Marriott International Inc., current enterprise value calculation

Current share price (P)	$82.31
No. shares of common stock outstanding	324,255,928
US$ in millions
Common equity (market value)¹	26,690)
Total equity	26,690)
Add: Current portion of long-term debt (per books)	977)
Add: Long-term debt, excluding current portion (per books)	9,963)
Total equity and debt	37,630)
Less: Cash and equivalents	225)
Enterprise value (EV)	37,405)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 82.31 × 324,255,928

Marriott International Inc., EV calculation

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Share price^1, 2	$119.64	$124.45	$141.29	$87.99	$64.94
No. shares of common stock outstanding¹	324,214,545	339,668,839	357,437,289	383,561,428	253,481,935
US$ in millions
Common equity (market value)³	38,789)	42,272)	50,502)	33,750)	16,461)
Total equity	38,789)	42,272)	50,502)	33,750)	16,461)
Add: Current portion of long-term debt (book value)	977)	833)	398)	309)	300)
Add: Long-term debt, excluding current portion (book value)	9,963)	8,514)	7,840)	8,197)	3,807)
Total equity and debt	49,729)	51,619)	58,740)	42,256)	20,568)
Less: Cash and equivalents	225)	316)	383)	858)	96)
Enterprise value (EV)	49,504)	51,303)	58,357)	41,398)	20,472)

¹ Data adjusted for splits and stock dividends.

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

³ 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 119.64 × 324,214,545

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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.	Marriott International Inc. EV decreased from 2017 to 2018 and from 2018 to 2019.

Marriott International Inc. (NASDAQ:MAR)

Enterprise Value (EV)