Cummins Inc., current enterprise value calculation

Current share price (P)	$280.29
No. shares of common stock outstanding	136,779,875
US$ in millions
Common equity (market value)¹	38,338)
Add: Noncontrolling interests (per books)	1,054)
Total equity	39,392)
Add: Loans payable (per books)	280)
Add: Commercial paper (per books)	1,496)
Add: Current maturities of long-term debt (per books)	118)
Add: Long-term debt (per books)	4,802)
Total equity and debt	46,088)
Less: Cash and cash equivalents	2,179)
Less: Marketable securities	562)
Enterprise value (EV)	43,347)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 280.29 × 136,779,875

Cummins Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$256.85	$248.41	$223.51	$245.11	$164.30
No. shares of common stock outstanding¹	141,856,847	141,375,256	142,426,735	147,657,584	150,269,665
US$ in millions
Common equity (market value)³	36,436)	35,119)	31,834)	36,192)	24,689)
Add: Noncontrolling interests (book value)	1,054)	992)	927)	927)	958)
Total equity	37,490)	36,111)	32,761)	37,119)	25,647)
Add: Loans payable (book value)	280)	210)	208)	169)	100)
Add: Commercial paper (book value)	1,496)	2,574)	313)	323)	660)
Add: Current maturities of long-term debt (book value)	118)	573)	59)	62)	31)
Add: Long-term debt (book value)	4,802)	4,498)	3,579)	3,610)	1,576)
Total equity and debt	44,186)	43,966)	36,920)	41,283)	28,014)
Less: Cash and cash equivalents	2,179)	2,101)	2,592)	3,401)	1,129)
Less: Marketable securities	562)	472)	595)	461)	341)
Enterprise value (EV)	41,445)	41,393)	33,733)	37,421)	26,544)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 256.85 × 141,856,847

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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.	Cummins Inc. EV increased from 2021 to 2022 and from 2022 to 2023.

Cummins Inc. (NYSE:CMI)

Enterprise Value (EV)