals a consistent upward trend in the company’s equity and overall valuation over the observed five-year period.

Common Equity and Total Equity
Both common equity (market value) and total equity increased steadily from US$157,554 million in 2020 to US$221,997 million in 2024. This growth indicates a strengthening equity base and suggests the company’s net worth, as measured by shareholder equity, has expanded by approximately 41% over this timeframe.
Total Equity and Debt
The combined figure of total equity and debt also shows a progressive increase, rising from US$194,995 million in 2020 to US$262,202 million in 2024. This reflects the company’s overall capital structure expansion, with a total increase of roughly 34%. The steady rise points to potential growth financing through both equity and debt sources.
Enterprise Value (EV)
Enterprise value follows the same positive trajectory, advancing from US$191,546 million in 2020 to US$261,117 million in 2024. EV growth of approximately 36% indicates an increasing market perception of the company’s total value, including equity and debt, adjusting for cash and equivalents. This trend aligns closely with the increases seen in total equity and debt, showing that market valuation has kept pace with the balance sheet expansions.

Overall, the data demonstrates consistent growth in equity base, capitalization, and enterprise valuation, suggesting solid and sustained expansion of the company’s financial position over the five-year period analyzed.