Name: Waste Management Inc. (NYSE:WM) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Waste Management Inc., current enterprise value calculation

Current share price (P)	$142.68
No. shares of common stock outstanding	414,586,718
US$ in millions
Common equity (market value)¹	59,153)
Add: Noncontrolling interests (per books)	2)
Total equity	59,155)
Add: Current portion of long-term debt (per books)	708)
Add: Long-term debt, less current portion (per books)	12,697)
Total equity and debt	72,560)
Less: Cash and cash equivalents	118)
Enterprise value (EV)	72,442)

Based on: 10-K (reporting date: 2021-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 142.68 × 414,586,718

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Waste Management Inc., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$142.68	$110.56	$124.23	$98.84	$84.02
No. shares of common stock outstanding¹	414,586,718	423,152,948	424,708,758	423,779,540	433,673,878
US$ in millions
Common equity (market value)³	59,153)	46,784)	52,762)	41,886)	36,437)
Add: Noncontrolling interests (book value)	2)	2)	2)	1)	23)
Total equity	59,155)	46,786)	52,764)	41,887)	36,460)
Add: Current portion of long-term debt (book value)	708)	551)	218)	432)	739)
Add: Long-term debt, less current portion (book value)	12,697)	13,259)	13,280)	9,594)	8,752)
Total equity and debt	72,560)	60,596)	66,262)	51,913)	45,951)
Less: Cash and cash equivalents	118)	553)	3,561)	61)	22)
Enterprise value (EV)	72,442)	60,043)	62,701)	51,852)	45,929)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Waste Management Inc. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 142.68 × 414,586,718

The enterprise value (EV) exhibited a consistent long-term growth trajectory between 2017 and 2021, despite a temporary contraction in 2020. From a base of 45,929 million US$ in 2017, the EV expanded to 72,442 million US$ by 2021, reflecting a substantial increase in the overall valuation of the business operations over the five-year period.

Market Value of Equity Trends: Common equity market value demonstrated an upward trend, rising from 36,437 million US$ in 2017 to 59,153 million US$ in 2021. A period of volatility is evident in 2020, where the value decreased to 46,784 million US$ before recovering significantly in 2021.
Capital Structure Analysis: The total equity and debt figures closely mirror the movements of the enterprise value. Total equity and debt grew from 45,951 million US$ in 2017 to 72,560 million US$ in 2021. The minimal variance between the sum of equity and debt and the final enterprise value suggests that net debt adjustments or cash holdings remained relatively stable in proportion to the total capital structure.
Comparative Growth Patterns: The most aggressive expansion in enterprise value occurred between 2018 and 2019, with an increase from 51,852 million US$ to 62,701 million US$. While 2020 saw a slight contraction of approximately 4.2%, the subsequent recovery in 2021 resulted in the highest recorded enterprise value of 72,442 million US$, indicating strong resilience and value appreciation.
Equity Alignment: A high degree of convergence is observed between common equity market value and total equity throughout the analyzed period. This alignment indicates that the market valuation of the equity remained closely tied to the recorded total equity figures.

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Waste Management Inc. (NYSE:WM)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)