Adobe Inc., current enterprise value calculation

Current share price (P)	$499.61
No. shares of common stock outstanding	440,200,000
US$ in millions
Common equity (market value)¹	219,928)
Add: Preferred stock, $0.0001 par value; none issued (per books)	—)
Total equity	219,928)
Add: Debt, current portion (per books)	—)
Add: Debt, excluding current portion (per books)	3,634)
Total equity and debt	223,562)
Less: Cash and cash equivalents	7,141)
Less: Short-term investments	701)
Enterprise value (EV)	215,720)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 499.61 × 440,200,000

Adobe Inc., EV calculation

	Dec 1, 2023	Dec 2, 2022	Dec 3, 2021	Nov 27, 2020	Nov 29, 2019	Nov 30, 2018
Share price^1, 2	$596.10	$344.38	$499.91	$458.08	$350.00	$244.95
No. shares of common stock outstanding¹	452,000,000	457,800,000	471,700,000	478,700,000	482,130,975	487,725,915
US$ in millions
Common equity (market value)³	269,437)	157,657)	235,808)	219,283)	168,746)	119,468)
Add: Preferred stock, $0.0001 par value; none issued (book value)	—)	—)	—)	—)	—)	—)
Total equity	269,437)	157,657)	235,808)	219,283)	168,746)	119,468)
Add: Debt, current portion (book value)	—)	500)	—)	—)	3,149)	—)
Add: Debt, excluding current portion (book value)	3,634)	3,629)	4,123)	4,117)	989)	4,125)
Total equity and debt	273,071)	161,786)	239,931)	223,400)	172,884)	123,593)
Less: Cash and cash equivalents	7,141)	4,236)	3,844)	4,478)	2,650)	1,643)
Less: Short-term investments	701)	1,860)	1,954)	1,514)	1,527)	1,586)
Enterprise value (EV)	265,229)	155,690)	234,133)	217,408)	168,707)	120,364)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 596.10 × 452,000,000

Download chart

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.	Adobe Inc. EV decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Adobe Inc. (NASDAQ:ADBE)

Enterprise Value (EV)