Adobe Inc., current enterprise value calculation

Current share price (P)	$429.99
No. shares of common stock outstanding	435,300,000
US$ in millions
Common equity (market value)¹	187,175)
Add: Preferred stock, $0.0001 par value; none issued (per books)	—)
Total equity	187,175)
Add: Debt, current portion (per books)	1,499)
Add: Debt, excluding current portion (per books)	4,129)
Total equity and debt	192,803)
Less: Cash and cash equivalents	7,613)
Less: Short-term investments	273)
Enterprise value (EV)	184,917)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 429.99 × 435,300,000

Adobe Inc., EV calculation

	Nov 29, 2024	Dec 1, 2023	Dec 2, 2022	Dec 3, 2021	Nov 27, 2020	Nov 29, 2019
Share price^1, 2	$408.50	$596.10	$344.38	$499.91	$458.08	$350.00
No. shares of common stock outstanding¹	435,300,000	452,000,000	457,800,000	471,700,000	478,700,000	482,130,975
US$ in millions
Common equity (market value)³	177,820)	269,437)	157,657)	235,808)	219,283)	168,746)
Add: Preferred stock, $0.0001 par value; none issued (book value)	—)	—)	—)	—)	—)	—)
Total equity	177,820)	269,437)	157,657)	235,808)	219,283)	168,746)
Add: Debt, current portion (book value)	1,499)	—)	500)	—)	—)	3,149)
Add: Debt, excluding current portion (book value)	4,129)	3,634)	3,629)	4,123)	4,117)	989)
Total equity and debt	183,448)	273,071)	161,786)	239,931)	223,400)	172,884)
Less: Cash and cash equivalents	7,613)	7,141)	4,236)	3,844)	4,478)	2,650)
Less: Short-term investments	273)	701)	1,860)	1,954)	1,514)	1,527)
Enterprise value (EV)	175,562)	265,229)	155,690)	234,133)	217,408)	168,707)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 408.50 × 435,300,000

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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.	Adobe Inc. EV increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

Adobe Inc. (NASDAQ:ADBE)

Enterprise Value (EV)