Activision Blizzard Inc., current enterprise value calculation

Current share price (P)	$92.76
No. shares of common stock outstanding	786,798,320
US$ in millions
Common equity (market value)¹	72,983)
Total equity	72,983)
Add: Long-term debt, net (per books)	3,611)
Total equity and debt	76,594)
Less: Cash and cash equivalents	7,060)
Less: Held-to-maturity investments	4,932)
Enterprise value (EV)	64,602)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 92.76 × 786,798,320

Activision Blizzard Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$77.07	$81.44	$96.42	$58.33	$42.14
No. shares of common stock outstanding¹	784,274,126	779,234,888	774,753,965	769,221,524	763,833,873
US$ in millions
Common equity (market value)³	60,444)	63,461)	74,702)	44,869)	32,188)
Total equity	60,444)	63,461)	74,702)	44,869)	32,188)
Add: Long-term debt, net (book value)	3,611)	3,608)	3,605)	2,675)	2,671)
Total equity and debt	64,055)	67,069)	78,307)	47,544)	34,859)
Less: Cash and cash equivalents	7,060)	10,423)	8,647)	5,794)	4,225)
Less: Held-to-maturity investments	4,932)	—)	—)	—)	—)
Enterprise value (EV)	52,063)	56,646)	69,660)	41,750)	30,634)

¹ Data adjusted for splits and stock dividends.

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

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 77.07 × 784,274,126

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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.	Activision Blizzard Inc. EV decreased from 2020 to 2021 and from 2021 to 2022.

Activision Blizzard Inc. (NASDAQ:ATVI)

Enterprise Value (EV)