Apple Inc., current enterprise value calculation

Current share price (P)	$229.00
No. shares of common stock outstanding	15,115,823,000
US$ in millions
Common equity (market value)¹	3,461,523)
Total equity	3,461,523)
Add: Current portion of finance leases (per books)	144)
Add: Commercial paper (per books)	9,967)
Add: Current portion of term debt (per books)	10,912)
Add: Non-current portion of term debt (per books)	85,750)
Add: Non-current portion of finance leases (per books)	752)
Total equity and debt	3,569,048)
Less: Cash and cash equivalents	29,943)
Less: Current marketable securities	35,228)
Enterprise value (EV)	3,503,877)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 229.00 × 15,115,823,000

Apple Inc., EV calculation

	Sep 28, 2024	Sep 30, 2023	Sep 24, 2022	Sep 25, 2021	Sep 26, 2020	Sep 28, 2019
Share price^1, 2	$222.91	$176.65	$155.74	$149.80	$108.86	$62.19
No. shares of common stock outstanding¹	15,115,823,000	15,552,752,000	15,908,118,000	16,406,397,000	17,001,802,000	17,773,060,000
US$ in millions
Common equity (market value)³	3,369,468)	2,747,394)	2,477,530)	2,457,678)	1,850,816)	1,105,307)
Total equity	3,369,468)	2,747,394)	2,477,530)	2,457,678)	1,850,816)	1,105,307)
Add: Current portion of finance leases (book value)	144)	165)	129)	79)	24)	—)
Add: Commercial paper (book value)	9,967)	5,985)	9,982)	6,000)	4,996)	5,980)
Add: Current portion of term debt (book value)	10,912)	9,822)	11,128)	9,613)	8,773)	10,260)
Add: Non-current portion of term debt (book value)	85,750)	95,281)	98,959)	109,106)	98,667)	91,807)
Add: Non-current portion of finance leases (book value)	752)	859)	812)	769)	637)	—)
Total equity and debt	3,476,993)	2,859,506)	2,598,540)	2,583,245)	1,963,913)	1,213,354)
Less: Cash and cash equivalents	29,943)	29,965)	23,646)	34,940)	38,016)	48,844)
Less: Current marketable securities	35,228)	31,590)	24,658)	27,699)	52,927)	51,713)
Enterprise value (EV)	3,411,822)	2,797,951)	2,550,236)	2,520,606)	1,872,970)	1,112,797)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 222.91 × 15,115,823,000

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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.	Apple Inc. EV increased from 2022 to 2023 and from 2023 to 2024.

Apple Inc. (NASDAQ:AAPL)

Enterprise Value (EV)