Enterprise Value (EV)

Difficulty: Intermediate

Current Enterprise Value (EV)

Phillips 66, current enterprise value calculation

Current share price (P)	$ 109.86
No. shares of common stock outstanding	464,262,410
USD $ in millions
Common equity (market value)	51,004
Add: Noncontrolling interests (per books)	2,343
Total equity	53,347
Add: Short-term debt (per books)	41
Add: Long-term debt (per books)	10,069
Total equity and debt	63,457
Less: Cash and cash equivalents	3,119
Enterprise value (EV)	60,338

Historical Enterprise Value (EV)

Phillips 66, EV calculation

		Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
	No. shares of common stock outstanding1	501,237,339	517,816,429	527,459,894	543,497,802	587,624,299
	Share price1, 2 (USD $)	91.83	78.66	80.09	77.34	74.95
	USD $ in millions
	Common equity (market value)	46,029	40,731	42,244	42,034	44,042
	Add: Noncontrolling interests (per books)	2,343	1,335	838	447	442
	Total equity	48,372	42,066	43,082	42,481	44,484
	Add: Short-term debt (per books)	41	550	44	842	24
	Add: Long-term debt (per books)	10,069	9,588	8,843	7,842	6,131
	Total equity and debt	58,482	52,204	51,969	51,165	50,639
	Less: Cash and cash equivalents	3,119	2,711	3,074	5,207	5,400
	Enterprise value (EV)	55,363	49,493	48,895	45,958	45,239

¹ Data adjusted for splits and stock dividends.
² Close price on the filing date of Phillips 66's Annual Report.

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.	Phillips 66's EV increased from 2015 to 2016 and from 2016 to 2017.