Enterprise Value (EV)
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Pioneer Natural Resources Co. pages available for free this week:
- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
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Current Enterprise Value (EV)
Pioneer Natural Resources Co., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Total equity | |
| Add: Current portion of debt (per books) | |
| Add: Finance lease liability, current (per books) | |
| Add: Long-term debt, excluding current portion (per books) | |
| Add: Finance lease liability, noncurrent (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Restricted cash | |
| Less: Investment in affiliate | |
| Less: Short-term investments, net | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2023-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Pioneer Natural Resources Co., EV calculation
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 Pioneer Natural Resources Co. Annual Report.
3 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
- Equity Trends
- The common equity, synonymous with total equity in this context, exhibited a substantial growth trend from 2019 through 2023. Starting at $22,532 million in 2019, equity reached its peak at $54,212 million in 2021 before declining to $48,190 million in 2022. Thereafter, it increased again to $54,649 million in 2023, slightly surpassing the 2021 level. This pattern indicates a general expansion of shareholder value over the observed period, despite a notable dip in 2022.
- Total Equity and Debt
- The combined figure of total equity and debt generally followed the trajectory of equity but showed less pronounced volatility. Beginning at $25,393 million in 2019, this figure rose significantly to $61,683 million by 2021, then declined to $53,615 million in 2022 before rebounding to $59,986 million in 2023. This suggests that debt levels may have fluctuated in a manner correlated with equity movements, impacting overall capital structure but maintaining a sizeable increase over the five-year span.
- Enterprise Value (EV)
- Enterprise value mirrored the direction of total equity and debt, underscoring the influence of capital structure changes and market valuation. EV increased from $24,501 million in 2019 to a peak of $57,606 million in 2021, then contracted to $52,411 million in 2022. A subsequent rise to $59,607 million in 2023 not only recovered the previous decline but surpassed the 2021 peak, indicating robust valuation and possibly improved operational outlook or market sentiment.
- Overall Insights
- The company demonstrated a strong upward trend in market valuation and equity capital over the five-year period, with a temporary downturn in 2022. The 2021 peak across multiple metrics, followed by a dip and recovery by 2023, may reflect external economic factors or internal adjustments. The alignment between equity, total capital (equity plus debt), and enterprise value suggests a cohesive financial strategy influencing the firm’s market and credit standing. The recovery beyond prior highs by 2023 points to regained confidence and growth potential.