Name: Motorola Solutions Inc. (NYSE:MSI) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Motorola Solutions Inc., current enterprise value calculation

Current share price (P)	$398.58
No. shares of common stock outstanding	166,840,999
US$ in millions
Common equity (market value)¹	66,499)
Add: Preferred stock, $100 par value; none issued and outstanding (per books)	—)
Add: Noncontrolling interests (per books)	15)
Total equity	66,514)
Add: Current portion of long-term debt (per books)	1,313)
Add: Long-term debt, excluding current portion (per books)	4,705)
Total equity and debt	72,532)
Less: Cash and cash equivalents	1,705)
Enterprise value (EV)	70,827)

Based on: 10-K (reporting date: 2023-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 398.58 × 166,840,999

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Motorola Solutions Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$323.90	$267.36	$221.00	$181.07	$184.41
No. shares of common stock outstanding¹	166,132,981	167,250,071	168,209,089	169,028,294	170,579,096
US$ in millions
Common equity (market value)³	53,810)	44,716)	37,174)	30,606)	31,456)
Add: Preferred stock, $100 par value; none issued and outstanding (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	15)	15)	17)	17)	17)
Total equity	53,825)	44,731)	37,191)	30,623)	31,473)
Add: Current portion of long-term debt (book value)	1,313)	1)	5)	12)	16)
Add: Long-term debt, excluding current portion (book value)	4,705)	6,013)	5,688)	5,163)	5,113)
Total equity and debt	59,843)	50,745)	42,884)	35,798)	36,602)
Less: Cash and cash equivalents	1,705)	1,325)	1,874)	1,254)	1,001)
Enterprise value (EV)	58,138)	49,420)	41,010)	34,544)	35,601)

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Motorola Solutions Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 323.90 × 166,132,981

The financial trajectory from 2019 to 2023 exhibits a consistent expansion in both market capitalization and overall enterprise valuation. After a marginal contraction in 2020, a sustained and accelerated increase is observed across all valuation metrics through the end of 2023.

Enterprise Value (EV) Trends: Enterprise value grew from US$ 35,601 million in 2019 to US$ 58,138 million by December 31, 2023. This represents a cumulative increase of approximately 63%. The most significant growth occurred between 2021 and 2023, signaling a substantial rise in the total market value of the business operations.
Common Equity Market Value: The market value of common equity followed a similar trajectory, rising from US$ 31,456 million in 2019 to US$ 53,810 million in 2023. A slight decline was noted in 2020, followed by an aggressive upward trend, with the market value increasing by approximately 71% over the five-year period.
Capital Structure and Valuation Gap: A consistent gap is observed between total equity and debt and the resulting enterprise value. As of December 31, 2023, total equity and debt stood at US$ 59,843 million, while the enterprise value was US$ 58,138 million. The fact that enterprise value remains lower than the sum of equity and debt indicates the presence of cash and cash equivalents that offset a portion of the total debt obligations in the valuation calculation.
Equity Correlation: A near-perfect correlation is observed between common equity market value and total equity across the entire period. This suggests that the equity base has expanded in lockstep with market perceptions of value, maintaining a stable relationship between book and market equity measurements.

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Motorola Solutions Inc. (NYSE:MSI)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)