Oracle Corp., current enterprise value calculation

Current share price (P)	$116.00
No. shares of common stock outstanding	2,748,514,000
US$ in millions
Common equity (market value)¹	318,828)
Add: Preferred stock, $0.01 par value; outstanding: none (per books)	—)
Add: Noncontrolling interests (per books)	483)
Total equity	319,311)
Add: Notes payable and other borrowings, current (per books)	4,061)
Add: Notes payable and other borrowings, non-current (per books)	86,420)
Total equity and debt	409,792)
Less: Cash and cash equivalents	9,765)
Less: Marketable securities	422)
Enterprise value (EV)	399,605)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 116.00 × 2,748,514,000

Oracle Corp., EV calculation

	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
Share price^1, 2	$122.04	$67.68	$77.99	$55.12	$56.12	$44.10
No. shares of common stock outstanding¹	2,714,259,000	2,664,926,000	2,792,000,000	3,068,682,000	3,335,819,000	3,981,155,000
US$ in millions
Common equity (market value)³	331,248)	180,362)	217,748)	169,146)	187,206)	175,569)
Add: Preferred stock, $0.01 par value; outstanding: none (book value)	—)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	483)	452)	714)	643)	578)	498)
Total equity	331,731)	180,814)	218,462)	169,789)	187,784)	176,067)
Add: Notes payable and other borrowings, current (book value)	4,061)	3,749)	8,250)	2,371)	4,494)	4,491)
Add: Notes payable and other borrowings, non-current (book value)	86,420)	72,110)	75,995)	69,226)	51,673)	56,128)
Total equity and debt	422,212)	256,673)	302,707)	241,386)	243,951)	236,686)
Less: Cash and cash equivalents	9,765)	21,383)	30,098)	37,239)	20,514)	21,620)
Less: Marketable securities	422)	519)	16,456)	5,818)	17,313)	45,641)
Enterprise value (EV)	412,025)	234,771)	256,153)	198,329)	206,124)	169,425)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Oracle Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 122.04 × 2,714,259,000

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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.	Oracle Corp. EV decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Oracle Corp. (NYSE:ORCL)

Enterprise Value (EV)