Linde plc, current enterprise value calculation

Current share price (P)	$444.06
No. shares of common stock outstanding	476,157,903
US$ in millions
Common equity (market value)¹	211,443)
Add: Noncontrolling interests (per books)	1,362)
Total equity	212,805)
Add: Short-term debt (per books)	4,713)
Add: Current portion of long-term debt (per books)	1,263)
Add: Current finance lease liabilities (per books)	50)
Add: Long-term debt, excluding current portion (per books)	13,397)
Add: Long-term finance lease liabilities (per books)	143)
Total equity and debt	232,371)
Less: Cash and cash equivalents	4,664)
Enterprise value (EV)	227,707)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 444.06 × 476,157,903

Linde plc, EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$451.20	$348.37	$293.24	$251.49	$198.15
No. shares of common stock outstanding¹	481,576,472	492,160,806	507,744,577	522,836,425	532,959,736
US$ in millions
Common equity (market value)³	217,287)	171,454)	148,891)	131,488)	105,606)
Add: Noncontrolling interests (book value)	1,362)	1,346)	1,393)	2,252)	2,448)
Total equity	218,649)	172,800)	150,284)	133,740)	108,054)
Add: Short-term debt (book value)	4,713)	4,117)	1,163)	3,251)	1,732)
Add: Current portion of long-term debt (book value)	1,263)	1,599)	1,709)	751)	1,531)
Add: Current finance lease liabilities (book value)	50)	42)	47)	38)	—)
Add: Long-term debt, excluding current portion (book value)	13,397)	12,198)	11,335)	12,152)	10,693)
Add: Long-term finance lease liabilities (book value)	143)	114)	129)	125)	—)
Total equity and debt	238,215)	190,870)	164,667)	150,057)	122,010)
Less: Cash and cash equivalents	4,664)	5,436)	2,823)	3,754)	2,700)
Enterprise value (EV)	233,551)	185,434)	161,844)	146,303)	119,310)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Linde plc Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 451.20 × 481,576,472

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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.	Linde plc EV increased from 2021 to 2022 and from 2022 to 2023.

Linde plc (NASDAQ:LIN)

Enterprise Value (EV)