Expand Energy Corp., current enterprise value calculation

Current share price (P)	$103.42
No. shares of common stock outstanding	232,699,939
US$ in millions
Common equity (market value)¹	24,066)
Total equity	24,066)
Add: Current maturities of long-term debt, net (per books)	389)
Add: Long-term debt, net, excluding current maturities (per books)	5,291)
Total equity and debt	29,746)
Less: Cash and cash equivalents	317)
Less: Restricted cash	78)
Enterprise value (EV)	29,351)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 103.42 × 232,699,939

Expand Energy Corp., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$102.43	$83.85	$79.70	$70.91
No. shares of common stock outstanding¹	232,699,939	130,794,770	134,719,821	118,558,307
US$ in millions
Common equity (market value)³	23,835)	10,967)	10,737)	8,407)
Total equity	23,835)	10,967)	10,737)	8,407)
Add: Current maturities of long-term debt, net (book value)	389)	—)	—)	—)
Add: Long-term debt, net, excluding current maturities (book value)	5,291)	2,028)	3,093)	2,278)
Total equity and debt	29,515)	12,995)	13,830)	10,685)
Less: Cash and cash equivalents	317)	1,079)	130)	905)
Less: Restricted cash	78)	74)	62)	9)
Enterprise value (EV)	29,120)	11,842)	13,638)	9,771)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Expand Energy Corp. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 102.43 × 232,699,939

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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.	Expand Energy Corp. EV decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Expand Energy Corp. (NASDAQ:EXE)

Enterprise Value (EV)